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Pivot Trading

  • #41,221
  • Jan 4, 2023 1:23pm Jan 4, 2023 1:23pm
Indeed, before I was projecting my target onto the market. So for now am taking a slice. As the position size am going for is 0.10% a trade putting the between 100-138 means am setting my SL area on the weekend. Trying pick a pair direction and doing my homework.

Trade calculator for the position size etc.
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Pip Student
  • #41,222
  • Jan 4, 2023 1:30pm Jan 4, 2023 1:30pm
Quoting apples1978
Indeed, before I was projecting my target onto the market. So for now am taking a slice. As the position size am going for is 0.10% a trade putting the between 100-138 means am setting my SL area on the weekend. Trying pick a pair direction and doing my homework. Trade calculator for the position size etc.
The calculator is great, there are more, but I'm stingy to pay it :-D
It's not a dream. Chipsa is real!
  • #41,223
  • Jan 4, 2023 1:35pm Jan 4, 2023 1:35pm
One my main weakness to over-come from dabbling in the forex for good while. I let this decide what the lotsize should be to make sure i keep my sizing appropriate and on track.

Yellow arrows are the harmonic patterns to but i dumb it down just to be a direction indicator.
Pip Student
  • #41,224
  • Jan 4, 2023 1:42pm Jan 4, 2023 1:42pm
Quoting John Chipsa
{quote} The calculator is great, there are more, but I'm stingy to pay it :-D
Hey John,

What indi is this, looks cleaner then the one i found. The trade marker.
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Pip Student
  • #41,225
  • Jan 4, 2023 2:26pm Jan 4, 2023 2:26pm
Quoting apples1978
{quote} Hey John, What indi is this, looks cleaner then the one i found. The trade marker. {image}
I'm attaching the indi, it's from SonicR system :-)
Attached File(s)
File Type: ex4 1) PVSRA Trade Levels v2 (Black).ex4   91 KB | 280 downloads
File Type: ex4 1) PVSRA Trade Levels v2 (White).ex4   91 KB | 275 downloads
It's not a dream. Chipsa is real!
  • #41,226
  • Jan 4, 2023 3:30pm Jan 4, 2023 3:30pm
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Pip Student
  • #41,227
  • Jan 4, 2023 5:06pm Jan 4, 2023 5:06pm
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Successful trading is intrinsic to risk management and discipline
  • #41,228
  • Jan 4, 2023 5:27pm Jan 4, 2023 5:27pm
Quoting Davit
Its important you guys understand how market works in general. We got Feds minutes tomorrow then NFP fri USD is being priced in and most likely will get dumped 1st wave after Feds minutes 2nd wave after NFP (most probably) So you should be aware of calendar and trade accordingly.There are opportunities to trade none USD pairs like EC EG were great today.You dont need to trade USD when we got serious events if you dont know what you are doing. Stay focused!
Thanks for sharing so much great wisdom over the years Davit. Can you help me understand the highlight in bold. Of course it's speculative but from my experience your right about trajectories more than you are wrong.
Rightly USD was dumped slightly before and after FOMC (1st wave) and looks well positioned to be dumped after NFP.
If NFP has printed green for over 6 months, and is forecasted 200k this month how/why would you anticipate red? Is it the larger macro outlook / recession / strikes / IR hikes that steer your views? Or something else I'm missing?

Thank you
  • #41,229
  • Jan 4, 2023 6:41pm Jan 4, 2023 6:41pm
Quoting kingdomk
{quote} Thanks for sharing so much great wisdom over the years Davit. Can you help me understand the highlight in bold. Of course it's speculative but from my experience your right about trajectories more than you are wrong. Rightly USD was dumped slightly before and after FOMC (1st wave) and looks well positioned to be dumped after NFP. If NFP has printed green for over 6 months, and is forecasted 200k this month how/why would you anticipate red? Is it the larger macro outlook / recession / strikes / IR hikes that steer your views? Or something...
Hi friend
My posts or views are based on 12yrs of trading experience and I always say most likely or probably because market does what it does.Usually good news gets priced in or opposite. USD was jacked up then dumped prior of Feds minutes which also makes sense.Risk on or Off
Generally watch which currency gets accumulation or depreciation then look for opportunities.AUD got jacked because of tweet about China possible resumption of coal buying.In my view its priced in...I am AUD bear now
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In trading, you have to be defensive and aggressive at the same time
  • #41,230
  • Jan 4, 2023 6:50pm Jan 4, 2023 6:50pm
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In trading, you have to be defensive and aggressive at the same time
  • #41,231
  • Jan 4, 2023 8:23pm Jan 4, 2023 8:23pm
Quoting Davit
{quote} Hi friend My posts or views are based on 12yrs of trading experience and I always say most likely or probably because market does what it does.Usually good news gets priced in or opposite. USD was jacked up then dumped prior of Feds minutes which also makes sense.Risk on or Off Generally watch which currency gets accumulation or depreciation then look for opportunities.AUD got jacked because of tweet about China possible resumption of coal buying.In my view its priced in...I am AUD bear now {image}

Hi Davit.

Could you recommend good twitter channel for news feed. Anyone specific that you follow ?
  • #41,232
  • Jan 4, 2023 8:55pm Jan 4, 2023 8:55pm
Quoting smd101
{quote} Hi Davit. Could you recommend good twitter channel for news feed. Anyone specific that you follow ?
Dont follow anyone.I just scan news on Forex factory and calendar at Daily FX
https://www.dailyfx.com/economic-cal...ext-seven-days

What's important are major news red events.Basically I focus on them.Notice also when pairs range or trend and adjust trading accordingly.I prefer ranging pairs

Closed AU after short walk.Nothing like banking over 300 in 30min
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In trading, you have to be defensive and aggressive at the same time
  • #41,233
  • Jan 4, 2023 11:10pm Jan 4, 2023 11:10pm
Quoting John Chipsa
{quote} I'm not a strict believer in positive RRR, but that ratio is big for those positions. But I understand that you want it to breathe again and not kick you out right away, which is why there is often a turn of even just 20-30 pips, which is what you are targeting, if I understand correctly. After all, we all play a different game :-)
For me, i allocate 1-1.5% per pair, dividing the position to 5 small trades (if 1 percent) and 6-7 small trades (if 1.5%). Each position has a 100 pip SL. If they get taken out, they get taken out, but i rarely allow that to happen. Before placing a trade i determine the size beforehand (1% risk, 100 pip SL) and just divide accordingly. Take profit is based on market structure (on 30 min) looking left and whether or not price is at a major area of support and resistance on the daily (then i target farther market structures). how do u guys do it, suggestions are welcome too
Seek first to understand, then to be understood
  • #41,234
  • Jan 4, 2023 11:35pm Jan 4, 2023 11:35pm
AU trade, rejected from a daily Resistance so couldve held longer but a win is a win. targeted market structure on the left
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Seek first to understand, then to be understood
  • #41,235
  • Jan 5, 2023 2:14am Jan 5, 2023 2:14am
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Pip Student
  • #41,236
  • Jan 5, 2023 2:16am Jan 5, 2023 2:16am
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It's not a dream. Chipsa is real!
  • #41,237
  • Jan 5, 2023 2:20am Jan 5, 2023 2:20am
Quoting toshio
AU trade, rejected from a daily Resistance so couldve held longer but a win is a win. targeted market structure on the left
me too :-)
It's not a dream. Chipsa is real!
  • #41,238
  • Jan 5, 2023 2:52am Jan 5, 2023 2:52am
If i wanted to use ADR as a SL is there any indicator that would mark up on a chart where a specific ADR % would be.

If i take this chart I could short if i got another bar or two showing failure, the P would be acting as support its also meeting past resistance from past daily open lines. If I was to set my SL at the mid-point of R100-R138 anyway to know what that ADR value would be?

Not taking that just marked as an example. If i was to trade that short id trade it to the next piv being S38, I could try and improve the RR and go for say S61 but in the past price did not bother going to where I tried to push the RR.

Also how many pairs you guys actively watching? My plan was to stick to my 6 least for 3 months.

Just pondering R
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Pip Student
  • #41,239
  • Jan 5, 2023 3:15am Jan 5, 2023 3:15am
Weekly target hit therefore will not be trading for rest of week due to the news.
Weakness this week was setting Pre'TP's rather than analysing PA to see rejections etc.
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  • #41,240
  • Jan 5, 2023 3:53am Jan 5, 2023 3:53am
closed my EC trades, daily showing strong move down from a double top rejection off of daily resistance. in my view, waiting for a further retrace is just not ideal when daily is heavily bearish. take what the market gives, have a logical reason for exiting. If it goes up more then whatever, i knew i exited on what i consider a logical (not emotional) reason. then i can live with my decision
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Seek first to understand, then to be understood
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