Mike, Six gun
Thanks fellas for you help, much appreciated I assure you.
Mike, thanks for the chart and previous PPZ link.
(Looking at the chart you you just posted, would the 38/50 fib level confluence be considered a legit PPz as its acting as flip S/R level ?)
The other thing I forgot to ask was now I'm looking at daily charts, when entering a trade, by placing S/L above previous bars high or low etc the number of pips/levels can be pretty daunting. How does this sit with money mangement etc. eg. if the stop is 100/150 plus pips away from entry, how do we justify a target of say 50/60 pips to the next corresponding reisistance target (fib, confluence etc) ?
Thanks again
Malarky
Thanks fellas for you help, much appreciated I assure you.
Mike, thanks for the chart and previous PPZ link.
(Looking at the chart you you just posted, would the 38/50 fib level confluence be considered a legit PPz as its acting as flip S/R level ?)
The other thing I forgot to ask was now I'm looking at daily charts, when entering a trade, by placing S/L above previous bars high or low etc the number of pips/levels can be pretty daunting. How does this sit with money mangement etc. eg. if the stop is 100/150 plus pips away from entry, how do we justify a target of say 50/60 pips to the next corresponding reisistance target (fib, confluence etc) ?
Thanks again
Malarky