Sounds like it’s been a tough week for all, mine was a fairly disastrous return to trading this week. Not sure about you guys, but it feels like the market is very jittery at the moment.
A couple of comments/ questions on some of the posts I have been catching up on…
Firstly, hi Stu! Thanks for your message a while ago! ![:slight_smile: :slight_smile:](https://forums.babypips.com/images/emoji/twitter/slight_smile.png?v=5)
Some of the posts I have seen on here, posting examples of Gartleys or bats etc, I noticed a-b and c-d legs, being one or two bars… Personally I don’t think these are good examples (IMHO), thats just the market ‘breathing’. I read somewhere, ( cant remember exactly where, possibly Carney), each leg should be a minimum of 5-8 bars…
Yesterday, someone posted an opportunity to sell Euro… (sorry, im on an ipad, not easy to flick back and forth) But what I think may have been missed is that a downtrend on the euro had just been broken… And an uptrend was being established… Major trend lines still need to be adhered to… I think. I know the hip shooting answer to this maybe, ‘but these patterns are about finding turning points’ but you have to still observer major trends in higher tf’s.
Last comment for now, yesterday, there were a number of news items… I find usually, the news items cause a glitch to the major trend and then the trend continues… However, afte some post analysis yesterday, I noticed most trends and channels were breeched by the news… Psychologically, once a trend has actually been breeched, that should have signified ‘sit and wait’ for another opportunity, as the trend may or may not re establish itself.
I sincerely hope I do not come across as someone who thinks he knows it all… Far from it, just voicing some opinions that I hope will help some and stir discussion.
All in all, it’s been said a few times and affirmed by TMB, that this should not be seen as a ‘be all an end all’ in trading strategies, more so, a valuable confirmation tool to your trading strategy toolbox. I find, when I observe major trends, observe macd, look out for flags, pennants, triangles, wedges and especially channels, then combine harmonics and elliot waves to those, I get consistent results. This week, on post analysis, I have been quite lax on some of these and paid for my lack of patience and greed… Time to regroup over the weekend. ![:slight_smile: :slight_smile:](https://forums.babypips.com/images/emoji/twitter/slight_smile.png?v=5)
One thing I have observed this week, the market seems (to me anyways) to be more volatile and jittery this week than ever… This could be due to the market ‘finding its feet’ again after the hols, combined with what seems to be a turn in the us economy? So, when I place a trade, I have to tolerate wilder swings… This means, potentially, bigger losses… However, so far every trade I have put on, they have always swung back in my favor, unfortunately, on some occasions, I pooped myself and pulled the trade on a loss! :’(
Have a great weekend all… Sorry this turned into a bit of an essay!