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Pivot Trading

  • #22,741
  • Nov 16, 2018 3:46am Nov 16, 2018 3:46am
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  • #22,742
  • Nov 16, 2018 7:28am Nov 16, 2018 7:28am
USDJPY short, avg price 113.533, targeting 112
  • #22,743
  • Nov 16, 2018 7:38am Nov 16, 2018 7:38am
Talking about trading psychology. One of the main issues I always have is to let trade to develop (i.e. profit run).
Hence when I see a retrace after a good move I often close the trade in advance. And to reinforce this wrong behavior, some times that I don't do this, PA really go against me- We've all been there and that's why Mark Douglas's teachings are so important to deal with such a inner sabotage.
One more thing that I find useful when I'm in this situation is to switch timeframe to see how things really are, as in this case for EN long in M30 vs H4.
You can say it's obvious, but it helps me a lot and whatever works... is fine.
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Porta itineris dicitur longissima esse
  • #22,744
  • Nov 16, 2018 8:20am Nov 16, 2018 8:20am
AN reloaded

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"bad trades at times do happen even when the set up are good"
  • #22,745
  • Nov 16, 2018 8:24am Nov 16, 2018 8:24am
Quoting bubincka
Talking about trading psychology. One of the main issues I always have is to let trade to develop (i.e. profit run). Hence when I see a retrace after a good move I often close the trade in advance. And to reinforce this wrong behavior, some times that I don't do this, PA really go against me- We've all been there and that's why Mark Douglas's teachings are so important to deal with such a inner sabotage. One more thing that I find useful when I'm in this situation is to switch timeframe to see how things really are, as in this case for EN long in...
the bigger the TF the better the view
Take what you can, give nothing back
  • #22,746
  • Edited 8:55am Nov 16, 2018 8:36am | Edited 8:55am
UJ+1332 glad to get out of this swap money pit
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In trading, you have to be defensive and aggressive at the same time
  • #22,747
  • Nov 16, 2018 8:39am Nov 16, 2018 8:39am
Fed’s Vice Chairman Clarida(thank you): Would Not Agree That Fed Hikes Are Going Too Far Or Too Fast -Will Set Policy To Meet Congressional Goals

Why I think USd is sinking
In trading, you have to be defensive and aggressive at the same time
  • #22,748
  • Nov 16, 2018 8:44am Nov 16, 2018 8:44am
Quoting Davit
UJ+1332 {image}
Definetly closed mine too soon, how can be that I can hold floating drawdown but not floating profit? Jeeeeezz.....
Building a Freedom All Time Return: 5,178.8%
  • #22,749
  • Nov 16, 2018 8:51am Nov 16, 2018 8:51am
Quoting J1mm
{quote} Definetly closed mine too soon, how can be that I can hold floating drawdown but not floating profit? Jeeeeezz.....
Trading is challenging does not always work out the way you want it
Example GU at 1.30 I should of got out and greed took hold of me I kept it since there was news about Brexit deal and I thought it had great potential then I slept forgetting to put SL on profits then shocked to find price dropping 150pips over night because of 2 MP quiting
Don't beat yourself takes time but even now its challenging at times. 50-100 pips profit is reasonable.
In trading, you have to be defensive and aggressive at the same time
  • #22,750
  • Nov 16, 2018 8:58am Nov 16, 2018 8:58am
Quoting J1mm
{quote} Definetly closed mine too soon, how can be that I can hold floating drawdown but not floating profit? Jeeeeezz.....
I have the same DD/profit problem too...fighting myself...OUCH! I think I'm directional challenged
  • #22,751
  • Nov 16, 2018 9:01am Nov 16, 2018 9:01am
Quoting elan1988
started loading short audcad, nzdcad. first target pivot. postions holding now short usdjpy (5 positions) short usdcad (9 positions) short eurcad (4 positions) short audcad (1 positions) short nzdcad (1 positions)
closed UJ +900 points currently running AC,NC,UC,AN drawdown. Patience
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  • #22,752
  • Nov 16, 2018 9:03am Nov 16, 2018 9:03am
Quoting Davit
{quote} Trading is challenging does not always work out the way you want it Example GU at 1.30 I should of got out and greed took hold of me I kept it since there was news about Brexit deal and I thought it had great potential then I slept forgetting to put SL on profits then shocked to find price dropping 150pips over night because of 2 MP quiting Don't beat yourself takes time but even now its challenging at times. 50-100 pips profit is reasonable.
Yeah I usually close my trades when I feel comfortable and PA agrees with the decission, like seeing some stall at a good S/R zone, but yeah, for me worst part is fighting over greediness and sometimes holding for maybe 3% more profits can make you wake up next day with -3% on the whole account xD

Let's see if EU can reach R38 as I want to close my longs batch around this zone.
Building a Freedom All Time Return: 5,178.8%
  • #22,753
  • Nov 16, 2018 9:03am Nov 16, 2018 9:03am
Quoting bubincka
Talking about trading psychology. One of the main issues I always have is to let trade to develop (i.e. profit run). Hence when I see a retrace after a good move I often close the trade in advance. And to reinforce this wrong behavior, some times that I don't do this, PA really go against me- We've all been there and that's why Mark Douglas's teachings are so important to deal with such a inner sabotage. One more thing that I find useful when I'm in this situation is to switch timeframe to see how things really are, as in this case for EN long in...
nice. I am also hoping EURNZD as well as EURAUD fly up today
  • #22,754
  • Nov 16, 2018 9:07am Nov 16, 2018 9:07am
Quoting sharingan9
{quote} nice. I am also hoping EURNZD as well as EURAUD fly up today
I only sell those pairs (not selling now)no trade for me.Don't like the fundamentals on Euro which is tight-up with Brexit,Italian budget and whimper Mario
I trade certain way it served me well.Some pairs I only trade 1 direction only.
In trading, you have to be defensive and aggressive at the same time
  • #22,755
  • Nov 16, 2018 9:12am Nov 16, 2018 9:12am
I still like EG short built a heavy positions on it.Yes I aware of issues with GBP but I feel comfortable on this trade.
Google Scott Carney 786 fib you'll get interesting results. 78Fib is not even on Fib Meta tool default setting and many traders are unaware of its significance.I added the 78 to my fib default tool

"0.786 Retracement
The 0.786 retracement is the square root of the 0.618. The 0.786
retracement is the next critical area to examine, after the 0.618 has been
clearly violated. The 0.786 is a vital Fibonacci number because it is often
the last chance reversal area before retesting the original price point. Price
action that does not reverse from the 0.786 usually will retest, and often
break past the original starting point. Therefore, 0.786 failures are
significant because the stop loss limit will be clearly defined by the original
starting point and relatively small in comparison to the potential reversal.
The 0.786 retracement is fairly unknown in the industry, although I
believe that more technicians are becoming aware of its significance. In my
opinion, it is a crucial Fibonacci number, since it is one of the last harmonic
ratios before retesting a trends prior high or low and it can provide a clear
indication of the future direction based upon the price action at the number.
Another reason the 0.786 is a valuable Fibonacci number is because it
can often gauge potential opportunities, especially when the surrounding
market noise (information) suggests that the set-up is to be avoided. I
have observed many situations, where the information in the media is quite
contrary to what the price action at the 0.786 is indicating. If a stock is
trending strongly, the 0.786 projection frequently can serve as a key reversal
point, despite such contrary information. The following illustrations and
examples will elucidate this concept."
Scott Carney
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In trading, you have to be defensive and aggressive at the same time
  • #22,756
  • Nov 16, 2018 9:17am Nov 16, 2018 9:17am
Longing UJ to grab some pullbacks (using angleators for support)
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  • #22,757
  • Nov 16, 2018 9:18am Nov 16, 2018 9:18am
Quoting Davit
{quote} I only sell those pairs (not selling now)no trade for me.Don't like the fundamentals on Euro which is tight-up with Brexit,Italian budget and whimper Mario I trade certain way it served me well.Some pairs I only trade 1 direction only.
I never thought about choosing one direction for a pair but that is a very good idea. Nice tip thanks. You have alot of experience so you have a good understanding of how pairs behave. This is a good edge. I will work on getting to know pairs better.
  • #22,758
  • Nov 16, 2018 9:28am Nov 16, 2018 9:28am
Quoting sharingan9
{quote} I never thought about choosing one direction for a pair but that is a very good idea. Nice tip thanks. You have alot of experience so you have a good understanding of how pairs behave. This is a good edge. I will work on getting to know pairs better.
read
Dirk du Toit Bird Watching in Lion Country.I think the book is brilliant but not many got its essence.Lot of traders hate it.You should read it and make your own mind.When you read a trading book or read interviews with traders like Market Wizards series you filter out what is brilliant and what is not.People idiotically only focus what is not instead of what it is.Small difference but makes a huge impact how you review and synthesize ideas.

pdf
https://www.google.com/search?client...w=1360&bih=632
In trading, you have to be defensive and aggressive at the same time
  • #22,759
  • Edited 10:43am Nov 16, 2018 9:49am | Edited 10:43am
Quoting Davit
I still like EG short built a heavy positions on it.Yes I aware of issues with GBP but I feel comfortable on this trade. Google Scott Carney 786 fib you'll get interesting results. 78Fib is not even on Fib Meta tool default setting ...{image}
I actually removed 23 and 127 Fib on the latest PIVOT FIBS indicator that I fused... and kept R78. You talked about this before with regards to 786 (requested GS to made an indicator with R78) ─If not mistaken, long before me joining FF.
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #22,760
  • Nov 16, 2018 9:55am Nov 16, 2018 9:55am
Kiwi really ran amok this week, might start to see some correction from next week.
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