DislikedGot it. Makes sense. I think the problem at least for me is having to track so many chart at different time frame while working.. Shhh don;t tell my boss haha.Ignored
--NM
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DislikedGot it. Makes sense. I think the problem at least for me is having to track so many chart at different time frame while working.. Shhh don;t tell my boss haha.Ignored
DislikedGot it. Makes sense. I think the problem at least for me is having to track so many chart at different time frame while working.. Shhh don;t tell my boss haha.Ignored
DislikedIf it can get through this brush pile I will feel much better about my next target being hit.
--NMIgnored
DislikedHi NM
one question, if PA shows a 123 formation, does it still require a BPC,
or the BPC is necessary for confirmation regardless of the 123
thanksIgnored
DislikedHi NM,
I've been practicing your 75% Fib on the M5 stop management and it really does work well. Look how price broke the 61.8 but not the 75.0.
Now I just need to remember to factor in the spread, especially on these expensive pairs. I've been picked a couple of times as I forgot to include the spread in the stop.
PDIgnored
DislikedIt really depends on where that 1-2-3 occurs at. The 1-2-3 must form at a S/R level, because really they form all over the chart, but when they form at a S/R level that is when they mean something. The BPC is somewhat different because in that case you are waiting for a break of a trend line, and then BPC must break the trend line at some point, so there is a difference between the BPC and the 1-2-3 even though they both look the same. Hope that clears it up some for you.
--NMIgnored
DislikedHi NM
one question, if PA shows a 123 formation, does it still require a BPC,
or the BPC is necessary for confirmation regardless of the 123
thanksIgnored
Dislikedthanks for the clarification,
Let me see if i understand you correctly, the 123 happens when aspect 1 rebounds off the SR/TL or confluence of Fibs & RN
while the BPC generally would be applicable for breaks of TL/CT with prices retesting the TL/CT and thereafter showing continuation to validate it's intent.Ignored
DislikedYes that is correct, they look the same and act the same to a certain degree but the BPC must break the trend line at some point in its formation.
--NMIgnored
DislikedIf it can get through this brush pile I will feel much better about my next target being hit.
--NMIgnored
DislikedHere is where I would close it, if I get a closed bar inside this area then this trade will go in the history file, if I do not get a closed bar in this area then it stays alive.
--NMIgnored
Dislikedok
i trust you meant if prices retrace 75% back to your entry, you will close after an inside bar is form on the trigger chart within the shaded.
many thanks againIgnored
DislikedYes My SL is at break even and I have scaled down my position 2 times, so I have taken a good amount of pips for this session I think, and if the PA breaks into the 75% area thats ok by me, but if a bar fully closes in side that 75% area then I will call this trade done and look for another entry if there is one. I use the last pullback area that was at least 40 pips to place the FIB lines. If it pulls back back beyond that level then this pair is not ready to run the gambit imo.
--NMIgnored
Dislikedthanks for all the detailed clarification
am staying conservative and closed for a 75 pip gain
RR of 1.5, not perfect in my case but contented though
cheersIgnored
DislikedThat pair might make a good retracement it looks like it is undecided and getting into a range, and I have an idea several of these pairs are going to be doing that until the NFP numbers comes out later.
--NMIgnored
Dislikedthanks for all the detailed clarification
am staying conservative and closed for a 75 pip gain
RR of 1.5, not perfect in my case but contented though
cheersIgnored