I seem to be doing something wrong and want to field this to some of the more experienced traders here.
First, I have been missing the trends. Not entirely, but when I enter the trend seems to take off in the other direction and I end up waiting 1-2 days for the reversal I had intended to catch. Any pointers as to what I can do to predict/catch the right trend?
I usually time my entry points with news releases.
Second, I have been tinkering with the Fibonacci numbers to understand their application. However, the numbers I get are not even applicable unless I apply them at the pip level…ex: 1.00[U][B]12[/B][/U]. Even then they are at times unpredictable.
I multiply to determine DECREASE or RETRACEMENT and divide to determine INCREASE…is that right?
Any help here greatly appreciated!!