DislikedDon't intend to Hijack the thread here, please delete if you wish, however, here is a video that also advocates when NOT TO TRADE...and it is detailing how the market makers totally disregard fibs, pivots, ichimoku etc at the retail traders' peril and some of the tricks they play.....found the video on another forum (am not advocating or promoting any system here, just some Infotainment" for the coming weekend...enjoy): http://www.youtube.com/watch?v=Ab1aR4v5Sv0Ignored
My point here is, the conventional knowledge does not work as much as we think it does. It is just too risky to depend on it for your trading, in terms of SL. Like I said earlier, you get killed so easily in those critical areas. And often your lose a lot when you lose.