DislikedIsn't this exactly what we want to know here ?
If someone could answer this WHY of you with like a 90 procent or so chance to hit to the pip then I would call this thread the best thread ever.
But nobody knows. Why ? Because there isn't a setup which garantees your target of 1.38 to be hit. If this setup exists WHY NOBODY MENTIONED THAT HOLY SETUP ?
Believe me you can watch the charts until your eyes fall of your head but it isn't there. If it would exist everybody would trade that setup. There isn't something like a hidden secret in trading.
But if you find it, do not hesitate to let us knowIgnored
So, I'll just say once again, what I have already said about the things Skunny has given everyone here. It's really just the same thing Skunny said in the beginning, which now seems to be held in disdain (sour grapes), bearing witness to the fact that some folks are just lazy and want things handed to them. This is exactly what separates those who will become successful and those who will continue to blame others for failing to hand them a ready-made silver platter. They simultaneously ignore the fact that a 24kt GOLDEN PLATTER has already been laid at their feet, it just needs to be unearthed, cleaned up, and prepared for use.
There IS a repeating pattern in the markets...you can see clear evidence of it when a news release spike hits a fibo target to the pip or within only a few pips. The market gives hints as to where it's headed. To trade it, you must learn to follow price action closely and this takes work. There is no black box, but there IS a way to trade at 100%. Most people won't trade at 100% because we are all human and prone to error, greed, revenge, and other weaknesses.
You are right, you can "watch" the charts till your eyes fall out and you will not ever see anything, filtered through the attitude you currently hold. But if you change your attitude and perspective, your sight will definitely improve.
Call that KungFu Kool-Aide if you like, it works for me. It tastes much better than sour grape juice....
Here is an example of what I'm talking about with targets getting hit with precision accuracy:
FOMC news release on 4/30/2008
E/Y 138 extension target hits within a couple pips