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Pivot Trading

  • #37,301
  • May 29, 2020 4:13am May 29, 2020 4:13am
Quoting bubincka
{quote} Hi Egbert, well, every week I think to remove TDI from the chart, then I leave it as it is. And yes, sometimes my entries are early, however I identified the main issue of mine with the exit, when the price begins to retrace against me more than a certain amount I'm afraid to give back and often I close all positions- It's all in that "I'm afraid" that I have to work on. Best regards, Bubincka
Hi,

if you look at your entry and exit, the right entry would have made up for the early exit?
to wait for the 50 line cross to buy is very conservative?loosing a lot of pips, just my thoughts.

Just an thought.
We obey the structure that results from the market's reaction
  • #37,302
  • May 29, 2020 8:38am May 29, 2020 8:38am
Quoting Egbert
{quote} Hi, if you look at your entry and exit, the right entry would have made up for the early exit? to wait for the 50 line cross to buy is very conservative?loosing a lot of pips, just my thoughts. Just an thought.
Hi Egbert,

I don't consider TDI for entry/exit, it's there since the original template, it gives me an overall view of the pair.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
  • #37,303
  • May 29, 2020 9:03am May 29, 2020 9:03am
USDJPY - pivot to pivot

GBPAUD - pivot to round number
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  • #37,304
  • May 29, 2020 11:08am May 29, 2020 11:08am
And of course it's not always and not only a matter of psychology. Sometimes you decide to hold on to the trade when daily ADR is reached and all of sudden a V-shaped reversal take away all your profits.
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Porta itineris dicitur longissima esse
  • #37,305
  • May 29, 2020 11:37am May 29, 2020 11:37am
And week results, method works, despite psychology.
Attached Image
Porta itineris dicitur longissima esse
  • #37,306
  • May 29, 2020 12:08pm May 29, 2020 12:08pm
Quoting bubincka
And of course it's not always and not only a matter of psychology. Sometimes you decide to hold on to the trade when daily ADR is reached and all of sudden a V-shaped reversal take away all your profits. {image}
That hurts. Maybe Egbert has an idea. If your entries where better then your exits as is would be good.

For my liking, you have way too many indicators. Price is bound to hit one of them, maybe you might think it is a good entry point or exit because it hit it...but if you are trading Davit Pivot trading just keep weekly pivots. Price will eventually go from one pivot to the next...sooner or later it will. With just pivots one is more inclined to allow price move and head towards pivot. Just keep pivots, ADR and look at market structure.

This is for everyone including me. Take your image for example...price ran from you and surely entered as it ran up. Price eventually (on a Friday of course) came back to where price had stalled for a while. That should have been a clue for you to exit. Especially since price moved to almost 100R ran back quickly to 38R, that is 3 pivots lower, that is good for a weeks worth and you got it in a few hours. Also, if you study your chart closely, you have 5 indicators plus market structure in that zone...why would you not take profit there. If anything, why would you have so many indicators if you are not going to listen to them?

Maybe it's hindsight, but if you do not learn from this you will commit the same mistakes and the goal is to identify the trading errors, adjust mentally, and commit to doing it mechanically. Notice I did not say doing it right, I said mechanically. It might work some times and others it won´t but in a larger series of trades it will reward you. Which is what you are looking for.
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  • #37,307
  • May 29, 2020 12:16pm May 29, 2020 12:16pm
Quoting bubincka
And of course it's not always and not only a matter of psychology. Sometimes you decide to hold on to the trade when daily ADR is reached and all of sudden a V-shaped reversal take away all your profits. {image}
I am not judging but simply recognising you have too many positions. Your better increasing your lot and catching tops of the reversal in case of a pull back. I have learned to have about 3-4 positions and aim for only 30-40. This serves me well. Stress free. For example I am in DD on E/U. Price is under 21ema ...... I added looking for 80-90 pips but I will close the first 3 positions at a loss. I had R61 and will close them at a loss but winners will recover and make profit. I learned the hard way that this systems is take quick profits don’t over expose yourself. Best offence is defence. Capital preservation is paramount. I would rather have more of less than less than more of that makes sense.

Furthermore daily pivots have no weight trust me I learned hard way. Your better off adding monthly pivots to add to your arsenal
  • #37,308
  • May 29, 2020 12:17pm May 29, 2020 12:17pm
Ok for the week - considering the volatility and my clear inability to read it - I thought that I would get killed in this market this week. and normally I would - however trading this system you can find good positions to buy / sell and I am learning to give the trades some time to breath
Attached Image
  • #37,309
  • May 29, 2020 1:41pm May 29, 2020 1:41pm
Quoting Mundo
{quote} That hurts. Maybe Egbert has an idea. If your entries where better then your exits as is would be good. For my liking, you have way too many indicators. Price is bound to hit one of them, maybe you might think it is a good entry point or exit because it hit it...but if you are trading Davit Pivot trading just keep weekly pivots. Price will eventually go from one pivot to the next...sooner or later it will. With just pivots one is more inclined to allow price move and head towards pivot. Just keep pivots, ADR and look at market structure....
Hi Mundo,

yes definitely a lot of goods reflections, I will consider them.

Best regards and Green Pips
Bubincka
Porta itineris dicitur longissima esse
  • #37,310
  • May 29, 2020 1:44pm May 29, 2020 1:44pm
Quoting RieseP
{quote} I am not judging but simply recognising you have too many positions. Your better increasing your lot and catching tops of the reversal in case of a pull back. I have learned to have about 3-4 positions and aim for only 30-40. This serves me well. Stress free. For example I am in DD on E/U. Price is under 21ema ...... I added looking for 80-90 pips but I will close the first 3 positions at a loss. I had R61 and will close them at a loss but winners will recover and make profit. I learned the hard way that this systems is take quick profits...
Hi RieseP,

Thanks for your suggestions, I'll think about them for sure.

Best regards and Green Pips,
Bubincka
Porta itineris dicitur longissima esse
  • #37,311
  • May 29, 2020 4:51pm May 29, 2020 4:51pm
What started for me as a great 2 days only of trading in first two weeks that I could have called it the month...made it into a stressful month.

So I'm just going to sit here and watch this video until I learn my lesson.

Inserted Video
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  • #37,312
  • May 29, 2020 5:16pm May 29, 2020 5:16pm
Quoting Mundo
What started for me as a great 2 days only of trading in first two weeks that I could have called it the month...made it into a stressful month. So I'm just going to sit here and watch this video until I learn my lesson. https://www.youtube.com/watch?v=RkQVMjOiP7w
Always good to seek some new inspiration to focus you back on your trading!
  • #37,313
  • May 29, 2020 5:29pm May 29, 2020 5:29pm
Quoting bubincka
{quote} Hi Mundo, yes definitely a lot of goods reflections, I will consider them. Best regards and Green Pips Bubincka
Agree with Mundo's points, plus might I suggest if you were trading using the TDI as we were at the start of this thread then you would have closed your trades the second the green line crossed back North over the black on the 29th.

It took me a while to drop the TDI too but its a lagging indicator, best to drop it IMHO, especially if not taking the signals it gives anyway.
  • #37,314
  • May 30, 2020 6:16pm May 30, 2020 6:16pm
Quoting bubincka
Again, picking the right pair, making the right entry and then the close is a complete disaster. It's almost like I'm afraid of making money. To neutralize the negative emotions that in my case come into play when deciding the exit point, I am thinking of having the close managed by my trade manager at a set TP level and go out for a walk. {image}
1. Describing it as a complete disaster when you have made a profit is (in my opinion) not helpful.
2. My advice from a year ago still stands - try closing only some of your positions if you are worried about giving all your gains back. My suggestion, close those least in profit.

Quoting dab
{quote} If you had your time again maybe try closing the bottom four positions in profit where you did and holding the others for more profit. A bit of an each way bet as it frees up some positions for replacing higher if it goes against you.
Note advice a year ago related to shorts so adjust accordingly for longs.
Hope for the best, prepare for the worst.
  • #37,315
  • Edited 10:40am May 31, 2020 10:28am | Edited 10:40am
Hi guys

Lot of you are advanced Pivot traders but need fine tuning.Don't change methodology system rather work on weaknesses you are having.
Example If I am figure drawing painting artist and struggle on getting hands correct I would not all of sudden decide to become abstract expressionist artist rather I would focus on getting hands anatomy correct.
Trading is evolutionary process on every level it presents different challenges and what's life without challenges?

It does not matter if I am here or not the foundation is laid out you need to work on yourself.
Cheers

Next week heavy data on AUD
Should decline sharply after Tues AUD GDP projected to be red AU GA EA should be in sharp focus!

GA presented wonderful range all last week 85-86 8480-8550 etc.I posted about this.Don't be afraid of range! forget EVERYTHING you read in books about it.Range is easiest place to make money!This you wont find in books! Trade only 1 way towards possible BO
In trading, you have to be defensive and aggressive at the same time
  • #37,316
  • May 31, 2020 11:48am May 31, 2020 11:48am
Thanks Davit for checking in. It is also an opportunity for us to grow bigger wings. I have some weaknesses to work on and move beyond. Mostly, I need to set a good SL strategy I can get my head around. I have let trades ride when the obvious thing would be to exit, or at least exit the least profitable of a batch. Again, thanks for all you do.
  • #37,317
  • Edited 3:45pm May 31, 2020 3:15pm | Edited 3:45pm
Quoting rupasi
Thanks Davit for checking in. It is also an opportunity for us to grow bigger wings. I have some weaknesses to work on and move beyond. Mostly, I need to set a good SL strategy I can get my head around. I have let trades ride when the obvious thing would be to exit, or at least exit the least profitable of a batch. Again, thanks for all you do.
I do same...the issue with me is not following that voice telling me to close. And not just close but go the other way especially if range trading, then get back in at a better price. Because it only makes sense. Working on that this month.

Good conversation on this topic https://www.forexfactory.com/showthr...0#post12973670 This is not a personal problem of mine it happens in trading and the good thing is that there is a solution and once these issues are corrected trading takes on a whole new level. For anyone who have been here since Davit's early days can see this happen. We all want to be at his level...ok then...are we willing to put in the work?
Invest in Life
  • #37,318
  • May 31, 2020 4:14pm May 31, 2020 4:14pm
Quoting Mundo
{quote} I do same...the issue with me is not following that voice telling me to close. And not just close but go the other way especially if range trading, then get back in at a better price. Because it only makes sense. Working on that this month. Good conversation on this topic https://www.forexfactory.com/showthr...0#post12973670 This is not a personal problem of mine it happens in trading and the good thing is that there is a solution and once these issues are corrected trading takes on a whole new level. For anyone...
Thanks, going to check that out. Yep, work to be done, we have the tools. And the will.
  • #37,319
  • May 31, 2020 5:10pm May 31, 2020 5:10pm
My Oanda started exactly one hour late...seriously...
Invest in Life
  • #37,320
  • May 31, 2020 7:18pm May 31, 2020 7:18pm
Quoting Mundo
What started for me as a great 2 days only of trading in first two weeks that I could have called it the month...made it into a stressful month. So I'm just going to sit here and watch this video until I learn my lesson. https://www.youtube.com/watch?v=RkQVMjOiP7w
In that small spike closed 135 pips profit on AU NU long and UC short. Done for now will check charts later tonight. Darn Oanda I wanted to place trades earlier. Sunday trades normally run towards 38 or WP depends on structure.
Invest in Life
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