For those who say this doesn’t work, here is my one one trade this week trying to capture a good portion of the weekly range in Fiber. 1.6% risk and just got stopped out for over 8% profit and I am done for the week.
I had a bearish bias going into the week, Monday was a holiday so I just observed, waited until it pulled back on Tuesday/Wednesday to make the weekly high OTE in LO. I was too tired to get up, but fortunately I was provided an entry during NYO and jumped in short at 1.3392 with 1.6% risk. Half off at 20 pips and moved to break even within the hour so I was basically never in trouble with it. Trailed the other half above the second to last 15m swing point. 2nd half stopped out at 1.3200 for 8.2% total profit. I probably could have trailed my stop above the 32.80 swing point, but I didn’t want to give back 80 pips
I really dislike how Michael has behaved the past month or two with the childish games and nonsense, but if you take the tools, find what works for you, develop some patience and discipline, then there is at least a modicum of success to be had. I used to try to make everything work, all the tools, then there would be new ones coming out and I would add those leading to nothing but confusion. Consistency only came after working with a select few and developing a working template to trade from. It is still a work in progress, but I can see weekly improvements, especially since the new year. To be honest, I am glad there are no more video’s of new tools, since it is unnecessary and, for me anyways, only leads to confusion and distraction. I have what I need, everybody does, and now I can just focus on improving.
Anyways, enough with my rant. Keep it simple while developing some patience and discipline is the key to the game I believe.
Well, no joy here today, little price action, I lost 20 pips going short on the Cable. Sold under the Asian Range hoping it would provide resistance… didn’t work. Never mind Closing shop for the day!!
Yes Scratch you are correct about MS. Now you should ANTICIPATE Move up but as always there is lots of things in play, so more evidence you can gather more you will know… By Michaels teachings a good swing is considered of 40-50pips. But to draw a fib from any fractal from 15M up should do.
Thanks for the input, accordingly on the daily TF my swings are averaging 250-400 pips does that sound reasonable? ^^
I think by outlining MS in this way it will be pretty helpful in staying conscious of MS i plan to continue for now, I see how you can later zoom in and outline MS on the 15min chart while keeping in mind the 4h/daily MS
Yes Daily swing can be hundreds of pips easy but you need around 3-4 days ADR to fullfill the Daily swing so for me i look at Daily all the time but i focus more on them when we arrive to such lvls like OTE, weekly pivots or Major S&R otherwise in my each day trading they dont have big impact like 4H and 1H. But this is my preference…
I’m also studying MS but i can’t get a grip on it.
On the 4h Fiber price broke the ITL formed today and the LTL formed yesterday so i’m bearish too
On the daily the price broke down the 15 february ITL and the last LTL is the one made the 13 november, do we need to see that LTL to consider MS broke to the downside?
Thanks!
Thanks for the answer Kuzia, i got the break in the point 1 but point 2 is still unclear for me.
Why there and not 2 lows before when price dropped below the fractal after that ITH?
Thanks for asking :45: I wouldn’t have learned about this free EURX indicator otherwise. I just did a search on FXCodebase.com for “EURX” and found it. You can click here for instructions on how to load the indicator on the FXCM Trading Station.
I’ve started to use the identification of M15 LT Swing Point as a final TP signal. Still a work in development. Below is an example from the yesterday’s Fiber PA.
Today is very interesting… USDX is in pennant formation, perhaps a retracement of 50% from most recent swing which corresponds to resistance from prior high?
Also with eurusd 4hr the pinbar lines up with a resistance that may not have been so obvious at first…its creating a shape of an OTE long according to the 15 min chart.
Wow man good job… Will these stay up or do they expire or something? I think i have them all but need to go through and see if I am missing any of them. Good work.
Closing shop for the day!!
