Pivot Trading

Closed out the EurJpy for a nice run.

thankyou I'll be using this to check mine on monday

I haven't been here in a long time and have been following this thread for a long time. I haven't read all the post. I've done well with this method but have never taken it too seriously.

One question for anyone:

What do you do when you are in a basket and next week the pivots change.....do you still rely on the original pivots or do you now rely on the new ones?

If you are rely on the new set of pivots what is the strategy for your existing basket.

Thank you everyone!

Then you zoom out and watch price action into the coming week. Will it continue or change direction? See example.

will be looking forward to the 1st chart tomorrow just to check my accuracy with the pivots.
so much more reading to be done;
just finished Davit's philosophy for the 2nd time and Mark Douglas, next up:
Harmonics

This is where the picture really started to clear up for me. The price action at the completion of a strong pattern coupled with pivots really does give you an edge. While not required with Davit's system to be successful, I've been studying andrew's pitchfork as well. Placing point 1 on the wpp then points 2 and 3 on r38/s38, I've found that price is very respectful of these lines time and time again.

great!keep it up

Good Morning guys

I want to clarify and explain how I trade.You might be reading lot of shit at TMS about me (why they talk about me is puzzling) but its important
you understand.

1. Position building
I enter positions at key levels 61-100 then scale in.My initial positions could be red however its part of how I trade.
If intended invested lot is 1 full lot and I have 2 small positions using only 20% of intended lot is not adding to losers but continuing BUILDING A POSITION as long as intended reasons of getting in is still valid.
Example you started shorting UJ at 1325 at 61R and price went to 1350 you added 2nd position this is not adding to losers even though clearly 1st position is red.
Your aim is to capture a price as a unit consists of 5-10 positions think like net fishing your entire net is your positions not just outer edges.
Think of a cat.Your 1st position is only hitting the ears but entire animal is still not covered.This is counter intuitive when most if not all trading books recommend cut your losses early.Well that's true if you went in with single full lot...which is not what I am doing. My entire distance which could be as much as 100pips is my territory of operation.
Example I went long on AN at 100S price dropped 50pips lower in my way of trading I am like great I can add better positions and once all in just wait ALLOWING time to do its thing. Same scenario happened last week on GU my initial positions were red then collected ALL positions in profit less then 5days later.
Time is a factor in trading!This is critical to understand

When to pull the plug.When clearly you are against strong trend and fundamentally you are in wrong side and your DD is not acceptable anymore.Everyone's DD is different. MY cut out point is different then yours.Point is I trade building positions mainly on swings.Some times that fails as every honest trader knows you can't win them all.You dust it off and continue on.Its a marathon.

To me successful trader is looking at larger picture. If out of 4qurters I win 3 and lose 1 that's successful trading by the end of the year.
In restaurant business there are months things are slow like right after Dec holidays and entire Jan Feb everything quiets down and most restaurants lose money in this months until Spring kicks in. Should you close your business in Jan? When you are making a profit 8 months out of 12 months?
This is Simple logic.Trading is a business and you are going to have bad weeks even a month or two.That's true cross the board no matter what system you are trading.Anyone tells you otherwise just walk away they are not being truthful.

my last weeks results. Notice the losses so people accusing me of not taking losses are blind.

This is absolute truth. I am trading myself like that for almost 10 years, while everyone around me was telling me I am wrong, but on the contrary I was doubling and sometimes thripling my account, then losing because of greed, but that is how you learn, and you must learn if you want to go on. "Big" position shattered into small ones so you can tame the beast.

I said that many times here, I always like to have one open trade, small one, regardless of the direction, it gives me an idea how long the pair travelled and if it is time to reverse or retrace.

Good luck.

Great friend just ignore all the shit and do what works for you.
I am still extremely confident AN will reach 98+ in near future.Its matter of just giving it time for trade to take shape.Its also important to understand what market makers do.Their entire way of operation is to hit stops.Just about every broker knows their clients positions and this information gets square off and placed in the market and drives the stops however by trading small you avoid the BS the spikes that are designed to hit stops.
Ever thought why AN closing spread is monstrous?Its intentional.GU spike down was intentional while institutional traders were building longs!THat's clear to see now.
Be smart fight them back with positions that are wide and small which allows you to get in and out in profit and without stress.Spikes don't touch you your aim is the Entire cat not just the head!Think about that.

Don’t Confuse the Concepts of Winning and Losing Trades with
Good and Bad Trades
A good trade can lose money, and a bad trade can make money. Even the best trading processes will lose a certain percentage of the time. There
is no way of knowing a priori which individual trade will make money. As long as a trade adhered to a process with a positive edge, it is a good
trade, regardless of whether it wins or loses, because if similar trades are repeated multiple times, they will come out ahead. Conversely, a trade
that is taken as a gamble is a bad trade regardless of whether it wins or loses because over time such trades will lose money.

above is from Hedge fund Market wizards which I love.The point above is trust your Edge.

Just sharing this guys.

You can download just about every trading book free in PDF file but you can do with it more.

USE free app https://calibre-ebook.com/download to covert PDF into different script like Mobi and use it your amazon reader like kindle which is in my view best reading device designed to be easy on the eyes since light works differently then your typical notepad.
You can read say 20-30min before sleeping in the dark and not bother your partner.

Some books influenced me greatly and this one in particular
From "Bird Watching in Lion Country"

"RISK MANAGEMENT
Lastly, but very importantly, the issue of risk management. How to take and protect your profits, how to manage your downside. Being able to manage your out-of-the-money positions and minimize your down-side is a crucial aspect of trading success.
Sometimes it is easy to make profits but hard to keep them. Exactly the same problem that keeps traders from being successful in general is also applicable to risk management in particular. It has become fashionable to bandy about the concept of stop losses and where to place them. My risk management actually starts with my 4x1 strategy, and particularly low gearing (small position size). It is no good having a sophisticated risk management strategy and then blowing it out of the water with too high gearing.
“Cut your losses and run your profits” is an old trader’s adage. I subscribe to it in principle but it is often misunderstood. The higher your gearing the seemingly more attractive the adage – you have to cut losses or you are dead. I don’t like that approach. It is unsophisticated. Again the mysterious impact of randomness will confound and confuse many oblivious to its prevalent role in any trading system, especially its destructive role in mechanical, mathematically formulated entry-based systems. I have a different approach using, multi entry, low gearing strategies that do not stop future profits by cutting existing temporary losses. Positions need time to mature and you can’t expect them always to be in the money minutes, hours or sometimes even days after you have entered a trade. Any trade should be able to spend some time on the wrong side of the tracks without you sniffing your nose at its potential profitability."

Traders who place stop losses 10-50pips are going to be taken out.Market is designed for that purpose separate you from your money and basically are sitting ducks.There is much randomness in lower TF and this is obvious.Point is to see the bigger picture and build a swing avoiding randomness all together or minimizing its effects.

@Davit.
As always, thanks for the good informative info.
Qn: Do you only build positions when price is going against the first trade?....or even when price starts off in your favor and doesn't turn back?

Both and depends where price is and how PA is going.Obviously we had end of the year market driven extremes last week and that's not the norm.
In most cases prices do bounce off pretty regularly from key zones.
I anticipate this entire week to be corrections from extremes of last week specially overbought Euro pairs like EA and EN and even EC
EC is very likely to drop below 1.50

wont be surprised for "trend traders" get slaughter now on EU going down killing the Euro bulls

Closed EU shorts +634
I have a cult of haters following me so this one is for them.

waiting for bounce to reload on EC

Awesome! had a nice DD last week but because of following your guide using pivots and smaller lots was able to bank some profits today 120pip's, thanks man!