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Pivot Points Alerts
On the TimeToTrade charts, a Pivot Points indicator can then be used to execute trades, provide an Email or SMS text message notification when your candlestick chart patterns have been met or backtest a trading strategy.
Pivot Points are used to establish key points of support and resistance. The traditional methodology for calculating Pivot Points is to use the trading range from the previous daily interval candle, however they can also be calculated on any time frame to suit the strategy being developed.
Pivot Points lend themselves to Mean Reversion trading strategies as the price action tends to revert to the central Pivot Point Line after closing between R1 and R3 for bearish reversals and S1 and S3 for bullish reversals. There are many methodologies for deciding when to open a Mean reversion position including using the following rules based on shorter term price interval of for example 1 hour:
- Sell if the price closes between R1 and R2 / Buy if the Price closes between S1 and S2
- Sell if the price closes between R2 and R3 / Buy if the Price closes between S2 and S3
- Sell if the high price is below R2 and above R1 / Buy if the high price is below S1 and the low price is above S2
- Sell if the high price is below R3 and above R2 / Buy if the high price is below S2 and the low price is above S3
- Sell if the price closes between R1 and R3 followed by a Bearish reversal candlestick pattern / Buy if the price closes between S1 and S3 followed by a Bullish reversal candlestick pattern
As the price breaks through each consecutive Pivot Point level, the potential for greater return increases as the distance to the Mean central Pivot Point increases, however it also is associated with higher risk as the price volatility is increasing.
From a exit perspective, close the position when:
- If long, sell when the price is below the Pivot Point Line or stop out when the price breaks through R3
- If short, buy when the price is above the Pivot Point Line or stop out when the price breaks through R3
For Momentum based trending strategies, a price break out through the upper third resistance or support pivot point can be used to open a long or short position respectively. After a breakout through the R3 or S3 level, it can take the price a while to converge back to the central Pivot Point line, therefore consider using a shorter interval trending indicator like a traditional Moving Average or MACD crossovers to exit Momentum based positions.
Pivot Points Alerts
You can use TimeToTrade to execute trades, notify you or backtest a trading strategy when the Pivot Points chart conditions have been met. Use the chart settings to add the Pivot Points indicator, then click on the triggers on the chart, or click on the 'Add Trigger' button in the 'Alert Builder' section, to select the following triggers to build alerts:
In the following example an alert will be set up to provide a notification of when the Close Price crosses above the Pivot Point R2 using the chart triggers:
Enter a message to remind yourself why the alert was created; select how you would like to be notified when the alert trigger conditions are met; change the 'reactivate alert' settings if you would like to get an alert each time your alert trigger conditions are met; click on the green 'Activate' button on the Alert Builder when finished as per the following example:
The following forum entry discusses creating Pivot Point alerts:
Pivot Points Trading Strategies
You can use TimeToTrade to execute trades when your Trigger Trading™ alert conditions have been met. For example, an order can be created to sell 100,000 GBPUSD when your Pivot Points alert trigger conditions have been met, with a take profit order if the price decreases by 20 points / pips and a stop loss if the price increases by 10 points as per the following example:
TimeToTrade can also be used to create alerts on Price and Volume as well as the technical indicators such as Stochastic, RSI, Bollinger Bands and Moving Averages plus a lot more. You can also create alerts on your own Custom Indicators.
Once you are familiar with creating basic alerts you can use TimeToTrade's advanced features to customise your alerts to suit you. You can build compound alerts containing multiple trigger conditions against price and multiple technical indicators; for example: you could set up an alert to notify you, or execute a trade, when the price falls below a defined value followed by the stochastic increasing above 20 and then a positive MACD crossover:
You can also edit the alert message you will receive and be notified by Email and SMS text messages when your alert trigger conditions are met.
To learn more about Sequencing and Grouping Multiple Alert Triggers click here.
Check Alert Triggers at Interval Close or on Each Tick During the Interval
Alerts can be set up to check if the trigger condition has been met at the end of an interval or on each tick during the interval. When creating alerts, click on the alert trigger and set the 'Check trigger when' field to 'interval closes' or 'on each tick during the interval' to change the behaviour.
For example if you wanted to check if the Close Price at the end of a 15 minute interval rises above 1.5, select 'interval closes' as illustrated:
If however you wanted to check for example if the hourly RSI falls below 30 and want to get an alert if that happens during the 1 hour interval, rather than checking at the close of the 1 hour interval, check the alert trigger 'on each tick during the interval' as illustrated:
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