Quote:
Originally Posted by Ilovepippin
When you trade retracements and pivor breaks, this usually happens with higher volumes and a lot of volatility. Usually a resistance or support is not broken on lower volumes. So, that means you need a fast responding server to make your trades. Which broker do you recommend for this?
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I don't think we're talking about the same thing here. When I reference pivots... I'm literally referring to the previous turning point in the chart. Not some barrier that the market price has been testing for the last few hours, days, or weeks. The only thing that is relevant with this technique is the PA... at that precise moment. I don't care where the market opened that session, yesterday's high/low, fib levels, psychological numbers, etc. The only thing that matters is the recent price push (15Min), and its current phase in the cycle (1 Min). You seem like you're somewhat of an intilect...think physics. A ball never comes to a dead stop after an initial bounce... (unless it's a canonball
... I think I may have traded a few cannonballs before.
Quote:
Originally Posted by Ilovepippin
I have a rule that says that I don't want to go short unless the 14rsi (my market pressure gauge) is below 50 and don't go long unless the 14rsi is above 50. Would you say that with this method that is usually the case?
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Never checked it against the RSI. If you prefer to take trades only with RSI direction... be my guest. Just make sure everything else mentioned is still valid (1&15).
Quote:
Originally Posted by Ilovepippin
When precicely do you go in? A pivot is not broken on 1 or 2 pips, even 10 pips sometimes is not enough. Also, why wait until it is broken, why not trade the bounce of the pivot? If you look at the chart you see 3 or 4 bounces vs. one break. That means at least 3 more trading opportunities. Also, and here is a good tip: If you are in the range between a support and resistance, the chances are bigger that the price you entered on will occur again and thus any mistake you made can be undone or your losses can be reduced. When breaking a pivot and you are on the wrong side of the trade, your price might not come back at you for a long time, you would have to close at maybe a high loss. Am I correct?
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I think I touched on this up top. We're not discussing the same pivots.
Let me know if I'm misunderstanding something,
MM