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Pivot Trading

Quoting John Chipsa
My worst day of the year... Once....once I loaded up and even got up to do business... I expected the opposite... It pissed me off. Enough days till the end of the year...I've been thinking a lot...why do I always do some shit. Probably doesn't need a comment, but I'm putting it out there...not every day is green.. I've finally dug myself out of the previous loss and I'll make another shoe. 2 mistakes this year, just and my...not the system... Follow the system and the royals will be rewarded... {image} {image}
I took the liberty and copied you chart just to analyze what went wrong.
This is my view and purely from technical point, leaving heavy news on the side.

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Trades closed so far.
My focus is on NZD
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In trading, you have to be defensive and aggressive at the same time
Tough PA
MM milking the debt ceiling for what is worth...
Grabbing liquidity left right up and down. Honestly have not seen tough PA like this for long time.Whatever you think its wrong...
In trading, you have to be defensive and aggressive at the same time
Quoting Davit
Tough PA MM milking the debt ceiling for what is worth... Grabbing liquidity left right up and down. Honestly have not seen tough PA like this for long time.Whatever you think its wrong...
Agreed - I am not sure if it is the debt ceiling talks or heating up of the equity markets but this past week or two has been tough on pivot/swing trading. Most recently had a decent GU trade that I entered long on last night but besides that it has been mostly scalping for me.
Quoting Davit
Tough PA MM milking the debt ceiling for what is worth... Grabbing liquidity left right up and down. Honestly have not seen tough PA like this for long time.Whatever you think its wrong...
Yes, have been struggling all week, esp with NZD, rate increase, highest of all the majors and it keeps tanking. Of course, pricing in no further increases, maybe? Looks more like just pure manipulation
NAS at more than 2x it's ADR....this would typically mean weak USD....nothing making sense. I'm going to short it, looking for sell off inequities into holiday weekend.....very small position(s).
Quoting pipmaster77
{quote} Yes, have been struggling all week, esp with NZD, rate increase, highest of all the majors and it keeps tanking. Of course, pricing in no further increases, maybe? Looks more like just pure manipulation
Looks like MM squeezing USD against all until debt ceiling decision.

Yes NZD tanking is part of grabbing liquidity. Made some money EN and NC but NC decided to tank again when it looked like was ready for 83
I guess we'll just have to wait a little longer
In trading, you have to be defensive and aggressive at the same time
Quoting Davit
{quote} Looks like MM squeezing USD against all until debt ceiling decision. Yes NZD tanking is part of grabbing liquidity. Made some money EN and NC but NC decided to tank again when it looked like was ready for 83 I guess we'll just have to wait a little longer

I think debt celling is just a drama.

They will say oh debt ceiling reach, oh recession hit the market.
Create issue in the market and the reason to bring the market down.

And after 1 week the new cycle start again. New day, new game plan.
Quoting alish746
{image} short entry of UC
Hello Alish746 , I see that you're a NM. So , welcome to DAVIT'S FORUM.
I trade the UC exclusively , I always try to be helpful to fellow traders and "give back to this Forum" , and I noticed your short entry point on the chart that you posted.
For me personally , and in this particular trading climate , once the UC breaks thru the 61 level , I WAIT PATIENTLY !!!!.
My reasoning is that I've noticed with this pair , as of late , it will over extend itself and I believe that the BIG BANKS and FINANCIAL INSTITUTIONS ARE DOING THIS PURPOSELY , since THEY KNOW that the typical retail trader is greedy and will go all in and blow up their accounts , thus , they happily take every cent they can get from the retail traders. BUT , THIS IS GOING TO BACKFIRE ON THEM !!!!! (RE:ROBINHOOD IN THE STOCK MARKET).
As you know the UC hit 1.3653 at the high.
Since Forex Trading can be so unpredictable , and with this UC pair as of late , the 61 level is my "PAY CLOSE ATTENTION LEVEL" to see if it breaches the 78 level and thus on to the 100 level , looking for far better entry points.
Your entry point was understandable , and by looking at your chart , I"M THINKING that the double top triggered you to enter when you did.
Thus , I'm just simply passing along my observations of the way that the UC pair is behaving as of late.
It's nice to see that you were using a 1 HR chart.
With respect to the 61 level on the UC pair , be wary of "double top" thinking , IF THAT'S WHAT YOU DID. DO NOT MAKE THE 61 LEVEL A "REFLEX ACTION" to act with this pair in this current time. In fact , the pair took off from below the S78 level , quite a swing from the 10th of May.
So , once again , welcome to DAVIT'S thread , BEST ON THE WEB !!!! Carefully look at the charts of the excellent traders on this Forum , their entry points are uncanny !!!!!!
Green pips to you and others ,
GE
"Define the risk OUT of your trade"--Mark Douglas
Quoting GreenEarth
{quote} My reasoning is that I've noticed with this pair , as of late , it will over extend itself and I believe that the BIG BANKS and FINANCIAL INSTITUTIONS ARE DOING THIS PURPOSELY
I fully agree with this. It's the only major pair where I trade half the lot size I normally trade (JPY pairs I trade a quarter the normal size) just for risk management. Pair seems to love overextending.
Quoting GreenEarth
{quote} Hello Alish746 , I see that you're a NM. So , welcome to DAVIT'S FORUM. I trade the UC exclusively , I always try to be helpful to fellow traders and "give back to this Forum" , and I noticed your short entry point on the chart that you posted. For me personally , and in this particular trading climate , once the UC breaks thru the 61 level , I WAIT PATIENTLY !!!!. My reasoning is that I've noticed with this pair , as of late , it will over extend itself and I believe that the BIG BANKS and FINANCIAL INSTITUTIONS ARE DOING THIS PURPOSELY...
First of all thank you very much for your advice that will be indeed really helpful in the future. Actually I was little bit earlier in my entry, I should've waited for some time to see some signs of reversal and also I should've consider other factors. However I am a new trader and trying to learn from other senior members of the group that's why I do make mistakes some times, I hope as time passes my mistakes will be reduced to minimal . Once again a huge thank for your guidance
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Good opportunity to go long but waiting for confirmation before entering long entry
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two long entries EU & EC, both of them bounced back nicely from their S61
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Long eur/gbp, been long eur/us
Quoting StarChild10
{image} Long eur/gbp, been long eur/us
Dear Starchild 10,
i would like to ask what kind of harmonic indicator is it? where can i download it?
Quoting fxandthedax
{quote} Dear Starchild 10, i would like to ask what kind of harmonic indicator is it? where can i download it?
post 40,755 this is what Davit posted in his harmonic bundle post.
page 2038
Quoting StarChild10
{quote} post 40,755 this is what Davit posted in his harmonic bundle post. page 2038
There are only 2 templates , the indicator is not there. You may have the indicator?
Quoting fxandthedax
{quote} There are only 2 templates , the indicator is not there. You may have the indicator?
I downloaded Davit's template . .
Davit used a combination of harmonic patterns.
Moved back all my business to the 4H and applying Multiple Entries method of scaling in again instead of 1 big position with fixed RR and stop loss. Sticking to this and hopefully wont have to change up my method again. EA and UC wins opened since last week. TP at pivot levels that coincide and make sense with market structure. Starting to build on EG with that inside bar forming on S61-78
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Seek first to understand, then to be understood
Quoting fxandthedax
{quote} There are only 2 templates , the indicator is not there. You may have the indicator?
There is one called PZ_Harmonic I believe...
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