Indicators, Do I really need you?

[Joe100]

Originally Posted by tymen1

Are you sure you have not cherry picked this trade?

For balance, can we also see a situation where the trade does not go your way?

An honor to received comments from tymen1, thank you. I will finish this first and then we will discuss the wrong signal.

[Joe100]

I use an invert fibo to determine my target, take a look,

This is the first fibo,

[Joe100]

This is an inverted fibo.

[Joe100]

Risk is 35 pips = 2% of capital
1st target is 1.4703 - 1.4565 = 138 pips or 8% gain
2nd target is 1.4786 - 1.4565 = 221 pips or 12.6% gain

Conclusion: the smaller the SL the greater gain margins we can expect .

[Joe100]

Is this a standard signal or the code signal?

[Joe100]

Please study the chart, I will be back after NY open. yawn

[Sweet Pip]

Originally Posted by Joe100

Is this a standard signal or the code signal?

The standard signal?

[Joe100]

Originally Posted by Sweet Pip

The standard signal?

Yes

Sweet Pip, sometimes I have a problem to log in to bp so I just made a ym where we can talk and share opinion.

Happy trading

[Sweet Pip]

Originally Posted by Joe100

This is an inverted fibo.

Not sure I'm getting this. Are we looking for a retrace to fall below the white (30) ema to about the 61.8% fib line. Then check the distance from the white ema X to the fib line X? But what determines where on the ema to measure from?
Is it always 61.8% to enter, and then target 161.8%?

[Joe100]

Originally Posted by Sweet Pip

Not sure I'm getting this. Are we looking for a retrace to fall below the white (30) ema to about the 61.8% fib line.

Not really, when you see the price moves away from ema 30 but supertrend is still above EMA then you must follow the price to about 40-50 pips away . You may start buying between 40 to 60. For instance you buy from 40 so your SL must be 40 ( 80-40), you buy from 50 (SL is 30) You buy from 60 your SL must be 20. Maximun X to X = 80 pips.

Originally Posted by Sweet Pip

Then check the distance from the white ema X to the fib line X?

X to X means distance from white ema to the lowest red candle ( approx 40 to 60 pips). Maximum range is 80 pips. If price moves more than 80 pips, then the trend has changed.

Originally Posted by Sweet Pip

Is it always 61.8% to enter, and then target 161.8%?

Not always because it depends on the tf we use but for the target the answer is yes. 161.8% is the 1st target and 261.8 is the 2nd target.