Pivot Trading

Tough week.

Hi,
I just checked your trades.
I know it is sometime hard to digest the loss, but you will overcome it.
I did it a lot of times.
Cannot say how many times and how much amount it was. 10 times what you have lost.

Just wanted to give you a hint.
You loss the money in the negative swap trades.
If you are in the negative swap trade pair, be careful and come out as quickly as possible.
MM like to do the carry trade a lot.

Dear @Davit and fellow Pivoters,

After being on hiatus since 2020, navigating through personal and health challenges, I am now eagerly looking forward to rejoining the rat race. The past year and a half has been a period of self-care, healing, and prioritizing my well-being. I am eager to reconnect with all of you, fellow Pivoters, and embrace the exciting new opportunities that lie ahead.

Welcome back wish you best health!

Hi guys tough week.Had to cut UJ as total loss
I am ok with that.Sure doesn't put smile on my face but being reckless and blowing an account is worse much worse.
Honestly dont think anyone saw this coming.Sudden surge of USD debt ceiling etc..caught me off-guard.It happens.
I am way up for the year so marching on.

Lot of events next week.Go over them please. Lot of Euro news and Feds minutes.Should be very volatile week.
Still holding CJ south. EU north
Good luck

Mark Douglas discusses the concept of cutting losses earlier in his book "Trading in the Zone." Here's a breakdown of his ideas on this topic:

1. Identifying the signs of a potential losing trade: Douglas emphasizes the importance of recognizing warning signs that indicate a trade might not be going as expected. This includes paying attention to price movements, market conditions, and any factors that may invalidate the initial trade premise. By identifying these signs early on, traders can take action to minimize potential losses.
   
   
2. Having a predefined exit strategy: Douglas advises traders to have a clear exit strategy before entering a trade. This includes determining specific criteria or indicators that, if met, would prompt them to exit the trade. By setting predefined exit points, traders can make rational decisions based on their trading plan, rather than succumbing to emotions or clinging to hope in the face of mounting losses.
   
   
3. Being flexible and adaptive: While it's important to have a predefined exit strategy, Douglas also emphasizes the need for flexibility and adaptability in trading. Market conditions can change rapidly, and a trader should be willing to reassess their position if new information suggests that cutting losses earlier would be more beneficial. Being open to adjusting one's trading decisions based on evolving market dynamics is essential.
   
   
4. Avoiding the sunk cost fallacy: One common mistake traders make is holding onto losing trades for too long, hoping for a reversal that may never come. Douglas warns against falling into the sunk cost fallacy, which refers to the tendency to make decisions based on the resources already invested (time, money, effort) rather than objectively evaluating the current situation. Traders should be willing to cut their losses early and move on to other opportunities if a trade is not performing as expected.
   
   
5. Maintaining discipline and emotional control: Cutting losses earlier requires discipline and emotional control. Traders must resist the temptation to let losses accumulate or deviate from their predefined exit strategy due to fear, greed, or other emotions. Following a well-defined trading plan and sticking to the predetermined risk parameters can help traders make objective decisions and avoid detrimental emotional biases.

Friday was beautiful and if it wasn't for the mistakes on Monday (outside the DPS system) I would have been happier.

I was closing on my mobile, so I went to the mountains and still caught it quite nicely.

Friday was a good day and it was excellent

Summary for the week, I'm satisfied

Friday trades

Have a good start to the week everyone

Wednesday

Hi Traders ,
LOOKING FOR SOME HELP.
For some reason , I cannot get the TMS ANGLEATOR TO DOWNLOAD ONTO MY MT4 PLATFORM.
I have gone to the clipboard as well.
I AM NOT COMPUTER SAVVY , as many of you know.
Can someone direct me with PERFECT AND EXACT INSTRUCTIONS , how to get this indicator onto my HP LAPTOP ?

Thanking you in advance ,
GE

Week beginning 5/21
JUST A FEW THOUGHTS
This is a week of PMI data, and NZD rate announcement. Also, USD debt ceiling decision uncertainty, light on CAD and AUD news. I am watching NZ, AZ, EZ, EG, and just keeping a general eye on the pairs I like to watch. I don’t trade JPY as a rule and only sometimes trade GBP pairs. There are always exceptions…
TUES
EUR – French and German Flash Manufacturing, forecast mostly bearish for EUR, even though services PMI is above 50, the numbers are forecast to decrease across the board. The numbers might surprise however.

GBP – same as above, Manufacturing PMI still below 50 however forecast slight increase from 47.8 to 47.9, Services PMI above 50, but forecast to decrease from 55.9 to 55.5

USD – Flash Manufacturing forecast to decrease from 50.2 to 50.

NZD - (I am obviously in a different time zone than the Chipsa.) Cash Rate and Announcement from 5.25 to 5.5% is expectation. Some suggest even 50bps to 6%. 25bps is pricing in, so we watch this carefully. I’m watching EZ, which could move another 200 pips south to S78 or S100. Once priced in, maybe a pullback toward WPP, it will be overbought by then. If 50bps, I won’t consider above scenario though. PMI news may give some purchase to the Euro in this scenario if it is favorable. NC is also worth watching, CAD is stronger than EUR currently. No strong CAD news this week though.

WED
GBP – Bailey speaks – possible volatility
USD – FOMC meeting minutes , also possible volatility. USD is uncertain this week overall due to debt ceiling issues and partisan disputes.

THURS
USD – Preliminary GDP – forecast no change at 1.1%
Unemployment Claims – forecast slightly increased. This can easily come in differently than projected

FRI
USD – Core PCE Price Index – more a function of individual consumer spending only, still a red item on the calendar, forecast to remain unchanged at .3%
USD – Core Durable Goods and Durable goods, moderate impact news but may create some additional volatility. Overall forecast does not support a strong USD
USD – UofM Consumer Sentiment – not significant news by any means but at times it does create some volatility. Since it is the last bit of news on a Friday, it might give those few people something to watch when they aren’t ‘done’ for the week.

I personally love trading. So, it is possible I will be there for that last one, even if it is only moderate news.

Cheers!

Hey GE!
Nice to 'see' you. I download from the paperclip on the forum, then open my download folder.
1. Cut the indi, - Control X
2. Go to MT4 platform
3. click on file, go to 'Open Data Folder'
4. Go to MQL4, double click and open
5. Double click indicators,
6. Then control V to paste it in.
7. Close MT4 and reopen.
I have a folder in my MT4 indicators called Davit with all the indis that I use for Pivot Trading. Makes it easier to find when I go to load my indis into the chart. Hope that helps. Let me know if it doesn't

Below are the indis I use. I dont really understand how the mg4 and ex4 relate but I have them all in my mt4 and am able to drag them into my charts.

As a matter of general knowledge, it's been years since the Refresh option was made available in the Navigator window, making the restart obsolete and unnecessary; try it and see, indicators appear like magic after the Copy & Paste routine.

Hope that helps,

PS: probably need to say that it is found by Right Click

Thank you Rupasi , I will try it.
Sincerely ,
GE

Morning everybody! If today UC reaches S61 / S78 I will sell... I like him only if he depletes his ADR today with a little PA

Gold marks me exhausted its AMR. Its ADR and AWR ends at S61 / S78, I already prepare my purchases in that area. Wish me luck!

You mean R61/R78?

yes, sorry

Your MQL5 folder looks nice.

Sharing is caring...!

I was thinking the exact same thing 1pipperhour.
I simply figured it was a typo considering the level of Trading expertise on this , Davit's Pivot Point Trading thread.
The BEST THREAD ON THE WEB !!!!!

Sincerely ,
GE

GE welcome back!