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Thread: Pivot Point Breakout System

  1. #1
    Junior Member wonderwoman's Avatar
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    Dec 2009
    Liverpool (Uk)

    Default Pivot Point Breakout System

    Hi funyoo

    I wonder if somebody could help, code my simple strategy, I have been trading it manually for some time now and it has produced some really nice profits esecially when used on a basket on currencies. The currencies I use are EU,GU, AU,EJ & CU

    Theses are the rules for the system,
    1) trade off a 5min chart.
    1b) You only trade between the times 6.00am GMT & 4pm GMT
    2)Using the ZZ semafor indicator enclosed to determine the pivot highs and lows in the market. (default settings)
    3)When either a pivot high or pivot low is created by the indicator we look for a 25 pip retracement from the pivot at which point we enter with 2 units with a stop at 5 pips below the pivot and a target 1 of 45 pips and a target 2 of 65 pips, both order are brought to break even at +30 pips and when the first target is hit the second order tp is brought tp +10.
    4) If for example we create a peak (high) pivot and the market retraces 25pips and we enter a short 2 units, the low pivot is reset and we start looking for a new low, if a new low trough is created and the market goes back up 25 pips we would reverse and take a long position 2 units with same TP & SL as before
    5) If we enter an order long because our criterea is met and both TP's are filled we would wait for a new peak to be created and look for the 25 pip retracement.

    I really hope with makes since as it is an excellent strategy and I really hope you will consider coding it. If anything is not clear please ask and I will try and explain better for you.

    Many Thanks
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breakout, coding, indicator, pips, pivot, simple, stop, strategy, system, time, trading

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