Long EURUSD
GBPUSD Long setups:
11% Entry already triggered and at breakeven.
USDCHF Short setup:
EURUSD now testing 11% level.
Saw that I missed some setups. Still sitting on my hands, having patience…
Yet another break even day.
AJ short filled on H4 11% fib setup
Well,you are fortunate that your trades ended at break even.The eurusd fell like a rock stone.You are not fazed by these incidents because you are seasoned in your trading technique.
Hi Dehyah,
Such is the world of trading, which I have come to accept. You win some, lose some, miss some and give back some. So my objective is always to protect and gain.
AUDJPY short closed +31pips.
We are looking bullish on pairs today.
Strong EUR/USD setup. We have a 20 hour failure to close below 1.2700 right at the 11%.
Hi All,
hope everybody is fine and making good pips… i couldnt post for sometime being busy with other work… that’s why i decided to move to H4 charts as it gets me enough time…
here are charts on my watch list.
Nice setups likepips. I also have an order on that AUDUSD. AUDJPY flew away so quickly.
GBPUSD long filled. EURUSD long entered at 12717.
Posted wrong usdchf chart earlier.
y u entered GU long? price hasnt retested the 11% yet?
Hi likepips, please look at your H4 chart setup. Price went to the 11% level for entry. Failed twice on previous bars. Entered on third bar.
THE MARKET’S GENERAL REACTION TO SUPPORT & RESISTANCE
Just a note for these setups. Particularly the reversal setups.
The market will first REACT to a level. Meaning it will hit it and pullback failing to close below. Most times leaving a wick.
Then the market will REJECT the level. Meaning it will dip lower or spike higher in a last effort to close OR hold below or above the level. But it will fail resulting in a close back above or back below the level. Most times leaving a wick.
Then the market will RETURN to the level. This is your retest and best entry point. Some may prefer to take an entry after this retest is proven. But most times there is an aggressive response on the this bar and no second retest.
NOTES ON SECOND RETEST
Additionally, even if the setup fails. The first retest takes you into profit most of the times allowing for you to break even or lock profits. The second retest of a failing setup is mainly seeking to break the level, therefore resulting in loss.
CONCLUSION
The preferred entry is on the first retest. This will:
- Help you not to miss strong moves as most times there is no second retest.
- Give stronger guarantee of your trade going into profit even if the setup fails. In essence entry of first retest=higher probability trade.
Also read the post on PICKING STRONG CONTINUATION TRADES
Bank, so you no longer wait until the fractal has been formed for confirmation?
Hi swallowtail,
I never usually use the fractal to confirm entry only to confirm the beginning of a swing and pivot type setups.
Very good illustration.Do you call this re-occurring pattern?This lady,Shirley Hudson,uses Fib 79% as return/rejection during the London close.