So what have I learnt so far this week? Weekly pivot may be the first pivot touched with a 75% chance, however, this data doesnt take into account movements prior to this happening. It could go within 10 pips of S1 before hitting weekly pivot etc. It also could be skewed by the fact that many weeks start near the weekly pivot so its highly likely it will touch it in this case.
My system has been telling me to short, and I took shorts but closed because it goes against my bias due to reasons above. Psychological failures. I'm still in this long by a whisker, so we will see what happens. But, in future, I will be aware of my above point however I will not blindly trade into it. There must first be a market structure shift that confirms movement towards the weekly pivot.
I have two options moving forward, I ignore my above data and continue to trade with the trend as my system tells me to do or I take a medium-term trade that targets weekly pivot with a wider SL and then continue trading with trend on an intra-day perspective. Another problem I'm having is dipping in and out of trades creating a bunch of small losses. I'm actually down 0.5% from that alone this week so far. When I have a trade idea I need to stick to it and not let tiny price movements cause me to leave a position.
This week has been fairly break-even thus far. I have just shorted AUD/CAD with a target of the daily low (Not expecting to get there today). Still in gold short, with stops above daily high.
Always learning,
Scott
My system has been telling me to short, and I took shorts but closed because it goes against my bias due to reasons above. Psychological failures. I'm still in this long by a whisker, so we will see what happens. But, in future, I will be aware of my above point however I will not blindly trade into it. There must first be a market structure shift that confirms movement towards the weekly pivot.
I have two options moving forward, I ignore my above data and continue to trade with the trend as my system tells me to do or I take a medium-term trade that targets weekly pivot with a wider SL and then continue trading with trend on an intra-day perspective. Another problem I'm having is dipping in and out of trades creating a bunch of small losses. I'm actually down 0.5% from that alone this week so far. When I have a trade idea I need to stick to it and not let tiny price movements cause me to leave a position.
This week has been fairly break-even thus far. I have just shorted AUD/CAD with a target of the daily low (Not expecting to get there today). Still in gold short, with stops above daily high.
Always learning,
Scott
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https://breakpullback.com
, then went back to hit his SL.
