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Pivot Trading

  • #23,241
  • Dec 5, 2018 10:22am Dec 5, 2018 10:22am
Quoting Cryptosurf
{quote} The Nostromo Mod posted here: https://www.forexfactory.com/showthr...4#post10645524
Thank you kind sir!
  • #23,242
  • Dec 5, 2018 10:25am Dec 5, 2018 10:25am
Did something great just now: Closed down some trades in DD where my edge (reason for entering) no longer existed. This is something I have struggled with in the past but never made a real effort to correct until now since holding through DD has always worked out in the end for me. I want to change this old habbit of holding onto trades because holding DD past the point where your reason for entry is invalidated is a recipe for disaster and it just plain sucks having a good chunk of margin tied up for extended periods. Luckily I started the month decently so taking the 3.7% hit to close the trades puts me flat for December. We are only 5 days in! Green pips!
Process over outcome.
  • #23,243
  • Dec 5, 2018 10:59am Dec 5, 2018 10:59am
Quoting Chrysmere
Did something great just now: Closed down some trades in DD where my edge (reason for entering) no longer existed. This is something I have struggled with in the past but never made a real effort to correct until now since holding through DD has always worked out in the end for me. I want to change this old habbit of holding onto trades because holding DD past the point where your reason for entry is invalidated is a recipe for disaster and it just plain sucks having a good chunk of margin tied up for extended periods. Luckily I started the month...
Hi Chrysmere,

good for you, letting a loss to become huge is a receipt for failure.

However, what you affirm, even if theorically correct is controversial among traders.
We can say it's highly subjective for your risk appetite / tolerance is different from that of any other fellow trader here.
And it depends on balance and position sizing too.

In this thread I have seen many traders comfortable with DD and I'm learning to deal with it without letting things go sour.
Up to this moment this is the great teaching I've learned from here: to manage trades, positions and DD.

Best regards ,
Bubincka
Porta itineris dicitur longissima esse
  • #23,244
  • Edited 11:29am Dec 5, 2018 11:13am | Edited 11:29am
Quoting bubincka
{quote} Hi Chrysmere, good for you, letting a loss to become huge is a receipt for failure. However, what you affirm, even if theorically correct is controversial among traders. We can say it's highly subjective for your risk appetite / tolerance is different from that of any other fellow trader here. And it depends on balance and position sizing too. In this thread I have seen many traders comfortable with DD and I'm learning to deal with it without letting things go sour. Up to this moment this is the great teaching I've learned from here: to...
Well said. I have come to learn that my comfort with holding onto DD depends largely on the situation and/or trade. The plan is: If there is still a valid edge, hold onto the trade until my equity stop (5%) is reached and then begin scaling out. Admittedly, I have allowed DD to exceed 5% in the past due to the relatively small size of my account. Luckily I trade small positions and scale in...but this failure to be disciplined in my risk mgmt ends today. In addition, I do plan on reducing my max risk to 3% as my account continues to grow to make the losses more acceptable.
Process over outcome.
  • #23,245
  • Dec 5, 2018 11:44am Dec 5, 2018 11:44am
EJ on my radar for a long because of pivot and PA - 2 possible pin bars on H4.
  • #23,246
  • Dec 5, 2018 12:30pm Dec 5, 2018 12:30pm
AN and EN Longs on deck.

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Trade with confidence, trade without fear.
  • #23,247
  • Dec 5, 2018 12:33pm Dec 5, 2018 12:33pm
Does anyone know the statistics of price returning to weekly WPP? I remember someone posting intresting facts on price returning to WPP and how long it takes on average.
  • #23,248
  • Dec 5, 2018 12:37pm Dec 5, 2018 12:37pm
So I'm not alone in EN

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Building a Freedom All Time Return: 5,178.8%
  • #23,249
  • Dec 5, 2018 12:52pm Dec 5, 2018 12:52pm
Quoting Cryptosurf
AN and EN Longs on deck. {image} {image}
Looks like you are nailing them down Cryptosurf.
  • #23,250
  • Dec 5, 2018 1:13pm Dec 5, 2018 1:13pm
Any one looking at U/C?
  • #23,251
  • Dec 5, 2018 1:25pm Dec 5, 2018 1:25pm
Quoting RieseP
Any one looking at U/C?
Entered this one late and still made a bucket load of pips on long trade.
No sign of turning back and shorting for me yet.
  • #23,252
  • Dec 5, 2018 2:51pm Dec 5, 2018 2:51pm
went short on EC hoping to reach r36 from r78. least 18 hours till CAD reports are out and PA is well consolidating at the moment....

This i s very risky. But considering the lengths of weakness CAD had reached. I do believe it will recover a bit. If the report comes as adverse as I believe with trade balance going to be worst than foretasted due to recent oil prices and the fact rates has not changed at yet, but expected to increase next year. I am predicting the market will anticipate this by shorting the price just before it will go long as the news releases(similar to what it did today). Again could be wrong but worth a shot. Looking to sell with a few pips profit before the news then ride the long buy as long as i can. Before the price decides to consolidate.
  • #23,253
  • Dec 5, 2018 3:23pm Dec 5, 2018 3:23pm
Quoting bubincka
CAD is becoming more and more my bugbear. Today BOC left overnight rate unchanged at 1.75% and this was largely expected nevertheless the loonie plunged hardly across the board. This leave me with two trades that were going well in DD to manage, specially CJ in which maybe I'd better to wait this news release before entry. Tomorrow OPEC + Poloz speech could improve things a bit or even make it worse. {image} {image}
Don't worry about your CJ long and be ready for further drop down to 84. Look left on daily chart how many times we hit 84 since July this year.
Buy limits waiting...
buying tops / selling bottoms
  • #23,254
  • Dec 5, 2018 3:31pm Dec 5, 2018 3:31pm
Quoting RieseP
Does anyone know the statistics of price returning to weekly WPP? I remember someone posting intresting facts on price returning to WPP and how long it takes on average.
Here is

  1. https://www.forexfactory.com/showthr...1#post11126641
  2. https://www.forexfactory.com/showthr...0#post11127860
  3. https://www.forexfactory.com/showthr...3#post11164563

"In the end you only trade yourself."
  • #23,255
  • Dec 5, 2018 3:39pm Dec 5, 2018 3:39pm
Quoting r61
{quote} Here is https://www.forexfactory.com/showthr...1#post11126641 https://www.forexfactory.com/showthr...0#post11127860 https://www.forexfactory.com/showthr...3#post11164563

Thank you, so much appreciated
  • #23,256
  • Dec 5, 2018 4:11pm Dec 5, 2018 4:11pm
Quoting Cryptosurf
AN and EN Longs on deck. {image} {image}
Great to see someone knows the recipe to do this.

I quit EN when lost quite some money a week ago, as the bullish move failed on daily TF.
I had lovely TDI cross on daily together with broken bearish move (the red line).
The issue is that I draw the line when I wanted to have it, not where it should be. The correct one is the blue line.
So for me I am still bearish on EN until I see some decisive PA on daily and broken the blue line...

I use these lines instead of listening to fundamentals, simply because I suck in reading fundamentals.
But apparently I suck also in drawing lines.

So please don't follow me, thanks.
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buying tops / selling bottoms
  • #23,257
  • Edited 8:27pm Dec 5, 2018 6:07pm | Edited 8:27pm
I'll wait for EA/N to go up as far as they can and then sell it to have the positive swap
enjoy the ride up guys
I will get my head around this, but always can be wrong
  • #23,258
  • Dec 5, 2018 9:30pm Dec 5, 2018 9:30pm
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  • #23,259
  • Dec 6, 2018 3:42am Dec 6, 2018 3:42am
CADJPY on ekstreme level. waiting for long opportunity
  • #23,260
  • Dec 6, 2018 3:45am Dec 6, 2018 3:45am
CAD is fucked up all around, careful with buying this miserable currency, opec meeting can drive even weaker.
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Incanus