Target in the 1.3574 area
Took profit of 110 pips on Euro.
Took a hit earlier but I am long again with a new target in the 96.56 area
Hi Mister7,
nice thread you have here.
hope i can learn something from you. When you’ll do some discussion through messenger or skype?
Had a gut feeling I should have taken profit at 75 pips, now it’s turned around completely and I closed out for much less. Oh well not all retracements pay off.
Yen Finally Completed conservative retracement, I missed this one, but it shows the strategy works yet again.
Hi mister7 can you please put some examples.
So that we can understand better.
Do you have any type of trigger, to entry the market?
Thanks
Saraiva
I had been on Vacation but returned to a successful week in Trading. As some have requested a better description of my method I have posted Pics of the two trades I completed this week. My Edge is simply waiting for what I perceive as trend exhaustion, entering the market in a low risk position with a Conservative fib target. Entry is based upon calling the top or bottom of the last move. This week it worked beautifully.
Watch for the Euro to rise to around the 1.4350 area where it may give a retracement signal and watch for the Yen to battle for it’s possible retracement entry around the 94.94 area.
The Yen moved much quicker than I anticipated and has completed its retracement, so I missed this one. Euro is still on track.
As I predicted the Euro has hit the the 1.4350 level and turned. Conservative target in the 1.4150 area if you wish to call the top at 4350 and take your chance for some profit this week.
Up around 75 pips on this short let’s see if there’s more to be had.
If anyone is interested in learning this trading technique in further detail, drop me a line, if I get enough interest I may host some live trading chats via skype. I have tripled my account since April 17th with this method.
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We should be looking to Sell Yen and Buy Euro on retracement signals. Tentative targets are 97.55 for the yen and 1.4000 for Euro.
This week both the Yen and Euro are in consolidation so far, so if a trade develops it will be a few days in.
Mister7,
I believe those are 1H charts that you posted. My question is - when you look for the confirmation, for instance, second higher high and then enter on a pullback, do you wait for the confirmation to occur on 1H, or you watch smaller timeframes, 30M or 15M? Because, the way I see it, a stoploss of 30-50p. would rarely be enough if the confirmation comes on 1H.
Thanks.
There really is no set way to get in, smaller time frames is indeed a tool you can use to maximize your entry and reduce risk. The idea is to look for what you perceive to be the highest high or lowest low of a trend and take your chance/call it as the the top or bottom, wait for price to return to an area that allows you to risk the amount you wish in relation to the top or bottom you have called. You can also minimize your risk by reducing your lot size etc. so that if you need to risk more than 50 pips you can do so with a smaller percentage of your equity.
Ask yourself these questions:
Is there a trend?
How many waves has there been to it’s rise or fall?
Has it shown any signs of weakening?
If you feel the trend has made its low or high, where would be a reasonable
place to get in to exploit the turn with the best risk to reward scenario?
Once in, Fib levels and or previous areas of support or resistance are great targets.