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Pivot Trading

  • #38,341
  • Apr 22, 2021 12:13pm Apr 22, 2021 12:13pm
Quoting GreenEarth
LONG UC at 1.2480 GE
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We obey the structure that results from the market's reaction
  • #38,342
  • Apr 22, 2021 1:31pm Apr 22, 2021 1:31pm
nice day +almost 28% gain today
Got UC long now which is looking good could finish day 30%
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In trading, you have to be defensive and aggressive at the same time
  • #38,343
  • Apr 23, 2021 3:52am Apr 23, 2021 3:52am
Davit and Egbert , you guys never cease to amaze me.
If traders super keenly focus on what you two have done over the course of 1918 pages of golden nuggets and counting , their trading stats would improve beyond their wildest dreams.
Experts in my opinion.
Both of you are unselfish human beings who constantly help people become better traders by allowing them to see your visual actions.

Sincerely,
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,344
  • Apr 23, 2021 1:20pm Apr 23, 2021 1:20pm
Hi Traders ,
I know a good number of people in the Construction Industry.
Today I was talking to a plumber who told me that ABS Plumbing Supplies increased 30% within the past two weeks due to a resin shortage which is PETROLEUM BASED.
Might be one of many components in the supply chain which will keep oil prices in the 60+ dollar per barrel for awhile , never really know.
Just thought that I would pass the information on.
Apparently this special resin is manufactured in Texas.

GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,345
  • Apr 26, 2021 9:44am Apr 26, 2021 9:44am
Short NC from .8988 , TP S38.
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,346
  • Edited 12:23pm Apr 26, 2021 11:24am | Edited 12:23pm
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Remember to read price action like a clock? H1
H1 spot on in the range 68?
Counter trend trade?
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We obey the structure that results from the market's reaction
  • #38,347
  • Apr 26, 2021 11:42am Apr 26, 2021 11:42am
Quoting Egbert
{image} Remember to read price action like a clock? H1 H1 spot on in the range 68? Counter trend trade? {image}
Egbert < i certainly follow you looking to higher time frames , however , I'm not familiar with with the CFD that you are trading. And I'm certainly not the trader that you are.
I do know one thing , your entries are always spectacular. I learned PATIENCE by watching you and DAVIT. Let the Market come to you.
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,348
  • Apr 26, 2021 11:45am Apr 26, 2021 11:45am
Quoting GreenEarth
Short NC from .8988 , TP S38. GE
Took profit at .8957
Reloaded SHORT NC at .8967 , and .8977 with Tp at S38 , lots of support currenting sitting at .8950ish
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,349
  • Apr 26, 2021 12:07pm Apr 26, 2021 12:07pm
Quoting GreenEarth
{quote} Egbert < i certainly follow you looking to higher time frames , however , I'm not familiar with with the CFD that you are trading. And I'm certainly not the trader that you are. I do know one thing , your entries are always spectacular. I learned PATIENCE by watching you and DAVIT. Let the Market come to you. GE
Look past the chart and look how I read the Angleator!!
We obey the structure that results from the market's reaction
  • #38,350
  • Apr 26, 2021 1:18pm Apr 26, 2021 1:18pm
Quoting Egbert
{quote} Look past the chart and look how I read the Angleator!!
Egbert , ever since Davit advocated "cleaning up our charts" , I stopped using the angleator , EMA's , indicators.
I strictly use the charts , Davit's , Pivot Point indi and watch PA , that's it.
Your entries and exits are always spot on.
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,351
  • Apr 26, 2021 5:40pm Apr 26, 2021 5:40pm
Hi traders,
One of the great things I discovered while I was reading the "Bird Watching In Lion Country" was the meaning of margin and leverage. Dirk du Toit, the author, explains nicely how the concept of let "your profits run and cut your losses" is a misleading advice for many traders. He also suggests the opposite and after I reread the phrase and thought about it, my aha moment triggered. This is really game changing. I do not suggest anyone who read my post here to go and enter trades without stop losses, but what I understood from the book is that you should have enough capital and margin left in your account to give your trades enough breathing room to show whether they are going to work or not before being stopped out too soon. Also you should understand that anything can happen and be ready for the worst scenario (another rational reason why to risk very small percent of your account in each trade at least during the entry point).
Thanks Davit for sharing with us such a great book. Thanks a million for being an honest, selfless human.

Last week I made a mistake and entered a trade at late hours before market close. The setup was not perfect and the reason why I took the trade was merely overconfidence (I had 6 consecutive wins in a row, shame on me). However, I respected one thing, I traded only 1/5 of my normal size. I planned to enter more when the high of the candle was broken. Things didn't go well and the week ended with my negative trade still open (another mistake). Today, When I saw the price bounced back from S38 I took the opportunity and opened another 1/5 at much better price and could close the trade for 1% profit. The point is that I could easily tolerate nearly 60 pips loss with no more than 1% negative effect on my account.
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  • #38,352
  • Apr 26, 2021 9:58pm Apr 26, 2021 9:58pm
Ebitalebi , YES , account management is precisely what your post nailed. Yet , many traders have not learned it.

"Bird Watching In Lion Country" , I'm willing to bet that many experienced traders have never heard tell of that Book. I'm now on my 3rd reading of it , Davit posted it at least 2 years ago (I think). Fantastic Book.

For me to learn patience and let the trade develop , well , let's just say it's probably easier for someone to climb Mt. Everest in gym shorts than me to overcome my impatience. For me , impatience was my biggest obstacle to overcome , then , overconfidence. Every time I hear someone say that "...the market will humble you..." , I say to myself , "it sure did".

Great to see that YOU TAUGHT YOURSELF A LESSON AND LIVED TO TRADE ANOTHER DAY !!!!! You know exactly what, where , and why your mistake evolved. Perfect.
Entries , in particular as I posted recently , I studied Davit's and Egbert's entries until their entries literally burned themselves into my brain. Most of the time I can look at their chart's and immediately know why they entered where they did.
And , did I say , Pivot Points Work ?
Thanks for the post Ebitalebi , very inspiring ,
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,353
  • Apr 27, 2021 3:50am Apr 27, 2021 3:50am
Quoting GreenEarth
Ebitalebi , YES , account management is precisely what your post nailed. Yet , many traders have not learned it. "Bird Watching In Lion Country" , I'm willing to bet that many experienced traders have never heard tell of that Book. I'm now on my 3rd reading of it , Davit posted it at least 2 years ago (I think). Fantastic Book. For me to learn patience and let the trade develop , well , let's just say it's probably easier for someone to climb Mt. Everest in gym shorts than me to overcome my impatience. For me , impatience was my biggest obstacle...
Thanks GE for your kind words. The system Davit has introduced is very clever if it's applied properly understanding Pivot Points is crucial because those are the probable oversold or overbought zones especially if the correction is in the direction of the long term trend. The probability of price to stop and change direction sharply against the main trend (daily and above) is very low therefore most of the times you can close at breakeven at worst. However, we should be ready for the Black Swan also. If we've seen 100 white swans in a row there is no guaranty that the next will be white. Davit summarized it nicely before in 2016:
Quote
To sum up trade small and systematic way and get out when wrong at reasonable level.What I mean reasonable level is example you started shorting at 78R and PA was correct and all of suddent some bank unloads big order price shoots to 100R.Now in this situation I will not exit as long as 100R remains unbroken.Majority of times price will start going down.Most times swings end with spike.This has lot to do with market orders,Usually when Bank A want to sell they wont sell right away.They will push up 1st take stops which creates liquidity then drop...
https://www.forexfactory.com/thread/...41#post9011441
  • #38,354
  • Apr 27, 2021 7:37am Apr 27, 2021 7:37am
Quoting ebitalebi
{quote} Thanks GE for your kind words. The system Davit has introduced is very clever if it's applied properly understanding Pivot Points is crucial because those are the probable oversold or overbought zones especially if the correction is in the direction of the long term trend. The probability of price to stop and change direction sharply against the main trend (daily and above) is very low therefore most of the times you can close at breakeven at worst. However, we should be ready for the Black Swan also. If we've seen 100 white swans in a row...
Spot on Ebitalebi. Probabilistic thinking isn't it. Mark Douglas. Trading without FEAR. Understanding Pivot Points. Account Management allows a trader the all important "circuit breaker ability" to absorb the "Black Swan Trade" when it comes your way , just like you did.

Defining RISK BEFORE YOU ENTER A TRADE allows a trader to define a very high degree of risk out of the trade BEFORE the trader enters the trade.
This thread is so amazing , it's actually beyond amazing.
Sincerely ,
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,355
  • Apr 27, 2021 7:38am Apr 27, 2021 7:38am
Market is eerily somewhat quiet this morning , maybe it's just me.
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,356
  • Apr 27, 2021 4:04pm Apr 27, 2021 4:04pm
Hope Traders will be watching the AUSTRALIAN CURRENCY PAIRS TONIGHT. RED NEWS TONIGHT.
Hopefully , we will see some decent moves tonight.
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,357
  • Apr 27, 2021 11:40pm Apr 27, 2021 11:40pm
Watching JPY pairs closely
CADJPY, EURJPY and AUDJPY
  • #38,358
  • Edited 9:00am Apr 28, 2021 8:49am | Edited 9:00am
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We obey the structure that results from the market's reaction
  • #38,359
  • Apr 28, 2021 12:08pm Apr 28, 2021 12:08pm
Hi Traders ,
Today was one of those days.
Had to take a loss. Oh well , that's trading Forex.
Before I had the luxury of joining Davit's thread , I would have held on to my UC trade for dear life. Wrong mindset back then.

In my opinion , POTUS better have his key people coming out with an UNBELIEVABLY MASSIVE MARKET SHAKING PACKAGE , and , in hindsight , maybe he should have announced it last night. Oh well , smarter people than me make those decisions.

I was LONG UC at S61 and S78 , 2 positions , EVEN THOUGH THE MASTER TREND IS DOWN. No pullbacks today.
Should have SHORTED the AC like I was going to do. Water under the bridge.
Green Pips To All Of You ,
GE
"Define the risk OUT of your trade"--Mark Douglas
  • #38,360
  • Apr 28, 2021 7:32pm Apr 28, 2021 7:32pm
Shorted UJ with 3 positions. Closed 2 of them half an hour before President Biden's Speech for 1.89% profit. Held the last one to see what happens. Currently at 1% profit on this one.
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Zienfeld
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