Pivot Trading | Page 916 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Open Trade near Pivot line (Pivot Point) 16 replies

Weekly Pivot to Pivot Trading 19 replies

The Pivot Net Revisited (Weekly Pivot Net) 41 replies

Help with daily pivot, weekly pivot on MT4 3 replies

Pivot high - Pivot low MT4 3 replies

Attachments: Pivot Trading
Exit Attachments

Pivot Trading

  • #18,301
  • May 6, 2018 7:54pm May 6, 2018 7:54pm
Monday
GBP BANK HOLDIAY

AUD - Retail Sales m/m - last print exceeded expectations a lot, although forecast for this month is showing a contraction. Looking for another solid green print to justify holding my current long AUD positions looking for a target of R61.

NZD - Inflation Expectations - fairly stable over the last few releases. A positive print here may help to provide a basis for a more hawkish tone on Wed's NZD Monetary Policy Statement.

CNY - Trade Balance - this is on my radar due to the ongoing trade war between US and China. Actual print not likely to influence discussions, but might have implications on USD/Risk on/off. Watching for US weakness.


Tuesday
FRENCHBANK HOLIDAY

AUD - Annual Budget Release - will review for outlook on global economy and how it will affect AUD decisions, along with any major infrastructure projects and overall outlook of growth.

USD - Fed Chair Powell Speaks - Speaking on Monetary Policy Influences on Global Financial Conditions…. Will watch for any hints on upcoming rate decision or any speak on inflation/job data.

Wednesday

USD + CAD - Crude Oil Inventories

USD - PPI/Core PPI - With the Fed stating that they have achieved their inflation target, will look to this to see if this prints red which would likely be a big shock to the dollar. Muted effect if it meets expectations. Could also be negative implications if it prints green as there is concern that the Fed could allow inflation to run over 2%...

NZD - RATE DECISION - Widely expected to leave rates unchanged. Recent jobs data has been positive, and lower NZ dollar may have had a positive effect on the economy. Will look for any hawkish comments to push NZD north from S38 and .7000

CNY - CPI/PPI - String of lower than expected prints as of late. Will watch this for any impact on AUD/NZD positions.


Thursday
CHF/FRENCH/BANK HOLIDAY

GBP - Super Thursday RATE DECISION - will watch this, however will not be trading the pound due to concerns over Brexit etc.

USD - CPI/Core CPI - With the Fed stating that they have achieved their inflation target, will look to this to see if this prints red which would likely be a big shock to the dollar. Muted effect if it meets expectations. Could also be negative implications if it prints green as there is concern that the Fed could allow inflation to run over 2%...


Friday
CAD - Employment Change/Unemployment Rate - Mixed bag of prints over the last few months although I believe the labour market is heating up. Thinking there may be a surprise positive print for the unemployment rate.

EUR - Draghi Speaks - After the spate of negative news releases around the EUR in the last 2 weeks, looking to see if the Central Banks believes this is temporary or if this is projected to continue for the medium term. If this is overall dovish, will watch for the EUR to sink even further.

Overall outlook: Taking a wait and see approach to this week. Still have a lot of dollar shorts open, and leaning towards a correction for the US dollar vs AUD, NZD, and CAD, driven by US exhaustion (even if temporary) and trade war fears, along with positive/hawkish releases/tones from its counterparts.
  • #18,302
  • May 6, 2018 8:21pm May 6, 2018 8:21pm
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDproH4.png Size: 62 KB
  • #18,303
  • May 6, 2018 8:27pm May 6, 2018 8:27pm
Quoting VEEFX
{quote} If this was a weekday, I would have called you a Red Flag Idiot but I will continue with the theme of being polite as it is still Sunday here. "Floating Loss is irrelevant" only when the account is using Leverage of 1:1. Margin is based on how much you have in AccountEquity() and not AccountBalance(). The amount you see in AccountBalance() is completely irrelevant (actually it is of no use other than doing weekly/monthly accounting of pnl and measure some stats). When you get a margin call, will you be left with what you have in your Account...
Out of respect for Davit and the quality of this thread I will only say the following ... and it is my last comment on the matter ... you can try to bait with your comments about Red Flag whatever and your false claim to be polite as much as you like but it will not work with me ...
There are two things I know for sure with 100% probability ... 1) You do not understand this strategy and 2) you did not bother to analyse the post I mentioned, you just read ... "Floating Loss" is irrelevant ... and reacted ... perhaps and it is your decision ... try reading and comprehending the whole sentence ...
Last comment on the matter is below:
Attached Image (click to enlarge)
Click to Enlarge Name: CodeOfConduct.png Size: 59 KB
When you are successful perhaps give a thought to others ... Kiva dot org
  • #18,304
  • May 6, 2018 8:32pm May 6, 2018 8:32pm
Quoting dab
{quote} I agree with all that but I'll leave you with this thought: do you think Davit wrote his page 1 posts and rested on his laurels or do you think he puts in a heck of a lot of effort before and afterwards to improve himself, always striving to learn and grow? Davit might think VEEFX suggestion is good or might think it a waste of his time. I know very well that Davit has earned that prerogative, after all it is his thread. I simply think that anyone respectful should be treated in kind. For the record I don't think your initial response was...
No one gets to come in and start making demands of the OP for a system they don’t trade nor understand.
Trade with confidence, trade without fear.
  • #18,305
  • Edited May 7, 2018 7:42am May 6, 2018 9:36pm | Edited May 7, 2018 7:42am
Good Evening - 2221 - EST

Here is FF Calendar summaries explaining of Currency Events fundamentals for this week for easy access and my studies that I would like to share. It is a cool pdf summary that you can Click on links that can bring you to sources of news sources for current news and later updates.

I believe summaries of other currency events will follow weekly ends until the end of month for 2 months, then Quarterly event summaries for pairs will show up n July for 2nd Q.

Attached File(s)
File Type: pdf Review of FFCal - Basic Forex Fundamentals – Week May 6 to 12, 2018 EST.pdf   1.0 MB | 810 downloads


Enjoy and regards,

John
"What Goes Up, Must Come Down." - (c) Sir Isaac Newton - 1647
  • #18,306
  • Edited May 7, 2018 1:03am May 6, 2018 9:37pm | Edited May 7, 2018 1:03am
https://tradingeconomics.com/stream - a good source, especially when push notifications allowed in browser.
  • #18,307
  • May 6, 2018 10:24pm May 6, 2018 10:24pm
Quoting VEEFX
{quote} If this was a weekday, I would have called you a Red Flag Idiot but I will continue with the theme of being polite as it is still Sunday here. "Floating Loss is irrelevant" only when the account is using Leverage of 1:1. Margin is based on how much you have in AccountEquity() and not AccountBalance(). The amount you see in AccountBalance() is completely irrelevant (actually it is of no use other than doing weekly/monthly accounting of pnl and measure some stats). When you get a margin call, will you be left with what you have in your Account...
Why feel the need to suggest if you don't care if Davit and followers are successful with this strategy or not? Why bother? Why not just continue with what you're doing? Save some wasted time writing on this thread to an OP that is obviously not available to reply and a bunch of people you don't care about.

My suggestion is to spend less time stirring things up and more time trading/learning.
No two things have been combined better than Knowledge and Patience.
  • #18,308
  • May 6, 2018 10:58pm May 6, 2018 10:58pm
Quoting VEEFX
{quote} Davit, Before I say anything, I am not a hater nor do I care about anybody's trading performance. In fact I admire your tenacity to keep doing what you do for so long and helping your thread participants gaining knowledge from your experience. I particularly like your calendaring idea to enforce structure and discipline into everyday trading. I only have one issue with transparency when you post your trading performance. I am of the strong belief that one must post their open trades pnl also when doing a screenshot of MT4-generated account...
Oh C'mon.............Really!!.............!!?!!
  • #18,309
  • May 6, 2018 11:29pm May 6, 2018 11:29pm
Quoting Matheuzera
{quote} Hi MrAussie. What is your source for making the calendar? For some news that in its calendar are marked as high impact on the FF calendar is marked as low impact. Thank you
It is a mix of FF calendar and myFxbook economic calendar

Kindest regards
  • #18,310
  • Edited 1:40am May 7, 2018 1:29am | Edited 1:40am
Quoting BrianRay
Happy trading yall make them pips. {image} {image}
Davit doesn't trade chf

Am I missing sth that you're selling at R38 which isn't in line with davit's rules?

P.S. My first post here and hope to learn from everyone as it is almost impossible to finish 900+ pages :O
  • #18,311
  • Edited 3:49am May 7, 2018 2:00am | Edited 3:49am
Quoting VEEFX
{quote} I did expect a lot of "guardians of the galaxy" from this 459 page long thread to come out at me.. no worries. I can handle anyone sh*ting on me. I was one of the law enforcement types protecting the 'flow' of thread also and know how you all feel an outsider. I came here from the home page so did not realize OP was dealing with a personal issue. My apologies. I still stand by what I said about showing floating open positions pnl. As I said in my last post, it is okay to let losers run or add to losers or whatever this strategy entails....
Hi VEEFX, My first posting on this thread but felt I needed to - I believe you're quite right in what you're saying as someone new looking in may get caught up with the pips being accrued, and many leave out critical info that could wipe out someones account in an extreme case. However, with this particular thread there are plenty of posts encouraging the individual to go to post 1... and read. Also, to then look at the paper clip as a few have compiled comprehensive notes/posts to help

Basically, in answer to your question - and I hope I have this correct, Davit considers the monetary amount on DD. In other words, for that overall trade (as there can be multiple entries) if things didn't go as planned for Davit, once DD for the overall trade reaches minus $500, all entries are stopped, this info has been posted and is in the notes.

As I say, I hope I have this correct, please advise if not!

I'm still in the process of reading and re-reading.
  • #18,312
  • Edited 3:48am May 7, 2018 3:14am | Edited 3:48am
Quoting VEEFX
{quote} I understand and have already mentioned the rules and advice on drawdown protection messages from the OP have been reenforced and repeated many times. For a discretionary strategy, all rules go to dumpster when the account is in red and human emotions are running high. No retail trader can deny that unless you are disciplined to use a equity stop automation to enforce this rule. if you don't then it is no different than gambling with hopes and prayers and when luck falls on your side, lot of happy faces and likes. Tell me this. if you own...
Hi VEEFX, again, I would agree with you but I would add that there are 2 other elements to bear in mind - again, often noted by many;

1) once trade moves past the WPP fib 100 level - re-check fundamentals. Either there is a strong fundamental in play or you have missed something, so basically action is, time to cut losses and
2) above all else, PA is king.

And utilizing your analogy re: fire coming down the hill e.g. the CHF issue a while back where the currency did what it did or you're backing one currency but in multiple pair sets (and things start to go quickly against you) - it does happen but this again can be mitigated to a large degree by only choosing a small % of account money being used in all trades running, and considering your exposure and involvement with the pair sets - up to you to manage and not overstretch) - if using only a fraction of your account then you do have a large buffer, and this too has been continually reiterated by Davit.

Additionally, another frequently added note on the MM side is that low leverage is the only way to go. Slowly build, and be consistent with your trading plan. Obviously, anyone looking for that short cut means greed can severely curtail things e.g. taking on too much, not refining entry and exit points, eventually, they will be broadsided when things start to go against them.


Again I hope I am correct in my understanding, still learning but this is how I believe things are - if not, if some of the more experienced can correct that would be appreciated.

I suppose what I'm trying to say is; with this particular thread I think all the advice is there, to cover practically every scenario - even the panic one, the number of times I have read posts where the person is now trading in a relaxed and measured way (after watching the Mark Douglas videos) along with a trade plan B means they are less likely to find themselves being consumed by reaction driven by fear of loss.

However, that is not to say that everything's been covered and I'm sure Davit would also acknowledge this but the edge is certainly on our side (it's stayed the same and has been documented openly for over 2+ years).

And on a personal note, once passed a certain level withdraw some profit etc. For me it's all about having a solid strategy, building your position and enjoying life! (and thanks to Davit and the others posting on this thread this is strategy affords one just such an opportunity. On the life component, family first, Davit, sorry to hear your news, difficult times, I truly hope there will soon be some good news for your brother).
  • #18,313
  • May 7, 2018 3:45am May 7, 2018 3:45am
Good morning everybody, Im very new to this strategy and I hope I will learn a lot of stuff from a group.
I just download the temple etc stuff and can anybody confirm if my chart Pivot point is right?? I went to other websites to confirm the WEEKLY pivot point
but I was looking at other peoples chart and seem like their Pivot point is wayy off?! or its mine??
Attached Image (click to enlarge)
Click to Enlarge Name: chartfx.png Size: 88 KB
  • #18,314
  • May 7, 2018 5:09am May 7, 2018 5:09am
Quoting katsufxfact
Good morning everybody, Im very new to this strategy and I hope I will learn a lot of stuff from a group. I just download the temple etc stuff and can anybody confirm if my chart Pivot point is right?? I went to other websites to confirm the WEEKLY pivot point but I was looking at other peoples chart and seem like their Pivot point is wayy off?! or its mine?? {image}
Levels are off- I have pivot at 1.8074
Fall seven times, stand up Eight! #GGMU
  • #18,315
  • May 7, 2018 5:29am May 7, 2018 5:29am
Quoting vickym
{quote} Levels are off- I have pivot at 1.8074

Why?
help please
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM15.png Size: 30 KB
  • #18,316
  • May 7, 2018 5:48am May 7, 2018 5:48am
Quoting kik
{quote} Why? help please {image}
The answer is here:

Quoting Davit
{quote} Which part of this not clear to you Just a warning one more question like this and you will be removed.Trading is complicated activity if you can't even read plain English and do simple things chances are you will fail at this. Pivot is based on broker time start and that varies from broker to broker.My broker is NY based hence if you are in that time zone no need to change anything however if you live outside this zone you need to adjust the pivot to match mine.10pips or less Pivot difference is acceptable and normal.Its a zone after all....
Best regards
  • #18,317
  • May 7, 2018 6:08am May 7, 2018 6:08am
~Peeps yu gotta respect the OP while he's a gone.

Focus on da pivots and leave em floaters profits alone.
EURUSD is a drifting down .... saweeeeet

Chill Dudez
  • #18,318
  • May 7, 2018 7:17am May 7, 2018 7:17am
Wow, everyone talking about Davits profit and no one about trading and set ups. Terrible. Concentrate on trading folks. A lot of Red news this week. Too many potential set ups building up.
  • #18,319
  • May 7, 2018 7:19am May 7, 2018 7:19am
USDCAD +356
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH1 7-5.png Size: 107 KB
  • #18,320
  • May 7, 2018 7:45am May 7, 2018 7:45am
Quoting snail69
USDCAD +356 {image}
You seem to be doing the opposite of the rules? Are you going to hold/add to that long or close it at B/E?

I ask as it is a good live training opportunity for everyone to see the method in action when there is a decision to be made. Thanks
45 traders viewing now