No prob swallowtail.
GM everyone,
Longs triggered on 7 pairs and going good. So far we see where lower 11% to higher 11% levels give entry allowing you to a) Enter later or b) increase position size
Hi Bank,
You are good!
When you have identified the 11% level on the GBPUSD, do you place a pending order exactly at that level?
Let’s say you missed it at the 11% level, would you enter the trade? How would you determine the next level to enter?
Thanks for sharing.
Hi pipsaday,
If price is at another level favoring the direction of the setup, for example a PVSL support, I will take the trade or if price is a few pips away from the 11% I will take it. Yes I place pending orders 2-8pips away from the 11% level.
If you fib the current and major swings though, you will usually get 2-3 low entry levels to wait on.
EJ stopped +740pips. Long setup now triggered.
My audusd and gbpusd trades were triggered yesterday. Currently +89 and +70 respectively.
Great going swallowtail! GU has closed strongly above early tp levels 1 & 2 and is fast on its way to tp 1 @ 1.6194 which is where the major swing 55% is as well. Let’s see how it plays out. Whether close above or stall beneath. Currently long GU,EU,AU,NU,AJ,NJ, EJ & GJ, +536.
NZD/USD at second major swing 11%->0.7867 of swing 0.8316 to 0.7812
EUR/USD hit first 11% major swing level -> 1.2951 of swing 1.3282 to 1.2911
Hi BankDaPips,
i couldnt monitor my charts today was busy with other stuff… but have one confusions since last night… please check the chart i marked 2 possible swings blue and red… price broke below the blue swing low where i can look for retest short entry but at the same time we got new swing red which has 11% very near low of blue swing… can u tell me how to manage this type of situation?? or shld i just look for 11% swing entries???
Hi likepips, all you have said is correct, but if you went short on the retest of the 11% fib you would have to keep in mind that a buy setup is pending at the lower 11% below, hence breaking even earlier etc would be important. When price gets to the lower 11% you watch how it reacts to the level and for candlesticks to confirm continuation or reversal. The lower 11% would represent strong support.
A little note likepips. If you are trading H1 it is good to monitor H4 to confirm your trades.
Short 0.9268, watching support at 0.9265
How much percentage you risk per trade?
GM Dehyah,
An amount that will not change my heart rate should the trade go bad.
GJ,AJ,NJ closed +165
GU, AU, NU, EJ stopped breakeven
EU & UC still open.
Long GU again on daily 11%
NZD/USD H4 looking good for 1.7855 long off 11% and PVSL level with confirmed close above.
Some serious shaking out of traders before these reversals, but still got good setups to re-enter.
Long on AU,GJ & AJ. Increased UC short.