Determining Trend with Daily Pivots

[Mysticforex 13]

Any of you that read my threads probably know by now that I like Pivot Points.

 

Here's something that came to my attention about a year ago, and so far has backtested very well. I have taken it live in the past month. The EUR/AUD short I posted was an example, as well as the G/J short that is positive and still open. And a EUR/JPY short I took but didn't get around to posting. It is working now, but that does not mean it will never get stale. Also never take anybody's word that something works. You must do your own testing.

I have only tried this on Yen crosses, and some pairs with high volatility... ie: EUR/AUD

 

The attached chart is G/J. Time frame is not important, I am using 4 Hr here just to get more time on the chart. Ideally I use the 15 min for a an earlier signal.

 

G/J has been trending up. On the left side of the chart you will see 3 yellow highlighted boxes. they are around missed Daily Pivot points. They were missed with price ABOVE the pivots. That indicates continuation of trend. The 4th highlighted box on the right is a missed Daily Pivot with price BELOW the pivot. That could indicate the trend is over, or at least a serious correction is taking place.

 

Some time ago I uploaded a pivot indicator for MT4 to TL. Otherwise the Dail Pivot can be determined by adding the High plus the Low plus the Close of the Daily Candle, then devide by 3.

Hope someone finds this useful, or at least interesting.

[King Percus 10]

Thanks for your valuable contribution to Humanity! I have downloaded and installed the Daily Pivot Points indicator from your page, it shows in the navigator as grey-colored and will not attach to chart. Please help.

Thx.

[Mysticforex 13]

Not sure what you mean by attach. You "drag the indicator onto the chart (MT4) and release.

Then right click on the indicator and select "properties". There you can change the color.

 

EDIT:

 

Go to the folder that contains the MT4 or5 program you are planning to use. Open it. You will see a folder called "Experts", open it. Now you should see a folder called "Indicators", open it. Paste or copy or drag the new indicator into the "Indicator" folder. Now, if the MT$ is runnung you must re start it. When this is done click on the "Navigator" tab. You shold see the new indicator you just added. Drag it onto the chart and configure the colors etc. Hope this helps.

Edited April 7, 2014 by Mysticforex

[King Percus 10]

Dear Mystic,

 

Thank you for the reply Mystic, I have gone the steps as you laid out to install the Daily Pivots indicator but it did not even show in the navigator; I further tried another step where I copied the indicator, clicked the on the 'file' at the top left corner of the mt4, clicked on 'open data folder', clicked on mql4 and clicked on indicator and pasted the indicator, this time it shows in the navigator however when I drag and release on the chart nothing appears on the chart. I have attached the indicator for you to verify if it is the correct one.

I'll appreciate further advice.

Thank you Mystic

 

KP

Daily%20Pivot%20Points.mq4Fetching info...

[Mysticforex 13]

After you added the indicator to the "Indicator" folder, did you close and restart MT4 ?

[Mysticforex 13]

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Try this. and of course repeat all the above steps.

 

http://www.traderslaboratory.com/forums/trading-indicators/9336-mt4-indicators-4.html#post191608

[King Percus 10]

Thank you Mystic;

 

You've tried for me but for some reason this indicator is not responding; I have precisely followed steps with no success. I had wanted to try using it o the Monday R3/S3 gbp/chf strategy. I love your screen and indicators though any chance hooking me up with some of your indicator.

Thanks regards.

 

KPercus

[King Percus 10]

Hi Mystic;

 

I was wondering that the issue with the indicator could be because it ends in MQL4 instead of .ex4. What do you think, thanks.

[Mysticforex 13]

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It's worth a try, you could be right ... ... I get an "invalid file type" when I tr to use the ex4 suffix. Apparrently we need an mq4 extention. Try this, put it in the expert, indicator, folder .

I took it out of my original download folder.

Daily%2520Pivot%2520Points (1).mq4Fetching info...

[King Percus 10]

Hi Mystic,

I see there is an additional number '25' wedged before the '20' making it

read; Daily%2520Pivot%2520Points (1).mq4.

Please look into whether it should read as; Daily%20Pivot%20Points (1).mq4. and may

it might work.

 

Thank you for your support.

King P

[Mysticforex 13]

Hi King,

 

Apparently it comes down to weather you have MT4 build 5 or build 6. The indicator works with either one but is installed differently.

 

First. Here is a YouTube link that walks you thru the install process for either build:

 

 

 

The second problem is thar TL does not recognize .ex4 as a valid extention.

If you PM me you email I will send you copies of both The Daily Pivots. and the newer Missed Daily Pivots.

 

 

Also, here is what's going on recently with EUR/USD when it comes to missed pivots:

The first missed pivot in the yellow box (Sundays) was missed to the down side and we deed indeed have downward movement. Monday's pivot was hit. In the second yell bow we have not YET hit the pivot. IF we don't I will expect further downward movement tommorow .

Edited April 15, 2014 by Mysticforex