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DislikedSkong & MrD
Always be aware of the larger Time Frames.(TF)
See how Mr.daz first chart target lines up with this.
Reaching for the 113.31 is reffered to as stop hunting or a fake out, really only needed to touch a target.(respect a fib)
I am not saying it won't reach the long target, but that you should be aware of what you are trading into, and possible reversal zones.(PRZ)Ignored
DislikedBeen a bit quiet around here here. I must admit I have been off on a tangent trying to break the bank.
Thom, if you are watching I'm posting a 4h chart of cable, not to trade! More for reassurance that I am looking at things in the correct way as I seem to have lost my sea legs again.
Would this be the right spot for the 4h fib assuming we are looking long?
Attachment
MD.Ignored
DislikedThom, a quick question. I've been using ForexTester looking for 61-50 pairings. One thing I've noticed is when price is trending up then we get a swift move down to support (50) it tends to move back up just as swiftly as it came down. Does the speed and severity of the rejection have any influence on your trade decisions?
BartstopIgnored
DislikedNope well sometimes if I feel it will be a faster move I might load up..why price does that is because it is completing some fib cycle then snapping back to its overall target. If the fib is triggered is the only thing I care about for setting targets. Taking trades is based on fib sr on the triggered fib or a smaller fib in the triggered fibIgnored
DislikedMate, I am late to the party but unless and since this is quite possible since it seems so daft we are long for thousands . But yes that fib is the first move and pierce. While I am here I recall a post about you getting all mixed up what is going on? I find higher time frame fibs are not soooo much needed unless they are. For you if you stick to one hour it will be clean and simple or should be also I have noticed you posting targets hit to the tick saying closed out etc... that is not true per se just means that move stopped there could reverse...Ignored
DislikedDid you have another nice holiday?
Yes I have put a couple of long term charts up but that was only to keep an eye on possible short term reversals, I am not trading larger timeframe charts, only 1 hour.
Yes I have got myself a bit wound up, I have a habit of tinkering with things and going off at tangents. You see I have been trying to improve risk reward, yes I know if the fib is on there is no risk but I still struggle with that "acceptance".
In order to increases risk reward (humour me) I have been looking for 61.8 to 50 pairings and...Ignored
Disliked
when you say you lost.. do you mean your fib didn't work or your stop got hit?
TkIgnored
Dislikedlast night i learned a very important lesson after losing 19 pips. Never enter a trade because it looks like it's going to go in the direction you think. S/r penetration is the best way to trade as far as i am concerned. I have not been posting alot because i began to get really confused when everybody started using so many different fib lines and the fibs began to look really weird. There were different numbers that i had never heard of being used and everything became strange. Whatever happened to keeping things simple. Lol!...Ignored
DislikedKeep it simple, stick to the standard fibs. You seem to be doing ok from what I can see. How's the new laptop?
Also chaps, we have a UK budget at 12.30 London time. Be careful trading GBP.
MD.Ignored