DislikedHi Ctic
I noticed that the 4h support also lines up with the 38.2 fib. Do you look for multiple layers of S/R to set pending orders? When you do set a pending order do you set you stop at the next S/R level?
I am still in Minnesota with a poor connection so no trading for me for some time now. Enjoying time with family but looking forward to some quality chart time soon.
RufusIgnored
Sorry it took me so long to respond. I have been very busy with no time to answer, or to tired and didn't feel like typing to answer. The answer is yes.
I look for various things to set my pending orders.. Fib lines, MA's, Inside bar, pivots and formations. Many times you can see on the charts where something will go before it turns. If your not here when it hits, you miss out so I set the pending order w/ a SL at a reasonable level. I don't always set the SL at the next level... It depends on what the charts look like. Sometimes they line up and I do but for example lets say the current line is the 38 fib 1H chart, 200MA. It may still be an uptrend but may move to the weekly if the proper retrace hasn't been completed. Thus I set a larger SL per the weekly chart. If everything lines up.. 1H, 4H, Daily, Weekly etc.. I will set much tighter stoplosses, because if it breaks on a weekly to go to the next level, that could be many pips...
I hope this helps and makes sense.. Let me know if you have any other questions.
C.