And again? Follow along with demo trades to see if you like it!!!
Edit: While that zone is clean I might prefer to see how high it will go. Only PA can tell us!
Here is a perfect example of HOW subjective fibs can be. We can be blindly trading zones. We need some sort of confirmation that they are going to reject or pass through.
I only post zones for interests, not for limit orders.
As you can see I modified my previous target. Looking forward to Tokyo open.
Pay no attention to my current active trade. I dont encourage TRADING AT THIS TIME OF DAY FOR ANY REASON. THere are certain factors in play here that make me believe it might work.
What I love about EY GY and EU GU is that they move similarly. not the same by any means but relatively the same.
Update on GY. This is what I mean by consumption.
This could be the start. WIll be my only trade today.
Edit: Stopped. Jumped the gun without real confirmation. I gotta stick to my trading plan!!!
Now there is a 15m engulfing on EY, Id recommend it.
Do you really need the fibs for this? Seems like a lot of clutter for looking at S/R to me. Also I’m not exactly sure what your buy or sell, SL or TP indicators are either, just S/R?
I’m not looking at S&R its S&D. Like i said confluence is important. The more signals I have the less I have to worry.
Identify zones.
Wait for engulfing to.show.me when to enter.
Engulfing candles dictate entries and previous engulfing patterns show me where I should exit.
Iwas actually patting myself on the back for only using 1 indicator Haha.
Fibs and RSI never dictate entries they just provide other insight.
Ah ok I understand.
Here is an explanation of zones and price action. Candlestick patterns tell you more than anything. PRICE IS THE ONLY THING THAT MATTERS. If your blue line crosses your red line that just means certain variables were filled, not that you should enter the market.
There are variations to what I do, as in taking each trade to zones rather than a +10 and a runner.
Keep it simple. Tops and bottoms are there to show you who is present. Buyers or Sellers. WAIT. WAIT. WAIT. When it gets there see how it reacts and trade accordingly.
My View on GBP. Another Weakening Dollar possibility. The Bulls are there in force baby!
With the clean rejection from recent demand Im expecting GBP to pass on through this recent high without much resistance. I will definitely consider buys with PA confirmation up until 1.65. I will post more as it Develops.
I as well am changing my trading strategy. I am only buying based on 5m or 15m PA. Never 1m Again.
I like this way of trading - identifying supply and demand with candlestick action - I will be following closely.
This is the zone to sell down to the Buy. Im just trying this level though. Stop above purple zone.
GU1.bmp (861 KB)
Edit: Thats what I get for playing non-market hours HA!!! Owned. Stopped out at -7
Having trouble illistrating wins with the Market hours I am presenting to you all. While it will limit my posts (to the joy of many) I can only present PA with confidence in my London and NY trading sessions.
Look for more to come! But with better examples haha
Personally i don’t think it’s about the wins. It should be your trade set up and then what happened after. If u stuck to your plan that’s a win.
I slightly disagree
If sticking to your trade plan doesnt put pips in your account. Then unfortunately it is not a win.
A win by any definition in this business us simple.
Make pips. Win
Lose pips. Lose
Ron
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I agree with the both of you.
I can really say Im just anxious. This is the first time I have found something that works and I really want to share it.
The history charts arent enough if I cant present examples and am not doing anyone a favor by posting 1 minute entries.