Disliked{quote} Thanks for explaining. I read your answer many times but not sure I understood. You took the white line as a swing, and not the line starting at 1.1750, because the momentum was strong and you didn't expect a deep correction, so you conclude the SL was probably safe there, is that right? Sorry it is not my intention to harass you with it, or to judge, I'm just interested in the approach of other traders. And the question "what is the right swing" is always hot topicIgnored
To start with let me make it clear, the swing markings you propose are correct for this thread. I was working within a minor swing.
I have drawn a few fibs in to explain my strategy. The Grey fib is where the swing you suggested should start (which is correct). As you can see the top of the fib (0.0) and the ensuing correction reached 50% of the move. The Blue fib was the next possible correction but it failed to reach 38.2% of the move so it is a failed level and should be ignored.
Now we are looking left of the chart and you can see a large piece of structure, and I thought it should have had more resistance / support than it did. I believed it broke through the upper levels due to news items and when coming back down would have held with a bit more stamina. When it did fall back down the level held for a bit but was then smashed through by 144 ticks in one candle.... some big orders, which may in fact re-enforce my idea that the level was possibly a strong supply level but who knows, it could have been just a good ol fashioned forex stop hunt.
There is a bit more to the trade that I wont go into here because Mr Pip said in his last vid that he wants to get away from momentum and such.
Hope this helps,
Matt.
As the lights go by so too do the shadows move
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