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Trading Price Pivots

  • #21
  • Jun 15, 2011 4:48am Jun 15, 2011 4:48am
- AUDUSD
- NZDUSD
- EURCHF
- GBPCHF
- AUDCAD
- CADJPY
- NZDJPY
- AUDCHF

My day started very late as I had other things to take care of...
Good day to all

Chantal
  • #22
  • Jun 15, 2011 5:01am Jun 15, 2011 5:01am
Quoting Ironbark
Hi chantalb.. Looks to be very interesting.

Nice to be at the beginning of a thread for a change
Question about confirm candles. Why do you consider the green arrow marked candle, isn't also a confirmation candle?
Good to have you here Ironbark. No the confirmation candle is the one that closes AFTER the Pivot High in this case. Please re-read the thread, it is barely at page 2… And after that if you have any questions, I will be more than happy to answer.

Cheers,
Chantal
  • #23
  • Jun 15, 2011 5:04am Jun 15, 2011 5:04am
Quoting paulmccarthy
Great thread, this type of trading pure Pa is refreshing. Subscribed
Thank you for your compliments... Glad to have you onboard
  • #24
  • Jun 15, 2011 5:07am Jun 15, 2011 5:07am
Quoting il brigante
Hi Chantalb

I think I got it, after your clear and detail explanations.

Thank you. I will also post my trades as soon as possible.

All The Best
Il Brigante
Great! Waiting for your trades
  • #25
  • Jun 15, 2011 5:13am Jun 15, 2011 5:13am
Quoting Chantalb
Eyeing EU for the short... reasons, good pin bar off the 500 line (4 pips shy of it, to me is still valid) and also very close confluence with the 50% line. Assuming the current candle will show some bearishness. Stop will be at the high of Friday plus ten pips. Alternatively if this hour will not close to my liking and the next one will, then I will enter at the end of the next hour… Let’s see how it plays out…

Note: The pin bar with the candles on its right and left make the PP... Forgot to mention...
A lovely run down from your entry overnight, i'm with you on the EU short but from 1.4432, as i used a closed 4hr candle for confirmation I'll certainly be looking at the 1hr for entry next time, still it's +125 atm but i have resisted moving the stoploss, as i'll follow your advice and trail over each daily high...looking forward to following how you manage your EU trade.

Good trading!
Attached Image (click to enlarge)
Click to Enlarge Name: EU150611b.GIF Size: 105 KB
  • #26
  • Jun 15, 2011 5:30am Jun 15, 2011 5:30am
Quoting Anthony Fata

-
Tony
It is good of you to drop by. Now, dear friend, there are some fundamental changes you need to make to you trading, as we had discusses many times before. No one can do that for you except you! Unfortunately, it seems that what has rubbed off on you from my trading method is the scalping technique of the lower TFs. That mixed with your trading style is toxic… that is why I had given you the nickname “Kamikaze Trader”… Please Tony, I have explained a very safe version of my trading here, I want you to delete everything else you know of how I trade and apply strictly what is here.
Stops will always hit… There is no one trader in the world who doesn’t get stops hit every now and then. This is why we have them there… they protect our capital and make us realize that we had a wrong opinion… I think when a stop is hit; it is a good thing because it keeps our ego in check and our confidence at bay. Overconfidence is the quickest way to deplete an account.
Yes 70 % of the time in the beginning of the week the markets tend to reverse back to the mean, and then on Wednesdays or Thursdays they tend to continue the path they were on previously. This gives us the chance to load more positions at a discount as I did yesterday with EU.
Hope this helps,
Chantal
  • #27
  • Jun 15, 2011 5:46am Jun 15, 2011 5:46am
Quoting sidefx
A lovely run down from your entry overnight, i'm with you on the EU short but from 1.4432, as i used a closed 4hr candle for confirmation I'll certainly be looking at the 1hr for entry next time, still it's +125 atm but i have resisted moving the stoploss, as i'll follow your advice and trail over each daily high...looking forward to following how you manage your EU trade.

Good trading!
Yes really is a nice run down... Glad you could join in in this trade
  • #28
  • Jun 15, 2011 6:02am Jun 15, 2011 6:02am
Here is the chart showing the result of yesterday’s 19GMT re-entry on EU. Now I added another feature that I am contemplating. I might add another trade at the retest of the 0% fib breakout area (around 1.4319) once it comes and if it does. What we are looking for here is a down move then an up move to test the break with a clear rejection down… Had I know how to draw it on the chart I would have, but this goes beyond my drawing skills. If anyone understands clearly what I am saying and they have the required artistic talent , please draw what I mean so that others can understand…
Thanks
Chantal
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd result of 19gmt 14-6-2011.gif Size: 35 KB
  • #29
  • Jun 15, 2011 6:08am Jun 15, 2011 6:08am
I just bought EURCHF at the open of the current hour (11GMT) off 38.2% Fib. Even tough I would have liked to see a stronger confirmation candle, this one will do for now...
Who else cought that?

Edit: SL is at 1.19926 some 174 pips... a little too big for my taste, but will stick to my rules...
  • #30
  • Jun 15, 2011 6:56am Jun 15, 2011 6:56am
These pics show what happened with my trading ever since I started incorporating the currency meter (June 9 till 15) I talked about in my first post. Now I had some very sloppy entries as is clear in the stopped trades due to being in a hurry to want to be in the market. This should teach me a good lesson…
But overall I am very pleased
Attached Image(s) (click to enlarge)
Click to Enlarge Name: stopped out trades from 9-15 june 2011.gif Size: 23 KB
Click to Enlarge Name: running trades from 9-15 june 2011.gif Size: 31 KB
  • #31
  • Jun 15, 2011 6:58am Jun 15, 2011 6:58am
Will take a long in a few...
  • #32
  • Jun 15, 2011 7:27am Jun 15, 2011 7:27am
This is the retest I was talking about… The candle I point at in the chart was at one point a bold bullish candle BUT got rejected off the 0% fib breakout and closed very nicely … This is a very clear and bold rejection to me… I hope it makes sense to everyone…
Chantal
Attached Image (click to enlarge)
Click to Enlarge Name: eu retest and rejection 0%fib.gif Size: 29 KB
  • #33
  • Jun 15, 2011 7:42am Jun 15, 2011 7:42am
Quoting Chantalb
This is the retest I was talking about… The candle I point at in the chart was at one point a bold bullish candle BUT got rejected off the 0% fib breakout and closed very nicely … This is a very clear and bold rejection to me… I hope it makes sense to everyone…
Chantal
Interesting, so if you were to add more on this type of rejection PA on the hrly, where would you place the stop?
  • #34
  • Jun 15, 2011 7:43am Jun 15, 2011 7:43am
To everyone following this thread
The trades I talk about when I say I am about to enter are not any recommendations for you to trade the same pairs. I have to insist that the whole point behind this thread was for me to show people how I do things, and ultimately help others to trade better. So I kindly ask you to be very cautious if you are following my footsteps, you will be trading at your own risk. And also never forget to put a SL whenever you trade EVEN IF IT IS ON DEMO…
Thank you for your attention,
Chantal
  • #35
  • Jun 15, 2011 7:46am Jun 15, 2011 7:46am
Quoting sidefx
Interesting, so if you were to add more on this type of rejection PA on the hrly, where would you place the stop?
At yesterday's high + 10pips

It is true we are entering on the hourly chart BUT our hindsight comes from the daily and weekly data… Is it clear to you now?
As of tonight 00GMT we will have a new Pivot High to work with... can you see it forming?
The trade I described above is a little advanced, but I wanted to share my thoughts with you all...
  • #36
  • Jun 15, 2011 8:08am Jun 15, 2011 8:08am
Quoting Chantalb
At yesterday's high + 10pips

It is true we are entering on the hourly chart BUT our hindsight comes from the daily and weekly data… Is it clear to you now?
As of tonight 00GMT we will have a new Pivot High to work with... can you see it forming?
The trade I described above is a little advanced, but I wanted to share my thoughts with you all...
Many thanks, it's clear ...quite an eye-popping stop for an add-on ..probably not one i'd use to build the position, but really useful to understand your thoughts on the hrly price action. Thank you.
  • #37
  • Jun 15, 2011 8:23am Jun 15, 2011 8:23am
Hi Chantalb

You say if I am not wrong that you choose your direction based on the weekly bias or the daily emas. What would you do when the weekly bias gives an opposite direction of the daily emas?

Also how do you trade during news release majors and minors?

All The Best
Il Brigante
  • #38
  • Jun 15, 2011 9:08am Jun 15, 2011 9:08am
I must admit, out of all the system threads out there, this is by far the most promising. Thank you for sharing your wisdom, I cannot wait to trial your methods when examination time is over.
  • #39
  • Jun 15, 2011 10:34am Jun 15, 2011 10:34am
Quoting sidefx
Many thanks, it's clear ...quite an eye-popping stop for an add-on ..probably not one i'd use to build the position, but really useful to understand your thoughts on the hrly price action. Thank you.
One has to do that if working with the daily tf...I honestly haven't found yet a way to have a stop that is different and that gives the trade enough room to mature... Maybe we can all work on this...
  • #40
  • Edited 11:31am Jun 15, 2011 11:11am | Edited 11:31am
Quoting il brigante
Hi Chantalb

You say if I am not wrong that you choose your direction based on the weekly bias or the daily emas. What would you do when the weekly bias gives an opposite direction of the daily emas?

Also how do you trade during news release majors and minors?

All The Best
Il Brigante

I will try to explain further…
1- It is not a direction that I choose per say… it is a hindsight or bias if you will. I remember saying that I was even very flexible with that weekly bias as well because a lot can happen in one week. The weekly close is just telling me to remember what happened and where price closed last week for a POTENTIAL continuation.
2- The EMAs are by no means something I use for deciding the direction I TAKE. I also said clearly that and I will quote “The reason why I have the MAs on the charts is for me NOT to trade against the predominant trend.” … What this means is also a reminder that I have to be even more careful taking a short for instance when price is above that 200ema and has been for the past say 3 months. It does not mean I will not take the short if I like it i.e. as I did on the 9th of June with EURUSD. I think this also covers your question about W1 opposite to etc…
3- The week of NFP is usually a period where I take a break … I also do not trade any day where one of the major participants is missing i.e. London/NY/EU… I think as traders we work very hard and deserve those breaks. That’s my humble opinion since I put at least 12h/day and sometimes much much more… As for the other news, in case I have open positions, then my stops are in place and I won’t trade right before a big news event…
I hope I have answered your queries… You know it is way harder than I thought it would be to explain my method in a clear way so that all can follow… but anyway
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