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Pivot Trading

  • #8,121
  • Mar 23, 2017 11:35pm Mar 23, 2017 11:35pm
Currently targeting WPP, but considering taking some off the table with the CAD news tonight. Also still in E/U short and A/u short.
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  • #8,122
  • Mar 24, 2017 12:05am Mar 24, 2017 12:05am
Quoting Davit
{quote} Hi Voti I think I talked about limit orders before but I'll say it again. Limit orders are not part of my system.My system is based on reading PA on key pivots.Limit orders assumes price will do what you expect.While that may work few times it can also not work lot other times.What I am sharing here is high probability system but you are actually lowering my Edge by introducing a variable of your own doing. I just thought to share this so we are on same page. regards
I understand limit orders are not part of your system but what do you do when you can't watch price action? eg sleeping, working?
Hope for the best, prepare for the worst.
  • #8,123
  • Mar 24, 2017 3:19am Mar 24, 2017 3:19am
Small trade
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  • #8,124
  • Mar 24, 2017 3:50am Mar 24, 2017 3:50am
Still HOLD AU
270 pips so far..
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And NU 70 pips
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Combination of Edge, Pivot Zone, ADR and magic of PA is A+ Probability
  • #8,125
  • Mar 24, 2017 3:56am Mar 24, 2017 3:56am
Quoting Davit
{quote} I ride a motorcycle everyday and people keep asking how dangerous it is.Well it is but my love for riding dominates my concerns for risk however I ride responsibly.
Drive safely Davit... . Just a friendly reminder...
Attached File(s)
File Type: mp4 Drive to fast.mp4   710 KB | 487 downloads
Combination of Edge, Pivot Zone, ADR and magic of PA is A+ Probability
  • #8,126
  • Mar 24, 2017 4:02am Mar 24, 2017 4:02am
well poop. Got taken out for 60 pips on E/U while I went to get dinner. Better than a loss though!
  • #8,127
  • Mar 24, 2017 6:32am Mar 24, 2017 6:32am
Just wanted share how I also use pivots and PA and again "what works for me". That is following the channels.
The trade on EUR/GBP is in the zone and I just used the channel as additional confirmation. In this case I think the edge was increased.

And I wanted to show the power of limits orders here. Those in fact I use again sharpen the edge even more and place in pivot levels. But not blindly!!!
Only I'm very special in missing then. As you can see, both missed by like 2 pips on 22nd and 23rd March.
Both orders are void now and removed.
Closed for +60, with the order filled would be +100...
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buying tops / selling bottoms
  • #8,128
  • Mar 24, 2017 6:47am Mar 24, 2017 6:47am
Quoting dab
{quote} I understand limit orders are not part of your system but what do you do when you can't watch price action? eg sleeping, working?
Real issue is DD and minimizing DD
if you place limits with SL then that's ok at least it limit the damage otherwise find better suiting trading system for your schedule.
regards
In trading, you have to be defensive and aggressive at the same time
  • #8,129
  • Mar 24, 2017 6:50am Mar 24, 2017 6:50am
Quoting Rub
Currently targeting WPP, but considering taking some off the table with the CAD news tonight. Also still in E/U short and A/u short. {image}
that's lot of lines
In trading, you have to be defensive and aggressive at the same time
  • #8,130
  • Mar 24, 2017 6:51am Mar 24, 2017 6:51am
Quoting andy_l
Still HOLD AU 270 pips so far.. {image} And NU 70 pips {image}
good goingand thanks for mp3
In trading, you have to be defensive and aggressive at the same time
  • #8,131
  • Mar 24, 2017 6:57am Mar 24, 2017 6:57am
all about CAD today.If numbers come out green finally AC can push from 0165 lower maybe 100 handle
Still long on EAwhich I feel like a hen have been sitting on these eggs long time
In trading, you have to be defensive and aggressive at the same time
  • #8,132
  • Mar 24, 2017 7:05am Mar 24, 2017 7:05am
Quoting Mundo
{quote} Thanks Davit. This thread has been priceless and has changed lives. It has changed mine and my family has been the main beneficiary of it. Again thank you Davit
continue on making progress and profits and thank you
In trading, you have to be defensive and aggressive at the same time
  • #8,133
  • Mar 24, 2017 7:08am Mar 24, 2017 7:08am
Here is the dilemma about trends.
Just when does one consider previous trend broken and you are in new trend? EA for example.Are we in new uptrend? or correction from Bear trend.
In my opinion its a new uptrend....but this is a tricky fine line to define
It is said they institutional traders define trend based on 200 MA above uptrend below downtrend.Based on this its still bear trend below 4370 MA however to me this is rather extreme conservative view price hit 3620 and since then climbed over 500pips !! do you see the issue?
In trading, you have to be defensive and aggressive at the same time
  • #8,134
  • Mar 24, 2017 7:35am Mar 24, 2017 7:35am
Quoting Davit
{quote} Real issue is DD and minimizing DD if you place limits with SL then that's ok at least it limit the damage otherwise find better suiting trading system for your schedule. regards
sorry, didn't word my question very well, what about limits to close trades at your target when you are working or sleeping? Or do you prefer a trailing stop? Or always close positions manually based on PA?
Hope for the best, prepare for the worst.
  • #8,135
  • Mar 24, 2017 7:47am Mar 24, 2017 7:47am
Quoting dab
{quote} sorry, didn't word my question very well, what about limits to close trades at your target when you are working or sleeping? Or do you prefer a trailing stop? Or always close positions manually based on PA?
I have most of my trades on limit TP since in forex you never know a spike could come in your way and yes I work full time and not there all the time to take TP manually.
Having set TP helps on patience part as well....

CAD numbers were not bad at least not red so have no reason to worry or close DD trades
EA is about to make huge leap to 42
In trading, you have to be defensive and aggressive at the same time
  • #8,136
  • Mar 24, 2017 8:05am Mar 24, 2017 8:05am
Evening folks,

Sometime since i posted. Anyways Im out of EA, very good lessons for me on this trade.

Though initially i made a few thousand pips (2 batches), at one point i was double the loss of what i gained. I held on - 21 days to be exact. Though positions were small they had a big total. I was ready to close all positions below S138, fortunately thats where PA started rejecting the move down.

No more jumping into trades without proper oversight. Davit is spot on when he keeps talking about smaller ME entries, overtime you can get out with a smaller loss or profit, provided PA moves in your favor.

Nevertheless watch the zones & most importantly wait for the rejection.
Cheers
MR
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Silence your Ego & Your Power will Rise
  • #8,137
  • Edited 8:18am Mar 24, 2017 8:06am | Edited 8:18am
Quoting plukin
Hi traders, I feel like touching on "Anything can happen" as "anything" can be really anything! & that can blow up our minds & we can find ourselves fighting the market & not going with the flow..instead of realizing we are on the wrong side of the market & cutting our losses and moving on to the next one. Davit's system will work well in ranging markets, it's sort of mean reversion system. Here & there markets will go "out of balance" for quite some time & it can stay so way longer then trader's account or trader itself can...
Since you here I like to answer your observations
In simply terms my focus is on swings. Yes things can get out of hand and that's why everyone should have cut out point when you say-"Its not working" and I am out.
This is basic and I insist people define their SL whatever it suits them.
Some pairs my SL is 500pips and some just 200pips and all has to do my position size.I may decide to get out way earlier like I did on NU this month.Price did come back to my starting point but could of easily gone another 400pips south....Its managing one's account.Everyone should consider their lot size vs equity size.My motto is trade small prepare for worse and have great attitude to carry on.Its about grinding it out every day week month until end of year then you look at your gains.
I had a great Jan Feb and crappy March however 1Q I am way up.No reason to be ashamed its just market.Trajectory should be focused on quarters.Takes the pressure of being profitable every day.This to me is how institutions trade or big companies operate..looking at the bigger picture
regards
In trading, you have to be defensive and aggressive at the same time
  • #8,138
  • Mar 24, 2017 8:22am Mar 24, 2017 8:22am
Quoting Davit
{quote} Since you here I like to answer your observations In simply terms my focus is on swings. Yes things can get out of hand and that's why everyone should have cut out point when you say-"Its not working" and I am out. This is basic and I insist people define their SL whatever it suits them. regards
For some people like me in that count, the cut out point is hard to define, because on every next pivot seems that the price migt start turning around,and then on the next one .... I like your system, but maybe my deposit is too small for it (can't afford bigger). I was using small trades, but NU drop down cought me in a trap and I was too weak to get out sooner, it took my SL 30 pips before it turned around. I took a loss, that's my fault, should have cut it sooner.
I have almost covered up the loss I took, but with small SL and TP trading near pivots and with bigger lot. I chose this method because its impossible to predict the future, but the probability of a small bounce from a resistance/support is quite big. This week +37% risking 2-2.5% per trade.
  • #8,139
  • Mar 24, 2017 8:29am Mar 24, 2017 8:29am
Quoting akurs
{quote} For some people like me in that count, the cut out point is hard to define, because on every next pivot seems that the price migt start turning around,and then on the next one .... I like your system, but maybe my deposit is too small for it (can't afford bigger). I was using small trades, but NU drop down cought me in a trap and I was too weak to get out sooner, it took my SL 30 pips before it turned around. I took a loss, that's my fault, should have cut it sooner. I have almost covered up the loss I took, but with small...
It is easier risking lot more on small account then large. 1k account one can risk 30% but not feasible or plain stupid on 10k account and real stupid on 50k
You have to reach a level when you can sleep without worry.When I have to worry about a trade then I know I screwed up both lot size and trade management.Luckily I am passed through that phase long time ego.I know my limits on both my account and psychology.
Not boasting here but consider this.
below image is from psycho cybernetics look in clipboard for PDF's
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In trading, you have to be defensive and aggressive at the same time
  • #8,140
  • Mar 24, 2017 8:51am Mar 24, 2017 8:51am
The real reason I focus so much on trading psychology because it effects everything.Your self image effects the outcome of trade and how you manage the trade and how you deal with adversary.Psycho cybernetics deals with self image.Every successful person has a positive self image and this is critical.Trading is self discovery.Your demons inside creep up when you least expect.When trade goes bad you remember your wife or friend telling you " you are wasting time trading because nobody makes money on it" and you start getting discouraged and to prove them wrong you start risking more because you want to get out of red and be in green and end up digging deeper hole and your confidence at this point is at zero and most often people just quit and not knowing how close they were to succeed.
When you master yourself things become lot easier and making money becomes a by product of your self image.
In trading, you have to be defensive and aggressive at the same time
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