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Pivot Trading

  • #8,221
  • Mar 30, 2017 5:09am Mar 30, 2017 5:09am
EA, EN hit SL, reentry after TDI confirmation. EU late entry - strong H4 wave down. All three in profit.

IMO Euro weakness may continue - ECB reiterating that existing monetary policies will continue for sometime & the brexit showdown.

Cheers
MR

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Silence your Ego & Your Power will Rise
  • #8,222
  • Mar 30, 2017 10:40am Mar 30, 2017 10:40am
Quoting Mundo
EU on my demo account. The other account had similar entries but double the amount of trades. Took profit before taking pic so posted these. Still holding DD on UJ took profit on 2 trades though. I am looking for a continued drop. S61 ideally S78. From R78 to S78. Good support at 1.0700 {image}
Update on EU closed 3 positions in profit closing 3 more letting 1 run to S78
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Invest in Life
  • #8,223
  • Mar 30, 2017 10:40am Mar 30, 2017 10:40am
Quoting Mundo
{quote} Update on EU closed 3 positions in profit closing 3 more letting 1 run to S78 {image}
excellent trading
In trading, you have to be defensive and aggressive at the same time
  • #8,224
  • Mar 30, 2017 10:43am Mar 30, 2017 10:43am
Quoting mraam
EA, EN hit SL, reentry after TDI confirmation. EU late entry - strong H4 wave down. All three in profit. IMO Euro weakness may continue - ECB reiterating that existing monetary policies will continue for sometime & the brexit showdown. Cheers MR {image} {image} {image}
Hi friend
I could not find any real source on ECB comment of yours.
Could you post the source? thank you and good trading
In trading, you have to be defensive and aggressive at the same time
  • #8,225
  • Mar 30, 2017 10:47am Mar 30, 2017 10:47am
EURAUD - took profit on one position, second one still open

EURNZD - took profit on 2.

Had an EU short open yesterday. Got closed somehow. Think some weird mouse lag caused me to make some extra clicks since I have to remote into home PC from work.

Demo is back positive overall, still have some DD though.
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  • #8,226
  • Mar 30, 2017 11:19am Mar 30, 2017 11:19am
Quoting csternfx
EURAUD - took profit on one position, second one still open EURNZD - took profit on 2. Had an EU short open yesterday. Got closed somehow. Think some weird mouse lag caused me to make some extra clicks since I have to remote into home PC from work. Demo is back positive overall, still have some DD though. {image} {image}
DD is normal.I basically always have DD waiting for trade to get in green. Price is a moving thing.If you prefer no DD at all then you got to set tight SL's then issue becomes frequent SL's taken out and you get 10 a week and that would put a dent on your account.
Reduce your lots and spread the entries.That's the key.

Pivots provide a measuring stick sort of.
Price reaches 61-100 levels then even if your earlier entries are in red you got a high probability price turning and get in nice profit.However If you set 1 SL at 61 taken out another at 78 taken out and another at 100 taken out then you are in a hole before price has a chance to get in green.
You follow me?
This is the reason that I can have DD and sleep easily and worry free.Its understanding how price moves!
In trading, you have to be defensive and aggressive at the same time
  • #8,227
  • Mar 30, 2017 11:38am Mar 30, 2017 11:38am
EU almost inside the zone
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In trading, you have to be defensive and aggressive at the same time
  • #8,228
  • Mar 30, 2017 11:39am Mar 30, 2017 11:39am
Quoting Davit
{quote} DD is normal.I basically always have DD waiting for trade to get in green. Price is a moving thing.If you prefer no DD at all then you got to set tight SL's then issue becomes frequent SL's taken out and you get 10 a week and that would put a dent on your account. Reduce your lots and spread the entries.That's the key. Pivots provide a measuring stick sort of. Price reaches 61-100 levels then even if your earlier entries are in red you got a high probability price turning and get in nice profit.However If you set 1 SL at 61 taken out another...
This is the "Money Shot" as we say in Photography.

With these pivots anyone who follows this will have high probability entries, and if patient with any dd you will be in profit. Look at my pic in post #8,223 for EU that bottom sell was a bad entry from last week, but after allowing Market do its thing...I then proceeded to enter at R78 and R61 this week. Started taking profits while letting other entries run. Even if I close that bad entry now it would be a 7 pip loss...in comparison with the +300 pips gained by following what Davit just said.

The way I see it as long as I don't put my margin at risk...no matter what amount of pips in dd it is not a loss until I close it. This method affords me the opportunity to see it that way and not get all emotional because there is a high probability that it will turn at 61-100.

Hope this motivate you all because it has worked for me since I worked on it.
Invest in Life
  • #8,229
  • Mar 30, 2017 11:55am Mar 30, 2017 11:55am
Some of my current DD comes from not closing out and taking the loss when it was obvious the trade was broken. Happened on EURCAD which has been in a huge up trend. Should have cut my losses long ago. Had I done that, I would be very positive right now. A lot of the DD has been recovered. I think being in demo allowed me to hold this since there is plenty of margin available, but I can't do this live at all.

Its a lesson I have since put to use. I have closed several other bad trades with 500 pip losses and am still in profit overall.

I remember a part of Trading in the Zone that addresses this exact issue and makes me embarrassed about this. It explains not being able to take a loss, how you will stare at the market and try to come up with a reason that every tick in your direction is your bad trade turning around. Even though it would be obvious you are wrong if you weren't in the trade. So true.
  • #8,230
  • Mar 30, 2017 12:07pm Mar 30, 2017 12:07pm
Quoting Mundo
I am looking for a continued drop. S61 ideally S78. From R78 to S78. Good support at 1.0700 {image}
And like clockwork... these pivots time and time again show their strength. Follow this thread as is and watch this happen every week, every month, every quarter.
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Invest in Life
  • #8,231
  • Mar 30, 2017 12:11pm Mar 30, 2017 12:11pm
Quoting csternfx
Some of my current DD comes from not closing out and taking the loss when it was obvious the trade was broken. Happened on EURCAD which has been in a huge up trend. Should have cut my losses long ago. Had I done that, I would be very positive right now. A lot of the DD has been recovered. I think being in demo allowed me to hold this since there is plenty of margin available, but I can't do this live at all. Its a lesson I have since put to use. I have closed several other bad trades with 500 pip losses and am still in profit overall. I remember...
There is a easy solution which often shared.
Set SL not in pips but in actual $$ say you have 10k account set pair batch of trades 250-500 whichever amount you like to risk then trade according to this system.As long as your set $$ is not hit you are good but you must close the loss should it hit your set $$
This eliminates the whole discussion where to place SL

Advantage
Example you want to invest 4 dollar a pip on EU total.
Then you break up 8 50C a pip entries which will give you big fishing net.You can even drop lower 30C 13 entries
You see you can use mini lots as firing bullets instead of single canon
What can 13 entries accomplish? A lot
Traditional 1 entry is often taken out either with tight SL or panic taken loss because mentally too painful to see rabid DD forming.
Same scenario 2x .50C entries at 61 would be 25% lot invested hence no panic.You follow me? even with 50pip DD that's only 50dollar DD nothing in comparison your intended lot for the pair.So you still have 6 entries to enter at 78-100 increasing your chance of profitability with wide net fishing instead of spear fishing
In trading, you have to be defensive and aggressive at the same time
  • #8,232
  • Mar 30, 2017 12:22pm Mar 30, 2017 12:22pm
Quoting Mundo
{quote} And like clockwork... these pivots time and time again show their strength. Follow this thread as is and watch this happen every week, every month, every quarter. {image}
I am already building longs on thisHigh probability set up
In trading, you have to be defensive and aggressive at the same time
  • #8,233
  • Mar 30, 2017 12:24pm Mar 30, 2017 12:24pm
March 2017 only
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I know one thing, that I know nothing - Socrates
  • #8,234
  • Mar 30, 2017 1:20pm Mar 30, 2017 1:20pm
Quoting Davit
{quote} There is a easy solution which often shared. Set SL not in pips but in actual $$ say you have 10k account set pair batch of trades 250-500 whichever amount you like to risk then trade according to this system.As long as your set $$ is not hit you are good but you must close the loss should it hit your set $$ This eliminates the whole discussion where to place SL Advantage Example you want to invest 4 dollar a pip on EU total. Then you break up 8 50C a pip entries which will give you big fishing net.You can even drop lower 30C 13 entries...
I definitely don't make enough entries at the moment. I am planning on doing 5 entries at .01 lots each to start when I go live. Stop loss will be approximately 500 pips overall in the trade, so $50. Many of my demo trades, I'm only getting 2 entries and not adding more when it goes my direction. 5 entries should give me plenty of room for the trade to move. As the account grows, I plan to add additional .01 lots to each position increasing risk and return.
  • #8,235
  • Mar 30, 2017 2:13pm Mar 30, 2017 2:13pm
NZD/CAD setting up?
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  • #8,236
  • Mar 30, 2017 7:00pm Mar 30, 2017 7:00pm
Quoting Davit
EU almost inside the zone {image}
Thank you very much, Davit, for this great system. I bought some EU when it bounces off the S100. Looking forward to continue learning...
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  • #8,237
  • Mar 30, 2017 10:27pm Mar 30, 2017 10:27pm
Quoting Davit
{quote} Hi friend I could not find any real source on ECB comment of yours. Could you post the source? thank you and good trading
Thanks Buddy, Should have shared the links, here you go.

http://www.reuters.com/article/us-ec...KBN1711M3?il=0

http://news.forexlive.com/!/the-ecbs...wtony-20170330

In summary, most of the policymakers are of the view that the current tapering should continue at least through 2017. To quote Peter Praet - "We are not yet sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner", "Inflation dynamics still remain reliant on the very substantial degree of monetary accommodation which prevails", very dovish statements from the chief economist of ECB. The 2nd link is from another ECB member Nowtony, also dovish.

Probably coincidence or resistance (crosses @ Nov 2016 high) , euro started to weaken after these comments.

From the looks of it, tapering is still quite far away.

Hope it helps

Cheers
MR
Silence your Ego & Your Power will Rise
  • #8,238
  • Mar 31, 2017 5:30am Mar 31, 2017 5:30am
Quoting Tamarind77
March 2017 only {image}
Good one Tamarind, i like your risk well under control
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #8,239
  • Mar 31, 2017 5:38am Mar 31, 2017 5:38am
Loaded up on A/U again, took a while to drop. Targeting current S38.
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  • #8,240
  • Mar 31, 2017 8:05am Mar 31, 2017 8:05am
Canadian GDP very positive......


Gross domestic product grew 0.6% in January on the strength of widespread growth across both goods- and service-producing industries. With the exception of October, gross domestic product has risen every month since June 2016.
Chart 1 http://www.statcan.gc.ca/dai-quo/img/magnify-clip.png
Real gross domestic product grows in January

Goods-producing industries grew for the seventh time in eight months, increasing by 1.1% in January. Service-producing industries rose 0.4%, their highest monthly growth rate since June 2015

I will hold U/C and A/C shorts. N/U almost at first target, will hold half targeting S138. Nice dive on A/U first target S38, hold half for S78
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