Pivot Trading

nice think i will add this pair to my list

I'm mixed about CAD news (higher than expected but lower than last month), but on the other hand oils doing well

CAD JPY didnt go as low as I thought it would have which is ok.

EURCAD entry - Clear PA reaction for entry at R38
NZDCAD entry - pinbar for entry, and pinbar rejection for exit (I use fibs for exit, not just pivot line)

daily results, now it's true

7% growth doesn't mean much at first, but you have to calculate it on your total account balance. 7 percent with a 1000 euro account is only 70 euros, but if you have a 10000 euro account you can earn 700 euros with the same risk. This is what makes learning to act so appealing. I've been here for 5 years and I'm constantly educating myself, also this forum like Davits Pivot, I've been here for 2 years, it opened my eyes.

Sorry friend your chart just gives me headache to look at.Why the blue lines? and why so many? If you NEED them make it single.Cluttering mind is not good for trading
So you need an indicator to tell you where Boxes are? Let me draw you manual one!

Its like having note stickers on guitar fret board! VS knowing the notes

You need to step up both in chart confidence and LOT sizes trading 10c a pip is equal to trading nothing

Important for today, big news tonight.
Read it somewhere online. Hope would be helpful.

What is expected from the BoJ?
Last week we saw an article in the Japanese publication Yomiuri Shimbun that the BoJ was reviewing the negative effects of its current monetary policy regime – despite only changing its policy setting on 20 December, where they lifted the ceiling (or cap) by which the 10yr JGB yield (Japanese govt bond) can trade to 0.50%, the market swiftly took this to mean another key change was incoming.
The fact the BoJ had to ramp up its daily bond buying to a record amount to defend the 0.50% cap, suggests their policy setting is still highly dysfunctional, and with inflation pushing 4% its current yield curve control (YCC) program is on borrowed time.
While we can look at the possible outcomes, and assign a probability and potential market reaction, I think in all cases the BoJ will try its utmost to say the action is designed to address an increasingly dysfunctional market and should not be seen as a tightening of policy. The market will likely look through this and ignore their pleas.
Given 10yr JGBs currently trade above 0.5% (or 50bp), 10yr swap rates trade above 90bp and the JPY has had a one-way move of late, one assumes the market is skewed and part positioned to an outcome that the BoJ abolish its YCC program. This plays into my back-of-the-envelope playbook.

Possible actions:
• The BoJ again widens the yield band to -/+0.75% while continuing to buy incredible amounts of JGBs in its daily operations to support the 0.75% yield cap - an action that doesn’t make a huge amount of sense as it would not resolve the dysfunctional market and would need to be altered again – likely promotes a 2%+ rally on the day in USDJPY
• The BoJ widens the yield band out to -/+1% while continuing to buy JGBs to support the cap – tactically this makes more sense, but an action that could cause a 1%+ rally in USDJPY
• The BoJ leave policy unchanged but signals a change is coming – this would surprise and cause a 2.5%+ rally on the day in USDJPY
• Completely terminates its YCC program – the market is leaning this way but would still likely cause a 3%+ sell-off on the day in USDJPY
• Shifts the YCC target which is currently capping 10yr JGBs at 0.50% and move to target the 5yr JGB instead – it's hard to create a clear framework on this policy change, but an action that likely leads to the most subdued reaction seen in USDJPY

I happen to love the word Pivot! It describes exactly what it means.

GU slow descent is partly due to this

so far today.Still have trades going so may change
AN was a dud glad got rid of it.Not a pair I like much...Moves like a turtle...It was a mistake on my part.Happens!
If you cant take a loss you cant trade period!

expanded a bit, but that's it for today. the week offers even more possibilities, i used to make the mistake of always lurking at the pc and checking minute by minute whether something happened, that wasn't good, i'm in the process of changing something

Some losses on GU and GC due to stops being too tight which was frustrating.

I usually have $$ stops not hard stops.This way I control how much I am willing to risk before closing as loss.
Industry always markets that you must have hard stops.That's because brokers make their money on them!Why they use in house algos to trigger the spikes at closings or openings!
Its fine! Dont beat yourself.Always always forgive yourself! allow yourself to improve

This is from PDF on clipboard under Davit's Philosophy.Obviously changed the title for copy rights reasons

Chapter 24
FORGIVENESS
One of the biggest problems I see with traders is that they refuse to forgive themselves for
trading mistakes. This causes a much bigger problem than most people realize. You see, when
you make a trading mistake, you need to forgive yourself for making that mistake.
But the thing is many people do not forgive themselves for their mistakes. In fact, they
do quite the opposite. They beat themselves up and continually picture what they did wrong in
vivid detail. This is the very worst thing you can do after making a mistake, trading or otherwise.
Forgiveness is a key concept in Psycho-Cybernetics. As weve just learned about how
our subconscious works, we know that if we continually picture in vivid detail something, it
causes that picture to come true for us. Or it at least makes it much more likely for it to come
true. So it only makes sense that if we make a mistake, we must forget that mistake and forgive
ourselves completely. If, on the other hand, we dont forgive ourselves and relive the mistake in
our minds again and again, what do you think is going to happen?
Its obvious that we will repeat the mistake. This happens because our subconscious does
not care whether we give it good or bad information, it simply sees the clear pictures we give it
and tries to act it out in our lives. Obviously, it can only act this picture out if its within our
capabilities. And I think we all know that making trading mistakes is quite within our
capabilities.
This is the reason it is so important to forgive ourselves when we make a mistake or an
error. If we dont, we are likely to relive the mistake in our minds and then most likely project it
onto our trading. This will cause big problems.
If you think back, Im sure can you think of times where you made mistakes and beat
yourself up for it. Not forgiving yourself, no matter what the mistake, will bring out the worst
emotions. Remorse, regret, self-doubt, and guilt all come with not forgiving ourselves for a past
mistake.
Youve heard it all before. Im sure youve been told to forget a past losing trade and
move on to the next one. Emotions are used correctly and appropriately when it applies to
something in the present time. Since we cannot live in the past, we cant appropriately react
emotionally to the past.
As Dr. Maltz says, The past can be simply written off, closed, forgotten, insofar as our
emotional reactions are concerned. We do not need to take an emotional position one way or the
other regarding detours that might have taken us off course in the past. The important thing is
our present direction and our present goal. We need to recognize our own errors as mistakes.

Otherwise, we could not correct our course and steering or guidance would be impossible. But it
is futile and fatal to hate or condemn ourselves for our mistakes.
One of the biggest reasons people get into losing streaks while trading is because they
confuse their losing trades with themselves. In other words, we conclude that because we had a
losing trade or a series of losing trades, we are a losing trader.
But the important thing to remember here is we are not our losing trades. Losing trades
are part of trading. There isnt a single trader in the world who doesnt have losing trades. The
only way to avoid them is not to trade in the first place. You cannot be a successful trader until
you take mistakes and losing trades for what they really are. They are simply by-products in the
trading game and need to be used to gain learning and understanding. But in no way do they
define us as a person.
But that is where the big problem comes in. Many people let their losing trades and
mistakes define them. If they're having trouble and have had a series of losing trades, they start
to think of themselves as a loser. They continually think of themselves in that way. As we know
from before, this kind of thinking will just bring on more of the same.
Forgiving yourself completely is the only way to avoid this trouble. You are not your
mistakes and losing trades. You must put the past behind you and go forward. Holding a grudge
against yourself only hurts yourself. Forgive yourself, its the only way to be successful.

Above its extremely important paradigm shift how you see trading and how you see mistakes and losers.To me its where one should be ideally or strive to reach.Once you truly grasp probability factor of my system then a loser is just a statistic by product of sample..Its all probability over series of trades and like MD says on my 1st page "You don’t need to know what is going to happen next in order to make money." Its so simple and profound same time.I still get chills reading simple things like this by Mark Douglas

Caught this nice UJ move. Would have been very nice with a few more lots on it.

Thanks Davit, really helpful words. Appreciate it.
I have read Mark Douglas Trading in The Zone, well listened to it actually and will certainly be reading again.

Mainly an ADR trade

USD news came out negative which has driven GBPUSD to shoot up to R138. Could be opportunity to short with reversal PA + TDI
*Currently PA is bullish, angleator is bullish but 15 min is showing first signs of rejection. I know generally anything past 100 is fundamentally strong (or in this case USD being weak) so won't be on this for long if I do enter*