For 2 years I traded this system Exclusively and made a nice living. The reason I created this indicator Vs. the one on TradingView is mentioned in the last line on the first post.
I know it might be too late to ask you for this. but if you ever did manage to make the videos for this idea, I would very much appreciate it if you can post it here.
Kindest regards,
Sara
zakariyya
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Hi can anyone tell me how to use the pivot indicator
Thanks
For 2 years I traded this system Exclusively and made a nice living. The reason I created this indicator Vs. the one on TradingView is mentioned in the last line on the first post.
Two Indicators Used: Custom Pivots Indicator you see on Charts. And Custom Heikin-Ashi Paint Bars (Link To Chart With Code For Indicator Below)
Main System:
Day Trades:
I used Intra-Day Chart with Daily, Weekly, and Monthly Pivots. What I looked for is a Daily Pivot Level that was at or near a Weekly Pivot Level, And/Or Monthly Pivot Level. When the different time frame Pivot levels “Over Lap” which I call “Laminated” Support or Resistance, price has a higher probability of bouncing off those levels. You can see in the chart above that the Monthly Pivot levels work by themselves, the Weekly Pivot levels work by themselves, and the Daily Pivot levels work by themselves….But not 100% of the Time. Therefore being PATIENT and waiting on Pivot Levels that have Daily and Weekly or And/Or Monthly pivot levels in the same place gives us a higher probability of Price reversing.
Entry:
#1 I wait for Price to reach the “Laminated" Support or Resistance as mentioned above.
#2 I Enter once the Heiken-Ashi Paint Bars change colors moving in the expected Direction.
#3 Stop is placed right Above or Below the recent Swing High or Low. This creates a Low Risk High Reward Scenario.
Depending on Instrument you trade I would use a 5 minute bar on Stocks, and a 30 Minute or Hourly bar on Forex or any 24 hour market.
Swing Trades:
Same thought process as above but I’m using the Weekly and Monthly Pivots. Finding a area where the two pivot levels of the Weekly and Monthly are together and entering the trade.
I would use an Hourly Chart on Stocks, and 4 Hour Chart on Forex.
Position Trade:
Using Daily Chart - I’m Focusing on Monthly Pivot Levels, Ideally at same place as Weekly Pivot Levels. This can give a Great Entry lasting Weeks to Months.
Which Pivot Levels To Use???
This would create a lot of writing. If there is a lot of interest I would be happy to produce a few videos or host a webinar to show real live examples.
Where to Take profits:
Same answer as above.
***In General if market is moving up…we want to buy at Laminated Support Levels. And If Market is Moving Down we want to Sell at Laminated Resistance Levels.
***Using a Weekly Chart Plot The Yearly Pivots. Especially on the Indexes, Dow, S&P, Nasdaq I think you will be Impressed with what you find.
This Indicator:
Buy Default R2 is Dark Red, R1 is Red, Pivot is Fuchsia, S1 is Bright Green, S2 is Dark Green.
***These are calculated using Classic Pivots Formula. By far the most reliable I’ve tested.
***R3 and S3 are available By using the Check Box on Inputs Tab. Although if price moves beyond S2/R2 the Statistical Probabilities LOWER SIGNIFICANTLY.
***I created this indicator because when you have multiple Pivots on one chart (For Example The Monthly, Weekly, And Daily Pivots), the only way to know exactly what pivot level your looking at is to color ALL S1 Pivots the same color, but create the plot types to look different. For example S1 = Bright Green with Daily being small circles, weekly being bigger circles, and monthly being even bigger crosses for example. This allows you to visually know exactly what pivot levels your looking at…Instantly without thinking. This indicator allows you to Choose any clor you want for any Pivot Level, and Choose The Plot Type.
***Last if you are interested in finding out more details on this system leave a comment below…And I think the Indicator code will automatically post now, but if not I’ll post it shortly.
Mirandole
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Thank you ! I will recycle it in something good :)
ChrisMoody
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Thanks for the comment...let me know if I can help
dlfinlay
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@ChrisMoody, I like the using support and resistance levels but it would great to have a indicator with multiple Pivots on one chart .
I've been waiting to release this before I posted Video Series on How I only used Multi-Time Frame Pivots , W/ Heik Candles for and earned a living trading for 2 years.
Videos Coming Soon.
IvanLabrie
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great stuff!
Appreciate the dedication and great insights.
I know it might be too late to ask you for this. but if you ever did manage to make the videos for this idea, I would very much appreciate it if you can post it here.
Kindest regards,
Sara