This has been my experience as of late. After a decent November, I’ve had a pretty bad December as the EUR/USD has changed direction and my shorts were stopped out. So, I’ve been out of the market since December 9th.
Now that it appears that the downtrend is over, I’m looking for a good pullback to enter in the direction of the trend, which is now up. It takes patience, though, waiting several days for the next good entry.
I’m reading the House of Pleasures on FF but I don’t quite get it. Sorry for being stupid but I’m trying very hard.
Basically, all there is to the “system” are two trendlines, 50% Fib level and round numbers. Now I get that perfectly but I’m having trouble implementing it to my charts.
I’m looking at the Daily and H4 charts because I want to make some trades per week and not hold my position too long. So right now this is what EUR/USD looks like in H4.
As Jacko says, if it starts in the lower left corner and ends in the upper right corner, it’s an uptrend. Right now the price is at the 23,6% Fib level, it’s a clear uptrend so do we wait for the 50% Fib and then go Long?
I’m using NYCT (7PM) Pivot Points as Support and Resistance levels, so what now? I’m not sure I follow. Anyone wants to give me some tips on the set-up and the “system” in general?