Not one bit to be honest. The worst thing that will happen is I will lose on the trade, that doesn’t scare me. Plus the system is pointing to a bullish move for GBP. Unless we see a turnaround in that sentiment I will go long.
Thanks Exterior I’m going to download Metatrader and try to change it.
Hi, according (I hope!) to the system, I was long on AUD/CAD.
My entry is on the red arrow. I find some difficult to draw the fibonacci expansion to obtain my exit.
My platform is dukascopy and there’s the function “fibonacci expansion” but which are the three points? The last low, the last high and the point of retracement? Thankss!
Your entry seems valid. The fibonacci expansion should be drawn exacty as you said. Just when you say the point of retracement, you connect the law of that candle and not the close. Is that clear?
Yes. You need now to apply the levels I mentioned. 1.272, 1.618, 2, 2.618, 3, 3.618, 4, 4.618,…
It is the same man! 127.2%, 161.8%, 200%,261.8%, 300%, 361.8%,…etc
Hi ,haven’t we already had a fail trade?
I’m not sure because I can’t see the picture. But a failed trade implies taking the opposite signal.
I’m in the GBPJPY. I closed the first position ahead of the elections for 69 pips The second position is +227 pips and stops have moved to break even. How are the rest doing?
Dear PhilipPirrip ,
These are some(attachments) potential set up for short,I would like you choose the better among them .
Thanks
Dear PhilipPirrip ,
These are another 5 (attachments) potential set up for short,I would like you choose the better among them .
Thanks
Dear PhilipPirrip ,
the retracement or pullback strategy is very attractive and winner.
The great problem is until where is the of the back or we have a reversal !!
Your strategy gives an answer but In my opinion we need and another filter.
I am testing the filter of weekly RSI but I have not finished yet.
Thanks
I use the RSI to determine that now Vasilis. In a short when the entry signal is complete, the trade has a higher chance of success if the RSI reading is under 50. If all under 50, go with the one between 40 and 33.3. Any one below 33.3 should definitely be avoided as this will end up being a reversal.
If its a long and the entry signal is complete, you have a higher chance of sucess if RSI is above 50. If all are above 50 go for the one between 66.6. If all areabove 66.6 then avoid them as they are likely to see a reversal.
Could you please just tell me the name of the pairs you shared earlier and their timeframe? I can hardly see any thing from the images.
time frame is H4
AUD /CHF
CAD/ "
EUR/ "
NZD/ "
GBP/ “
NZD/JPY
” / CAD
Hi Philip
I’ve also entered this position and going well.
I was wondering about your exit prior to the election as that was not according to your usual plan, Fib extension as #4.
I also wondered about a 15 SL?
This trade is the first with your system for me and so there is nothing like going live to suddenly have a few questions.
Hi Philip,
Spotted this EURJPY, which I see it as a failed trade, for me, learning how to handle a failed trade is important, hence would like to hear your view…
- Red vertical line = Cross down; Looking to short
- 1st Grey vertical line = Stoch at OB and reverse, Short entry
- Green vertical line = Crossed up; Looking to Long
- 2nd Grey vertical line = Stoch at OS and reverse, Long signal; Exit Short
Thank you
AUDCHF: the trade opportunity has passed. Based on the RSI tip I told you, we expect AUDCHF to reverse soon as RSI is above 50 for a short. The same applies to CADCHF, EURCHF.
Now I expect NZDCHF to come good but the trading opportunity has passed.
GBPCHF is developing a long position at the moment, you would have filtered the short trade out if you followed my RSI recommendations.
NZDJPY we are yet to get stochastic to overbought. Review the RSI as we get to that to make your decision.
The trading opportunity for NZDCAD has passed as well.
Recommendation: keep an eye on GBPNZD long for now.