DislikedHi Karmo,
Very good charts and I see your calls are very accurate on the Ausco thread.
Now I did post on the mentioned thread that I blew my account last week, however prior to this 2000 pip drop I used exactly your method to treble my account from January this year to July 20th as I was following the daily chart trend.
So I know your system works I can prove that.
The BIG question is which timeframe to use to determine the trend. This is absolutely crucial as the reason I blew my account was that all the strong Fib retracement levels on the Daily Charts never held. Ok my Money management could have been better so lesson learnt, however I would have still had a large drawdrawn at best.
I took a wild punt on Friday and made 900 pips from the low because we hit the Weekly trendline channel. Now if I was looking at a weekly timeframe I probably would have doubled my account instead of blowing it.
SO HOW OR WHICH TIMEFRAME DO WE USE FOR THE TREND BECAUSE IF ITS NOT KNOW YOU CAN HAVE TWO CONFLICTING VIEWS ON DIRECTION... THIS IS HOW I BLEW MY ACCOUNT
Regards
Dave
PS To all newbies... If you follow the trend (what is it? + use multiple fib levels) you can make some serious moneyIgnored
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
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