Pivot Trading

Going to be interesting what happens after the Retail Sales News later this morning. Lately the USD hasn't suffered major , significant trauma with significantly poor US Data. On the sidelines until the data is released , never stand in front of a potentially heavy , fast moving train.
Cheers ,
GE

Morning,

EG short for me, probably little bit early we will see the progress during the next hours, currently price fight against Daily opening and H1 Resistence (forgot to draw the trend line) the Orange one is a 4H Resistence, the white as usual are Daily trend line.

TP under S38.
Have nice day, take care.

Regards.

H.

Update adding new screen, plus the 2 resistence H1 trend line (in orange)

Hello again.

Nice reaction at WP and Daily support trendline, let's see if hold or crash under it!
Have nice day.

H.

Closed EC.

AUD NZD back Risk on

was on it myself. good job

Hello there,

Sorry for late reply was away so unable to post the result of EG earlier.
Could be better but everything good, so im ok with it. Probably SL was tight, looking EG right now show down trend will prevail, but i will wait until tomorrow morning (london opening) for see where price decide to go.

Good night !
Regards

H.

first time trying my hand on Davit's strategy.

Shorted GC- i think there is still chance it'll touch S38 as its broken the PP. It seems the GBP dumping has begun given the upcoming rate decision tomorrow.. hopefully it holds.


Shorted AC- almost near S38 TP area


Sell limit surprisingly got hit last night. GN TP at S38 area

Hello Akosichago,

You doing a great work ! Keep in this way !!

Regards

H.

Oil still up. Taking short from PP.

Trailing stops got hit, closed out the trades today. I may have put a tight trailing stop as the moves continued down a bit.

Closed EC.

E/G short 3 entries.
Sorry for the template appearance, due to broker change have had to switch to ProRealTime and have spent 2 weeks trying to learn it and make indicators to match Davits. The white lines and the red arrows etc ... are done by the platform and can't get rid of them.
Some things to like about ProRealTime, some negatives as you can really get used to MT4. On the whole I would say Pro is going to be better in the long run but its much more complex a tool.

I'm on it too, small entries, good retail sales data gave the pound some strength.

Maybe Long later

Powell at 1pm.
Might add fuel to USD bulls

GA now good for long

Got to notice easy trades NC has been ranging in "safe zone" been shorting it every time got close to WP
Easiest money I made zero stress.
You should only short it since its already OB and in case of BO you'll be in good spot.I am expecting major dump of NZD and AUD maybe next week end of the month.

I'm on it short big since a while waiting for a drop, thinking to hold trades through the week end.

I have gone back to what has worked for me best. I stopped reading around FF and every other news and noises all over the internet. Decided to once again just study my charts, do my analysis and place my trades. When looking at others I tend to pay more attention to what my bias is already and not even consider those with opposing bias, so why bother. Some will say buy, some will say sell, so I will just go with my system and analysis.

This is my plan.

* Have just a handful of news and information sites to keep up-to-date with current events. No analysis, trade predictions and/or signals.
* Will use Daily to set ranges for week.
* Analyze trades on 4hr, place trades on 1hr, if scalping like this week, use 5M exclusively.
* Limit number of pairs watched and pairs traded.
* PPE
* Study and use news for the week.
* Pay attention to following weeks news.
* Follow the system, follow the plan, follow my gut instinct.
* Use common sense.
* Will not improve what is working, and not deviate from what works.

I have found that while placing trades others have analyzed I can win or lose, but mostly lose because it might not be based on rules I have set for myself and cannot manage adequately. So if those are the odds and outcome, why not just trade based on my system? Besides if trading a profitable system odds are that even when losing some trades it will eventually, in a series of trades, be profitable.

Truth is, there is nothing more satisfying than seeing your trade develop and end in profit. It creates victories, and those victories...memories, and those memories reinforces behaviour conducive to repeating the process. Habits are created by repeated behaviour. And following a working plan, a profitable plan, repeatedly creates a winning habit, even if your trades ends in lose.

I decided on trading just AU this week, trading less but more precise trades. I spent the early part scalping the pair gaining 200+ pips. It was stressful but since it was on a range I took what the market gave. Today I waited for news, this was my trade for the week. Traded the AU long till WP, now common sense was easy on this one, since RN 69000 was just under WP, and pair had not been able to stay past either. No AU news (although CAD affects it, it was not strong enough), there was no fundamental reason for it to break WP or 69000. closed long at Pivot and went short for a ride. Did not foresee it going so short but rode it 6870, my tp was 6860. Classic pump then dump on a Friday. Pair was slowly climbing all night so that it can bring it back down to where it started. These are market structures and moves that one burns into our memory for future use.

I had great days only to give back some, so I set out to adjust my mental state, my trading plan, and my habits. This is my business, this is my career, I had to take drastic measures immediately before I develop bad trading habits. Since I take this serious, I had to get serious with it. Now looking forward to next week and putting in place the plan.

Enjoy your weekend.

My view for GBPAUD,

With still an uncertain outlook I believe that AudUsd still have more room to the upside. Aud is not that hard hit by Covid-19 as the rest of the world and in the RBA last report they said that their view is that the economy retraction should be shollow. They are all ready opening most businesses to bolster their economy. Any positive outlook/ view from Louw Monday will support Aud next week, also no big news to make GBP change direction.

Hence my view GBPAUD still room to the down side on the weekly. R100 for next week.
CNY might surprise with their interest rates for Aud to the down side, or is it factored in already hence the pullback on GBPAUD. Will wait and see.