I was in a couple of early trades before the weekend but don’t like the weekend gaps, especially as we are on Easter hols here in UK, anyway closed them for a small profit, nothing major. I shorted the retrace back to the EU D1 at 1.28289 which looks like its holding, might get back in on Monday as long as the weekend hasn’t done too much. Had a short D1 setup on GY as well but not sure about those long wicks, two BEOB’s still make me think short though, thinking long setups on GU as well? Still getting used this posting stuff so apologies for the changes.
One thing I’d like to ask is how do you determine when to enter at 11fib as opposed to bar high/low, seems to me the 11fib works when price stays in a tight range above the pivot point entry, not 100% clear on that one. Hope I’m not posting too much already.
This was a question I had as well, but based on my experience with price action i have come to realize that whenever price hits a significant level and reacts violently, the best entries are generally with the PVSH/SL and most times price doesn’t retrace back to the the 11% level. But ofcourse anything can happen at any given time.
When price hits a level and trades in a tight range as you mentioned, I’ve noticed that a fair amount of times price retraced back to the 11% level. This is just my observation and ofcourse Mr. Market always does what he feels like doing lol.
Here are some levels I’m looking at for next week on fiber. Weekly chart suggests that we are still in a downtrend so i’m especially hunting shorts on PVSHs.
EURUSD 4hr:
EURUSD Weekly:
Hello ST, thx for confirming my thoughts on the 11% fib thing. 1.2828 on EU is my first interest, daily and weekly looking short, another visit to that level and I’m in for sure. As for the other levels, these aren’t strictly PVSH/SL on my chart but seem to be more like general S/R lines, do you get more success with this and how would you normally play these, with limit orders or PA confirmation? Looks like you are using RSI as well, do you find this helps and do the higher lows on H4 have any influence? Not too many Q’s I hope.
Yeah, those are S/R lines. I simply wait for price to be at or near these levels before I take a trade. It increases the quality of my trades and increases the probability of a winning trade IMHO. The oscillator is stochastic, I use that to check for overbought/oversold conditions which is helpful sometimes.
I think the fiber is still in a downtrend, over the last couple weeks we have seen lower lows and lower highs being made. If this week’s low holds then we may be at the cusp of an uptrend, but we’ll have more clarity at the end of the week i think.
Uptrend: higher highs, higher lows
Downtrend: Lower highs, lower lows
I mostly use limit orders btw.
Hey T9, can you elaborate on your current method? You said you made some tweaks to this thread’s method, i’m interested to know of the changes
Thx ST, agreed EU downtrending with lower lows etc, just wondered if the two recent higher lows on H4 would influence your trades, I’m guessing the higher time frames override the H4 and I’m probably over analysing. As for the tweaks, more the other way round as I have been placing limit orders either side of the 7ema based on price being a certain distance, basically predicting areas for touch trades. I’d use 5 recent extremes to calculate an average and have a buy/sell zones trailing up and down waiting to get hit. You’re not in trades that often but when you do get a touch and a reverse you can get some pretty big results with small stops, trying to catch those swing high low peaks when price has stretched too far from the 7ema if that makes sense. That’s how I found the thread, appreciate the methodology is not the same but in some ways similar as we are taking trades at SH/SL’s so it might be a way of filtering the trades if we look at those which are some distance from the 7ema. On the other hand if its not broken etc. I’m going to give Bank’s system a few months without tweaks and maybe come back to filtering later, it sure looks sound based on back testing, so maybe there’s no need to interfere plus I’m a big fan of S/R trading. I’ll post some trades over the next few weeks and, as you are already trading this successfully, I’d really appreciate your feedback. Thx in advance ST and hope the +pips continue.
Sounds interesting, basically using the 7ema as dynamic S&R.
May the pips be with us! Goodluck in your hunt!
I’m not sure if I want to short the fiber at the 2830 level, esp with that bullish engulfing candlestick during the asian session. Will wait and see if 2860s or 2890s attract.
Looking at that, may have been some gap trades pushing that up as well, should have left my GY D1 short at 143.165
That was a nice level to short. GY can really give some nice pips if you know how to tame that beast lol
GY trade a good example of Bank’s fractals I thought coming off the D1 on 20th March with lower lows and highs etc, best not to get too greedy on that cross though. Still looking for shorts on EU, longs on GU, and shorts on UY at 94.500 levels, all on D1.
I’ll be stalking a short setup on the Fiber really soon
Noticed a nice setup on H4 off 3 PVSL on NZD/USD + strong uptrend, not a pair I normally trade, 62+ and counting last time I looked.
That’s an example of a good setup, occurred at key range support level and off she goes! All we need is a few setups like this every month plus good risk mgmt and we’ll be in good shape!
ST are you still using the original fib levels for TP, if so do you normally move to BE at 144, seems a long way sometimes or have I misunderstood?
My TP1 is at the 89% level. TP2 is at 161.8%. Those are the only 2 levels I use.
EU still looking short to me with the 25/3 daily BEOB holding in the downtrend at 12845, nice trade today shorting EUR/CHF at 12181 off daily PVSH on 25/3, shame I missed it.