Hi Seedou, that looks like the entry I picked in the afternoon Lndon session today, except I put my point B at the high point of the candle 2 to the left of where you have yours. Would like to know if this set up is correct, but it looks like it is.
Sadly for me, I put my SL at 61.8 and got stopped out at a 20 pip loss before it continued to go short again.
Your PT A is spot on, I would put my PT B two candles before your PT B.
In some of your first post you state that you start trending during the Asian-Sydney session to open position in the London session, am I right ?
My trading time is between Asian (you can say Asian-Sydney) open until London Close (12-1AM Singapore/Brunei Time). I don’t take any signal in the second half of US session.
It’s okay. Losing a trade is OK. You traded according to the rules and did not ride the loss, like many newbies would do (Like what I did when I first started out…)
If I may, perhaps you put the fixed SL at 50% (this would give more or less 1.25 : 1 RR ratio)? Or 38.2% (1:1 RR Ratio) to give more room for the trade to develop? Ofcourse this might not suit your different personalities, I for one, only put fixed SL when there is a big news coming up (provided if I am in a trade already, holding a profit or loss). But then again, you both traded GBPUSD right, which I can’t exactly comment thoroughly as I never tested it religiously (only logged it 120 trades), perhaps SL should be wider…
Let me suggest if i may, you can dismiss it ofcourse, just use the simple exiting system based on the guideline… 5ema and 8sma exit.
You know what… I hear you. I get it confused ALL THE TIME. Well… statistically, the most profitable signals occurs during the London-US session (lasted few hours) but very few signals comes. London and London+US sessions are the best time. but be wary of big news during those time!
I can only answer London open 4pm Singapore time… I know that answer doesn’t help. Perhaps the following link could help you. I know, I might be a good-ish trader… but im totally useless in terms of timezones… Forex Market Hours You should take note of DTS as well.
I anticipated a further drop towards 261.8 during the Asian-London session, but I preferred if price corrected itself and tested 20SMA first (ofcourse, if there was a strong buy signal, I’d ‘invalidate’ this mini correction entirely). It did actually that. The rejection ‘warning’ could be seen from the candlestick… (read steve nison books, its awesome). Price went down from that rejection and completed a 261.8 Macfibo wave. yipee…
I am anticipating on bullish trade today. Every impulsive wave will be followed by a corrective wave… 161.8 recent support is just acting as a guide should intraday price action decides to correct itself (I take Macfibo buy as a confirmation of that action).
tips : Just worth noting, H4 Macfibo hits 161.8 and D1 Macfibo has hit 127.2. Now H1, H4 and D1 are ‘sitting’ on potential exhaustion point. Only potential… let’s look at the fundamentals for the rest of the week.
I have been studying your strategy. I like it very much, however in reviewing you record of 44 trades I get a different
winning percentage rate. I get a win rate of 68% rather than 53%. 30/44=.68
Yea it is infact 68%… I don’t know how the hell I managed to get 53%… I changed it already… though I haven’t changed the calculation on Excel. Thanks for studying the system. Keep posting and reading. Thanks.