Hi helpful community! here's a technique i've been using for a while, its in the money about 70% of the time, but in terms of pips gained, its weak, the one's that do lose lose more than the profitable one's, im targeting risk/reward 1;1.. so not sure, but if anyone can fine tune or provide me with a hint/2 i would appreciate it..
basically, i play trend reversal, 2 peaks/2valleys, once the 2nd peak/valley breaks the trend line, i enter a buy/sell in that direction, using fib. expansion taking profit at fib expansion 1.61 levels.. stop loss is the 2nd peak/valley depending on whether im going long/short... i have been told, there are a lot of fake breakthrough signals and that the 2nd bar is crucial, if that's above the entry price (buy) and vv for a sell, than its a valid reversal trend, if the 2nd bar dont close above the entry point (long), it may be a reversal... what do you guru's suggest? and pls dont suggest another technique!! im practicing with a couple of them, next post will be on MACD!! THANK YOU
basically, i play trend reversal, 2 peaks/2valleys, once the 2nd peak/valley breaks the trend line, i enter a buy/sell in that direction, using fib. expansion taking profit at fib expansion 1.61 levels.. stop loss is the 2nd peak/valley depending on whether im going long/short... i have been told, there are a lot of fake breakthrough signals and that the 2nd bar is crucial, if that's above the entry price (buy) and vv for a sell, than its a valid reversal trend, if the 2nd bar dont close above the entry point (long), it may be a reversal... what do you guru's suggest? and pls dont suggest another technique!! im practicing with a couple of them, next post will be on MACD!! THANK YOU
