Hello. I am creating this thread in hopes of offering feedback to myself, and to help others in why people enter or exit trades and at what point they do so. I am going to submit images of my charts explaining what I see and why I entered. I encourage you all to provide feedback so that we can learn off of each other.
-KHforex
I have my R/S lines in red and have been watching this all day. I have noticed that the 1.3585 resistance has stopped it from going up multiple times. I believe that if it can’t break through but can bounce off and go down to 1.3578 it will continue down to at least the next point of resistance. RSI is high and lowering…
Went the wrong way, SL 1.3593 ended. Will watch for new entry point.
Ok…Looking at this. I see the 8am Doji that formed. It tried to break resistance at the 61.8% fib…I put in a sell at 1.3623. I believe it is going to drop to at least 1.3580. I put a SL in at 1.3640 in case it swings the other way. Let’s see what happens.
Nothing materialized this afternoon. Stayed about the same after that Doji at 8am. I don’t like to hold positions over the weekend so I got out and broke even 0 pip gain/loss.
Now that it is the weekend. you might want to place support and resistance lines on your chart in preparation for next week.
and you may want to do some replay so as to perfect your technique
on this page you will find an ea with instructions as to how you can do replay
Thank you Blaiserboy!
Back again Sunday for some trading. Been watching EUR/USD since opening today. Saw it break the 38.2% res line and closed without going back below. Put a buy in at 1.3671 with a SL at 1.360 in case it went south instead. Hoping to get to the 23.6 fib line for an exit point. Went up to 1.3687 and I figured it wouldn’t drop back down until reaching the next res point. Moved my SL back to even so I am working on a free trade for the rest of the evening. I’ll post later to let you know what happened.
Unfortunately it did not make it up to my exit point (noted in green). My SL kicked in for a +/- 0 profit pip.
Nuther suggestion
Have a look in this thread. some excellent approaches to S&R
http://forums.babypips.com/free-forex-trading-systems/29902-technical-templates-continued.html
you drew fibo lines the wrong way. its supposed to be the opp direction. the resistance was at the 38.2 area not 61.8 retrace.