10.4 A Complete System

[Gertje]

USD is taking off".....

[cmeade2]

Not sure you made the right choice.

I also don't like the price action. The AudUsd has three solid down bars on the H4

Bit of divergence on the AO that makes it a bit less attractive maybe.

cmeade2,
My Money is on this EUR/CHF trade as opposed to the AudUsd Chart, let's see how it pans out, it might just do what I expect it to do, but then Again it's a New Month tomorrow and the Pivots might reset themselves but I'll take the Risk.

Happy Tading Y'all.

xrismak.

[wolfeman]

By the look of your market info indi, there's no money left in your account. Did you margin out? If so, that means you need to use much smaller lotsizes and use the 240 as a stop. If you had,you would still be ok then.

Yesterday i but sell pending order on GBPNZD 1.8293 (ws1) with SL=80 and result -80 pips
Can someone explain to me where is my mistake ?
attached chart

[tortoise]

Yesterday i but sell pending order on GBPNZD 1.8293 (ws1) with SL=80 and result -80 pips
Can someone explain to me where is my mistake ?
attached chart

should have skipped WR1, and the WMP, and set an entry at the WP...WMP doesn't seem to hold any strength against price whatsoever

Fahedksa,

I also sold GBP/NZD at 1.8294. To me it was a good sell. But as soon as it hit MR1 I moved stop to 1/2. I am keeping track of all the trades I see and do on Excel. So far I have 39 trades and the percent of time the market comes back to hit the half way point between the entry Pivot line and the next pivot line is just under 50%. Try moving you stop sooner.

I also think that 80 pip SL was too close. Mine SL was 152 pips above the swing high. Nanningbob talked about giving the market plenty of room but the key is use a stop for the market not for the amount of funds in your account. You can afford a 152 pip stop if you use less lots.

Here is a good formula for lots:

Lots=(Funds X % risk)/stop/Pip Value

[mjws00]

Yesterday i but sell pending order on GBPNZD 1.8293 (ws1) with SL=80 and result -80 pips
Can someone explain to me where is my mistake ?
attached chart

should have skipped WR1, and the WMP, and set an entry at the WP...WMP doesn't seem to hold any strength against price whatsoever

This doesn't make any sense. WR1 is critical to this system. No idea what a WMP is.

The error was running an 80 pip stop on a pair with 200ATR while trying to swing trade. That would require a picture perfect entry that you will almost never get with a pending. I missed the top by 50. There was WMR2 @ 1.8404 which would have been near perfect. (I sold into it, so I could sleep)

This was a tough trade. We are trading against the major impulsive bounce. On a pair where both GBP and NZD were getting hammered. And GBP had run so far down a bounce was likely. I took 50 + 112 out of it. And felt fortunate to do so. A standard AO or RSI exit is only now starting to punch out. Gerjte followed the rules dead on and was stopped BE. No harm no foul.

I was so aghast at what this thing did to spreads during news, and the absolute craziness picking off even wide stops I'll likely skip it or trade it half size going forward. Pairs have personalities, this one is a true wild child.

[mjws00]

Read your post. What is a WMP?

I think I have a pretty decent idea what people are talking about. But thanks for that brilliant insight.

[cmeade2]

Still you should have/could have made 100 pips on this trade.

Yesterday i but sell pending order on GBPNZD 1.8293 (ws1) with SL=80 and result -80 pips
Can someone explain to me where is my mistake ?
attached chart

should have skipped WR1, and the WMP, and set an entry at the WP...WMP doesn't seem to hold any strength against price whatsoever

This doesn't make any sense. WR1 is critical to this system. No idea what a WMP is.

The error was running an 80 pip stop on a pair with 200ATR while trying to swing trade. That would require a picture perfect entry that you will almost never get with a pending. I missed the top by 50. There was WMR2 @ 1.8404 which would have been near perfect. (I sold into it, so I could sleep)

This was a tough trade. We are trading against the major impulsive bounce. On a pair where both GBP and NZD were getting hammered. And GBP had run so far down a bounce was likely. I took 50 + 112 out of it. And felt fortunate to do so. A standard AO or RSI exit is only now starting to punch out. Gerjte followed the rules dead on and was stopped BE. No harm no foul.

I was so aghast at what this thing did to spreads during news, and the absolute craziness picking off even wide stops I'll likely skip it or trade it half size going forward. Pairs have personalities, this one is a true wild child.

[mjws00]

Read your post. What is a WMP?

I think I have a pretty decent idea what people are talking about. But thanks for that brilliant insight.

weekly mid pivot

and your welcome

Mid pivots only exist between two points. i.e The Weekly Pivot (WP) and WS1 or between WS1 and WS2. There is no way to infer a destination without a qualifier. Thus the ambiguity in your post. I didn't attack you personally, btw.

[cmeade2]

Hi Allison

I don't see that on my chart. And I'm not sure what a mid pivot would be. There are mid R1's S1's etc.

Any insights?

cmeade2

Read your post. What is a WMP?

I think I have a pretty decent idea what people are talking about. But thanks for that brilliant insight.

weekly mid pivot

and your welcome

[cmeade2]

OK Allison

Thanks, but it seems that is what is called WMR1 on my charts.

Does that seem right to you.

cmeade2

Hi Allison

I don't see that on my chart. And I'm not sure what a mid pivot would be. There are mid R1's S1's etc.

Any insights?

cmeade2

Read your post. What is a WMP?

I think I have a pretty decent idea what people are talking about. But thanks for that brilliant insight.

weekly mid pivot

and your welcome

here ya go.. i'll post another chart if you want.. different currency