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Attachments: Pivot Trading
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Pivot Trading

Quoting Davit
After AUD data CPI all AUD pairs are hyper stretched. Fading now not bad idea. Usually for every hyper candle there is 25-30% correction in there. AC with CAD rate tomorrow great spot to short now IMO
Please can you tell me if I should also learn Harmonic Price Pattern ?
Would say learn anything that will improve your edge. From reading the thread key things are Pivots, ADR, Price Action.

Those 3 can take you years, I still have my Learner plates on :-D
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Pip Student
https://www.theforexguy.com/price-action-strategy/

Then just watch price around pivots. Yes it will work most of the time, your job pick which one it will be.
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Pip Student
This seems fitting:

Attempting to trade range breakouts is a different story! It’s difficult – the market often tricks you around the range boundaries, giving the impression that it’s breaking out, when it’s really not.
This is called a breakout trap, or a “fake out”. Very common around the range tops & bottoms, even for experienced traders it is risky – so just stick to trading “bounces” on the range boundaries.
==============================
so just stick to trading “bounces” = Pivots I hear ?
Pip Student
Flat to too target met.

Phase2 passed too, this one bit more aggressive. Several others more still in play. But first 5k passed using pivots.
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Pip Student
overstretched cad pairs . could be unloaded after boc event in 2.5 hours
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the highest point comes before the fall
Quoting apples1978
This seems fitting: Attempting to trade range breakouts is a different story! It’s difficult – the market often tricks you around the range boundaries, giving the impression that it’s breaking out, when it’s really not. This is called a breakout trap, or a “fake out”. Very common around the range tops & bottoms, even for experienced traders it is risky – so just stick to trading “bounces” on the range boundaries. ============================== so just stick to trading “bounces” = Pivots I hear ?
Always trade towards likely BO based on Pivots

Then went to bed and price did BO south. Its "safer" towards opposite Pivot from 61-100
In trading, you have to be defensive and aggressive at the same time
AU been shorting on every bounce
Love to see 80 again
AC short but not touching it letting it run
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In trading, you have to be defensive and aggressive at the same time
Its important to grasp the idea that Pivots most part become strong S/R but on occasions they do gave away.For that you must follow the calendar what may trigger that. Or it can be random like GU shooting high out of blue last week.Point is when it doesn't work start thinking exits.
Below example of live chart S61 plus ADR low
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In trading, you have to be defensive and aggressive at the same time
AJ doesn't take long finding great set ups
Got too much AUD hence passed this up.Dont make mistake selling or buying same currency over the board.Essentially becomes 1 enormous lot and multiplies the risk. Always think risk as priority vs profits
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In trading, you have to be defensive and aggressive at the same time
Its possible EC shoot to 46 before the event or during the release. 46 great number to short
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In trading, you have to be defensive and aggressive at the same time
aj an been my fav today
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Pip Student
long GBPAUD - price started rejecting the 78 levels, entered on first bullish structure and sl at nearest low. Target at S38 levels, but will observe the S61 closely also
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Quoting Davit
AJ doesn't take long finding great set ups Got too much AUD hence passed this up.Dont make mistake selling or buying same currency over the board.Essentially becomes 1 enormous lot and multiplies the risk. Always think risk as priority vs profits {image}
This is HUGE point. Personally, I never trade more than 2 currency pairs TOTAL at the same time, 3 if I hit DOW or NAS that day. Took years of discipline to resist the urge of trading everything I see, always wound up in days of DD..........these days, I prefer to be OUT of the market........get in, grab what the market owes me, get out.
https://www.fxstreet.com/analysis/ba...ST_EMAIL_ID%5D
As always, careful of statement afterwards. This may be CAD last hike for awhile.
I find this chart interesting as I usually swing between the pivots. Lacking the full experience to decide if it keep going or not.
https://www.forexfactory.com/attachm...9?d=1674650902

Like this one I often use this kind of wick pattern to pick out rejection. But like the below example I would be out on the first pivot most likely missing the rest of the gravy.

https://www.forexfactory.com/attachm...=1674658963807
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Pip Student
Quoting apples1978
Lacking the full experience to decide if it keep going or not.
For this decision I use higher TFs and mid-term to long-term analysis.
(Historical statistics on how price moved on past pivot zones helps too. That requires time and effort spend more on excel than on charts .)
But to each his own.
Muni loves you all!
Recently moved to H1 only. Was getting to close to price dropping down to m5 m15 so that seems to help me for now.
Pip Student
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