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Thread: Price reversal points

  1. #261
    Senior Member
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    hmmmm. trading the daily 'pivot' based on the weekly and carrying your own book..

  2. #262
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    Hi Paul

    Pivot points were a tool used by floor traders around 750BC and somehow they have stuck around to this day.
    They were of "some use" in the open outcry markets, now most trades are electronic and everybody who has a trading account more than 6 seconds old knows how to calculate them. Given that, what use can they be, other than to professional traders who will trigger your orders then run your stops at your globally calculated targets.
    There was a saying during the gold rush of the 1800's "The only people making money here are the guys selling the shovels
    and goldpans" ..... In the trading education space they have a business plan which is discover somebody else's work then: " Rename-Rebrand-Reprice (higher).
    You will NEVER make money over the LONG HAUL for 3 equal payments of $39.95.
    Do the work, learn market structure, listen to price and go SURFING.

    Rant Over

    Regards

    Steve P

    Quote Originally Posted by Paul View Post
    and I wish he /his team would one up us, on pivot points, especially the weekly pivot, as a trade leader on the daily just like the institutionals....
    Last edited by SMPFutures; 03-10-2012 at 12:53 AM. Reason: typo

  3. #263
    Wizard
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    MT4 indicator to automatically draw channels -> channel indicator MT4

  4. #264
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    Quote Originally Posted by kor4x View Post
    MT4 indicator to automatically draw channels -> channel indicator MT4
    Thanks kor4x

  5. #265
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    Hi All,
    This eurusd M15 chart shows price coming up to test a balance line (marked with red arows) from a top on 29th April through the yellow BP. If volume is low at the test point (No Demand) then SM are not interested and price will go down.




    Mike

    Ps I tried the auto-channel line indi - made me dizzy!

  6. #266
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    Quote Originally Posted by blott View Post
    Hi All,

    Ps I tried the auto-channel line indi - made me dizzy!
    yeah, flourescent green is a bit glary. But i dont like the alerts that pop up. and frankly i trust my own ability to draw channel lines. a good indi for the beginner though, to give idea of where possible channels could be.

  7. #267
    Junior Member
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    Jan 2012
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    I have found the attached to be a better auto-channel indicator.OU Forex Mastery Trend Channel.mq4OU Forex Mastery Trend Channel.ex4

  8. #268
    Wizard
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    @Manfred, it's exactly same indicator as SHI Channel. Someone just changed the name looks like.

  9. #269
    Junior Member
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    Jan 2012
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    OH, I didn't realise. It just this indicator doesn't have the irritating alert attached.

  10. #270
    Senior Member
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    Hi All,

    Price reversal points-20120312-yyib-146kb.jpg
    In this pic I make the next target to be the blue square marked 'B', from the swing low on 7th March. The price/time range is realistic, thought the next projected price at magenta square 'T' would only be achieveable if 'B' turned out to be a balance point. Otherwise, the target after 'B' would be where the lines converge around Wed 14th.

    How does that look? Grateful if anyone sees why that may not work out?

    I am waiting for price to hopefully retrace tomorrow for a long entry.

    Cheers,


    Mike

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