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Pivot Trading

A happy anniversary to you and this lovely thread Davit....

I don't know why no emoticons are avail.
Quoting jeffm
{quote} Thanks Davit, I was venting my frustration at having a big drawdown at the moment. I have done the same with countless screen shots and can see the accuracy of the pivots but I just seem to get married to my trades and let them go into the negative way too far when fundamentals take over. Do I need to set a stoploss and be done with the trade if it hits it. That doesn't seem to be your method. {image}
Hi Jeffm, I think you should only take trades at 100 levels and above, that will teach you patience and self control. Also, minimize your risk to 0.01 lot sizes till you build confidence. Hope you find it useful.
D labour of a fool wearieth him cos he doesn't know how to enta d city
Close last order in S-138 and reentry again
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couldn't look after the trades (at work unfortunately) still happily closed them for healthy +56 and +54 pips.
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The only thing that will make us successful is if we can control ourselves!
Quoting lordgbengs
{quote} Hi Jeffm, I think you should only take trades at 100 levels and above, that will teach you patience and self control. Also, minimize your risk to 0.01 lot sizes till you build confidence. Hope you find it useful.
I am going to try taking just the r/s100 trades. It might help to limit my drawdowns. Will see how it goes. There will be less trades but higher percent winners i think.
Thanks, I had the same idea a week ago (above april 18) But I let the losers keep going. Do you set stops?

Appreciate the advice.
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Quoting jeffm
I am going to try taking just the r/s100 trades. It might help to limit my drawdowns. Will see how it goes. There will be less trades but higher percent winners i think. {image}
This is what I wrote a week ago Lordbengs. We're on the same wavelength.
Quoting jeffm
{quote} I am going to try taking just the r/s100 trades. It might help to limit my drawdowns. Will see how it goes. There will be less trades but higher percent winners i think.{quote} Thanks, I had the same idea a week ago (above april 18) But I let the losers keep going. Do you set stops? Appreciate the advice. {image}
I had a quick look at about where you sold it, that would have been the 15th by my reckoning, and I can't see any bearing price action. While there were a couple of bearish candles on the 30 min chart, I don't see enough to justify entering more than once, especially once it rocketed past the high.
Quoting jeffm
{quote} I am going to try taking just the r/s100 trades. It might help to limit my drawdowns. Will see how it goes. There will be less trades but higher percent winners i think.{quote} Thanks, I had the same idea a week ago (above april 18) But I let the losers keep going. Do you set stops? Appreciate the advice. {image}
Hi Jeffm, in addition only trade H4 chart for starters, it will calm you down. Looking at the chart you attached there was no price action for a reversal on the H4. Most importantly and as Davit and MD advised , look at the big picture and not boxed into 1 trade, access your performance over 100 trades or more.

Hope this helps.
D labour of a fool wearieth him cos he doesn't know how to enta d city
Quoting Rub
{quote} I had a quick look at about where you sold it, that would have been the 15th by my reckoning, and I can't see any bearing price action. While there were a couple of bearish candles on the 30 min chart, I don't see enough to justify entering more than once, especially once it rocketed past the high.
Thanks Rub. It was the 18th but you are right, there was no bearish PA i just set sells at the r100 because the previous week there were alot of good trades bouncing off the 100's. Thanks for your interest.
Quoting lordgbengs
{quote} Hi Jeffm, in addition only trade H4 chart for starters, it will calm you down. Looking at the chart you attached there was no price action for a reversal on the H4. Most importantly and as Davit and MD advised , look at the big picture and not boxed into 1 trade, access your performance over 100 trades or more. Hope this helps.
Thanks lordgbengs, I will try the 4 hr charts and settle things down a bit . I am starting to read Mark Douglas again also.
Dear Davit
I am highly impressed by this thread and it may be one of the best thread in FF till this date. May I know...
That little yellow box you often using(like SND)is auto or manually drawn?
Can same davit pivots work with stocks/indexes or is it only for forex?

Thank you so much.Kind regards
Quick few before work +134 all together. Cannot monitor them and could see small resistance to the left so closed manually. Take care everyone and enjoy the weekend with your closest ones
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The only thing that will make us successful is if we can control ourselves!
A little DD on EURAUD.

Inverted hammer off the 78 looked good. Still have the 100 coming up with resistance to the left around that area. Also remember sniperdebt posting a harmonic pattern looking for a sell.

I really need to work on my price action.
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Good weekend to @ to all
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Well, I said I had a shocker of a month and here it is. This is my return in pips for each month, I only traded one trade at a time in Febuary, only traded the last two weeks in March, and got myself murdered on EUR/JPY longs, followed by building shorts too early on AUD/CAD. I made about 600 pips back on EUR/GBP shorts I closed last night, but I currently have 1800 pips in floating draw down on USD/CAD short, EUR/AUD short, and AUD/NZD. Some lessons learned:

-Don't get fancy! Build positions from 38 onward, better if it's the 61. Davit isn't kidding!
-Trading small will definitely save your account, especially if you're not ruthless on cutting it when it hits the $$$ loss you say you're willing to take.
-Need to start looking for confluence, and bear in mind what's strong/weak. Not good going long A/U and short EUR/AUD!
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Quoting Tamarind77
Yup happy anniversary Davit and "Pivot Trading with TDI" and all survivor here. {image}
Thank you Tamarind and others.I was not even aware myself until you guys pointed out.Wow really been 1year!
Thank you again and lets continue build that equity.
In trading, you have to be defensive and aggressive at the same time
Quoting Rub
Well, I said I had a shocker of a month and here it is. This is my return in pips for each month, I only traded one trade at a time in Febuary, only traded the last two weeks in March, and got myself murdered on EUR/JPY longs, followed by building shorts too early on AUD/CAD. I made about 600 pips back on EUR/GBP shorts I closed last night, but I currently have 1800 pips in floating draw down on USD/CAD short, EUR/AUD short, and AUD/NZD. Some lessons learned: -Don't get fancy! Build positions from 38 onward, better if it's the 61. Davit isn't kidding!...
Rub you really seriously should reexamine what I have been saying on this thread from page 1 forward.
I do have SL and have posted several times how I do it.It seems and evidently you are reckless how you trade.I can't make you reduce your lots or make you wait for best set ups or have exit strategy that's up to you.
Be warned I am considering removing you from here since you fail to implement principles on this thread.
In trading, you have to be defensive and aggressive at the same time
Finished April strong with 12% gain of equity. 2% over my target of 10%
Friday closed my AU longs at 7486 with decent gains and have great profitable trades on EC carrying it over.Have DD on UC and AC both in normal manageable size that causes no worry to me or account.Why?because my exposure is limited by my lot sizes.
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In trading, you have to be defensive and aggressive at the same time
Quoting fibozone
Dear Davit I am highly impressed by this thread and it may be one of the best thread in FF till this date. May I know... That little yellow box you often using(like SND)is auto or manually drawn? Can same davit pivots work with stocks/indexes or is it only for forex? Thank you so much.Kind regards
Thank you and yellow box is manually drawn for illustration purposes. Pivot could work in other markets in my opinion you just need to observe how it behaves and make your own judgement.
In trading, you have to be defensive and aggressive at the same time
Quoting Rub
Well, I said I had a shocker of a month and here it is. This is my return in pips for each month, I only traded one trade at a time in Febuary, only traded the last two weeks in March, and got myself murdered on EUR/JPY longs, followed by building shorts too early on AUD/CAD. I made about 600 pips back on EUR/GBP shorts I closed last night, but I currently have 1800 pips in floating draw down on USD/CAD short, EUR/AUD short, and AUD/NZD. Some lessons learned: -Don't get fancy! Build positions from 38 onward, better if it's the 61. Davit isn't kidding!...
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Hi! Seems you are not following the system rules, just looked at your short trades on usdcad, euraud, and audnzd. Seems you randomly pushing the bottons, even without putting stop loss. In case of aurnzd, where it is in uptrend from 17th April, audnzd from20th april, and usdcad from 13 th april. Sorry for the interruption.
Davit, thank you for sharing this nice thread with all of us.
Thanks!
Sincerely,
RSwamy
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