Pivot Trading

amazing as usual! If anyone wants inspiration just take Sniper as role model.Patent him! well Done

Its nice that the trades went in profit for you but honestly you had way too many positions there.You must of been real nervous and I hope you had exit strategy in case it didn't.
Plan for worse scenario always.

I am glad its working for you MundoKeep at it!

Expecting lot of volatility on Weds. Could BOC surprise the market by increasing the rate? Even holding at .5% is positive for the CAD
Feds may start their usual bullish hike rhetoric we'll see.
I am anticipating correction on EU as much as 200pips by end of the month but I am not shorting the EU because already selling EG EC EA so my plate of Euro is full.

Supporting news for CAD going into next week from Bloomberg;

Saudi Oil Minister: All ‘On Board’ for 9-Month Extension to Cuts

(Bloomberg) -- All producers agree to extend output cuts by 9 months to help reach goal of trimming global stockpiles to 5-year average, Khalid Al-Falih says in interview in Riyadh on Saturday.

1. “We think we have everybody on board. Everybody I’ve talked indicated that 9 months was a wise decision”

Thank you this may help UC and my EC shorts. EC in particular is very porky. Like to see 1.48

Dollar Extends Losses, Lives or Dies on Trump

Daily FX Market Roundup 05.19.17

By Kathy Lien, Managing Director of FX Strategy for BK Asset Management

The U.S. dollar came under heavy selling pressure this past week with the greenback breaking key support levels against the Japanese Yen, euro, British pound and other currencies. Although softer economic reports played a key role in the dollar's decline, President Trump's political trouble is the real reason for its aggressive slide. The investigation into the ties between Trump's presidential campaign and Russian influence sparked talk of impeachment. While this may be wishful thinking for some, the real implication will be on the President's ability to push through his pro-growth policies and that's where the political trade becomes an economic one.

The U.S. dollar ran up sharply mid April to mid May on the prospect of a June Federal Reserve rate hike but the central bank's hawkish views rely on Trump following through with his tax cut and spending plans. If the optimism fades and doubt grows, the Fed may need forgo raising interest rates next month and that's when the long dollar trade completely unwinds. We're not saying that the Fed will stand pat next month, in fact they are quite hawkish but this is a serious risk for the dollar. Even if the Fed tightens next month, if they cast doubt about future moves, the dollar could suffer. Therefore when it comes to U.S. politics or economics - it's really the same trade because the ongoing recovery in the economy and in turn future rate hikes hinge on pro growth policies that are now at risk from Trump uncertainty. He could also "save" the dollar by going over Congress and pre-announcing policy plans - its unprecedented but so are many of this President's actions. The FOMC minutes, revisions to second quarter GDP, housing data and the trade balance are the main U.S. economic reports on the calendar next week. The minutes are likely to be hawkish along with comments from the 5 Federal Reserve Presidents so USD/JPY could rise above 112.

The euro rose to its strongest level in 6 months on the back of U.S. dollar weakness. Although it pulled back slightly towards the end of the week, the breakout/uptrend remains intact as long as the currency pair holds above 1.10. It has been nearly 4 weeks since EUR/USD gapped up from 1.0730 to 1.0880 and the longer the pair holds above these levels, the more durable the gap. Fundamentals are also on the euro's side as the political risk in France and Germany fade with the CDU party's victory in rival territory. Data this past week has been good - German investor confidence rose strongly in the month of May, the Eurozone's trade surplus hit a 3 month high and there were no revisions to the Eurozone's Q1 GDP and French CPI reports. Even ECB President Draghi had to acknowledge the euro-area recovery as resilient and increasingly broad based. The euro also received help from the German - U.S. yield spread, which moved sharply higher this week. In the week ahead, the euro will remain in focus with the German IFO report and May PMIs due for release. Of all the major economies, the Eurozone is one of 2 with big events on the calendar so expect EUR/USD to be on the move. We are still looking for a firm break of 1.12 but if EUR/USD dips below 1.10, a deeper correction becomes likely.

As for sterling, GBP/USD has broken above 1.30, a psychologically and technical significant level. The break still needs to extend beyond 1.3050 to convince the bears that the next move will be 1.32. Although the Bank of England ruled out any rate hikes in the foreseeable future data has been very good, easing the market's concerns. Consumer spending jumped 2.3% in the month of April, which was more than double the market's 1.1% estimate. On an annualized basis, spending rose 4% which happened to be the strongest pace of growth in 5 months. Excluding autos and gas consumption was also very strong as the warm weather drew shoppers to the stores. Wages increased, inflation is on the rise and the number of people claiming jobless benefits was less in April than May. So while the BoE may not be ready to raise rates, their dovishness will gradually fade from the minds of investors if data continues to improve. There are no major U.K. economic reports scheduled for release next week outside of GDP revisions but U.K. GDP is generally not revised. Given the lack of U.K. data, a sharp fall in U.S. yields may be needed to take the pair back to 1.32.

The commodity currencies also ended the week higher against the greenback. The Canadian dollar was the best performer while the New Zealand dollar lagged behind amidst mixed data. Dairy prices increased but less than the previous auction. Softer service sector activity was offset by stronger consumer spending. In Australia, Over 37K jobs were created in the month of April, which was lower than March but significantly better than expected. Full time job losses were limited and most importantly, the unemployment rate dropped to 5.7% from 5.9%. Although the Reserve Bank has expressed concern about labor activity their worries should be eased by this latest report. There are no major Australian economic reports scheduled for release next week but Reserve Bank of Australia Deputy Governor Debelle speaks a few times and New Zealand releases its trade balance report. The trend is still down for AUD and NZD especially if the U.S. dollar recovers.

USD/CAD came off its recent highs as oil recovered, leading many investors to believe that it peaked despite mixed Canadian data. Consumer prices increased but less than anticipated, causing the year over year rate to hold steady at 1.6%. Retail sales shot up in March but all of the increase was caused by auto sales because spending ex autos dropped -0.2%. There are 2 major events on Canada's calendar - the Bank of Canada monetary policy announcement and the OPEC meeting. At the last meeting the central bank raised its growth forecast and brought forward their forecast for closing the output gap to the first half of 2018 sending the loonie sharply higher. Investors interpreted the announcement as the central moving away from their easing bias. Since the last meeting there have been both improvements and deterioration in Canada's economy. Retail sales, inflation, housing and trade activity softened but employment and manufacturing activity increased. We don't think there's enough changes to alter the central bank's views and put the CAD recovery at risk. OPEC nations are widely expected to extend the production cuts that they agreed to earlier this year. There shouldn't be a shock and awe announcement but a mere extension in production should still be enough to trigger a brief rally in oil and gains in the Canadian dollar.

Always been a fan of KL in fact at one point was trading her Bollinger bands.Thank you

Davit, i have a question, that will probably ban me from this thread....

As an example for short,

We are at 61R
TDI-RT is turning on 30 min
Fundamentals are favorable
We entering short with very low position
Price go's up to 78R, we sell again with low position
Price continues going up, 100R we sell again.....

What happens if the price never gets back for 3-4 months or for a year?

What is your advice? When do we cut(individual pain threshold?)? Do we reverse if the price hits 61S on the same chart some time later?

"We entering short with very low position Price go's up to 78R, we sell again with low position Price continues going up, 100R we sell again"

Every batch is treated as 1 trade.Important to understand this.
Your SL is price you are willing to risk example 200
You sell example UJ price didn't go down at 100R and you are -150. A. you can wait since you still have 50 or B you can take -25% loss reducing position then wait.If everything fails then you take the loss.
Trading lasting for months I have been there EA actually and held for 3 months I think and did become profitable.As far as never coming back well read what I wrote about SL.
You must plan your trades logically.Plan ahead.I always plan for worse then work backwards.
I hope this helps
Could you share what pair you are stuck with and where.I ban idiots and lazy individuals who like to be spoon fed never showing any self determination.I help people who genuinely care and want to get better however I like to see effort on your part as well.

The honor is all mine Davit ..

From page 1 on this thread got me thinking about my trading .. I have to confess the info here well it's not new, I know Mark Douglas, I traded systems and I think I'm not your average dumbass .. but .. you (and the other traders here in this thread) made me realize something, trading is not supposed to be exiting but (quoting ced74) "trading should be boring" .. and I thought I got an exiting hobby / job .. damned !!! .. ....

That's why this thread got my attention, made me think, why do I trade ???, excitement or making money ?? .. well I think this trade or the next one got me so excited I didn't think .. I know I must be looking at the next 20 trades, but that's boring, trading must be exciting, making money must be exciting .. and surprise making consistent money is not trade by trade exciting .. it's trade by trade boring making consistent money ! (and ok that is exciting ! .. .. ) .... think I'll stick to making some boring money and buy me some excitement with that boring money later .. ..

Trade a system (nice system here Davit), have the mindset (hello Mark Douglas), be bored (ced74) .. make money !

btw: got a job (it pays the bills and more important I love it) so time to trade (the hobby) is limited, will be looking for set-up's and trade when I can (paper for now, I need to know for sure I can be bored enough to make consistent profits), will share as possible so I can learn (and you can learn from my mistakes .. .. )

OK enough of this babbling ..
thnx Davit for starting this thread and all traders here for contributing ..

.. be bored and make money !! ..

And that hit me after some twenty years of trading .. well I am (was) a dumbass ! ..

[Quote = flynn91; 9891038] {quote} ¿le importa compartir su indicador de pivote Gracias?. Saludos, Flynn [/ quote]

First post. Look

Davit , thank you for your advice on currency pairs that smash thru the 100s/r level. As you pointed out if this level is broken , a strong trend is or could be at play. USD/CAD smashed thru this level on Friday. However , being a Canadian , the news about our economy was not great at all on Friday. OIL seemed to drive this pair on Friday. So , I liquidated my position , with a loss , (will live to trade another day). What is puzzling to me is, late Friday afternoon , PA slowed to a crawl. Thus , when the market re-opens , I am interested to see if there will be at least a 50% retracement of Fridays move , mainly due to the PA of OIL , if OIL retreats as well. Our Country's debt , like the US is WAAAY OUT OF CONTROL. I cannot even begin to fathom when the next rate hike in Canada will occur.
As you have posted many times and MD has stated , every moment is unique. Since I felt that I must have missed something due to the PA busting thru the 100s level , and NOT believing that a strong trend is in play , I am looking to draw from your experiences or any other serious traders that are on this thread.
So my question is , would you stop trading this pair this week until the News on Wednesday is released ? This is the 1st time I have experienced a breach of a 100s/r level and I am wondering COULD this have been "an OIL driven PA day only " and PA could easily retrace toward the WPP despite breaching such a significant level ?
Currently reading , BIRD WATCHING IN LION COUNTRY. On Friday I saw the lion's tail , but , did not see what was attached to the tail. Quite disappointed in myself actually for NOT paying closer attention to the PA at the key pivot points. I FEEL that I paid too much attention to the news.

To all , this thread IMO is unquestionably THE MOST VALUABLE RESOURCE THAT I HAVE BEEN PERMITTED TO SUBSCRIBE TO. I AM TRULY BLESSED !!
"green pips to all" ,
GreenEarth

I am short on UC and have been for over a month.I am looking TP 1.33 Should oil Cartel come though on oil cuts on Thurs it may reach 1.33 however rate decision and Feds minutes on Weds could set the stage. I think you should wait it out and see what happens on Weds.
Importance is not forcing trades.There are other opportunities always.
regards

I wasn't aware of the fact that it was even possible on Metatrader.

Imo this is a real game changer, since it comes in very handy when trying
to optimize the deployment of Davit's MEME Strategy.
Something you might want to take a look at!

Wishing greenest pips @all for the CW#21.

Ben

Davit , much thanks for the advice.
Sincerely ,
GE

Just to add my 1 cent on how I trade this scenario. Davit mentioned somewhere in his post that you should be looking to trade swings. Every time frame has its own swings, i trade off H4 most of the time and when i enter first batch of trade at between 61-100 and it goes against me, i look at the Daily or weekly timeframe to see if their swing high or low is still intact, if its still intact i enter another batch at those levels or close to these level (it will be around R/S 200 on the 4H).

Ultimately i close out my trades if the swing high/low is breached on the weekly or i have breached my mental stop in terms of $$. A case in point was my AUDCAD trade, i had over a 1000pips draw down but the weekly swing high was still intact and fundies favoured CAD, even when price rallied and the weekly swing high was breached it quickly retraced and didnt close the day above the last weekly swing high.The next day if fell strongly and my DD turned into gain, holding the last one for the 5th week.

Also important is mental fortitude to trade this way.

Hope it helps

PA now is very deceptive. Real directions won't be obvious until London and NY get involve. These are just old orders getting triggered on Asia session usually meaningless.
EU in particular should start her corrections below 1.12 this week and in turn trigger corrections on Euro crosses.

Sniperdebt, i recall in one of the post you mention your broker don't have swap? what broker are you using?