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How to Trade with Pivot Points

Breakout Trades

The pivot point should be the first place you look at to enter a trade, since it is the primary support/resistance level. The biggest price movements usually occur at the price of the pivot point.

Only when price reaches the pivot point will you be able to determine whether to go long or short, and set your profit targets and stops. Generally, if prices are above the pivot it’s considered bullish, and if they are below it’s considered bearish.

Let’s say the price is hovering around the pivot point and closes below it so you decide to go short. Your stop loss would be above PP and your initial profit target would be at S1.

However, if you see prices continue to fall below S1, instead of cashing out at S1, you can move your existing stop-loss order just above S1 and watch carefully. Typically, S2 will be the expected lowest point of the trading day and should be your ultimate profit objective.

The converse applies during an uptrend. If price closed above PP, you would enter a long position, set a stop loss below PP and use the R1 and R2 levels as your profit objectives.

Range-bound Trades

The strength of support and resistance at the different pivot levels is determined by the number of times the price bounces off the pivot level.

The more times a currency pair touches a pivot level then reverses, the stronger the level is. Pivoting simply means reaching a support or resistance level and then reversing. Hence, the word “pivot”.

If the pair is nearing an upper resistance level, you could sell the pair and place a tight protective stop just above the resistance level.

If the pair keeps moving higher and breaks out above the resistance level, this would be considered an upside “breakout”. You would also get stopped out of your short order but if you believe that the breakout has good follow-through buying strength, you can reenter with a long position. You would then place your protective stop just below the former resistance level that was just penetrated and is now acting as support.

If the pair is nearing a lower support level, you could buy the pair and place a stop below the support level.

Theoretically Perfect?

In theory, it sounds pretty simple huh? Dream on, pal!

In the real world, pivot points don’t work all the time. Price tends to hesitate around pivot lines and at times it’s just ridiculously hard to tell what it will do next.

Sometimes the price will stop just before reaching a pivot line and then reverse meaning your profit target doesn’t get reached. Other times, it looks like a pivot line is a strong support level so you go long only to see the price fall, stop you out, then reverse back into your direction.

You must be very selective and create a pivot point trading strategy that you intend to strictly follow.

Let’s go look at a chart to see just how difficult and easy pivot points might be.

Ooooh pretty colors! We like...

Look at the orange oval. Notice how the PP was a strong support but if you went long on PP, it never was able to rise up to R1.

Look at the first purple circle. The pair broke down through PP but failed to reach S1 before reversing back to PP. On the second break down though (second purple circle), the pair did manage to reach S1 before once again reversing back to PP.

Look at the pink oval. Again, PP acted as strong support but never was able to rise up to R1.

On the yellow circle, the pair broke out to the downside again, sliced right through S1, and managed to fall all the way down to S2.

If you ever attempted to go long on this chart, you would have been stopped out every single time.

Personally, we would have not even thought about buying this pair - Why not? Well we have a little secret. What we didn’t show you regarding this chart was that this pair was trending down for quite some time now.

Remember the trend is your friend. We don’t like to backstab our friends, so we try our best to never trade against the trend.In the next lesson, you will learn how to use multiple timeframes to trade with the correct trend direction so you’re able to minimize possible mistakes such as the one above.

Source: Babypips

FOREX Pivot Points

Pivot points is well known techniques used to trade in financial markets developed by floor traders, help us see where the price is relative to previous market action.

As a definition, a pivot point is a turning point or condition. The same applies to the FOREX market, the pivot point is a level in which the sentiment of the market changes from "bull" to "bear" or vice versa. If the market breaks this level up, then the sentiment is said to be a bull market and it is likely to continue its way up, on the other hand, if the market breaks this level down, then the sentiment is bear, and it is expected to continue its way down. Also at this level, the market is expected to have some kind of support/resistance, and if price can’t break the pivot point, a possible bounce from it is plausible.

Pivot points work best on highly liquid markets, like the spot currency market, but they can also be used in other markets as well.

Pivot point works simply because many individual traders and investors use and trust them, as well as bank and institutional traders. It is known to every trader that the pivot point is an important measure of strength and weakness of any market.

For Pivot Point calculation, click here

Source: Buzzle.Com Author: By Raul Lopez

FOREX Signal via SMS

Good news for all Mystery Signal followers & everyone with Malaysian mobile number (Maxis, Celcom or Digi), starting from today you could have Mystery Signal delivered to you mobile phone. Please follow the step below:

To register:
Please type: DAFTAR PTT <-space-> <-currency->Send to 33221
Example: DAFTAR PTT GU (Pairs available for now: GU, GJ, EU, UJ)

For enquiries:
Please type PTE <-space-><-your question-> Send to 33221.
Pleasse make sure your SMS is not more than 160 letters

Charges: RM3.00 per pair per SMS.

Note: At the moment, all instructions are only available in Malay.

Reseller Program

Nowadays, all over the world lot of reseller program could be found on the internet. Almost everyday we got email of new program launching with promises. To join the program is not a problem as most of the reseller program offer minimal fees and promise to get million from it. I don't think it is impossible to get the numbers as long as you work for it and get a perfect complete all level (as in the plan) of downlines plus sincere program organiser.

From e-book, fertiliser & daily products are sold through reseller programs. E-book is the famous product. Lots of name are used as the url to attract members.

Recently I joined one Malaysia based reseller program known as CDIlmiah that officially launched on 15 November 2007. The product is variety of CD titles suitable for all range of age from school children to professionals in VCD and interactive CD format. For more info on the titles, click here then click on produk.

The cost to join is RM50 transfer via Maybank2U. With the reseller program you could generate up to RM1,506,132.00 and this is about 30,122 times of the initial investment.

The number is great but is it possible? Yes, provided you get a complete downlines according to its plan. By introducing one paid customer you will get RM6. Each reseller only need to get 3 paid customer and the 4th will be spillover to the next level, so, you will also get the chance of spillover from your upline. It is a lot of customer coz to make up complete perfect 12 level the total will be >531,000.

What if you only got complete up to 6 level? You will get RM1,458. This mean you already generate 29 times of your initial investment. Is this good? The answer is with you.

That if only talk about making money, but if we look from a different angle like the knowledge that you could get from the CDs offered. Then, by all means click here, choose the tittles you want, paid and wait for the CDs to be delivered to your door step.

Interested and wanna give it a try, just click on the banner below and follow the instruction:

Note:

The reseller program website is only available in Malay language at this moment. Please don't click if you think you will be offended. Thank you.

EFFECTS OF COLD WATER

This posting was moved to Health at SYIDAN dot COM

Money Management & FOREX

Money management is one of the important thing that we have to take care in our life and the same goes to FOREX trading. Good money management is one of the criteria to become a successful FOREX trader. You could ended up loosing all your money if you don't practice good money management besides discipline and don't be greedy.

There are few theory of money management in FOREX and here I would like to share an article by FX Master on FOREX Money Management published at PFX Trade. Hope this could be aguide for us to become a good FOREX trader, also maximise our profit and reduce our risk.

Money management is a critical point that shows difference between winners and losers. It was proved that if 100 traders start trading using a system with 60% winning odds, only 5 traders will be in profit at the end of the year. In spite of the 60% winning odds 95% of traders will lose because of their poor money management. Money management is the most significant part of any trading system. Most of traders don't understand how important it is.

It's important to understand the concept of money management and understand the difference between it and trading decisions. Money management represents the amount of money you are going to put on one trade and the risk your going to accept for this trade.

There are different money management strategies. They all aim at preserving your balance from high risk exposure.

First of all, you should understand the following term Core equity Core equity = Starting balance - Amount in open positions.

If you have a balance of USD10,000 and you enter a trade with USD1,000 then your core equity is USD9,000. If you enter another USD1,000 trade,your core equity will be USD8,000

It's important to understand what's meant by core equity since your money management will depend on this equity.

We will explain here one model of money management that has proved high anual return and limited risk. The standard account that we will be discussing is USD100,000 account with 20:1 leverage . Anyway,you can adapt this strategy to fit smaller or bigger trading accounts.

Money management strategy

Your risk per a trade should never exceed 3% per trade. It's better to adjust your risk to 1% or 2% We prefer a risk of 1% but if you are confident in your trading system then you can lever your risk up to 3%

1% risk of a USD100,000 account = USD1,000

You should adjust your stop loss so that you never lose more than 1,000$ per a single trade.
If you are a short term trader and you place your stop loss 50 pips below/above your entry point . 50 pips = 1,000$ 1 pips = USD20

The size of your trade should be adjusted so that you risk USD20/pip. With 20:1 leverage, your trade size will be USD200,000

If the trade is stopped, you will lose USD1,000 which is 1% of your balance.

This trade will require USD10,000 = 10% of your balance.

If you are a long term trader and you place your stop loss 200 pips below/above your entry point. 200 pips = USD1,000 1 pip = USD5

The size of your trade should be adjusted so that you risk USD5/pip. With 20:1 leverage, your trade size will be USD50,000

If the trade is stopped, you will lose USD1,000 which is 1% of your balance.

This trade will require 2,500$ = 2.5% of your balance.

This's just an example. Your trading balance and leverage provided by your broker may differ from this formula. The most important is to stick to the 1% risk rule. Never risk too much in one trade. It's a fatal mistake when a trader lose 2 or 3 trades in a row, then he will be confident that his next trade will be winning and he may add more money to this trade. This's how you can blow up your account in a short time! A disciplined trader should never let his emotions and greed control his decisions.

To continue reading the full version of the article click here

Other article on Money Management in FOREX:

1. Forex Money Management by Boris Schlossberg


2. Forex: Money Management Principles by Toby Smitz


3. Money Management Articles Collection

Happy reading & trading. Hope those articles are useful.

FXCast Update: Credit Card Payment

Starting on coming Monday customers are able to pay with Credit Cards! VISA and Mastercard can be used worldwide to fund your trading account.

The rules:

1. No Third-Party payments are allowed


2. Transactions limited to a minimum of $100 per transaction and maximum of $10,000 within a calendar month.


3. FXcast does not accept card deposits from West- and South Africa, Iran and Iraq due to bank restrictions.


4. Most transactions will post within 1 business day, however, please note that there may be a waiting period of 2 business days.


5. FXcast is not responsible for the release of such holds on your credit card.


6. Fee is 5% on incoming payments.


7. No withdrawals to your Credit Card. Withdrawals earliest 30 days from last credit card deposit only to your bank account.

More news coming soon.

Happy trading and selling.

An important month

November 2007 already going into the 2nd week and might means nothing to you. It is only another month in a year, but for me & my family it is one of the month to remember.

Why?

Because on the 8th which is tomorrow, my daughter will turn 3 and the next day, on the 9th I will be 34. Thanks to Allah for letting me to live till this age to have a family of my own and see my children grow.

"Ya Allah, please bless us, guide us in the straight path. The path of those whom You have favoured. Not of those who have earned Your anger and nor of those who have gone astray. I also pray to you for better & brighter future for me, my family and all muslimin & muslimat. Amiiin ya rabbal'alamin...."

2nd week of November 2007 also means, the first FXCast Super Trading Competition which promise the winner USD5,000in cash is in the midst of it. So, if you think you are ready for the nest competition or have missed the 1st one, there will be another Super Trading Competition waiting in December. So, don't be left again. Click the banner below and get yourself registered.

What is your Broadband speed?

Salam & hi to all... Hope everything is going on smoothly as we want it, else focus more so that we could achieve the result we have set. Lets talk on something different today.

If you are wondering at what speed you are surfing using your broadband, or if you are experiencing slowness with your Internet connection or are simply interested in testing your speed, or need an independent broadband tester other than provided by your ISP, read on. There are lots of broadband test website out there, just searh using Google and you will got lots of result.

One of it is Speedtest.net.

Speedtest.net is a broadband connection analysis tool with a huge selection of geographically dispersed testing servers. This free service brought to you by Ookla.

Speedtest.net measures the performance of your broadband connection. At the end of each test, you are presented with the download (the speed of data from the server to your computer) and upload (the speed of sending data from your computer to the server) bandwidth speeds. The tests are performed completely within your web browser over HTTP (just like normal web browsing).

Below is the sample result using Speedtest.net: