Yes, pivots rock. I shorted EURAUD from R61 to pivot, entered yesterday and then got the exact same set-up and did it again this morning. I am short NZDCAD, at R61 and over 200% ADR.
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Will be watching this in the next few hours (once spreads normalize) to either add with a very tight stop or close the loss.
{quote} 2nd entry eurcad at 1.4825 (above r161 r3 145% adr) average price at 1.4742
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For me these ADR extensions 120%+ doesn't seem to be very effective at weeks like this. 80-120% are good reversal points, but once its 120+ across the board to me this says fundamentals are king and will decide to shoot ADR 150+ easily, regardless of pivot confluence. But that's just my own experience.
{quote} 2nd entry eurcad at 1.4825 (above r161 r3 145% adr) average price at 1.4742
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disclaimer: for consecutive entries i try to get the average price as close as possible to the next weeks pivots (for shorts - above next wpp; for longs below next wpp) , the entries may lack the confirmation of price action and therefor might be very risky (but are within my risk parameters)
{quote} For me these ADR extensions 120%+ doesn't seem to be very effective at weeks like this. 80-120% are good reversal points, but once its 120+ across the board to me this says fundamentals are king and will decide to shoot ADR 150+ easily, regardless of pivot confluence. But that's just my own experience.
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yes. i am aware that fundamentals dont respect these levels. thank you for sharing your thoughts.
as a reminder: also davit states on page 1.. Should price smash 100 S/R then you are in strong trend supported by fundamentals. at this point its countertrend trading (what i did).. and not really in line with davits pivot strategy
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I too had quite some extended pivot and adr trades this week. Blind non-pa entries even because r/r and other technicals allowed it. Unfortunately ending this week -1.5%, unless this last uc short from 30min ago will recover some of it...
All trades placed according to my system. Not much more i can do..
Yes, not quite understanding the fundies behind the CAD weakness in relation to the crosses. Good jobs last week, rate hike this week, oil is up.........all market maker manipulation. I just trimmed some NZDCAD, but I trade small enough to hold.
Yes, not quite understanding the fundies behind the CAD weakness in relation to the crosses. Good jobs last week, rate hike this week, oil is up.........all market maker manipulation. I just trimmed some NZDCAD, but I trade small enough to hold.
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The benefit of trading multiple, small positions.......after averaging in closed NZDCAD and EURCAD both with small profit overall. Still holding a small bit of EURCAD short.
