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Pivot Trading

  • #41,641
  • Jan 26, 2023 8:16am Jan 26, 2023 8:16am
Quoting kingdomk
{quote} Good point, profit taking / closing ON positions. I can see AU spiking up so closed my heavy DD positions and will look to enter short again as it creeps up higher closer to WP100
Fake out is designed to trigger orders. Large banks need liquidity to get filled therefore spikes are often way of pushing up getting filled before dumping.
In trading, you have to be defensive and aggressive at the same time
  • #41,642
  • Jan 26, 2023 8:23am Jan 26, 2023 8:23am
Quoting Davit
{quote} Fake out is designed to trigger orders. Large banks need liquidity to get filled therefore spikes are often way of pushing up getting filled before dumping.
Thanks, yes seen it time and time again. Used to sit with the FX and commercial paper traders at a few prop trading IB's I worked for in the past (I was in operations not trading). Stop hunting is absolutely a thing, sometimes in collaboration with other institutions with compliance sitting next to them. It's interesting but and something that can't be openly discussed for obvious reasons.

I'm looking to enter shorts again. Are you still in and from memory I don't think you use stops right? I think the CHF cr@p that happened a few years ago has skewed my mindset to use stops - from your words of wisdom and having seen what I have seen, I know I shouldn't!!! Still trying to change that!
  • #41,643
  • Jan 26, 2023 8:25am Jan 26, 2023 8:25am
Hardest part about fake out you dont know if its real move or fake.Based on Pivots when price is 61-100 I treat it as fake unless there is something fundamental involve.
In this case I am almost certain typical MM draining liquidity a fake out

I am still short and added AJ short as well

kicking myself getting out EC early
In trading, you have to be defensive and aggressive at the same time
  • #41,644
  • Jan 26, 2023 8:38am Jan 26, 2023 8:38am
Quoting Davit
Hardest part about fake out you dont know if its real move or fake.Based on Pivots when price is 61-100 I treat it as fake unless there is something fundamental involve. In this case I am almost certain typical MM draining liquidity a fake out I am still short and added AJ short as well kicking myself getting out EC early
Thanks fella - good spot. I'm in AJ short too!! So that's AU and AJ both quite heavy on shorts.
  • #41,645
  • Jan 26, 2023 8:40am Jan 26, 2023 8:40am
Obviously trading is challenging and why most lose.Why I designed this system that has real Edge.Several traders use this system managing funds like Pipmaster77

Once AU drops below 71 floodgates will open Patience!
In trading, you have to be defensive and aggressive at the same time
  • #41,646
  • Jan 26, 2023 9:42am Jan 26, 2023 9:42am
Closed AU minor gain. Want to be free from USD fundamentals. In the meanwhile still selling AUD on AJ and AC

So far today.May change still have trades going
Generally when I dont like USD I focus on crosses
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In trading, you have to be defensive and aggressive at the same time
  • #41,647
  • Edited 10:08am Jan 26, 2023 9:52am | Edited 10:08am
XAUUSD short - been holding this for most of the day, enetered at the first sign of bearish structure and stops placed at most recent high, will observe around current price to exit.
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  • #41,648
  • Jan 26, 2023 10:22am Jan 26, 2023 10:22am
50+ on open GU atm missed EURCAD

Took AUDNZD but it has no zoom so probs will close that one.

Slow working day...
Pip Student
  • #41,649
  • Jan 26, 2023 10:48am Jan 26, 2023 10:48am
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EC-108 nice green pips. I need some coaching on how to use the arrows and diagonal lines better. Classic pivot trade, closed at WPP.
  • #41,650
  • Jan 26, 2023 11:03am Jan 26, 2023 11:03am
trades so far this week 25-26 Jan
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Seek first to understand, then to be understood
  • #41,651
  • Jan 26, 2023 11:10am Jan 26, 2023 11:10am
closing time today
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the highest point comes before the fall
  • #41,652
  • Jan 26, 2023 11:14am Jan 26, 2023 11:14am
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Successful trading is intrinsic to risk management and discipline
  • #41,653
  • Jan 26, 2023 11:31am Jan 26, 2023 11:31am
Quoting MuniFX
eurcad: ... on h4 tf we have a double top right now, so it can fall from here too (without hitting the higher levels)
I'll target january mid @ 1.443x (around next weeks s78), I will sell "rallies&corrections"
Muni loves you all!
  • #41,654
  • Jan 26, 2023 11:43am Jan 26, 2023 11:43am
on audusd I got lucky, my order @0.714x (mR138, todays R1, this weeks half way between R78 and R100) was triggered while I was asleep.
SL is at BE, I target next month pivot (=around next weeks half way between S38 and S61) @0.697x
Muni loves you all!
  • #41,655
  • Jan 26, 2023 11:51am Jan 26, 2023 11:51am
Quoting MuniFX
sold some audcad for end of month correction +wr100 +qr1 (my feeling is, its one day to early, but lets see.. risk management in place, so feeling doesnt matter)
we had 5 consecutive weeks without hitting s38 on audcad so my target will be next weeks S38 (around january mid).
Muni loves you all!
  • #41,656
  • Jan 26, 2023 11:52am Jan 26, 2023 11:52am
Quoting MuniFX
on audusd I got lucky, my order @0.714x (mR138, todays R1, this weeks half way between R78 and R100) was triggered while I was asleep. SL is at BE, I target next month pivot (=around next weeks half way between S38 and S61) @0.697x
Just because you set targets doesn't mean price will get there specially when currency like AUD is on bull run
Instead think short gains then repeat then repeat.Dont let your funds strangled.It stops you from trading and wasting time
In trading, you have to be defensive and aggressive at the same time
  • #41,657
  • Jan 26, 2023 11:53am Jan 26, 2023 11:53am
Quoting Pivoter
closing time today {image}
You have 4 CAD positions.You got lucky but could of easily been 4x Red on same currency.You need to correct this
In trading, you have to be defensive and aggressive at the same time
  • #41,658
  • Jan 26, 2023 11:58am Jan 26, 2023 11:58am
Quoting rupasi
{image}{image}EC-108 nice green pips. I need some coaching on how to use the arrows and diagonal lines better. Classic pivot trade, closed at WPP.
Arrows are for reference what price is doing.There are not to be trading signals only aids example if 3 time frames are red but daily is green I may skip buying because by the end of the day daily very much could be red as well.Remember every move starts from lower TF
In trading, you have to be defensive and aggressive at the same time
  • #41,659
  • Jan 26, 2023 12:03pm Jan 26, 2023 12:03pm
Quoting Davit
{quote} Just because you set targets doesn't mean price will get there
i am 100% aware of that.
I set targets to remind myself what technical can be possible. (nothing is certain)
its my roadmap to keep me from getting lost.
i adapt to sudden turns.
i trade small positions in between for short term market movements.

kind regards.
Muni loves you all!
  • #41,660
  • Jan 26, 2023 12:06pm Jan 26, 2023 12:06pm
Quoting Davit
{quote} Arrows are for reference what price is doing.There are not to be trading signals only aids example if 3 time frames are red but daily is green I may skip buying because by the end of the day daily very much could be red as well.Remember every move starts from lower TF
Hi Davit,

No, I don't use them to guide my trading. When you and others post trades that have already closed, you add arrows and lines to show the trade after the fact. EC closed before I could get a screen shot so I was trying to recreate my trade. The examples to post are excellent tools for learning so I try to do that too. As I am still learning, even though I am not new to this game, always learning.

Like this one.
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I like that you are being straight with us about what you know works. No hand holding or excuses from anyone. I appreciate the transparency. There are many great traders here.
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