clissold345
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Hi pocrel
Thanks for sharing your system with everyone. I'm trying to read some of your posts and understand your system for myself. I notice that some of the screenshots don't have labels on the pivot lines. For example, your DAX screenshot today doesn't. Is there some reason for this?
I think the Daily Pivot line is always purple (though the colour can vary if there's another line underneath it). I'd find it easier to follow your screenshots if all the pivot lines had labels. Would it be possible for you to add labels to the pivot lines in all your screenshots from now on?
Regards,
Chris.
Thanks for sharing your system with everyone. I'm trying to read some of your posts and understand your system for myself. I notice that some of the screenshots don't have labels on the pivot lines. For example, your DAX screenshot today doesn't. Is there some reason for this?
I think the Daily Pivot line is always purple (though the colour can vary if there's another line underneath it). I'd find it easier to follow your screenshots if all the pivot lines had labels. Would it be possible for you to add labels to the pivot lines in all your screenshots from now on?
Regards,
Chris.
MajorDutch
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You dont ask much do you! lol. The guy shares his strategy and now you want him to annotate his charts to the way you like them. lol. The pivots are easy just go to the live chart website that he gave in his first post and put them in at the start of the session, they are all there for FX, oil, gold & indices.
Anyone short on the Dax?
pocrel
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dax is a nice setup, but we are into the lunch time grind i suggest everyone have some lunch as i am going to and come back for the US we will hopefully get some nice setups
as for there been no labels chris is becasue my charts are white, they are there but you cant see them and i think if you just put them in yourself you will get use to them and get a feel for the levels
as for there been no labels chris is becasue my charts are white, they are there but you cant see them and i think if you just put them in yourself you will get use to them and get a feel for the levels
Well spotted Sh5467, I'm considering a Dax short if I can get in around half way up that long upper shadow!
clissold345
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Hi pocrel, yes I can put the labels in myself. As I said, thanks for sharing your system. Regards, Chris.
isatrader
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Hi pocrel, quick question. I'm not sure if you tested this and I don't want to start a debate in your thread, but do you think that the previous days closing price has as much validity as a support/resistance level as the pivot points? Might be interesting to test.
pocrel
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hi isatrader,
i dont mark those levels but i know others do, so if it helps your trading then its good to mark that level and watch what price does around those levels, i am sure there are plenty of orders there
i have have not tested it, please feel free to add the closing price as an example and then the pivot levels and lets see if there is a reaction there to i am sure there will be
the only problem again is having to many lines on the chart which stops you taking trades
isatrader
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I agree, too many lines would interfere with your system and it looks like it works really well.
It may be interesting to test as a really simple alternate system of pin bars at the previous days closing price only, so no other lines on the chart. Or at whole numbers like Pazienza said in his thread here http://www.trade2win.com/boards/first-steps/116582-simplest-trading-method-world.html. There's scope for a lot of different things. It is giving me some new idea at least, thanks.
MajorDutch
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It is so true that you can give someone a system that works and that 90%+ of people will not be able to trade it. Some will try to modify it to 'justify' their own trades, some will simply not apply the rules because at the moment the market looks 'different' and is 'ready to reverse'.
The reason I know this is I am guilty of it myself.
The reason I know this is I am guilty of it myself.
Me, too. I am an elderly trader. I adapt what I like to what I, already, do. For better or for worse.
isatrader
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I mainly swing trade stocks and commodities myself, so although I like pocrel's system I wouldn't be able to trade it like he does as the timeframe is too quick for me. But it has made me aware to look out for the levels and the pin bar signals pocrel is using on the indexes especially, as if the FTSE reverses then the stocks I'm trading will most likely reverse as well.
Phiksalamuk
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Goodmorning all.
Waiting for new set ups....
Waiting for new set ups....
Hi Everyone,
Did a little back test on this strat and thought I would throw in my 2 cents not sure if my findings provide any real value to anyone.
I’ve coded up a few different versions of the concept, the first is using a simple version of Pocrels method. Looking for pin bars at floor pivots. I used a loose definition of a pin bar. The tail has to cross the pivot point and the pivot cannot cross the body of the candle. I have added two other variables, the length of the tail for the bar and also the size of the pin (how close to the opposite end of the tail it is).
Please note results are subject to my data and my poor coding so I’m sure they will differ from others.
Im running a fixed stop and fixed TP of 50/50 ( I know this isn’t the strat but it’s just a starting point to see if the pattern at these levels has any validility)
EURJPY: since Jan 2010(In sample): 67 trades
61.22% win rate
Avrg trade: 12.8 ticks (not including slippage or comss but this is still very good)
EURJPY: since Jan 2008: 180 trades
58.33% win rate
Avrg trade: 9.4 ticks (not as good but still decent)
Both these performances are good and results over the last year / 18 months are very good. Whats interesting is that if we take the period back further unfortunately the strat dies a little.
EURJPY Jan 2006 – Jan 2008: 133 trades
51.88% win rate
Avrg: 2.2 ticks (slippage and comms would kill this however its still a positive result)
I’ve attached copies of the equity curve over the last 2 and 4 years so you can see.
As I said before these are relatively generic results but the main thing to see is whether or not the strategy has any validity and you can clearly see that from the results there’s definitely money to be made by trading pin bar reversals at floor trader pivots.
The other interesting finding is the length of the tail to the pin has a large impact on the strategies performance. The longer the tail the stronger the signal, I tested a variety of lengths and around 10 ticks seems to be good.
I have results for other pairs and other timeframes as well as trying the same pin setup at yesterdays high/low and last weeks high/ low etc. Dont want to clog up the thread so let me know if you want me to post or not.
Did a little back test on this strat and thought I would throw in my 2 cents not sure if my findings provide any real value to anyone.
I’ve coded up a few different versions of the concept, the first is using a simple version of Pocrels method. Looking for pin bars at floor pivots. I used a loose definition of a pin bar. The tail has to cross the pivot point and the pivot cannot cross the body of the candle. I have added two other variables, the length of the tail for the bar and also the size of the pin (how close to the opposite end of the tail it is).
Please note results are subject to my data and my poor coding so I’m sure they will differ from others.
Im running a fixed stop and fixed TP of 50/50 ( I know this isn’t the strat but it’s just a starting point to see if the pattern at these levels has any validility)
EURJPY: since Jan 2010(In sample): 67 trades
61.22% win rate
Avrg trade: 12.8 ticks (not including slippage or comss but this is still very good)
EURJPY: since Jan 2008: 180 trades
58.33% win rate
Avrg trade: 9.4 ticks (not as good but still decent)
Both these performances are good and results over the last year / 18 months are very good. Whats interesting is that if we take the period back further unfortunately the strat dies a little.
EURJPY Jan 2006 – Jan 2008: 133 trades
51.88% win rate
Avrg: 2.2 ticks (slippage and comms would kill this however its still a positive result)
I’ve attached copies of the equity curve over the last 2 and 4 years so you can see.
As I said before these are relatively generic results but the main thing to see is whether or not the strategy has any validity and you can clearly see that from the results there’s definitely money to be made by trading pin bar reversals at floor trader pivots.
The other interesting finding is the length of the tail to the pin has a large impact on the strategies performance. The longer the tail the stronger the signal, I tested a variety of lengths and around 10 ticks seems to be good.
I have results for other pairs and other timeframes as well as trying the same pin setup at yesterdays high/low and last weeks high/ low etc. Dont want to clog up the thread so let me know if you want me to post or not.
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Phiksalamuk
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