Got my five hours of sleep. Ready to rock and roll. I always have reservations about trading later part of NY. It’s very sad to watch a thing of beauty slowly die as time progresses. I took an entry long at a retest of 50% retracement on EUR/NZD 1-Hour. First target a t 100% Second target near 161.8 extension.
It is a very good question why I didn’t take the trade closer to support. The sad reality is I screwed up the entry. I could have scaled in more at support, but I was already at my position limit. Thankfully I got that good BO candle that helped propel price upward.
So now I’ve decide to go flat. It’s late in NY. The ATR is pointing straight down. Looking forward to Asia where there may be more movement for this pair. I actually managed a miracle 13 pips on this last trade.
Total results for the past 24 hours:
3 trades
3 small wins
48 pips profit
I guess this is better than being diagnosed with herpes
Your fib is inverted. In this case it does not make a difference since you wanted to take the 50% mark but if you wanted 75%, or whatever the other fib numbers are, then you would need to invert the fib.
Also, you could have used price action (PA) analysis to gauge where price would go for your entry. Note the high on the doji right before the big green candle, next to the shooting star? That is PA telling you that look for price to turn up here. You could have placed your limit buy order 2 pips above the high and got filled.
Let me know if you want me to stop my commentary and I shall shut up.
I actually only use the 50% retracement zone. In fact, I would be the absolute worst person to ask about fib numbers, since I really don’t use it. I don’t use candle combinations such as shooting stars, hanging man or heramis or any of that. I think eventually I will let the cat out of the bag and show my setups. I think you will probably scratch your head even more.
I don’t use fibs either and don’t find it useful. You misunderstood me regarding the candlestick patterns. I was only trying to draw your attention to the the high on the doji. I don’t use candlestick patterns at all but how else could I point you to that high?
Anyway, it looks like you have a set strategy so I shall stop pointing PA stuff out to you. Can’t wait for the big reveal.
After 6 hours of being flat, price is right where I left it! I went ahead and re-entered long at about exactly where I exited before. Looking to get about a 25 pip scalp to the next res area (prev high).
Looking forward to London in twenty minutes. I have my eye on GBP/USD 1-Hour. Expecting continuation BO short. This could be the pivotal trade I’ve been waiting for all week.