{quote} well done Buddy, enjoy our pips now
Did you Short as follow?
Weekly Pivot trading with TDI
- #2,689
- Sep 4, 2018 1:48am Sep 4, 2018 1:48am
{quote} Hi RonFXLive, lucky to have you here.. Just wanna ask you some questions. From image above, I see you set a hard stop for 100 pips, can you explain it why since Davit said that he does not use hard stop instead of $$ amount eg $500 ? And when or what level do you exactly take the profit ? Regards.
Though your question was addressed to @RonFXLive and he has answered you. I just want to contribute a little to your question because a lot of detractors have criticized davit's system stating that followers of his system hold on to trades in large DD.
Davit uses $$ amount just like you stated but a hard stop can be set based on that $$ amount for your entries. I will use a trade i'm currently in as an example.
EURGBP
According to my trade plan, I have a fixed $$ amount of risk per trade and take only a maximum of 4 entries based on price action for every trade.
From the above trade, my predetermined stoploss for my entire positions was 240 pips, my lotsize per entry was 0.18 and my entry prices are as follows:
1st entry = 0.89676
2nd entry = 0.89579
3rd entry = 0.89823
4th entry = 0.89876
To calculate the average price of all my 4 entries, I use the following formula:
AVERAGE PRICE = 4th entry price- [(((4th lot *10)*(4th entry price - 3rd entry price))+((3rd lot*10)*(4th entry price - 2nd entry price))+((2nd lot*10)*(4th entry price - 1st entry price)))/((1st lot+2nd lot+3rd lot+4th lot)*10))]
=0.89876 - [(((0.18*10)*(0.89876-0.89823))+((0.18*10)*(0.89876-0.89579))+((0.18*10)*(0.89876-0.89676)))/((0.18+0.18+0.18+0.18)*10))]
=0.89876 - [(((1.8)*(0.00053))+((1.8)*(0.00297))+((1.8)*(0.00200)))/((0.72)*10))]
=0.89876 - [((0.000954)+(0.005346)+(0.00360))/(7.2)]
=0.89876 - [0.00990/7.2]
= 0.89876 - 0.001375
= 0.897385
Thus my Average price for my four(4) entries is approximately 0.89739
Since my positions are LONG EURGBP and my stoploss in pips is 240 pips for the entire 4 positions, my stoploss for each of my 4 positions will be (240/4) pips = 60 pips:
=0.89739 - (60 pips)
= 0.89739 - 0.00600
= 0.89139
- #2,690
- Sep 4, 2018 1:51am Sep 4, 2018 1:51am
{quote} Hi Shakka, Though your question was addressed to @RonFXLive and he has answered you. I just want to contribute a little to your question because a lot of detractors have criticized davit's system stating that followers of his system hold on to trades in large DD. Davit uses $$ amount just like you stated but a hard stop can be set based on that $$ amount for your entries. I will use a trade i'm currently in as an example. EURGBP {image} According to my trade plan, I have a fixed $$ amount of risk per trade and take only a maximum of 4 entries...
{quote}as expected to dip further bud.
- #2,694
- Sep 4, 2018 2:00am Sep 4, 2018 2:00am
{quote} Nice tp have you guys so active in the room here, and yes cable and Euro have caught a cold and now the Kiwi pairs are following, for all them patience and sitting on ones hands until we get down to R61 and 78 is very rewarding, may be 100
Haha.. you know the game coffeebuff.
- #2,698
- Sep 4, 2018 2:22am Sep 4, 2018 2:22am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
I decided to trade AUD pairs despite the many incoming news this week. It went well and sometimes the precision of pivot levels is amazing, not only for entries but exits too. 
Porta itineris dicitur longissima esse
