Thanks for the explanation, I really appreciate it. Great info. Well, the 30-50p. SL - I asked not for the reason I am not willing to risk 51p.:), but because you mentioned in one of your posts that most of your SL’s were 30-50p., which made me think that you monitor smaller timeframes for entry confirmation.
Both the Yen and Euro made retracements. I missed both of these trades as I felt that there was a further move coming from both and was incorrect. Nothing ventured nothing gained, but I also didn’t lose anything either
However, It proves the system works yet again.
Many on this forum and others have asked about the specifics of entry with this method, as the idea of fib targets is fairly standard and well known.
My primary focus is watching for what I refer to as the elasticity of the market, or more specifically the tendency for it to stretch to a limit and retrace to either conservative fib levels or former support or resistance.
How can you do this?
As many of you see in my pics, I have BB’s with a median average as indicators. Indicators are never necessary in trading, but when used properly aid in seeing the action in price itself.
I have mentioned on numerous occasions impulse waves, and signs of weakness forming near tops and or bottoms.
Think about the nature of an impulse wave and why it happens, either buyers or sellers are climbing aboard what they see as a trend, and taking profit on pull backs. They may also re-enter as the trend continues to take out the former low or high. There are only so many times they will re-enter as the probability for the trend to continue decreases with each of the herds impulses.
Herein lies the key. Ask yourself how many impulse waves have there been? How many have there been lately in other short term trends? Has price shown signs of weakening? Has it breached a former high or low above the median average?
The answers to these questions should tell you when to enter a trade, and the simplicity of fibs with a check and balance of looking into recent history for support and resistance price may snag on should reveal an accurate low risk target.
In concert with money management, and patience to get the favorable Risk to reward ratio you seek, profit will be yours.
The Yen…
The Euro…
The Yen…
The Euro…
I haven’t posted for a bit, however I am still successfully trading this method and in fact closed a trade earlier today for profit. It seemed kind of redundant to keep posting successful trades, as I have shown time and time again these retracements work. If anyone has any further questions feel free to ask.
Both the yen and euro had great retracements last week, and are currently in consolidation. Euro is showing early signs of a possible uptrend, and yen a downtrend, so watch for a trade sometime Tuesday or Wednesday for these pairs.
I haven’t been posting every move over the last few weeks so here are two just to show you nothing has changed…
The Euro…
and the Yen…
Hope some of you are still finding this useful.
the results are clear but i am just having a little problem
with the chart…
Clarify and maybe I can help?