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Pivot Points And meta trader

Discussion in 'General Forex Talk' started by Steven Hartwell, Jul 28, 2010.

  1. Steven Hartwell

    Steven Hartwell Private

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    How reliable is pivot points in forex? I downloaded this pivot incator on my platform And it really does not obey the pivots I made sure I adjust the pivots to my time zone because I am on est. But because currency is driven by strength and weakness why would it obey pivots. Trying to figure out is it even worth doing a pivot strategy.



    Also I have been hammering at this for about 2 years now and results are mixed. I was wanting to just focus on one pair and then branch out from there, but my problem is which pair should I pick??? Which is most liquid? I heard the euro/usd, but someone told me this pair is very tricky. Any suggestions????
     
  2. Pharaoh

    Pharaoh Colonel

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    Daily pivots were designed for markets where there was a specific opening and closing time each day. Since the forex market stays open 24x5.5, different traders will use different daily pivots, thus making them less effective.

    Try weekly pivots. At least everyone mostly agrees on when the forex market opens and closes each week.
     
  3. DFW

    DFW Private

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    First I would like to Thank You for all you have written that I have so far read.
    Money in different pockets I have used for years. I will be reading more of your helpful info..Thanks...

    I use daily pivot points in the penny stock market and they work fairly well..

    I could see where the weekly and monthly will work with Forex. I have been using them in a practice account and I think I see how they can help spot the in and out of the trade.
     

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