Trading An Edge...

Know the feeling
Will have a nice 7hr break tomorrow when I drive down to Portsmouth Uni to pick up stepson, well, first half the journey will be peaceful

HI, @maxdoom.

I'm not sure if you remember me but I wrote you a very long msg a few years ago asking lots of questions about pivots points. You gave me a few geat advice and I was practicing on GU/EU/UJ for a while but I keep blowing my account. I figure out that I was trading at random times on London sessions every day and since the day I started to trade at exact same time every for exact same amount of hours (Max 3hours a day). I become more consistent on profit and able to see the patterns better. Also trying to trade 3 different pairs was nonsense to me, Now I only stick to one pair and that is GJ. I will try to post everyday here to get some criticism and review from other traders so that I can learn better and maybe help others to see how it's great to trade using the Pivots.

If I was able to trade during Asian Open then I would take the trade to buy at the first or second circle area. Price close above the D-Open and stop-loss would be below D-open. I took the Sell position anticipating the price would go towards D-Open I sell from that area since previews support was broken and become resistant. Realistically I would have the Stoploss hit but since I was trading on small lots so I let it run. I was about to take the loss but saw that Price was not closing above the W-R1 area so I took another sell position. This trade was on Purre luck...


Another great opportunity to buy on Asian open but again I was not able to trade due to work. The buy trade was Valid for me since the price closed above the D-PP and ADR-LOW, indicating that it rejected. The trade I took was very last min and milking the GJ. Maxdom told me a long time ago to not trade between the pivots but sometimes I forget to follow the rules. The price created two support at the area of D-HI and W-R1. indicating that price can't break that area so I took a buy towards D-R2 for little pips. It was NY open so I was anticipating the volume would help me hit the profit target.



Asian session Buy oppurtunity. Brake above the previews resistant and candle close above the D-HI and D-open. Stop loss would be at the D-Open area. On the first sell position, I saw the price broke below the previews support so I took the sell towards D-PP. I closed the trade early to secure the pips. I was anticipating the price reject the D-PP but it just kept going down. Broke below the ADR-Low and finally saw a rejecting candle on the D-S1 area and the next 5min candle was Bull.
Took the buy anticipating the price to do D-PP but it was already my second and third trade so I was willing to just take the few pips and run away from the market.

If you are blowing your account quickly then you are trading too large a position which is simple to fix. Even if you trade randomly you should get close to a 50/50 win rate, minus the effect of the spread of course which depends on how far away your SL/TP is. The traditional advice is only risk 2% of your account.

Short DAX below D-mS1, closed near D-S1 +15.

Short FTSE @ M-R1

OUT +39

Short Dax below D-PP

Out +18

And repeat.....

Getting a move on now

Out +90

One more quicky below D-Lo
Out +18

Long Dax above D-S2 and ADR-Low

Out +30

morning peeps
yesterday was more covid test processing so no trading

Hi

yes, I remember

you are very welcome here, look forward to your posts

best regards

Morning

HI Maxdoom.

I have one more question, How do you decide where do you put your spot loss, Do you go by PIP amount? or base on the Pivots lines?

Or risk/reward being 1:2?

Short DAX below D-R1, half closed +15.
[EDIT] Closed rest at +20. Will probably reach D-mR1 but I got bored waiting, London is now closed so everything has died volume wise.

DAX - LONG

above D-Open D-PP
not a lot of momentum, maybe only trade before NY on DAX

EDIT: Closed 50% +13 little momentum, worth banking




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Yeah I took the move up off the D-Open prior to yours for +10.

Morning
Currently short on Dax

Out +52

Long Dax above M-R2

SL to BE +70

Out +91

Long DAX above D-R1, closed at D-mR2 +15.