Now we have made a fresh low I will be looking to short in the 50-100% retracement area(shaded area). Thats it, thats all I do. nothing more complex than that.
No trade/trade cancelled. I only take trades on closing candles and no bearish candles here, price has moved beyond 100% retracement
Now we have a new high I will be looking for longs in my prefered 50-80% retracement area(shaded area)
Have to go out briefly cant monitor trade
The ONLY time I do not look for retracement trades is when, during a strong up(or down) trend we get support at any point, here support was obvious around 17.850.I was lucky with the stop but it was correctly placed
its like taking the trade again, stop and limit adjusted to take account of price action, stop below impulse leg, target at 1.217 of that leg, was expecting a better reaction to the Fed
+41 pips, But it took 2 hours, every painful pip, you need patience for this game, thats me done for the day, back tomoro, good luck
Analyse the 8 hour chart
Some longer term traders may have got long at the daily low looking at that chart, but I dont trade long term
taking losses is part of the game
