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Pivot Trading

  • #28,162
  • Apr 3, 2019 4:29am Apr 3, 2019 4:29am
Quoting Davit
closed AC {image}
Why?

It's not at WP yet, let alone R38 or R61, where it might be heading.

Just trying to understand your decision making.

If it is just ensuring profit for the day, that's fine. I do it all the time myself, no better reinforcement than money in the bag, even if some or even most is left on the table.
  • #28,163
  • Apr 3, 2019 4:57am Apr 3, 2019 4:57am
Quoting ikdenk
{quote} Why? It's not at WP yet, let alone R38 or R61, where it might be heading. Just trying to understand your decision making. If it is just ensuring profit for the day, that's fine. I do it all the time myself, no better reinforcement than money in the bag, even if some or even most is left on the table.
going to work now wont be able to monitor my trades and rather take 500 now then come home to possible 200 (9470 looked to me hovering and not having push to go higher another reason)
Its not an issue on my days off Thurs and Fri and happens to be my most profitable days.
In trading, you have to be defensive and aggressive at the same time
  • #28,164
  • Apr 3, 2019 5:00am Apr 3, 2019 5:00am
Nice green trade on AC.
Not much to say, other than to echo Davit's words - a classic pivot trade.
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  • #28,165
  • Apr 3, 2019 5:07am Apr 3, 2019 5:07am
Quoting Davit
{quote} going to work now wont be able to monitor my trades and rather take 500 now then come home to possible 200 (9470 looked to me hovering and not having push to go higher another reason) Its not an issue on my days off Thurs and Fri and happens to be my most profitable days.
Understood well. Thanks for your reply.
  • #28,166
  • Apr 3, 2019 7:41am Apr 3, 2019 7:41am
Quoting Davit
{quote} I was told by an accountant they changed the tax code for 2018 which fees are not deductible to make things worst my Broker Oanda does not send out 1099 form or any profit form and basically from their perspective IRS does not even know I have account there but does not mean they wont once you put thousands in your bank.. Have not done my taxes yet researching to find someone who understands it.So far not having luck. Problem it seems because few forex traders are profitable CPA's don't do enough if any all year to have experience.I asked...
In US the Forex traders can file their taxes under Section 1256 instead of Section 988. That allows them to use the 60/40 rule and lowers down the taxes when one has gains. Here is a good article with more info on that https://alpari.com/en/beginner/artic...dual-tax-tips/ Note that it was posted in November 2018, so it's pretty current.
  • #28,167
  • Apr 3, 2019 8:08am Apr 3, 2019 8:08am
Hi traders, My case for this trade.
1. Price Stalled at R78.
2.Euro is fundamentally weak hence no upward movement when bad US data is released.The market might be telling me something obvious.
3.To sell EJ comes with the lowest swap among JPY pairs. My intention is to buy and hold till I see danger signal then bail out.
4.Oil price is experiencing an overshoot (above 58) hence I anticipate a reversal in the near term.
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  • #28,168
  • Apr 3, 2019 8:09am Apr 3, 2019 8:09am
Quoting Daggi
@bubincka i would like to give Davit Trade Manager V1 a try. Could you be so kind and tell me your settings for this EA?If not...is there an explanation of the parameters for the EA somewhere? Thx in advance
Hi Daggi,

here in the thread you can find some infos:

https://www.forexfactory.com/showthr...5#post11220945

Settings are a personal choice since they depends on how much you can afford to lose.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #28,169
  • Apr 3, 2019 8:55am Apr 3, 2019 8:55am
Quoting Davit
{quote} I was told by an accountant they changed the tax code for 2018 which fees are not deductible to make things worst my Broker Oanda does not send out 1099 form or any profit form and basically from their perspective IRS does not even know I have account there but does not mean they wont once you put thousands in your bank.. Have not done my taxes yet researching to find someone who understands it.So far not having luck. Problem it seems because few forex traders are profitable CPA's don't do enough if any all year to have experience.I asked...
I used Mann and Company CPA at a time, but I met Greentradertax at the traders Expo in NY last month and he certainly got my attention...
  • #28,170
  • Apr 3, 2019 9:57am Apr 3, 2019 9:57am
Update AC.l Closed in Pivot
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  • #28,171
  • Apr 3, 2019 10:11am Apr 3, 2019 10:11am
Quoting ikdenk
{quote} Why? It's not at WP yet, let alone R38 or R61, where it might be heading. Just trying to understand your decision making. If it is just ensuring profit for the day, that's fine. I do it all the time myself, no better reinforcement than money in the bag, even if some or even most is left on the table.
Hi ikdenk,

leaving aside this particular case of Davit that he explained well, to leave profits on the table is a serious problem.

I make real effort to keep the position open and like happened today on my AC long, as soon as I saw a couple of signals that could mean a reversal I closed the trade. In this case there were a red ADR and a BEEB bar on H1 (BEOB on M30 and M15), strong signals but maybe more patience and overall vision are required. I confirm that I'm happy with my money in the bag, but I reflect and realize that I left on the table 50% of possible profit.
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Porta itineris dicitur longissima esse
  • #28,172
  • Apr 3, 2019 10:28am Apr 3, 2019 10:28am
Unexpected surplus on oil coincided with the 61.8 on the daily (which oil likes).

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Trade with confidence, trade without fear.
  • #28,173
  • Apr 3, 2019 10:59am Apr 3, 2019 10:59am
Quoting bubincka
{quote} Hi ikdenk, leaving aside this particular case of Davit that he explained well, to leave profits on the table is a serious problem. I make real effort to keep the position open and like happened today on my AC long, as soon as I saw a couple of signals that could mean a reversal I closed the trade. In this case there were a red ADR and a BEEB bar on H1 (BEOB on M30 and M15), strong signals but maybe more patience and overall vision are required. I confirm that I'm happy with my money in the bag, but I reflect and realize that I left on the...
I exited around the same area as well. My general rule is draw a fib from the start of the swing to the latest high. If it drops below the 236 then im out. It tagged it and bounced higher. Im ok with it.

IMO trading is not so much how much you can make, more like how much you can keep.
Trade with confidence, trade without fear.
  • #28,174
  • Edited 11:30am Apr 3, 2019 11:11am | Edited 11:30am
Quoting marcnathan88
Thanks for the advice Davit. I'm actually not testing this method. Ever since I discovered this in mid 2016 I have since then been studying all post from and trades from you. When 2016 ended I've finally decided that this will be my main strategy when I go love trading again. I've actually blown an account already and that really stressed me out..... Whenever I have my spare time I will keep on studying and learning so that when the right time comes I am fully ready. 2 years of following your thread and strategy, practicing and demo trading......
How do you know when is the right time? or when you are fully ready?
If you don't put real money in the line, you may never know these things.

You are following this thread for 2 years, i think you already seen this Davit's post, but as a refreshment:


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Quote
I will continue to demo trade and learn a lot more from you because as of the moment I still can't afford to open at least a $500 account. I'm not someone with a deep pocket but I'm working real hard on my full time job to earn and save for the capital. In my country $1 = 52 in our currency. Doing the math will show it's a lot of money. I will earn that $500 slowly and surely.

How badly do you want to succeed in this business?
If you cannot afford put $500 in the line, put $400 or $300 or $200. Put something.


Quote
I'm actually glad I'm someone who doesn't have a lot money to put in trading. If I were I would've blown countless accounts.


Here is another Davit's post about The Success Mechanism and the Failure Mechanism, that i think is important to read.

Quote
.... If you picture positive goals, it will work like a success mechanism and help you to reach those goals. But if you picture negative things (like many people do most of the time), it will work just as hard at making those negative pictures come true, and that is the failure mechanism at work.


Please, don't see my post as offensive, just constructive criticism.
Green pips!
"In the end you only trade yourself."
  • #28,175
  • Edited 11:30am Apr 3, 2019 11:19am | Edited 11:30am
Quoting Davit
{quote} I was told by an accountant they changed the tax code for 2018 which fees are not deductible to make things worst my Broker Oanda does not send out 1099 form or any profit form and basically from their perspective IRS does not even know I have account there but does not mean they wont once you put thousands in your bank.. Have not done my taxes yet researching to find someone who understands it.So far not having luck. Problem it seems because few forex traders are profitable CPA's don't do enough if any all year to have experience.I asked...
Davit,

Believe it or note, I went to the IRS for help to the business section when several accountants could not my help me. Over the last 14 years, they have become more lenient before and after my retirement from medical practice.

Or, find an accountant(s) who had worked at the IRS and understands taxation for businesses.

With a tax extension, you are least likely to get audited too.

It would cost less to get direct help from the IRS with taxation then used TurboTax Deluxe software for Business and Personal Taxes, which I did for many years. I even incorporated myself for my practice as a PC, and Inc and placed "No Employees" for payroll for a Real Estate venture before it went down the tube as LLC. I was the President, Vice-President, Treasure, etc. the easy instructions at the SOS online !

Best of luck.

- John
"What Goes Up, Must Come Down." - (c) Sir Isaac Newton - 1647
  • #28,176
  • Apr 3, 2019 11:26am Apr 3, 2019 11:26am
march 23%. audcad hit tp at pivot weekly. i'm watching usdjpy and audjpy for short opportunity
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  • #28,177
  • Apr 3, 2019 11:42am Apr 3, 2019 11:42am
Quoting bubincka
{quote} Hi ikdenk, leaving aside this particular case of Davit that he explained well, to leave profits on the table is a serious problem. I make real effort to keep the position open and like happened today on my AC long, as soon as I saw a couple of signals that could mean a reversal I closed the trade. In this case there were a red ADR and a BEEB bar on H1 (BEOB on M30 and M15), strong signals but maybe more patience and overall vision are required. I confirm that I'm happy with my money in the bag, but I reflect and realize that I left on the...
I look at WP as a strong magnet....He "always" wants to head there if He can....it's like equilibrium
  • #28,178
  • Apr 3, 2019 11:49am Apr 3, 2019 11:49am
Anyone looking at a potential short on A/J or is to premature to jump back on the same pair the opposite direction.?
  • #28,179
  • Apr 3, 2019 12:00pm Apr 3, 2019 12:00pm
Quoting r61
{quote} How do you know when is the right time? or when you are fully ready? If you don't put real money in the line, you may never know these things. You are following this thread for 2 years, i think you already seen this Davit's post, but as a refreshment: {image} {quote} How badly do you want to succeed in this business? If you cannot afford put $500 in the line, put $400 or $300 or $200. Put something. {quote} Here...
Don't worry I take no offense. I don't have time for that. Only for studying and learning That's all. As I've said I'm not someone with a deep pocket to put up a capital anytime I want. I wish I was but I'm not. The situation I'm in is hard but I know I can work hard to put at least $500 and I should not rush because success takes time.

I personally don't like the phrase "how badly". I want to succeed. That's all. Plain and simple. I appreciate your advice. Thanks.
Patience and Discipline, these are the Holy Grail.
  • #28,180
  • Apr 3, 2019 12:14pm Apr 3, 2019 12:14pm
Quoting General Lee
march 23%. audcad hit tp at pivot weekly. i'm watching usdjpy and audjpy for short opportunity {image} {image}
E/J looks tempting if you want to be aggressive but it might be too much focusing on all yen crosses. Good work keep going
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