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Trading An Edge...

  • #1,621
  • Edited 9:29am Nov 5, 2020 8:55am | Edited 9:29am
Long Dax above 4hr PP
SL to BE +55
EDIT: Out +62
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  • #1,622
  • Nov 5, 2020 9:14am Nov 5, 2020 9:14am
Quoting stu
{quote} This is still a bit of a weak spot for me.....my entries sometimes go against me 10 or 20 but then swing back, but then when they don't you get into the age old problem of letting loosers run!! So.....about 5 years should sort it then Steve eh??
Hi Stu, it took me longer than that to learn to kill losers without hesitation, entries though, have come from many thousands of hours of screen time 'live' with hard earned money on the line, pivots are very good for entries a and take a lot of guesswork out of the a trade, letting losses run is solely on you and building a binary mentality Right = RUN Wrong =Out there's no grey area, at least not for me.
  • #1,623
  • Edited 9:50am Nov 5, 2020 9:32am | Edited 9:50am
Dow - SHORT

below D-R1
will keep it tight as before, I believe that S&P is leading at the moment so using that as an additional filter

EDIT out -8 S&P failed to break D-R1 for now

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  • #1,624
  • Nov 5, 2020 9:34am Nov 5, 2020 9:34am
Hi i am about to purchase Pivot Prof , but can i ask that when price hits a key level, how to we know if it is going to rebound back up or push down further ?

so how do we know to take a buy or a sell when price hits the pivot level please? thank you .
  • #1,625
  • Nov 5, 2020 9:36am Nov 5, 2020 9:36am
Quoting Stev1929
{quote} Hi Stu, it took me longer than that to learn to kill losers without hesitation, entries though, have come from many thousands of hours of screen time 'live' with hard earned money on the line, pivots are very good for entries a and take a lot of guesswork out of the a trade, letting losses run is solely on you and building a binary mentality Right = RUN Wrong =Out there's no grey area, at least not for me.
same
if your reason for being in the trade is no longer valid then accept your wrong and kill it, keeps losses smaller and takes stress off the table, and frees your brain up for the next trade which you can't do if your still watching a loser get bigger...
  • #1,626
  • Nov 5, 2020 10:00am Nov 5, 2020 10:00am
Quoting Howlingowls
Hi i am about to purchase Pivot Prof , but can i ask that when price hits a key level, how to we know if it is going to rebound back up or push down further ? so how do we know to take a buy or a sell when price hits the pivot level please? thank you .
Hi just give me a few minutes and I'll get back to you
  • #1,627
  • Edited 11:42am Nov 5, 2020 10:44am | Edited 11:42am
Quoting Howlingowls
Hi i am about to purchase Pivot Prof , but can i ask that when price hits a key level, how to we know if it is going to rebound back up or push down further ? so how do we know to take a buy or a sell when price hits the pivot level please? thank you .
So that is the million dollar question right, and if we knew the answer for sure then we would have the market completely cracked.
Pivot levels provide you with solid information about prices where the market is likely to react, but every trader has their own way of reading the market and use many different forms of trade confirmation from, price action and candlestick patterns to indicators.
Personally, I am not a fan of indicators as they are too out of date, by the time you wait for a moving average or rsi to confirm your entry price will have moved away from the level and your trade is now more risky.
So in the main I use price action, and probability, for example if the price has moved up 200 points from D-PP then there is more than a reasonable chance that it will start to find resistance as new buyers will be getting thinner and sellers will be stepping in after such a big move, where will they step in? at the expected levels of course so if the price now hits M-PP or D-R3 etc I would be looking to short all I need is for the price to not shoot straight through.
On the nearer levels again I use price action, unless the market is looking full of momentum you should expect that the main levels will provide a reaction, as soon as they do it offers the opportunity to enter the market with a small SL because you are trading close to the level.
If I want to add in bias then I normally look at the daily fibs.
I don't assume every trade is going to shoot off and be a big winner, you will see from my posts I often take off 50% early, that way even if my trades go back to BE I still bank, so long as the levels provide enough reaction to get a bank in you can do it a few times a day and you will be on the winning team and it doesn't matter which way the market goes.
So reaction = trade and extended moves either step away from or look for regression trades.
Keep SL small by entering at levels, play safe and get BE, don't let losers run....
You will get stop outs and you will get BE trades because nobody can actually get it right all the time, but if price reacts to a level it will often give you enough to trade safely from.
If a level gets chopped apart over the session with consolidation or many moves straight through start paying it less attention as it is less useful.
I hope this helps.
  • #1,628
  • Nov 5, 2020 10:59am Nov 5, 2020 10:59am
Quoting MaxDoom
{quote} So that is the million dollar question right, and if we knew the answer for sure then we would have the market completely cracked. Pivot levels provide you with solid information about prices where the market is likely to react, but every trader has their own way of reading the market and use many different forms of trade confirmation from, price action and candlestick patterns to indicators. Personally, I am not a fan of indicators as they too out of date, by the time you wait for a moving average or rsi to confirm your entry price will...
People think they need a library of trading books....... this succinct description says it all
EDIT: Though it takes years to arrive at simplicity
  • #1,629
  • Nov 5, 2020 11:00am Nov 5, 2020 11:00am
Short Dax Just above 4hr PP
SL to BE +10
EDIT: Out +28
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  • #1,630
  • Edited 11:27am Nov 5, 2020 11:01am | Edited 11:27am
Dow - SHORT

Currently short below H1-PP
as per previous posted the D-R1 became a chop zone, so I waited for price to get below the lower level where a better reaction was found in line with S&P getting below D-R1.
The SL is at BE
EDIT: Closed 50% near D-Hi +70
EDIT: Closed Remainder +146
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  • #1,631
  • Nov 5, 2020 11:07am Nov 5, 2020 11:07am
Quoting Stev1929
{quote} People think they need a library of trading books....... this succinct description says it all EDIT: Though it takes years to arrive at simplicity
are you saying I am old
  • #1,632
  • Nov 5, 2020 11:11am Nov 5, 2020 11:11am
Quoting MaxDoom
{quote} are you saying I am old
About as old as me
  • #1,633
  • Nov 5, 2020 11:13am Nov 5, 2020 11:13am
The daily high always a level to respect
On the Dow it was fought through earlier today, why wouldn't it cause another reaction on the way back... in this case that is a 55 point reaction...
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  • #1,634
  • Nov 5, 2020 11:14am Nov 5, 2020 11:14am
Quoting Stev1929
{quote} About as old as me
are you sure?

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  • #1,635
  • Nov 5, 2020 11:19am Nov 5, 2020 11:19am
Quoting MaxDoom
{quote} are you sure? {image}
Yep, I knew it
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  • #1,636
  • Nov 5, 2020 11:21am Nov 5, 2020 11:21am
Short Below 4hr PP
SL to BE +35
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  • #1,637
  • Nov 5, 2020 11:22am Nov 5, 2020 11:22am
Quoting MaxDoom
The daily high always a level to respect On the Dow it was fought through earlier today, why wouldn't it cause another reaction on the way back... in this case that is a 55 point reaction... {image}
so an easy cheap shot here, added my 50% trade back on below the D-Hi, rewarded with an almost instant 20 point drop, bang on the BE SL.
just using the levels the smart way almost a risk free trade

EDIT: just closed it +38
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  • #1,638
  • Nov 5, 2020 11:28am Nov 5, 2020 11:28am
Quoting Stev1929
{quote} Yep, I knew it {image}
  • #1,639
  • Nov 5, 2020 11:30am Nov 5, 2020 11:30am
Snap!! Out +38
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  • #1,640
  • Nov 5, 2020 11:32am Nov 5, 2020 11:32am
Quoting Stev1929
Snap!! Out +38 {image}
nice
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