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Cabdi
Granted the higher time femras may have wider stops but the risk is all the same. It all depends on how much you are keen to risk per trade. For example if you start with a $1,000 account and are keen to risk $50 a trade then a 50 pip stop would copy $1.00 per pip or 1 mini lot. If you are on the 5 minute chart and have a 10 pip stop you can risk $5 a pip or 5 mini lots. If either trade goes against you it's still a $50 loss.

Akber
My only comment is how I wish that we had had these pivot pnotis before! Am just amazed at how accurate they are. Have only placed one small trade on cable ( an order outside a congestion area) and immediately took profits at a resistance. Otherwise I am just observing and learning, also appreciated having the strategy posted in small chuncks enabling to digest slowly.Thankyou for intrducing me to your method of finding pivotsGail

Bestboy
Hi Nicolas,Candlesticks are not only useful for forex rnaditg, but for any form of rnaditg that involves charts and technical analysis (stocks, commodities, and so forth).Firstly, you need to establish whether the candlestick is a bullish or bearish candlestick. What I mean by this is whether or not the price is higher or lower than at the beginning of the timeframe. For example, let's say that the value of the foreign exchange pair that you're interested in is 1.3400 at the beginning of a day. At the end of the day, the value is now 1.3300 (a decline of 0.0100 in the day). This would be represented on a chart as a red candlestick, since the overall day trend is bearish (declining). For a red candlestick such as this, the body of the candlestick would commence from 1.3400 and extend down to 1.3300, with the base of the body of the candlestick being the close price (1.3300).The opposite holds true for bullish candlesticks, which are coloured either white or green, with the top of the body of the candlestick being the close price.The sticks/tails of each candlestick indicate how far the stock has reached during that time period long tails tend to indicate that rnaditg in that direction wasn't strong enough to maintain itself during that time period.Hope that helps!! Cheers!!