Barely took out my stops then went in my direction as planned, only with a loss. Perhaps I should change the default stop to 150 pips so a spike doesn't take it out.
Starting off the week. Low risk in forex. I am watching gold and silver still. Treasuries are down and so is the SP500 so gold is up. Next recession they say, again.
To prove that it is not my analysis, but my money management that has been my downfall, right where the arrow is I had an entry order but canceled it due to bad money management, stacking trades too high, kinda over my head marigin wise. Large positions that I thought I tight stop would be good for that stopped out, when right after, it goes in my favor, not enough draw down play, basically. Earlier posts show my account drawing down several hundred dollars, before increasing even more. I was trying to master tight stops, sniper precision entries. Still trying but I have to not miss trades like this, this one is phenomenal.
Larger and smaller wave measurements. More of a pullback is best for an entry but it could spike if this recession sentiment really takes off. I'm thinking an aggressive long is good.
Many waves cresting simultaneously. Overbought RSI, new trend signals. Perhaps an aggressive entry is good. May not be time for a retrace. I expect tomorrow there will be a bit of volatility, as the market decides if it really is a recession.
Plus the monthly breakout is obvious to large traders with big money to dump.
This certainly is affecting metals. I think it's great to be able to buy a contract with 100 times leverage. I think a couple more down daily candles and then long with a stop below recent low in case it is a bear flag. The overall pattern though just looks like a regular market correction if you ask me. Not huge recession, not with just this as the indicator anyway.
Spiked already, volume upswing and MACD crossover. The ascent begins perhaps, or it may just be picking up steam and will whip back to my entry. sometimes there is some back and forth before the bigger trend.
That was a precise touch of the 5 min sma 50. I wanted in a little lower than that and missed it. Watching the momentum. Touches off of moving averages on lower time frames means it is picking up perhaps on the larger ones. The MACD crossover was confluence.
Setting an entry at this fib level confluence with the sma 50, the next touch on the 1 hr. Where the arrow is. Then after the next time frame and the next. It may end up also a good short scalp if it holds below the sma 50. Basically just reverse the position where the stop is.
The 0.236 is often the bottom of a wave with regular momentum. If it is topping off and consolidating a little bit and loosing steam. Or it may just spike.
The more aggressive entry at the .382 is good if it spikes and follow the extensions. This is the best trend setup entry if it has good momentum, take profit at extensions, in this case, the 1.618.
The most basic pattern with new trends is spike, consolidation triangle until it hits a fib level or moving average, then spike. Triangular stair steps.
