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Pivot Trading

  • #14,221
  • Dec 27, 2017 3:56pm Dec 27, 2017 3:56pm
Quoting DrForexMD
{quote} Hi pgr45za, Apparently, it is not usually wise to enter near the WP area and only in the safer R61-100 Zones instead with when ADR turns Red suggesting being OB. I am now taking a short with a soft SL of 300 Pips that is above the R200 level. I only have a tiny live account, but can cover 0.02 Lots short single trade...very humble trade as a novice here despite a current uptrend as I believe I do have "The Edge" and without "Fear" of loss, while waiting for the PA to come to me for some 30 Pips as a TP. For example: {image}
Just my view:

There is nothing in the price action to suggest shorts other than a weak rejection of R78
TDI shows nothing
Why would you risk 300 pips for 30
Despite the uptrend you enter short and then wait for PA to come to you..? That makes no sense to me...

friend I think you have some more reading to do..
Its all just one persons opinion
  • #14,222
  • Dec 27, 2017 4:00pm Dec 27, 2017 4:00pm
Quoting DrForexMD
{quote} Sorry, I misread your chart then... and Best wishes and Happy New Year to you and all!
Thanks Doc. Compliments of the season to you as well.
  • #14,223
  • Dec 27, 2017 4:54pm Dec 27, 2017 4:54pm
Quoting axecap
{quote} Just my view: There is nothing in the price action to suggest shorts other than a weak rejection of R78 TDI shows nothing Why would you risk 300 pips for 30 Despite the uptrend you enter short and then wait for PA to come to you..? That makes no sense to me... friend I think you have some more reading to do..
Just to be crystal clear, I entered upon a rejection of the green dotted line (WR61) 2 weeks ago.
TDI was good to go.
Attached Image (click to enlarge)
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  • #14,224
  • Dec 27, 2017 5:00pm Dec 27, 2017 5:00pm
Quoting pgr45za
{quote} Just to be crystal clear, I entered upon a rejection of the green dotted line (WR61) 2 weeks ago. TDI was good to go. {image}
Hi..My comment was related to Docs trade not yours....Your entry looks to have been based on price action at resistance. There was a reasonable expectation....
I just couldn't see why he shorted when he did...

Happy Holidays...
Its all just one persons opinion
  • #14,225
  • Dec 27, 2017 5:02pm Dec 27, 2017 5:02pm
Quoting axecap
{quote} Hi..My comment was related to Docs trade not yours....Your entry looks to have been based on price action at resistance. There was a reasonable expectation.... I just couldn't see why he shorted when he did... Happy Holidays...
Ok, that explains it.
Thanks.

Happy Holidays to you too.
  • #14,226
  • Dec 27, 2017 5:13pm Dec 27, 2017 5:13pm
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYM30.png Size: 34 KB

heres my EJ from last week
being patient
I will get my head around this, but always can be wrong
  • #14,227
  • Edited 8:14pm Dec 27, 2017 7:59pm | Edited 8:14pm
Quoting pgr45za
{quote} 200 pip loss from entry AJ S at 86 after rejecting WR61. {image}
Did you go in incrementally? A lot of times when you start feeling heat, you can scale out of the bottom of your position to keep your risk parameters intact. One of my risk strategies is that I will not consider myself wrong at the top of a range until a quarterly breakout. What I mean to say is I will stay in until a weekly PA candle fails. This means that I will take a heavy DD pip wise, but because I scaled in, I will not take a full loss until I am clearly wrong. That is why I asked. Just sharing. Not criticizing.
If you are good at something, never do it for free--Joker
  • #14,228
  • Dec 28, 2017 1:16am Dec 28, 2017 1:16am
Quoting jmn5611
{quote} Did you go in incrementally? A lot of times when you start feeling heat, you can scale out of the bottom of your position to keep your risk parameters intact. One of my risk strategies is that I will not consider myself wrong at the top of a range until a quarterly breakout. What I mean to say is I will stay in until a weekly PA candle fails. This means that I will take a heavy DD pip wise, but because I scaled in, I will not take a full loss until I am clearly wrong. That is why I asked. Just sharing. Not criticizing.
Lesson learned: I need to refine my criteria for getting out. Weekly PA failed seems good. Thanks.
  • #14,229
  • Dec 28, 2017 3:50am Dec 28, 2017 3:50am
Entry in the TOP
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  • #14,230
  • Dec 28, 2017 4:06am Dec 28, 2017 4:06am
Quoting fibo38
Entry in the TOP {image}
How many positions you got there?
  • #14,231
  • Dec 28, 2017 4:15am Dec 28, 2017 4:15am
Euro turning down
Attached Image(s) (click to enlarge)
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Come with me if you want to live....
  • #14,232
  • Dec 28, 2017 4:21am Dec 28, 2017 4:21am
fibo38,
can you tell me your broker, please?
my charts' numbers are different ( day open and pivots ).
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  • #14,233
  • Dec 28, 2017 4:27am Dec 28, 2017 4:27am
Here is AUDUSD,
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We obey the structure that results from the market's reaction
  • #14,234
  • Dec 28, 2017 4:32am Dec 28, 2017 4:32am
Quoting pgr45za
{quote} Lesson learned: I need to refine my criteria for getting out. Weekly PA failed seems good. Thanks.
No worries. That kind of stop is a common strategy though so I take a page out of Mark Fisher's book. There are sixty hours in a trading week. I want my line in the sand price to hold for half of that time, or 30 hours. In the mean time, several adverse events will have happened. Failed PA bear candles and confirmed PA candles on the bull side on your trading time frame. Each time the market is telling me I am wrong, I will trim a position. This way, when I do finally get some exhaustion, I have some skin in the game and I can still add on later.
If you are good at something, never do it for free--Joker
  • #14,235
  • Dec 28, 2017 4:32am Dec 28, 2017 4:32am
Quoting 1pipperhour
{quote} How many positions you got there?
10
  • #14,236
  • Dec 28, 2017 4:33am Dec 28, 2017 4:33am
Quoting nart78
fibo38, can you tell me your broker, please? my charts' numbers are different ( day open and pivots ). {image}
oanda
  • #14,237
  • Dec 28, 2017 4:38am Dec 28, 2017 4:38am
Quoting Ill-b-back
Euro turning down {image} {image}
Wht is reason it will turn?
  • #14,238
  • Dec 28, 2017 4:46am Dec 28, 2017 4:46am
Quoting OnlyPA
{quote} Wht is reason it will turn?
Fundamentally or technically?
We are at daily resistance, at R61 zone, Trendline and showing a strong 4hr reversal warning candle.
1hr is also rolling over well
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EURUSDH4.png Size: 30 KB
Click to Enlarge Name: EURUSDH1.png Size: 32 KB
Come with me if you want to live....
  • #14,239
  • Dec 28, 2017 4:56am Dec 28, 2017 4:56am
Quoting Ill-b-back
{quote} Fundamentally or technically? We are at daily resistance, at R61 zone, Trendline and showing a strong 4hr reversal warning candle. 1hr is also rolling over well {image} {image} {image}
I use naked chart..so i just look at long wick and wide bar as a S/P. Btw how to decide pivot point?i really apreciated ur reply
  • #14,240
  • Dec 28, 2017 4:59am Dec 28, 2017 4:59am
Quoting jmn5611
{quote} No worries. That kind of stop is a common strategy though so I take a page out of Mark Fisher's book. There are sixty hours in a trading week. I want my line in the sand price to hold for half of that time, or 30 hours. In the mean time, several adverse events will have happened. Failed PA bear candles and confirmed PA candles on the bull side on your trading time frame. Each time the market is telling me I am wrong, I will trim a position. This way, when I do finally get some exhaustion, I have some skin in the game and I can still add...
Thanks for sharing.
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