Will we get some movement today, that's the question.
In any case, I still have a trade running at breakeven so I'll look to rebuy at the daily pivot if it gets there.
Target remains, at the channel line (Extension 1.272).
After reading about fibonacci ratio's and patterns on smaller TF's.
The ratio's alone don't do anything, you only have to know how and when to use them.
They provides entry and exit levels, but they have to be used correctly in conjuction with an other method for confimation (P/A, indicator, ...)
For the smaller T/F's I DO believe it's true that the smaller the TF, the bigger the noise.
But a small TF can provide a good entry point to trade longer term trends.
A good entry point with a small S/L equals a big lotsize, equals big potential profit. And if someone is trading a small TF with his own system and his system works then I have nothing to say or to comment about that.
In the end it's all about creating and following your OWN system. There is no holy grail, there is only you.
We have some tools in our toolbox and we have to know when to use them.
As for me,
from now on I'll be posting some Harmonic Patterns, not because I believe they are some holy grail system. No, but they provide me a target, a stop loss and an entry point. I ONLY will use them counter trend when I see them happening in conjunction with a broken TL.
I don't believe these patterns work very well trading against the trend within a trend range (TL), they however do provide a good entry point going with the trend ( and they look so nice )
So bassicaly it's trading Broken TL, and double bottoms against the (previous trend) and looking for an entry in the direction of the trend.
That's how I will use them.
To make money, It's all about cutting losses short, letting profits run and managing risk, no matter what system you use.
That being said,
Good trading all
Grtz
In any case, I still have a trade running at breakeven so I'll look to rebuy at the daily pivot if it gets there.
Target remains, at the channel line (Extension 1.272).
After reading about fibonacci ratio's and patterns on smaller TF's.
The ratio's alone don't do anything, you only have to know how and when to use them.
They provides entry and exit levels, but they have to be used correctly in conjuction with an other method for confimation (P/A, indicator, ...)
For the smaller T/F's I DO believe it's true that the smaller the TF, the bigger the noise.
But a small TF can provide a good entry point to trade longer term trends.
A good entry point with a small S/L equals a big lotsize, equals big potential profit. And if someone is trading a small TF with his own system and his system works then I have nothing to say or to comment about that.
In the end it's all about creating and following your OWN system. There is no holy grail, there is only you.
We have some tools in our toolbox and we have to know when to use them.
As for me,
from now on I'll be posting some Harmonic Patterns, not because I believe they are some holy grail system. No, but they provide me a target, a stop loss and an entry point. I ONLY will use them counter trend when I see them happening in conjunction with a broken TL.
I don't believe these patterns work very well trading against the trend within a trend range (TL), they however do provide a good entry point going with the trend ( and they look so nice )
So bassicaly it's trading Broken TL, and double bottoms against the (previous trend) and looking for an entry in the direction of the trend.
That's how I will use them.
To make money, It's all about cutting losses short, letting profits run and managing risk, no matter what system you use.
That being said,
Good trading all
Grtz
What's that smell? ---- I smell money!
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