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Pivot Trading

  • #31,921
  • Sep 16, 2019 9:41am Sep 16, 2019 9:41am
Hello all, I have subscribed and hopefully my new home.
Recent experiance made me seek out a better way of trading weekly swings. Why didn't I do this earlier! I had not thought to look here until now! Hope you don't mind if I tag along. I will be busy studying previous posts.
  • #31,922
  • Sep 16, 2019 10:00am Sep 16, 2019 10:00am
This may be premature, but staring to take a few feelers on Cad......it has to react to Oil in the long run and if in fact Saudi's have to cut production according to news reports, oil could very well make it to $100.00....if it does the Canadian economy will explode....but in the short term oil up 7.00 overnight and rising...we shall see ?
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  • #31,923
  • Sep 16, 2019 8:41pm Sep 16, 2019 8:41pm
Quoting Davit
Hi Guys I sincerely apologize for MIA from here.I had and have serious personal issues that I am dealing with possible donor an organ etc. My account is well and healthy although had to cut some losses due to trade wars.Losses are necessary when its the right thing to do to preserve capital. Hopefully I would be posting in near future.I am trying to change my work schedule so I can trade NY open Mon-Fr. Anyway good luck to you all.Regards
Glad to hear from you Davit. Good luck too on your personal issues, hope you will be able to resolve them soon.
Don't worry the markets always gonna be there for you.
Good luck on your work too!
We're not here to be right, we're here to Profit Consistently!
  • #31,924
  • Sep 16, 2019 11:20pm Sep 16, 2019 11:20pm
Yesterday I took a day off from the office to spend a beautiful day on Ligurian riviera.

This time I'm satisfied of the job done by my trade manager that closed my AU short on trailing stop.
It can drop more, but close to WS61 is a good spot.
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Porta itineris dicitur longissima esse
  • #31,925
  • Sep 17, 2019 7:11am Sep 17, 2019 7:11am
GN Daily ABCD
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Fib Traders get it right 61.8% to 78.6% of the time. NR
  • #31,926
  • Sep 17, 2019 9:02am Sep 17, 2019 9:02am
Quoting Romanov102
GN Daily ABCD {image}
Thanks Romanov102 definitely on my watch list...even took a tiny position to get started....

Just posting some correlations.....Gold running again...oil took a breather but moving north as we speak...helping Cad a bit..(.big rejection at R38)
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  • #31,927
  • Sep 17, 2019 9:21am Sep 17, 2019 9:21am
Oil has not rallied like everyone thought (fake news ha ha) A friend of our family is in Riyadh as we speak pitching an invention to the oil industry there.....they think they will be able to rebuild the damage within just a few weeks to get back to production levels....and as I look at oil stalling in the 60.00 area that may be known already...in other words as traders we have to react to reality, not our wish or our dream....

So I am going to close my Cad trade with a nice profit because it is at weekly pivot, it is at a strong support/resistance zone, adr is in the red so now it the time for me anyway...going to keep it on my watch list though.....happy trading all
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  • #31,928
  • Sep 17, 2019 11:21am Sep 17, 2019 11:21am
Very good lesson here.....just 2 days ago Oil was heading for $$100.00 All The News Feeds said so...lol lol....Saudi Oilfield Bombed and severely damaged leading to at least a 50% reduction in production.... Funny how it only rallied about $8.00 and then very little movement, in fact a small pullback......shows you how the retail trader is at such a disadvantage because we are not in the know...we are caught in the reactions.... So when trading what you see instead of trading what you think, you attain to a level of strength instead of weakness.......this just came out...
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  • #31,929
  • Sep 17, 2019 11:41pm Sep 17, 2019 11:41pm
Quoting Swede
First I would like to say how good it is to see you back Davit....I hope all will go well regarding your latest challenges. Cable has been my favorite instrument for the past 3 weeks, paying handsomely. No different over the weekend....with a huge bond expiry on Friday, and less than good news for the Brexit scenario, it seems it rallies to the nearest pivot point and then pulls back 50-100 pips every single time. So it is a matter of adjusting to shorter term trades and really paying attention to those areas. We had some nice low hanging fruit...
hello swede..mind to share monthly pivot tools..??tq in advance
Know The Presence Of The Market
  • #31,930
  • Sep 18, 2019 2:51am Sep 18, 2019 2:51am
After late week markup for UJ, now at mid-week we could say that swing at WR38 has failed, it seems to be ready for shorts.
The big BUT before taking position is FOMC later today, Powell speech and BOJ tomorrow.
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Porta itineris dicitur longissima esse
  • #31,931
  • Sep 18, 2019 5:15am Sep 18, 2019 5:15am
buincha, I would be grateful if you would tell me how you get the weekly pivot showing for each week on H4. Mine chart (using Davis Pivot v3.2 auto) shows the current week only across the whole chart.
Thanks Nigel
  • #31,932
  • Sep 18, 2019 5:32am Sep 18, 2019 5:32am
Quoting nigpig
buincha, I would be grateful if you would tell me how you get the weekly pivot showing for each week on H4. Mine chart (using Davis Pivot v3.2 auto) shows the current week only across the whole chart. Thanks Nigel
Hi Nigel,

use this indicator provided by fellow trader https://www.forexfactory.com/nostromo

Best regards,
Bubincka
Attached File(s)
File Type: ex4 Nostromo_Pivots_V2.ex4   99 KB | 1,045 downloads
Porta itineris dicitur longissima esse
  • #31,933
  • Sep 18, 2019 8:17am Sep 18, 2019 8:17am
Cable behaving as usual...hit R38 again and failed...I should have had some limit orders sitting there but missed that .....catching a few as it pulls back....One thing about the Pound...it really pays attention to London Open and NY open...often you can take some really nice scalps or add to your overall position once direction has been established....anyway...here is the layout...
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  • #31,934
  • Sep 18, 2019 8:32am Sep 18, 2019 8:32am
Be aware...this can change the landscape completely....
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  • #31,935
  • Sep 18, 2019 11:31am Sep 18, 2019 11:31am
Closing Euro at the pivot...will reenter depending on retrace....hold GBP for a bit or reduce position..not sure...
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  • #31,936
  • Sep 18, 2019 3:44pm Sep 18, 2019 3:44pm
I'm exhausted but very pleased with the day....I will not be posting for a few days and I hope others will...but I just had to make one point that could turn ones trading from so so, to very profitable and that is" Know Your Currency. Story telling time with a point.

About 12 years ago me and a trader from Wisconsin traded together nearly every day on Ivocalize. He was a farmer and excavation contractor, I was a machinery distributor so we got along very fine. He was a very very aggressive trader, one day alone he grossed 6 figures and I watched in awe. In the middle he had a margin call that needed to be satisfied, he cleared it and at the end of the day all he could say is "I think I am going to have a tax problem this year".

We kind of lost touch after my wife became very ill, and eventually I sold my contracts and had to pick up my life once again, this time alone. But my friend taught me something about knowing your currency that has always stuck with me. He would trade only GBPJPY, GBPUSD and EURO and he watched and analyzed every move they made during the day. He liked moving averages, pivots, levels, and, yes, Stochastic, but never set in the way all of us were taught, he had special settings and he still uses them today.

For example today's GBP........You saw I was short many times during the past few weeks, cashing out when I had nice profit, no different today after the reaction to the Feds.......but one thing GBP does over and over, just before a big move a nasty spike will occur, taking out tons of stops and new entries. I had just closed both my Euro and Gbp positions and I was happy with the results.....but then the spike (see the highlighted candle)...and where did it come to a abrupt halt??? Yep...under the R38 and I hammered it with a shotgun blast of small entries with a tight mental stop....if it went against me to the tune of 300.00 I would close and walk away....but did it? Nope...So, I dedicate this trade to my old friend here in FF...Digger...thanks dig!!!
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  • #31,937
  • Sep 18, 2019 4:31pm Sep 18, 2019 4:31pm
Quoting Swede
I'm exhausted but very pleased with the day....I will not be posting for a few days and I hope others will...but I just had to make one point that could turn ones trading from so so, to very profitable and that is" Know Your Currency. Story telling time with a point. About 12 years ago me and a trader from Wisconsin traded together nearly every day on Ivocalize. He was a farmer and excavation contractor, I was a machinery distributor so we got along very fine. He was a very very aggressive trader, one day alone he grossed 6 figures and I watched...

That’s a great story, and well done on the trades!
Trade with confidence, trade without fear.
  • #31,938
  • Sep 18, 2019 5:40pm Sep 18, 2019 5:40pm
Quoting Swede
I'm exhausted but very pleased with the day....I will not be posting for a few days and I hope others will...but I just had to make one point that could turn ones trading from so so, to very profitable and that is" Know Your Currency. Story telling time with a point. About 12 years ago me and a trader from Wisconsin traded together nearly every day on Ivocalize. He was a farmer and excavation contractor, I was a machinery distributor so we got along very fine. He was a very very aggressive trader, one day alone he grossed 6 figures and I watched...
Thx for sharing, Digger is super knowledgeable. Met him when i started on EURUSD and learned alot. He knows his stuff. Thx for sharing the story

Cheers
If you fail to plan, Plan to fail
  • #31,939
  • Sep 18, 2019 7:53pm Sep 18, 2019 7:53pm
Hi guys
i have not posted here for a while.
Went on a break
Took some AUD trades
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  • #31,940
  • Sep 18, 2019 9:01pm Sep 18, 2019 9:01pm
Quoting jesxrussel
{quote} hello swede..mind to share monthly pivot tools..??tq in advance
Missed your post,,sorry.....just use nostromo pivots..you have the option in the settings to use daily, weekly or monthly.

ps...in this forum we trade weekly pivots...monthly, yearly can be used as confluence
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