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Pivot Trading

  • #36,581
  • Apr 17, 2020 6:35am Apr 17, 2020 6:35am
Hi all. I just noticed today than I can post to the thread. For this month I was being very careful but every week until now I did find a homerun. Today only open trade is this opened yesterday. Risking 3% to gain more than 10%
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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #36,582
  • Apr 17, 2020 7:38am Apr 17, 2020 7:38am
Hi traders,

Closing my AC shorts in loss. This pair will skyrocket up soon. i expect at least 300 pips
  • #36,583
  • Apr 17, 2020 8:18am Apr 17, 2020 8:18am
Just opened a trade-in EJ. It looks like the downtrend has ended.
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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #36,584
  • Apr 17, 2020 8:18am Apr 17, 2020 8:18am
Quoting Pipsmurfer
{quote} Thank you Greenearth, yes i'm reading and working me a way through the huge amount of knowlegdge which the experienced traders in this thread share.
PERFECT PIPSMURFER !!!!!! PERFECT !!!!!

I personally went from being a catastrophic trader to being a competent trader because of DAVIT's SYSTEM !!!!!

I still have a long way to go , I learn everyday. The TOP trader's here are better than anyone can imagine , they are unbelievable , you will see it for yourself.

A MUST READ BOOK , imo and lots of other trader's opinion too , is TRADING IN THE ZONE by MARK DOUGLAS. YOU will learn about what YOU have to change and unlearn about yourself in order to help you become a much better trader. Your own psychological makeup is the key to being able to learn how to "trade in the zone".

Sincerely ,
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #36,585
  • Apr 17, 2020 10:07am Apr 17, 2020 10:07am
Quoting Viki84
Ok guys im done for today!! Who said that friday cant be good!! Have a nice weekend everybody!! {image}
Congratulations for the nice trades. Nice weekend to you and all After all ...
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  • #36,586
  • Apr 17, 2020 10:12am Apr 17, 2020 10:12am
Hi Guys,
does anyone have problems dealing in oil? I am at IC Markets and now that prices have risen nicely, trading no longer works. Does anybody have the same Problem? It annoys me so, that would have been a great win.
the highest point comes before the fall
  • #36,587
  • Apr 17, 2020 10:36am Apr 17, 2020 10:36am
work in progress
"Corona kiss"
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In trading, you have to be defensive and aggressive at the same time
  • #36,588
  • Apr 17, 2020 10:38am Apr 17, 2020 10:38am
Quoting successwill
Hi traders, Closing my AC shorts in loss. This pair will skyrocket up soon. i expect at least 300 pips
On what basis please?
  • #36,589
  • Apr 17, 2020 10:51am Apr 17, 2020 10:51am
Quoting SidneyMagal
{quote} On what basis please?
AUD is too strong, CAD is too weak. No data stopped the AUD so far. Oil keeps going down. AC keeps making HL, HH constantly. I expect AUDUSD reach 0.6700.

i hope i am wrong
  • #36,590
  • Apr 17, 2020 11:02am Apr 17, 2020 11:02am
Quoting successwill
{quote} AUD is too strong, CAD is too weak. No data stopped the AUD so far. Oil keeps going down. AC keeps making HL, HH constantly. I expect AUD reach 0.6700. i hope i am wrong
The CAD economy isn't solely reliant on oil, that for me is a bit of an overblown factor, and there doesn't seem to be an explanation behind AUD continuous rise so I will be holding my AC position for now. However I get where your coming from and its also crossed my mind to close today with no reversal in sight. Good luck
  • #36,591
  • Apr 17, 2020 11:05am Apr 17, 2020 11:05am
Quoting Pivoter
Hi Guys, does anyone have problems dealing in oil? I am at IC Markets and now that prices have risen nicely, trading no longer works. Does anybody have the same Problem? It annoys me so, that would have been a great win.
Not sure where you get your oil price since mine is $19.75 for WTI which is lower than yesterday's closing price of $20.25.
  • #36,592
  • Apr 17, 2020 11:14am Apr 17, 2020 11:14am
Quoting successwill
{quote} AUD is too strong, CAD is too weak. No data stopped the AUD so far. Oil keeps going down. AC keeps making HL, HH constantly. I expect AUDUSD reach 0.6700. i hope i am wrong
Hi Successwill,

My thought is careful with 'expect' and 'hope'. They are good sentiments outside of trading. Here PA is king. As it acts and responds to weekly pivots. Yes, CAD is weak and oil is going down. We are sitting on a huge oil surplus that probably wont right itself until global economies get moving again. We are in unknown territory so as weekly pivot traders we are looking for smaller gains, no home runs and trading between the pivots in the direction the larger trend. I personally am not holding anything over the weekend. Green pips to you!
  • #36,593
  • Edited 11:57am Apr 17, 2020 11:35am | Edited 11:57am
Quoting SidneyMagal
{quote} The CAD economy isn't solely reliant on oil, that for me is a bit of an overblown factor, and there doesn't seem to be an explanation behind AUD continuous rise so I will be holding my AC position for now. However I get where your coming from and its also crossed my mind to close today with no reversal in sight. Good luck
The aussie is trending up and has been since mid March. It shrugged of the slightly worse than forecast CHY GDP number last night and continued the uptrend to hit WR38 twice without much retrace.

On the other hand CJ bounced of WS61 and crossed above WS38 but then struggled to make much more headway upward so I don't expect the CAD to exert much downward pressure on the AC cross today... and then we have the weekend where anything can happen - up or down? Who knows?

CAD retail sales on Tuesday is unlikely to out perform though so that may add some upward pressure on AC.....Lowe's speech could also bring some movement but no idea direction-wise

This one is definitely a toss up and could go either way

I personally have been a bit reluctant to trade AUD and NZD crosses after the recent spikes - definitely not holding over a weekend, but everyone has to make their own call after considering the available info...Good luck to you!
  • #36,594
  • Edited 11:58am Apr 17, 2020 11:37am | Edited 11:58am
Quoting Hutch
{quote} Not sure where you get your oil price since mine is $19.75 for WTI which is lower than yesterday's closing price of $20.25.
I talked to ic markets, they said that the old oil contract had expired and there is a new one. that is of no use to me now, the profit is gone, but the new contract was not shown to me in mt4 so I could not act, I am very, very angry about it.

So something is wrong here, or the first picture is ic markets new contract, the second investing com, the third icmarket old contract
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the highest point comes before the fall
  • #36,595
  • Apr 17, 2020 12:07pm Apr 17, 2020 12:07pm
Quoting Pivoter
{quote} I talked to ic markets, they said that the old oil contract had expired and there is a new one. that is of no use to me now, the profit is gone, but the new contract was not shown to me in mt4 so I could not act, I am very, very angry about it. So something is wrong here, or the first picture is ic markets ne contract, the second investing com, the third icmarket old contract {image} {image} {image}
Oil Contracts expire every month unless you are setup with your broker to have your contracts rollover to the new month your trade will be closed whether you are in a profit or a loss. If you're trading CFD's on Oil in an FX account depending on your broker it may close on you 1 or 2 days prior to the CME expiration. Here's a link to CME. https://www.cmegroup.com/trading/ene...r_futures.html
Don't get mad at your broker, take the time to understand the instrument you are trading. Contact them and ask what their policy is on close dates. They may be 2 days ahead as next Tuesday is the day so that would be why your position was closed on you this Friday. They will probably provide you with a calendar so you know. Here is FXCM's calendar. https://www.fxcm.com/markets/cfd-expirations/
Fib Traders get it right 61.8% to 78.6% of the time. NR
  • #36,596
  • Edited Apr 18, 2020 7:11am Apr 17, 2020 12:23pm | Edited Apr 18, 2020 7:11am
[quote = Romanov102; 12884106] {quote} Oil Contracts expire every month unless you are setup with your broker to have your contracts rollover to the new month your trade will be closed whether you are in a profit or a loss. If you're trading CFD's on Oil in an FX account depending on your broker it may close on you 1 or 2 days prior to the CME expiration. Here's a link to CME. https://www.cmegroup.com/trading/ene...r_futures.html
Don't get mad at your broker, take the time to understand the instrument you are trading. Contact them and ask what their policy is on close dates. They may be 2 days ahead as next Tuesday is the day so that would be why your position was closed on you this Friday. They will probably provide you with a calendar so you know. Here is FXCM's calendar. https://www.fxcm.com/markets/cfd-expirations/ [/ quote]

thanks a lot romanov. I don't write English very well. i know the instrumen but i understand that the contracts expire, but i had no new contract to choose in mt4. What is still confusing is that I have a price of about $ 18 for picture one (old contract) and a price of $ 25 for the new contract (picture three) for the same time
the highest point comes before the fall
  • #36,597
  • Apr 17, 2020 12:41pm Apr 17, 2020 12:41pm
Quoting Pivoter
[quote = Romanov102; 12884106] {quote} Ölverträge laufen jeden Monat aus, es sei denn, Sie haben mit Ihrem Broker vereinbart, dass Ihre Verträge auf den neuen Monat übertragen werden. Ihr Handel wird geschlossen, unabhängig davon, ob Sie einen Gewinn oder einen Verlust erzielen. Wenn Sie je nach Broker CFDs auf Öl in einem FX-Konto handeln, kann dies 1 oder 2 Tage vor Ablauf des CME bei Ihnen schließen. Hier ist ein Link zu CME. https://www.cmegroup.com/trading/ene...r_futures.htmlSeien Sie...
No worries, there was something odd going on with data feeds this morning because I had this huge candle on the US 30 this morning going up on a one minute chart on MT4 and meanwhile on the platform I was trading from it looked completely different and the two weren't matching. I was long so it would have been nice. A few minutes later the chart flashed and completely changed to match the platform I was trading from.
Fib Traders get it right 61.8% to 78.6% of the time. NR
  • #36,598
  • Apr 17, 2020 12:44pm Apr 17, 2020 12:44pm
[quote = Romanov102; 12884160] {quote} Keine Sorge, heute Morgen war etwas Seltsames mit Datenfeeds los, weil ich heute Morgen diese riesige Kerze auf den US 30 hatte, die auf einem einminütigen Chart auf MT4 und währenddessen auf der Plattform aufstieg Ich handelte davon sah ganz anders aus und die beiden stimmten nicht überein. Ich war lang, also wäre es schön gewesen. Ein paar Minuten später blinkte das Diagramm und änderte sich vollständig, um der Plattform zu entsprechen, von der aus ich handelte. [/ Quote]


Ok thanks a lot, then we wait for the new week :-)
the highest point comes before the fall
  • #36,599
  • Edited 2:56pm Apr 17, 2020 2:41pm | Edited 2:56pm
21 minutes to go making some pips on the Dow before I have to wander into work for a few hours this afternoon. running a trailing stop I just may close it in a few minutes. I don't want to be a bag holder for the weekend. UPDATE: Beggars can't be choosers T-8 before the close for the day, a little market rally to end in positive territory closed the trade for 260 points. 3 trades for the day like the Meatloaf song 2 out of 3 ain't bad. Have an excellent weekend everyone.
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Fib Traders get it right 61.8% to 78.6% of the time. NR
  • #36,600
  • Edited 5:20pm Apr 17, 2020 5:05pm | Edited 5:20pm
Hi guys
To recap.Go over the Calendar mark out important events and know them. Don't impose your views on the market (AN shooting up 300pips as an example) rather let the market tell you.
Be positive
In trading, you have to be defensive and aggressive at the same time
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