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Pivot Trading

  • #8,441
  • Apr 11, 2017 10:26am Apr 11, 2017 10:26am
Risk off happening. Gold up to 1270, Yen strong
  • #8,442
  • Apr 11, 2017 12:01pm Apr 11, 2017 12:01pm
EA move almost fully retracted building longs again
6positions now at 4133-40 very happy about my re-entree after taking profits at 4195
Attached Image (click to enlarge)
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In trading, you have to be defensive and aggressive at the same time
  • #8,443
  • Apr 11, 2017 12:48pm Apr 11, 2017 12:48pm
Quoting Davit
EA move almost fully retracted building longs again 6positions now at 4133-40 very happy about my re-entree after taking profits at 4195 {image}
Congrats Davit
your exit was clinical.


Quoting liamseden
Getting back from work, UC +553 pips won't close it as there is still potential to rally south, I will consider closing it after >Yellen's speech tonight. {image} EA +317 pips still holding them for the 3rd week. {image} DD on EU of -416 pips ( manageable and still have 5 bullets to unleash on it). {image}

I took profit on EA at 1.4205 for all my positions. +530 pips . Waiting on S38 to reload.
Attached Image
"Letting losses run is the most serious mistake made by most investors."W.O
  • #8,444
  • Apr 11, 2017 12:59pm Apr 11, 2017 12:59pm
Quoting liamseden
{quote} Congrats Davit your exit was clinical. {quote} I took profit on EA at 1.4205 for all my positions. +530 pips . Waiting on S38 to reload. {image}
Good job.May not drop below 41 this thing is heading 43+in my opinion
Daily and weekly making higher high.Basically we are in uptrend.
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In trading, you have to be defensive and aggressive at the same time
  • #8,445
  • Apr 11, 2017 1:10pm Apr 11, 2017 1:10pm
last 3days of trading
16-0 nice boast to account
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In trading, you have to be defensive and aggressive at the same time
  • #8,446
  • Apr 11, 2017 1:18pm Apr 11, 2017 1:18pm
EA taking off again sweet
Attached Image (click to enlarge)
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In trading, you have to be defensive and aggressive at the same time
  • #8,447
  • Apr 11, 2017 1:53pm Apr 11, 2017 1:53pm
Hi Davit - been v busy away from both trading and the thread for a while. Work settled down now, so hopefully more time to post.
Spotted the same set up on EA earlier +100 pips on the trade and looking for a re-entry.
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  • #8,448
  • Apr 11, 2017 2:04pm Apr 11, 2017 2:04pm
Quoting mch1970
Hi Davit - been v busy away from both trading and the thread for a while. Work settled down now, so hopefully more time to post. Spotted the same set up on EA earlier +100 pips on the trade and looking for a re-entry. {image}
welcome back buddy
your absence was felt
In trading, you have to be defensive and aggressive at the same time
  • #8,449
  • Apr 11, 2017 3:21pm Apr 11, 2017 3:21pm
I'm currently massively underwater on my EUR/JPY longs, nearly wipes out my profit so far this month if I close them. Will hold on for the moment however as I can't see the reason for such a big drop. Sitting on S100 now.

Although now I think of it could it be the French elections spooking everyone?
  • #8,450
  • Apr 11, 2017 8:56pm Apr 11, 2017 8:56pm
Quoting Davit
What we see today on UJ is why I always insist small lots and spread your entries Obviously traditional SL's on bull side got hit badly.. and it was the point from MM perspective taking your money People always say trading is hard.Its hard when you don't know how to overcome SL's placements and correctly allocating lot size VS account size.
The benefit of not using SLs is that your win % will be higher, but the problem is that when the market moves against you very quickly it can be very difficult to close a losing position. You might be hoping that the market is going to come back in your favour but it could keep going against you. You might have a plan to completely exit your position when your account is 2% down, but the market moves against you so quickly you find yourself 4% down in no time, then 6 then 8 and you really don't have a clue what to do. You're left hoping that Mr Market is going to come to your rescue, which might never happen.
  • #8,451
  • Apr 11, 2017 9:01pm Apr 11, 2017 9:01pm
Quoting Rub
I'm currently massively underwater on my EUR/JPY longs, nearly wipes out my profit so far this month if I close them. Will hold on for the moment however as I can't see the reason for such a big drop. Sitting on S100 now. Although now I think of it could it be the French elections spooking everyone?
This is what I mean. Sitting on a losing position while the market is trending against you is no way to trade. The reason for the move is a big unwinding of the Trump Trade. There was a long period of 'risk on' and now it's being unwound so the Yen is gaining. Searching for reasons and crossing your fingers isn't going to help you as your position goes deeper and deeper under water.
  • #8,452
  • Apr 11, 2017 9:07pm Apr 11, 2017 9:07pm
Quoting notouch
{quote} The benefit of not using SLs is that your win % will be higher, but the problem is that when the market moves against you very quickly it can be very difficult to close a losing position. You might be hoping that the market is going to come back in your favour but it could keep going against you. You might have a plan to completely exit your position when your account is 2% down, but the market moves against you so quickly you find yourself 4% down in no time, then 6 then 8 and you really don't have a clue what to do. Your left hoping that...

And while that trade continues to run against you, you have margin tied up in it that can't be used to take a favorable entry somewhere else. And, as hard as you might try not to let it affect your mental approach, having that big red number on your market terminal can make you hesitate to take good entries on other trades, as you fear too much exposure and tied up margin. All part of trading, we've all been there, but I know I'm much more comfortable cutting a loss before it grows too far.
  • #8,453
  • Apr 11, 2017 9:38pm Apr 11, 2017 9:38pm
Closing out trades, happy with results, besides it hit my 78.6 Scott Carney fib level so not chancing it.

Was away from computer for a few days and not able to close or place any trades. Paying the price on UJ since it went to 111.5 where I would have been on good profit...now not so much. Had to take care of emergency family issues and was away, did not get a chance to have tp on place before leaving. Lesson learned. Must be ready for anything and prepared for when situations out of my control happens. Good thing is I can hold DD and hopefully come out with less damage.
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Invest in Life
  • #8,454
  • Apr 11, 2017 9:59pm Apr 11, 2017 9:59pm
Quoting Mundo
Closing out trades, happy with results, besides it hit my 78.6 Scott Carney fib level so not chancing it. Was away from computer for a few days and not able to close or place any trades. Paying the price on UJ since it went to 111.5 where I would have been on good profit...now not so much. Had to take care of emergency family issues and was away, did not get a chance to have tp on place before leaving. Lesson learned. Must be ready for anything and prepared for when situations out of my control happens. Good thing is I can hold DD and hopefully...

Nice job U/C. Obviously a lot of us took that short. I'm still riding half of mine, T/P set pending average 3287. U/C news later, would b happy if I was out before that and watching for re entry opportunities. I hope U/J bounces for you Buddy. Yen strong while sabers are being drawn. I look to short if it bounces.
  • #8,455
  • Apr 11, 2017 10:40pm Apr 11, 2017 10:40pm
Quoting Mundo
Closing out trades, happy with results, besides it hit my 78.6 Scott Carney fib level so not chancing it.
I've recently read the books of Scott Carney, use his website and also attended some of his live trading sessions. He doesn't use fibonacci pivot levels, 78.6 or otherwise. He uses harmonic patterns based on fibonacci retracements and extensions but these have nothing to do with pivot levels.
  • #8,456
  • Apr 11, 2017 11:32pm Apr 11, 2017 11:32pm
U/CHF 5 Entries

Stubborn, tight range, keeps coming back up very close to my entries, but 4HR TL going my way. Target 2 for a close at S38, others lower depending on PA
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  • #8,457
  • Apr 11, 2017 11:46pm Apr 11, 2017 11:46pm
GBPNZD shorts looks fine.
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  • #8,458
  • Edited 12:16am Apr 12, 2017 12:05am | Edited 12:16am
Quoting notouch
{quote} I've recently read the books of Scott Carney, use his website and also attended some of his live trading sessions. He doesn't use fibonacci pivot levels, 78.6 or otherwise. He uses harmonic patterns based on fibonacci retracements and extensions but these have nothing to do with pivot levels.
Thank you for your explanation, however, there seems to be a misunderstanding somewhere. Probably in my explanation. As you can see on 4 hr chart the 78.6 Scott Carney Fib level is based on the harmonic pattern formed. Which as I mentioned was hit.

On the Daily I had taken profit on 61.8 fib level that was hit, as my tp1 is on 38.2 tp 2 on 61.8. I then re-entered after pair going long for a bit, and since pair seemed to continue downtrend then 78.6 Scott or Not was my last tp. Hope these illustrations do a better job of explaining than what I did.

Also, I apologize to Davit and all as I tend to post his template as per page 1 but I needed to illustrate my previous quote. And these "levels" or tp has to line up with Davit's Pivots as they supersede all other confirmation tools. At least for me, Davit's Pivots are the method I use all else as I said are tools to confirm.
Attached Image(s) (click to enlarge)
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Invest in Life
  • #8,459
  • Edited 1:34am Apr 12, 2017 12:50am | Edited 1:34am
Quoting notouch
{quote} The benefit of not using SLs is that your win % will be higher, but the problem is that when the market moves against you very quickly it can be very difficult to close a losing position. You might be hoping that the market is going to come back in your favour but it could keep going against you. You might have a plan to completely exit your position when your account is 2% down, but the market moves against you so quickly you find yourself 4% down in no time, then 6 then 8 and you really don't have a clue what to do. You're left hoping...
You are under lot of assumptions. I do have SL and have wrote extensively on this thread.Everyone should have exit strategy nobody here and certainly not me advocates holding losing positions indefinitely until account gets busted.
In trading, you have to be defensive and aggressive at the same time
  • #8,460
  • Apr 12, 2017 12:54am Apr 12, 2017 12:54am
Quoting notouch
{quote} I've recently read the books of Scott Carney, use his website and also attended some of his live trading sessions. He doesn't use fibonacci pivot levels, 78.6 or otherwise. He uses harmonic patterns based on fibonacci retracements and extensions but these have nothing to do with pivot levels.
You obviously have not read anything or much on this thread. Fib Pivots strongly correspond to harmonic levels.This has been my experience after thousands of trades using fib pivots.
Furthermore my references to Scott Carney and harmonics in general is intentional and its pretty obvious why.
In trading, you have to be defensive and aggressive at the same time
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