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Whipsaws and pivots
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Whipsaws and pivots

  #1 (permalink)
Trading Apprentice
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Whipsaws and pivots

Does anybody have any suggestions on avoiding whipsaws while using pivot numbers? Or just any tips for using pivots?

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willcm007 View Post
Does anybody have any suggestions on avoiding whipsaws while using pivot numbers? Or just any tips for using pivots?

1) Trade bigger time frames with smaller position size. Not additional risk.

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Avoiding chop chop..

As already discussed in other posts - using Ichimoku Cloud in the daily chart:
If price is IN the cloud - chop chop - NO trade
Price above cloud.. go after your plan or pivots
Price underneath cloud - dito

Hope this helps to avoid unnecessary and costly trades

GFIs1

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  #5 (permalink)
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thanks, I have never heard of the Ichimoku Cloud. But, after some research it sounds interesting. Using a 14 & 7 ADX seems to help a lot too.

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willcm007 View Post
Does anybody have any suggestions on avoiding whipsaws while using pivot numbers? Or just any tips for using pivots?



There is an excellent chapter on pivots in John Carterís book Mastering the trade. I learned some good points that I find hold up a lot of the time:
- Be open to fading the 1st test of both S1 /R1 and S2 / R2.
- About 80-90% of the time intraday movement is contained between S2 and R2 and moves to S3 /R3 are rare. (I find that if there is 2 or 3 days of tight consolidated trading in a particular market that this rule can be violated and prices can easily surpass those levels but for a lot of the time it holds true)
- I normally place a stop a few ticks over (R) or under (S) the pivot if I am using them
- Half pivots work well when there has been large movement the day before

As always price action is first and foremost, but those were some good tips I learned.

"I have two basic rules about winning in trading as well as in life: (1) If you don't bet you can't win. (2) if you lose all your chips, you can't bet."
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  #7 (permalink)
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man that sounds like great advice, thanks.

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