Pivot Trading | Page 1192 | 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

  • #23,821
  • Jan 2, 2019 3:29am Jan 2, 2019 3:29am
omg cadjpy. still no sign for reversal
  • #23,822
  • Jan 2, 2019 3:43am Jan 2, 2019 3:43am
Watching AJ, CJ, EJ, NJ, UJ
Wait for the system to show you the trade!
  • #23,823
  • Jan 2, 2019 3:47am Jan 2, 2019 3:47am
Quoting General Lee
omg cadjpy. still no sign for reversal
Yes omg... Why is this J so strong (safe haven maybe)? I have no answer....
  • #23,824
  • Jan 2, 2019 3:53am Jan 2, 2019 3:53am
Quoting General Lee
omg cadjpy. still no sign for reversal

Lets wait and watch those pivot levels.
Wait for the system to show you the trade!
  • #23,825
  • Jan 2, 2019 4:20am Jan 2, 2019 4:20am
Guys may you post UJ Daily Chart. I have a gap on XM
Wait for the system to show you the trade!
  • #23,826
  • Jan 2, 2019 4:28am Jan 2, 2019 4:28am
Quoting renkotop
{quote} Yes omg... Why is this J so strong (safe haven maybe)? I have no answer....
so, how do we know if the pair called safe haven...?
  • #23,827
  • Jan 2, 2019 4:30am Jan 2, 2019 4:30am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_407.jpg Size: 120 KB
  • #23,828
  • Jan 2, 2019 4:43am Jan 2, 2019 4:43am
Quoting General Lee
{image}
Thank you. lets see if the gap will be filled.
Wait for the system to show you the trade!
  • #23,829
  • Jan 2, 2019 4:51am Jan 2, 2019 4:51am
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 2 KB
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 16 KB
Wait for the system to show you the trade!
  • #23,830
  • Jan 2, 2019 4:56am Jan 2, 2019 4:56am
Quoting renkotop
{quote} Yes omg... Why is this J so strong (safe haven maybe)? I have no answer....
It reminds me what John Maynard Keynes meant when he said:

“The market can stay irrational longer than you can stay solvent.”

For now, I have enough margin to sustain losing positions, however if it doesn't turn I'll have to accept the loss and move on.
Porta itineris dicitur longissima esse
  • #23,831
  • Jan 2, 2019 5:10am Jan 2, 2019 5:10am
or maybe CAD waiting for this one
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_408.jpg Size: 15 KB
  • #23,832
  • Jan 2, 2019 5:15am Jan 2, 2019 5:15am
Quoting RieseP
{quote} Your right after taking a beating I’m going to introduce stop losses after R/S100 but with a little room for price to go up and revert back, I’m still in huge DD and it’s uncomfortable
Just my opinion, starting to use SL will probably lead to even more frustration. It might reduce your DD, but to me it would make more sense to work on better entrys rather than putting a SL on, because the SL wont make bad entries better, you just give the market the possibility to spike you out.
To become a better trader feeling comfortable is key for me like a free solo climber feeling comfortable while climbing without ropes, with fear that wouldnt be possible. Everytime the price is heading to your SL you will start to feel uncomfortable and maybe make even more emotional decisions. The greatest thing about this pivot system to me is that it makes you comfortable while giving you space to breathe, with a SL you take that advantage away imho.

When I started with Forex i thought 50 pips DD was huge. Then I saw 500, +1000 pip DD and just accepted it at one point. Happened very rarely to me, not that its a great thing, obviously you should always try to reduce DD as possible, but bad trades happen even to pro traders, therefore I think if you feel uncomfortable about DD most of the time reason for it is wrong money management.

And if you screenshot your bad trades and share it, I'm sure one of the traders here can show you what you did wrong. Cheers.

Quoting renkotop
{quote} Yes omg... Why is this J so strong (safe haven maybe)? I have no answer....
Just look at Nikkei, there is your answer buddy. Yen is always safe heaven. If you trade Yen pairs, you need to follow Nikkei.
  • #23,833
  • Jan 2, 2019 5:30am Jan 2, 2019 5:30am
Quoting david7
{quote} Just my opinion, starting to use SL will probably lead to even more frustration. It might reduce your DD, but to me it would make more sense to work on better entrys rather than putting a SL on, because the SL wont make bad entries better, you just give the market the possibility to spike you out. To become a better trader feeling comfortable is key for me like a free solo climber feeling comfortable while climbing without ropes, with fear that wouldnt be possible. Everytime the price is heading to your SL you will start to feel uncomfortable...
Lets us remember random outcomes. There is no way of knowing which trade will result in Drawdown.
Wait for the system to show you the trade!
  • #23,834
  • Jan 2, 2019 5:36am Jan 2, 2019 5:36am
Quoting david7
{quote} Just my opinion, starting to use SL will probably lead to even more frustration. It might reduce your DD, but to me it would make more sense to work on better entrys rather than putting a SL on, because the SL wont make bad entries better, you just give the market the possibility to spike you out. When I started with Forex i thought 50 pips DD was huge. Then I saw 500, +1000 pip DD and just accepted it at one point. Happened very rarely to me, not that its a great thing, obviously you should always try to reduce DD as possible, but bad trades...
Bad trades are part of the game,the trick is to close them as fast you can and move forward for next opportunity.
Too bad many here still keep those bad ones thinking on... no ideea. Is a fact hope doesnt help in forex.
Selling at R61-100 buy at S61-100 might be most of the time an entry against main trend due to corrections inside big waves,and when such entries finish corrections/pullbacks and go back on the main trend you found your balance in big mess DD. Only one proper MM can help on this and new better entries opportunities.
you didnt closed your trade at 20-25 pips profit thinking ''i'm not doing scalping'' but heck 20 pips is not scalping at all. and later your 20 pips green come to 100 red and so not mental set will not let you to close it and stay in DD thinking later will recover, surprise is when there will be no recover and more and more DD will add to it.
Many here think if they loose one very good entry is bad, but in fact this is the mindset you need to have and never look on what you missed but watch what you can catch. thinking to keep one bad trade with hope for recover is the worst thing one retailer can do.

Happy New Year!
cheer up!
Take what you can, give nothing back
  • #23,835
  • Jan 2, 2019 6:13am Jan 2, 2019 6:13am
Results from my EA, left to trade on a VPS, the EA took 50 trades from November 1st 2018 until today, 30 went straight into profit and 20 had to be recovered,(I know this isn't part of the system), but they would have been losers.

The 73% DD was massive but was used during recovery of the losing trades.

Lot size was 0.50 and not scaled into the trade.

Asw
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 100 KB
  • #23,836
  • Jan 2, 2019 7:37am Jan 2, 2019 7:37am
Quoting Husky77
{quote} thinking to keep one bad trade with hope for recover is the worst thing one retailer can do. Happy New Year! cheer up!
I agree, but it was not the moral of the story to just let trades go deeper and deeper into DD if your MM is good and sit it out. My english isnt perfect, i might got missunderstood here.
But if a trader suffer under big drawdown over and over again, it wont help much to close the trades early, the bad trades still remain bad trades and losses come eventhough just smaller and will add up.
What I meant to say is, that placing a SL is not a solution. First of all one should check his own trades and make sure all important rules were met when trade was taken. If not, then a SL wont solve the problem, because the problem is at the entry, not the exit.
A mental SL with scaling out makes absolutes sense and is like davit showed here the smarter way.

I just think with this great pivot system and the recent fundamental uncertainty worldwide, a hard SL wont help you to build confidence and develop as a trader, it will just let you die slowly instead of fast.


Happy New Year to all and much health and success!
  • #23,837
  • Jan 2, 2019 8:16am Jan 2, 2019 8:16am
Quoting david7
{quote} I agree, but it was not the moral of the story to just let trades go deeper and deeper into DD if your MM is good and sit it out. My english isnt perfect, i might got missunderstood here. But if a trader suffer under big drawdown over and over again, it wont help much to close the trades early, the bad trades still remain bad trades and losses come eventhough just smaller and will add up. What I meant to say is, that placing a SL is not a solution. First of all one should check his own trades and make sure all important rules were met when...
i agree with your view and just wanted to point out somehow that holding one trade or more in DD must have a reason which must be part of the plan ,and NOT just for pure hope for recover.
cheer up!
Take what you can, give nothing back
  • #23,838
  • Jan 2, 2019 9:30am Jan 2, 2019 9:30am
nice jump from oil. we'll see CAD getting stronger
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_413.jpg Size: 91 KB
  • #23,839
  • Jan 2, 2019 10:42am Jan 2, 2019 10:42am
Saudi Arabia is cutting petroleum to raise prices again !
"What Goes Up, Must Come Down." - (c) Sir Isaac Newton - 1647
  • #23,840
  • Jan 2, 2019 11:53am Jan 2, 2019 11:53am
Crazy drop on EC ...
12 traders viewing now, 1 is registered: