Trading Price Pivots | Page 12 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Standard Pivots and Fibonnaci Pivots? 9 replies

Price action trading with pivots: Live example with chart 24 replies

15 Minute Trig Trading W/Pivots 15 replies

Trevs pivots trading 61 replies

Trading USD/JPY with only Pivots 2 replies

Attachments: Trading Price Pivots
Exit Attachments

Trading Price Pivots

  • #221
  • Jun 24, 2011 5:01am Jun 24, 2011 5:01am
Quoting Chantalb
Hi IB,

Did you take AUDCAD with your setup today? If so did you take it based on hourly PP or breakout of the D1 engulfing?
No, I did not because there was not retracement.

However since my participation at this blog, I had 6 trades, 4 losses, 2 wins,
+5 pips total. So today I spend most of my time working on charts so I could improve and I come to the conclusion which you already mentioned that is important to trade in the direction of the trend. Also I find that is important
to enter at a certain levels to avoid the possibility to get stopped out and seeing the trade go in your initial direction.

I have attached a pic of usdjpy, where I have entered (red X) and then stopped out and where I should have entered (arrow down). Of course this way I will miss a few trades, but I think I would enter better trades.

As soon as you enter some trade please post them, I would like to see you in action.

IB
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdlpy D.jpg Size: 56 KB
Click to Enlarge Name: uasjpy H.jpg Size: 67 KB
  • #222
  • Jun 24, 2011 5:08am Jun 24, 2011 5:08am
Long audnzd

This is one of the winning trades I had and I was short (made about 60 pips), now based on my last analysis I went long.

Comments are appreciated.

IB
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audnzd D.jpg Size: 68 KB
Click to Enlarge Name: audnzd H.jpg Size: 76 KB
  • #223
  • Jun 24, 2011 5:13am Jun 24, 2011 5:13am
usdcad short.

Comments are appreciated.

Like my amigos Porfirio I am looking to short audcad when it reaches a certain level.

IB
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad daily.jpg Size: 72 KB
Click to Enlarge Name: usdcad hourly.jpg Size: 79 KB
  • #224
  • Jun 24, 2011 6:32am Jun 24, 2011 6:32am
Quoting Chantalb
most interestingly EG where I will be taking a heavy entry at the top of the hour... Looks like a perfect setup


EDIT: Wow, closed it for a 20 pip loss... Somehow missed that there was news coming in...
Serves me right to tighten my stop! That is an example why I like to have it on daily PP rather than hourly… Agggggrrrr not only out with a loss, it is going my way now!
  • #225
  • Jun 24, 2011 6:34am Jun 24, 2011 6:34am
Quoting Minka
Hi Chantal
I have had to to do other things this week so I am not up to date with this thread.
I was watching EU and EG but luckily did not enter any trades as I am not focused enough.
Its great though, to see the thread is continuing (homework over weekend to catch up with all the good posts)
Hey, nice to have you back
  • #226
  • Jun 24, 2011 6:56am Jun 24, 2011 6:56am
Quoting porfirio
hello chantalb

I am seeing the entry into aus-cad tomorrow or Monday after a retracment ... d1-h1

CCI 14 in d1 shows a clear divergence
Hi Porfirio,

Yes possibly, it all depends on how and where today closes. From there we might get a reverse back to lower levels by tuesday for an entry. I don't know about the CCI but the RSI shows a bounce off 40... remember what was said in the beginning of the thread about that in an uptrend... I guess we just got it...
  • #227
  • Jun 24, 2011 7:11am Jun 24, 2011 7:11am
Quoting il brigante
Long audnzd

This is one of the winning trades I had and I was short (made about 60 pips), now based on my last analysis I went long.

Comments are appreciated.

IB
Hello IB,

AUDNZD is a "special" pair with its peculiarity.

I think it could be worth the try to go long, but be leery as the pair is in a downtrend (in the higher TF), there are some examples in the 1 H chart of the pair for flags before continuing the downtrend. Even now there could develop a flag with a possible conituation of the downtrend afterwards ...

Good luck and lots of green pips!
  • #228
  • Jun 24, 2011 7:28am Jun 24, 2011 7:28am
Quoting il brigante
usdcad short.

Comments are appreciated.

Like my amigos Porfirio I am looking to short audcad when it reaches a certain level.

IB
Hey IB
The thing with UJ is that I would have liked to see a clear break (and close below) of 80. But suppose I took that trade where you have with the X I would have had my stop at the D1 PP +10, unless of course I was feeling stupid like I did today with EG…
AUDNZD I wouldn’t have been in, way too close to 000 for my taste. On h1 I see a bear flag… watch out!
USDCAD would have been a long but after getting that BIG black candle it would have been a no trade on the 1h
AUDCAD we’ll have to just wait and see…
Please give me the trades you entered 6 (4 losses and 2 wins) for me to take a look at them
  • #229
  • Jun 24, 2011 7:31am Jun 24, 2011 7:31am
Quoting Dortmunder
Hello IB,

AUDNZD is a "special" pair with its peculiarity.

I think it could be worth the try to go long, but be leery as the pair is in a downtrend (in the higher TF), there are some examples in the 1 H chart of the pair for flags before continuing the downtrend. Even now there could develop a flag with a possible conituation of the downtrend afterwards ...

Good luck and lots of green pips!
Hello Dortmunder,

It looks like we are seeing eye to eye on this pair, good to know
  • #230
  • Jun 24, 2011 8:10am Jun 24, 2011 8:10am
Quoting Chantalb
Hello Dortmunder,

It looks like we are seeing eye to eye on this pair, good to know
Chantalb

Why don't you show you pics?

I am also long audusd.

IB
  • #231
  • Jun 24, 2011 8:44am Jun 24, 2011 8:44am
Quoting il brigante
Chantalb

Why don't you show you pics?

I am also long audusd.

IB
There you go
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd bear flag.gif Size: 31 KB
  • #232
  • Jun 24, 2011 10:57am Jun 24, 2011 10:57am
Will take another short at this 4hr PP
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd1.gif Size: 26 KB
Click to Enlarge Name: eurusd.gif Size: 23 KB
  • #233
  • Jun 24, 2011 11:05am Jun 24, 2011 11:05am
Hi Chantalb,

one question: What's the plan behind your short entry? I see that your pivot high is 1,4440, then we had the move down to 1,4125. Finally we already had a retracement to the 61 % fib level .. but that's all over now, I mean there is still some way left to the 0 % fib line ... but is that still a good risk reward ratio ?

Please tell me, if I did not understand something crucial in this thread ...
  • #234
  • Jun 24, 2011 11:52am Jun 24, 2011 11:52am
Quoting Dortmunder
Hi Chantalb,

one question: What's the plan behind your short entry? I see that your pivot high is 1,4440, then we had the move down to 1,4125. Finally we already had a retracement to the 61 % fib level .. but that's all over now, I mean there is still some way left to the 0 % fib line ... but is that still a good risk reward ratio ?

Please tell me, if I did not understand something crucial in this thread ...
Yes you are right; I might have posted those a little too quickly without explaining them. I thought the pics were self explanatory.

Actually this is a setup Porfirio follows (he works with W1 4hr instead of D1 H1). I wanted to show him the importance of confluence between the different TFs and PPs.
Sometimes h1 can get too erratic for an entry on days just like today.

On the chart the red fib is the one of W1 and the green one is D1 both extended from their respective PPs. The pin bar we got was off a zone of very close confluence between the 2 fibs.

I don’t work with RR ratios, I definitely know my risk at all times and accept it when and if it hits me. Had I worked with RR I wouldn’t have a 440pip trade still on since the beginning of this thread. That is why I gave up RR long ago when I discovered its shortcomings.

I hope this helps
  • #235
  • Jun 24, 2011 2:11pm Jun 24, 2011 2:11pm
Chantalb, just to appreciate you for all your coaching. this thread is my best so far on FF keep doing the good work.
  • #236
  • Jun 24, 2011 2:24pm Jun 24, 2011 2:24pm
Quoting il brigante
usdcad short.

Comments are appreciated.

Like my amigos Porfirio I am looking to short audcad when it reaches a certain level.

IB
Hi IB,

I just want to remaind Chantalb basics, we all should stick to them.
When price travels between major and minor lines, then we always should have weekly bias clear, before we look for Daily PP and 1H retracements afterwards. Look at my charts, as I see it ( I know, I draw it after moves happend already and I didn't catch them , but it doesn't matter)

Happy pippin'
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCADw.jpg Size: 307 KB
Click to Enlarge Name: USDCADd.jpg Size: 294 KB
Click to Enlarge Name: USDCAD1h.jpg Size: 292 KB
  • #237
  • Jun 24, 2011 2:37pm Jun 24, 2011 2:37pm
Ok since a lot of people are bringing up the risk to reward ratio topic, I might as well address it. To keep things simple I will also take EU as an example.
Generally my risk is controlled by the distance of my stop to entry and that dictates the size of trade I will take.
Suppose I have equity of 50k and all I want to risk per trade is 1%
I get an entry with a 70pip stop; the size I would then trade would be equal to $7/pip
The attached image will show you more clearly.
My risk is fixed; however my reward is limitless so to speak, because the size of my trade is ever changing.
If we were to consider one of the entries I had taken on EU at the beginning of this thread. My entry was at 1.46256 and SL 1.47052 (1.46952+10pips buffer) for a difference of approximately 80pips.
Equity at 50k, my risk then was $500 for a potential open reward. I currently stand with this trade at some 460pips. Based on this MM I would have entered a trade size of $6/pip, thus an RR now of 1:5.XX
Making $2760 for a risk of $500 in little over two weeks on one trade is good business in my books.
So do I really care what an RR is or where I should get out to the pip because the RR says so… NO!
As long I stand firm and loyal to my rules, I will always come out a winner.
Good weekend to all
Chantal
Attached Image (click to enlarge)
Click to Enlarge Name: Risk Mngt.JPG Size: 44 KB
  • #238
  • Jun 24, 2011 4:47pm Jun 24, 2011 4:47pm
gbp-cad.... d1-h1....buy

CCI 14 divergence

wait retracment
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-cad d1-h1.gif Size: 34 KB
  • #239
  • Jun 24, 2011 6:36pm Jun 24, 2011 6:36pm
saludos
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-cad d1-h1-.gif Size: 30 KB
  • #240
  • Jun 24, 2011 10:01pm Jun 24, 2011 10:01pm
Got stopped usdcad short.

I can see there many "experts after the facts" on this blog.
Comments, theories, support, resistance fibo, pips in a week and nothing else.

All BALLSHIT excuse my french. All analysis are useless if your timing is wrong.

I have not seen yet a trade entered and posted and then closed with a decent gain pips. But what I heard is the amount of writing knowledge accumulated to support the lack of success in trading.

If we were successful traders we would not be on this blog. That why I think is important to work together for a positive final goal.

Trading is a ego trip business, most want to be a trader because the idea of easy life it has been sold to them: flat in Milan, drive an Aston Martin and wear a Patek Philippe watch, bad traders like to talk about the winning trades, good trades like to talk about the bad trades.

As a mentioned in my post # 198 which I have not received any thoughts (only Porfirio has made an attempt), if you want to make this blog interesting place "your balls on the line".

When you enter a trade you post it with comments and how many pips you are risking and then when you get out, post how many pips you made/lost and what did you learn from it.
This is way I think this blog can go further. I will continue to place my "ball on the line" if I see you doing it as well.

By the way I made 88 pips gbpcad long and 70 pips cadjpy short.

I closed the trades because of Friday and because I wanted to close my week
with profit so I can enjoy my weekend......

Al The Best
Il Brigante
0 traders viewing now