For examples shown, SL at 100 fib level.
FIT
Close Trade At Profit
Hello guys,
We meet again. Hopefully everyone still survive in this trading arena. Its a marathon, not a sprint.
Hope you guys still remember the concept for this trading system I shared previously. For those how just unfortunately stumble into this thread, please refer below photo to understand how to determine trading direction/bias for next week/day.
Please master this concept, just a simple visual interpretation only. Add this concept to your body of knowledge, combine with everything you has learned before.
Other than to determine trading direction, we can use this concept as a currency strength.
We meet again. Hopefully everyone still survive in this trading arena. Its a marathon, not a sprint.
Hope you guys still remember the concept for this trading system I shared previously. For those how just unfortunately stumble into this thread, please refer below photo to understand how to determine trading direction/bias for next week/day.
Please master this concept, just a simple visual interpretation only. Add this concept to your body of knowledge, combine with everything you has learned before.
Other than to determine trading direction, we can use this concept as a currency strength.
Close Trade At Profit
Example again,
Gold weekly chart, last week candle (18/2-22/2), marked with down arrow = sell candle.
Now we have trading bias, which is SELL.
Now go to H4 chart and draw a retracement tools using high/low of the previous week. For Gold, I normally will place pending order at level 50 or 61 fib ret because gold is a commodity, and one of the commodity or commodity currency character is most of the time it will retrace up to level 50 fib retr.
In this case, price did not retrace to our PO level, but its stay in range for 2 days then dropped. I shared this range character here:
https://www.forexfactory.com/showthr...0#post11609470
*when price confined in range 0-38 fib level,most likely it will continue its direction.
Off course in real time,we will never know it will confined in range.If this happen, what we can do is wait price to break level 0 which also a last week low also known as support as mention here:
https://www.forexfactory.com/showthr...9#post11582919
*RESISTANCE - Weekly HIGH & Daily HIGH
*SUPPORT - Weekly LOW & Daily LOW
Then,once again use our magical fibonacci retracement tool to measure in smaller scale new PO level after price broke last week low by using latest swing high & low. Then again, my preferred level to PO is 50 and 61.
For conservative trader who like to see more confirmation such as reversal candle must occur, then wait for it.
Gold weekly chart, last week candle (18/2-22/2), marked with down arrow = sell candle.
Now we have trading bias, which is SELL.
Now go to H4 chart and draw a retracement tools using high/low of the previous week. For Gold, I normally will place pending order at level 50 or 61 fib ret because gold is a commodity, and one of the commodity or commodity currency character is most of the time it will retrace up to level 50 fib retr.
In this case, price did not retrace to our PO level, but its stay in range for 2 days then dropped. I shared this range character here:
https://www.forexfactory.com/showthr...0#post11609470
*when price confined in range 0-38 fib level,most likely it will continue its direction.
Off course in real time,we will never know it will confined in range.If this happen, what we can do is wait price to break level 0 which also a last week low also known as support as mention here:
https://www.forexfactory.com/showthr...9#post11582919
*RESISTANCE - Weekly HIGH & Daily HIGH
*SUPPORT - Weekly LOW & Daily LOW
Then,once again use our magical fibonacci retracement tool to measure in smaller scale new PO level after price broke last week low by using latest swing high & low. Then again, my preferred level to PO is 50 and 61.
For conservative trader who like to see more confirmation such as reversal candle must occur, then wait for it.
Close Trade At Profit
This is one of my accounts stats. The focus of this account is to enter at every possible turning point using concept discuss in here.
With very tight SL, from 5-20pip only depend on pair traded.
From the screenshot above, more than half of open trades hit SL but overall still make positive return. Winrate also just above 30%.
Just as example.
FIT
With very tight SL, from 5-20pip only depend on pair traded.
From the screenshot above, more than half of open trades hit SL but overall still make positive return. Winrate also just above 30%.
Just as example.
FIT
Close Trade At Profit
- #70
- Mar 4, 2019 4:27am Mar 4, 2019 4:27am
- | Joined Apr 2018 | Status: Trader | 1,732 Posts
EURUSD has weekly bearish, daily for Friday also bearish
UK open (red line) 38.2 fib resistance good place to enter short
Bounced last weeks low
Hope I got this right
.............oooops London open should be the next candle down my mistake
UK open (red line) 38.2 fib resistance good place to enter short
Bounced last weeks low
Hope I got this right
.............oooops London open should be the next candle down my mistake
All charts/ideas based on UK time zone
- #71
- Mar 4, 2019 4:59am Mar 4, 2019 4:59am
- | Joined Apr 2018 | Status: Trader | 1,732 Posts
All charts/ideas based on UK time zone
EURUSD has weekly bearish, daily for Friday also bearish UK open (red line) 38.2 fib resistance good place to enter short Bounced last weeks low Hope I got this right
Thank you for your input. Nice trade you got there.
Close Trade At Profit
- #77
- Mar 5, 2019 2:39am Mar 5, 2019 2:39am
- | Joined Apr 2018 | Status: Trader | 1,732 Posts
All charts/ideas based on UK time zone
- #80
- Mar 5, 2019 4:58am Mar 5, 2019 4:58am
- | Joined Apr 2018 | Status: Trader | 1,732 Posts
All charts/ideas based on UK time zone