GBP/CHF Weekly Pivot

[Mysticforex 13]

This is something I did "live" for about a year, then for what ever reason it stop working. That happens sometimes. A bread and butter method just stops producing. I have not even looked at this for over a year, last week while eyeballing some charts, I stopped and spent a little time on GBP/CHF and it occurred to me it might be worth looking into, dusting off, and putting it back in my toolbag.

It's not a System or even a Method. I guess you would call it a trick or a gimmick. I am going to trade it for the next 4 weeks or so on demo, see what the results are.

 

The way it was first told to me, it is traded a lot more aggressively than I trade it.

Here's how it was first described to me:

On Sunday night, EST, wait for the previous weeks pivot to print. It varies platform to platform but is usually about 7 PM.

IF price is 75 or MORE pips away from the Weekly Pivot, you have a setup. If not, you can wait. If you enter a position later in the day, or later in the week it is ok as long as price HAS NOT hit the Weekly Pivot. I would not enter the trade later than 5 PM Wednesday of that week.

Assuming we are good to go ( more than 75 pips away and pivot has not yet been hit ),

place an Entry Order 50 pips from the pivot, towards the pivot. TP is 40 pips. So, if the weekly Pivot is at 14700, and price is at 14625, place an Entry order at 14650 with TP at 14690, 40 pips. SL, for me is 60 pips. The reason I am good with the poor R/R is because this gimmick is based on the very high probability that price will hit the weekly pivot.

I will be posting the setup on Sunday eve, with a chart, assuming we have met the requirements. One position, Entry Order. Most of the people I know that used this had 9 positions, stacked in the direction of the pivot. You can make a crapload of money, and you can lose a crapload of money. If you folow along with this you will see that although watching PA on the GBP/CHF can be as exciting as watching paint dry, when it does move, it does so in no uncertain terms.

[Mysticforex 13]

We have the Weekly Pivot at 14637. Price is currently at 14564, just more than 75 pips away. I I have a Buy entry order at 14587 ( 50 pips from the pivot ). TP is at 14727, SL 14527

Now we wait.

[Mysticforex 13]

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10:13 PM EST:

Trade open currently +23 pips. more to follow.

[Mysticforex 13]

Sometime around 03:45 EST, The TP was hit. +40 Pips.So that's it. as far as this gimmick goes trading is over for the week. This little Trick is called "The Monday Accelerator .

It was shown to me by my friend Mike K. It ok to distribute, I just don't know if he wants to take credit for it.

 

We will do it again next Sunday. After everyone has a grasp of what we are doing here, I will go into some variations for the really greedy people. Any questions?

 

Remember, this is mt thread I don't want to see anyone attacking anyone else.

[MidKnight 12]

We have the Weekly Pivot at 14637. Price is currently at 14564, just more than 75 pips away. I I have a Buy entry order at 14587 ( 50 pips from the pivot ). TP is at 14727, SL 14527

Now we wait.

 

We shall assume the target you wrote is a typo?

Edited September 24, 2013 by Mysticforex

[Mysticforex 13]

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Yes. The TP will always be the pivot less 10 pips. Thanks for the catch.

[Mysticforex 13]

This is the basic idea.GBP/GHF does not always hit the weekly pivot, but on weeks when it moves toward the pivot and comes within 75 pips, it will then continue on and hit he pivot 93% of the time.

[Mysticforex 13]

If we have a setup this Sunday Evening I will take it and post it.If we don't have a set up I will post and explain why.

 

 

Good Week End All !

[Mysticforex 13]

The Weekly Pivot has printed at 14612. Price is currently at 14634, less than 75 pips away so no entry for now. If price continues to move away from thepivot we will place an entry order 50 pips away, when, price is at least 75 pips away from the pivot.

 

More to follow.

[Mysticforex 13]

The Weekly Pivot has been hit before we had room to place our entry. Too bad. It's a nice way to start the week with some pips in your pockets. We will of course tray again next week. BTW the Weekly Pivot has been hit 31 times for the las 31 weeks.

[Mysticforex 13]

This weeks pivot has printed at 14563. Price has not yet been 75 pips away but I am placing a buy entry order at 14513 with a TP of 40 pips ( 10 pips before the pivot ) and an SL of 60 pips.

[Mysticforex 13]

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The trade has opened and is currently up about 19 pips.

[Mysticforex 13]

Price has come up and hit the weekly pivot. 40 pips profit. Look at the attached chart, it's almost amazing !

[Mysticforex 13]

We have followed this for 3 weeks in a row now. Because of the nature of the setup ( weekly ), We have had 2 successful trades and 1 no entry. It is not a fast paced thread and may not generate a lot of excitement. I don't even know if anyone is reading it.

 

Like I said in the first post it's not a system. I am just trying to bring to light the fairly high probability that GBP/CHF makes a move towards it's weekly pivot, in a consistent manner that can be exploited.

 

If anyone would like to see it again this coming Sun/Mon let me know, otherwise no sense beating a dead horse and I'll think of something to move on too.

If anyone has noticed a different way, or variation we can try on this, let's try it.

[MidKnight 12]

I'm reading it when you are posting....

 

Just a thought. GBP/CHF is fairly wild cross that gets good sized daily ranges usually. GBP, EUR, CHF are probably your most correlated highly liquid currencies. Since the Swiss pegged to EUR a year ago, it has become a lot more like a more volatile version of EUR/GBP. I wouldn't be at all surprised if this method you have outlined has excelled since this fundamental change in Swiss policy.

 

With kind regards,

MK

[Mysticforex 13]

I'm reading it when you are posting....

 

Just a thought. GBP/CHF is fairly wild cross that gets good sized daily ranges usually. GBP, EUR, CHF are probably your most correlated highly liquid currencies. Since the Swiss pegged to EUR a year ago, it has become a lot more like a more volatile version of EUR/GBP. I wouldn't be at all surprised if this method you have outlined has excelled since this fundamental change in Swiss policy.

 

With kind regards,

MK

 

Hi MidKnight,

 

Thanks for reading, you may be the only one ha ha

 

This was developed about 5 years ago. Like I said in the beginning I haven't traded it in about a year. I still don't know what to call it, The person who brought it to our trading group's attention was Micheal K. He called it "The Monday Accelerator . According to him the G/C had the highest probability of hitting the weekly pivot ( at that time).

Maybe next week I'll start a new thread called "The Monday Accelerator" and try it on a few different pairs. As time goes on we can drop pairs that don't seem to be producing, add new ones etc. Even just gaining small insights into pair behavior makes it worth the effort in my opinion. I know numbers are numbers and charts are charts, but it does seem like some pairs have their own flavor. GBP/JPY is called the Orient Express by some, and USD/CAD the Loonie.

[Mysticforex 13]

I am going to pick up this thread this coming weekend. With the GBP/CHF, and as Midnight suggested some other pairs. The thread will have a new name, " The Monday Accelerator "

So, if anyone has some pairs they would like to see tried, post them here and we will see how they fly.

[MidKnight 12]

I'll keep my eyes open for it. I'd like to see it on some aussie pairs, just because their market will be open at the start of the week and possibly be more directional.

 

EUR/AUD

AUD/JPY

[Mysticforex 13]

We don't want to make too big, unwieldy, hard to follow. And we will always include the GBP/CHF, the pair the research was done on and use it as a baseline.

So if anyone has some suggestions, some pairs they would like to see done, suggest them here,