Just been reading the posts between fx1 and chowclown. Some good charts there, fx1.
Chowclown, I see you're a bit "iffy" about where to enter a fib trade after a retracement. Sometimes, it can be so straightforward. If it retraces to 61.8%, then enter as price passes below 50%. If it retraces to 50%, then enter just below 38.2%. If it only retraces to 38.2%, then wait for the reversal to be confirmed by another candle, then enter.
Having said all that, if you look at this chart, then you can see that entry can sometimes be a little complicated. We've got a retracement to between 38.2% and 50.0%, and price then reverses into a trend continuance through the 38.2%. Almost immediately, it hits a major psych-line, followed by the S2 line. Being a conservative sort of trader, I would have waited for price to clear these obsacles before considering entry. In this case, after the S2 line, there's a clear run down to a confluence of the 0.0% fib line, and a 0.50 psych-line. So I would have entered just below the S2 line.
Bear in mind, this is MY sort of method, and we all have different ideas regarding entry and exit.
Hope this helps.
Chowclown, I see you're a bit "iffy" about where to enter a fib trade after a retracement. Sometimes, it can be so straightforward. If it retraces to 61.8%, then enter as price passes below 50%. If it retraces to 50%, then enter just below 38.2%. If it only retraces to 38.2%, then wait for the reversal to be confirmed by another candle, then enter.
Having said all that, if you look at this chart, then you can see that entry can sometimes be a little complicated. We've got a retracement to between 38.2% and 50.0%, and price then reverses into a trend continuance through the 38.2%. Almost immediately, it hits a major psych-line, followed by the S2 line. Being a conservative sort of trader, I would have waited for price to clear these obsacles before considering entry. In this case, after the S2 line, there's a clear run down to a confluence of the 0.0% fib line, and a 0.50 psych-line. So I would have entered just below the S2 line.
Bear in mind, this is MY sort of method, and we all have different ideas regarding entry and exit.
Hope this helps.
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i'm relatively new to full-time trading and have only been profitable for a few months. On FX I'm trading just GU/EU/EJ atm (i'm also getting to grips with FDAX). 17 FX trades yesterday off the 5min setups between 10-50 pips...a busy day, as i usually average 2-3 trades per session 
