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Pivot Trading

Quoting griffinssoul
{quote} hey trapforex - Davit has low leverage & low risk .... [there is another famous trader who also does this in a Viperian way ] ...... but more important he has a mental stop [read Mark Douglas to see wat this means] ...... Lastingwell use 2 say if u r worried u could always put in a emergence stop .......... BUT! if u have high leverage & high risk then noting will stop u out [not even a SL ] cause there is no other side of a vacuum play like wat we saw on the G-train this week - u will lose it all & then some ...... this...
Hi buddy I am supper excited to see you back "normal" and posting here
Welcome! and hope you stay!
There is no failure except in no longer trying
This a level I think I mentioned and did drop 100pips 1.618 is very powerful
I am little baffled why CAD got sold off despite of green data.Could be weekend thing.Still short on this but was anticipating a different results today.Well I accept what market throws at me and at times its not all green pips.
EC looks overreaching as well something to keep eye on it.
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There is no failure except in no longer trying
If I am not mistaken E/CHF Mike had some good trades on this.Its getting close to "in the zone"
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There is no failure except in no longer trying
I still can't figure why the CAD is so weak.Good data,oil up and it got spanked hard...EC 4880!!! wow
Need to wait on my UC trades and carry over next week.I just don't have the answers why.Poor USD data,Dec hike almost out the window...and yet lots of money is getting to on USD.
Could be Brexit panic money going on USD ...which could explain irrational selling of the CAD.
Anyway lousy last 2days.
There is no failure except in no longer trying
still hold it.
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Quoting aren
still hold it. {image}
excellent trading Aren

your name reminds me of this my home country of Armenia

Earliest Known Winery Found in Armenian Cave
Near the village of Areni, Areni is also grape wine varietal mostly found in Armenia dating back thousands of years.
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There is no failure except in no longer trying
Quoting Davit
{quote} excellent trading Aren your name reminds me of this my home country of Armenia Earliest Known Winery Found in Armenian Cave Near the village of Areni, Areni is also grape wine varietal mostly found in Armenia dating back thousands of years. {image}
nice

I 'll visit with my respect someday.

thank you

Happy weekend
Just want to throw this out there.
The events that happened yesterday is basically anomaly a Black Swan on G pairs.I sincerely apologize and sorry for any losses.I understand some follow my trades but I am not the market and face the same risks hence I also accumulated decent size DD on EG
My plan is to cut my losses on EG in gradual way. In greater scheme of things what counts is your sample size over given period of time say in quarters 3 months.3 months not only is great time to recover any losses but overcome and continue grow your account.Remember what we witnessed on Thurs is rare occurrence triggered by Brexit which in itself rare event in historical context.
My best advise is as always trade small plan for worst outcome and continue to grow your account in rational manner.Its a marathon not a sprint.
Stay strong and positive.They are always challenges in life and in trading.What counts is how you deal with it.Don't beat yourself for losses look ahead far ahead.
thank you
There is no failure except in no longer trying
Quoting voty
Short on my favorite Dow Jones +160pips. Also long on GU, not posting a chart don't want your eyes to explode... (long since 1.29x) Just a joke for today: Do you know why GU broke through S200 ? 1st time it was brexit, 2nd time voty went long. {image}
What broker do you use? Was looking at getting into stocks as well. Wasn't sure who the best houses were in the usa 
Quoting Davit
Just want to throw this out there. The events that happened yesterday is basically anomaly a Black Swan on G pairs.I sincerely apologize and sorry for any losses.I understand some follow my trades but I am not the market and face the same risks hence I also accumulated decent size DD on EG My plan is to cut my losses on EG in gradual way. In greater scheme of things what counts is your sample size over given period of time say in quarters 3 months.3 months not only is great time to recover any losses but overcome and continue grow your account.Remember...
Hi Davit no need to be sorry I was doing very nicely with your system until yesterday had a disaster had take profit on 2 trades just missed been triggered 4/5 trades on each retraced and hit stop loss which was greater than normal due to fundamentals. As Mark Douglas says you cannot take your edge singularly but over a large sample range. I love the system as I used to be constantly switching between time frames. Now it is all there in front of you. Have put last 2 days behind me and am looking forward to getting back in the black before too long.
Is it this week you start your new job. If so good luck.
Quoting Davit
I still can't figure why the CAD is so weak.Good data,oil up and it got spanked hard...EC 4880!!! wow Need to wait on my UC trades and carry over next week.I just don't have the answers why.Poor USD data,Dec hike almost out the window...and yet lots of money is getting to on USD. Could be Brexit panic money going on USD ...which could explain irrational selling of the CAD. Anyway lousy last 2days.
Baffles me too, the only reasoning out there is that 2 Feds commented that this was in line with their expectations and rates will go up in Dec. Dollar bulls are back in play. Otherwise CAD results were good, i took a few short trades in UC (still in this), was good for the first 30 mins then the bloody thing just reversed. Oddly even AC, NC and EC is strengthening against CAD. This is a "WTH" situation.

Quoting Davit
Just want to throw this out there. The events that happened yesterday is basically anomaly a Black Swan on G pairs.I sincerely apologize and sorry for any losses.I understand some follow my trades but I am not the market and face the same risks hence I also accumulated decent size DD on EG My plan is to cut my losses on EG in gradual way. In greater scheme of things what counts is your sample size over given period of time say in quarters 3 months.3 months not only is great time to recover any losses but overcome and continue grow your account.Remember...
All of us assume risks the moment we trade. No guarantees in life let alone forex or any other trading for that matter. Hats off to you for posting the above. EG was a stinker, i think many in FF and other traders took big hits. Hopefully UC doesnt go the same way. Even if it does, life goes on.

Live to trade another Day

Cheers
MR
Silence your Ego & Your Power will Rise
Quoting Davit
Just want to throw this out there. The events that happened yesterday is basically anomaly a Black Swan on G pairs.I sincerely apologize and sorry for any losses.I understand some follow my trades but I am not the market and face the same risks hence I also accumulated decent size DD on EG My plan is to cut my losses on EG in gradual way. Stay strong and positive.They are always challenges in life and in trading.What counts is how you deal with it.Don't beat yourself for losses look ahead far ahead. thank you
Hi Davit..
No need to apologized.. I think we all here already knew that we have to take our "own risk" of what we are doing...
Losses happen all the time, and market can do anything they wanna do
Jz keep the spirit.. and keep posting so we can learn and improve new things every day.. (and other member's opinion as well ..)
Thanks for your great thread..
AL
Quoting Davit
Just want to throw this out there. The events that happened yesterday is basically anomaly a Black Swan on G pairs.I sincerely apologize and sorry for any losses.I understand some follow my trades but I am not the market and face the same risks hence I also accumulated decent size DD on EG My plan is to cut my losses on EG in gradual way. In greater scheme of things what counts is your sample size over given period of time say in quarters 3 months.3 months not only is great time to recover any losses but overcome and continue grow your account.Remember...
I agree that an important aspect for retail traders to make money is to avoid using stoplosses. The big players use our stops to generate liquidity to fill their orders, and other prop shop traders actively hunt stops to move the market and scalp. I've lost so many good trades because of stop hunts and what I like to call "spread rape", where brokers widen the spreads and you get stopped out even though the Bid or Ask is actually 20-30 pips away from my stops. I closed my AJ shorts on Friday for +5%. At market close, the price dropped further and I would have made more profit, but the spread went to 90 pips. So at the Monday open my winning positions would have been almost certainly wiped out. An absolute bucket of bullshit.

So with that said, how do we avoid having our accounts blown up during black swan events, like what happened this week with the pound?

My best proposed solution is that you should have a hard stoploss in place far above the obvious stop loss zones. Let's say you get a double top into a key level, and you enter for 0.5% risk (based on your virtual stoploss just above the structure). I suggest you should put a hard stop in that equates to 1-2% risk. You won't get hit by stophunts, and if price runs up to the next pivot point before breaking down, you can still reach break even again anyway.

Anyone else have any thoughts on this?

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Better to run, than curse the road
Quoting Davit
I still can't figure why the CAD is so weak.Good data,oil up and it got spanked hard...EC 4880!!! wow Need to wait on my UC trades and carry over next week.I just don't have the answers why.Poor USD data,Dec hike almost out the window...and yet lots of money is getting to on USD. Could be Brexit panic money going on USD ...which could explain irrational selling of the CAD. Anyway lousy last 2days.
All my floating loss is on CAD. Oil Up, US misses expectations, CAD good data. It didn't end up the way I expected.

USDCAD betrayed me.
Davit or anyone here that can help me, my broker new daily candle open at 5:00 pm New York time, in the Davits_ pivots what settings should i use on:

Broker Candle : true/false
choose H1 Start Candle
choose H1 Finish Candle

Thanks and will start on demo this week with this system to see how it goes for me but i like it so far what i see
cheers
Sharing an article from Financial Times .

Why did the pound fall so fast?

Theories range from fat fingers to algorithms and options expiry

https://www.ft.com/content/40d53d90-...&segid=0100320
Let all the living things live blissfully
Quoting Davit
I still can't figure why the CAD is so weak.Good data,oil up and it got spanked hard...EC 4880!!! wow Need to wait on my UC trades and carry over next week.I just don't have the answers why.Poor USD data,Dec hike almost out the window...and yet lots of money is getting to on USD. Could be Brexit panic money going on USD ...which could explain irrational selling of the CAD. Anyway lousy last 2days.
For CAD, it might be related to this news below, who knows

1) Oil Declines After Russia Sees No Deal With OPEC Next Week
(Bloomberg) -- Oil fell below $50 a barrel after Russia cast doubt over a deal any time soon with OPEC, following the group’s pledge to reduce production. Futures slipped 1.3 percent in New York after closing above $50 for the first time since June on Thursday. OPEC agreed in Algiers last week to cut output in a bid to shrink the world’s crude glut and boost prices. Russia’s Energy Minister Alexander Novak said Friday he doesn’t expect to sign a deal with OPEC during ...
D labour of a fool wearieth him cos he doesn't know how to enta d city
Quoting Davit
Just want to throw this out there. The events that happened yesterday is basically anomaly a Black Swan on G pairs.I sincerely apologize and sorry for any losses.I understand some follow my trades but I am not the market and face the same risks hence I also accumulated decent size DD on EG My plan is to cut my losses on EG in gradual way. In greater scheme of things what counts is your sample size over given period of time say in quarters 3 months.3 months not only is great time to recover any losses but overcome and continue grow your account.Remember...
Hi Davit, I dont think you need to apologize, its a game of probabilities over an array of trades, what happened was an aberration. Thanks for the insight.
D labour of a fool wearieth him cos he doesn't know how to enta d city
Quoting steve2010
{quote} I agree that an important aspect for retail traders to make money is to avoid using stoplosses. The big players use our stops to generate liquidity to fill their orders, and other prop shop traders actively hunt stops to move the market and scalp. I've lost so many good trades because of stop hunts and what I like to call "spread rape", where brokers widen the spreads and you get stopped out even though the Bid or Ask is actually 20-30 pips away from my stops. I closed my AJ shorts on Friday for +5%. At market close, the price dropped further...
Nice idea, I think if we can get an EA running in the background that closes a trade once a set dollar value of loss is reached on a trade, it might help against the hard stop loss. What do you think?
D labour of a fool wearieth him cos he doesn't know how to enta d city
Buy EUR Vs GBP & JPY And Beware A Bond Sell-Off - SocGen
07 Oct 2016 15:25 EDT
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FX Macro & Technical Strategy
Societe Generale Cross Asset Strategy
Macro:
EUR/GBP longs* are something we’ve pushed for a while and we will stick with them. The possibility of talk of ECB tapering persisting makes for an attractive risk profile above and beyond the headlines that tumble out of the UK government.
We expect the downtrend in GBP/USD to slow at some stage after such a sharp move, but we’re still firmly bearish on Sterling.
EUR/JPY is likely to move somewhat slower than USD/JPY, which we also like, but it may have more long-term upside. The dollar’s upside is going to be constrained at some point by Fed concerns about its trade-weighted strength. (Note, nearly 50% of the USD TWI is made up of CNY, CAD and MXN, all of which have weakened and could weaken further if Donald Trump’s opinion poll ratings rise further). By contrast, the Euro is not at stretched levels.
https://plus.efxnews.com/news/0cc7f0....PNG?v57f7dd3f
Technicals:
Stabilisation signs are emerging in EUR/JPY after it tested 112, as well as the 61.8% retracement of the 2012-2014 up move. On the daily chart, the pair briefly tested the 2-year descending channel support (109.50) and since then a recovery has been in force. Daily RSI has been diverging positively suggesting the possibility of persisting with the pullback.
The pair should head higher towards a descending trend drawn since February at 116.40/90 which also corresponds with the 76.4% retracement from July and even towards the aforementioned channel upper limit at 121.50/122.50 with the interim target at the July highs of 118.50.
D labour of a fool wearieth him cos he doesn't know how to enta d city
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