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I am new here, but I do have experience trading futures (if you count liquidated accounts as experience )
This discipline of documenting my trades is something I have wished to implement, but never did so, mostly because the strategies I was using and testing were ones I didn't have much faith in. And a little doubt begets all sorts of trading problems, especially in risk management.
Anyhow, I use pivots nowadays, and have found them to be wonderfully accurate if you map them correctly.
Yesterday was such a time.
Trading micro Jun contract es futures around 2:30 PM, mapped to upside, and took a SHORT scalp at 1:1 Extension.
Shorted at 2627.25, and closed position on small quarter pull back at 2617.75 20 minutes later. 9.5 points. I will take it
Wanted to get in again for a short at 2628 around 3PM, but didn't want to ruin my luck.
Little one line story for you, it was told to us on passing in our uni lecture.
"There is company somewhere in this world where a man was not fired for doing a mistake but given raise"
Despite the seemingly unpractical matter here and assuming mistake to be genuine, the reasoning behind was that the man was now far less likely to commit the same mistake again compared to someone who had not yet.
Moral here is that "liquidated accounts" are counted as quite an experience.
Just out of curiosity, what kind of pivots are those? And please elaborate on "mapped correctly", I thought pivot probably had the easiest calculations to code out there. I want to know if I'm missing something.
Sorry to intrude, but I'm newbie and I like to learn new things
I prefer quarter pivots, instead of fibs. I have found that fibs are easy to get trapped on from my experience, as all the algos know that everyone uses them.
Regarding mapping, I have found that practice and practice and practice is the only teacher with how to get them right. I can't quite explain over text, as finding extensions works around important highs and lows, and smooth moves. I can try and share some of the charts, if that would be helpful.
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