Disliked{quote} Hi Davit, How would you comment my view on the news just now: ADP Non-farm Employment Change. 1. COVID does not subside in US. Economic recovery is hindered 2. ADP Non-Farm Change forecast was >640K, similar to that of August 3. August actual number was almost half the forecast. Given that, my speculation was the number worse than forecast. General perception of the news would be negative. Impulsive and short term USD would be weak, so GBPUSD would go up. {image} Davit, but I think with your experience and insight in news trading, you can...Ignored
Many of Pivot Traders read this book: "Bird Watching In Lion Country"
when they have finish reading that book, they also read this book : "Day Trading and Swing Trading the Currency Market" by Kathy Lien.
And also reading online market reports regarding market sentiment and fundamental analysis as well as knowledge in Elliot Wave Theory and Harmonic Patterns.
You also need to read Scott Carney's - Harmonic Trading Volume 1 and 2.
You won't be able to trade like Davit because you do not know what is position building in the market and you think of positions building as averaging down and adding to losing positions, etc. all those kind of crap you can only think of.
Read this Davit' post re-print below for you.
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I treat My entries as badges as 1 trade consist of 4-6 average mini trades.When I exit I closed them all.
My average distance is 50-100pips which usually same distance PA travels from 1 pivot to another.
When you look at the chart you know when to exit.
MY AN exit was 730 which was previous R and true enough did not break higher yet.
To conclude watch the chart and behavior.
If you want to educate yourself you can watch lots of videos on support and resistance online but frankly in general most are useless.
Trading requires more.Think about this if trend lines S/R, MA cross overs, Overbought oversold oscillators was so obvious then how it happens that 95% traders lose in Forex.
Answer is simple.They don't work.If majority of traders using typical technical analyses and lose then you must think outside of box.
regards
ON ME I took the idea from a book called "Bird Watching in Lion Country"
Not many understand this book properly.I thought it was a gem.
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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