More than just visuals...

I realize that i often forget to mention the usefulness of the output window to read chart information in plain text format. I also wish to remind users that the EasyLanguage code is UNPROTECTED, hence while the pivot algorithm is rather complex, there is a lot that can be done to interpret information in any way users want.
All pivot information can also be retrieved via simple API calls such as RetrievePivotInfo and can be used in external programs using the DLL shared memory (similar to Global Variables).

Enjoy your weekend,
bv

Tracking a pivot point

Our pivot detection algorithm sometimes seems a little confusing to traders who are new to the toolset. We're going to here look at a situation seen today on EURUSD.
First snapshot shows a potential pivot, then we see how it finally materializes into a retracement trade (screenshot uploaded from latest (top) to initial setup (bottom).

Follow-up on €/$ 233Tcommented chart (March 5th 09)

Blogging is not the right vehicle to report fast trading action. However, in order to follow up with the previous post below. Here is another snapshot to better understand the current trading environment (7:30 AM UK).

That's it for today though... :)

New EURUSD 233T commented chart (March 5th 09)

Let's examine this situation where we entered short on last retracement move, but we don't know what target to set.
In this example, we have a relatively easy short term target, just below previous lows, and stops have already be moved to 1.2635 (MM Resistance) to secure some profit).
However it is not clear at this stage whether the € will fall lower.
So either take profits or tighten stops further, and enjoy the ride...