Quote:
Originally Posted by kagein
ok im gonna run through a few of the trades i took this week, most were off fibs, the rest i used fibs and trend lines. This is gonna take a while my software doesn't have the fancy arrows or writing tools so excuse the poor illustrations
ok.
image 1. this was the usdcad....i saw this just after i work up. i placed a limit order right above the 38% fib line, closed once i hit 20 pips.
Image 2. didnt use fib lines at all. placed a limit order above the first line of resistance level. placed the second resistance line as guide as where to close if the market ran away with it self. price action respected that resistance line.
image 3. i was waiting for a retrace to the 61% level, but once i saw a hammer forming i placed an order just above the previous candles closing price.
had to use fxcm demo charts, they're clearer than mine are.
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So this is quite a different approach to fibs than that used by Daedalus as you are trading against the main trend in a couple of the cases. Taking a quick profit is therefore wise. Is your stop also about 20 ie you're looking for an R of 1?