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The following user says Thank You to Big Mike for this post:
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
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."
--- Larry Hite from Market Wizards by Jack D. Schwager