>>>i show it having just gotten past the 50% i am using 1H and taking it from >>>the long wick swing high.
Agreed Chris, I was taking my fib from the last pull back to dynamic resistance on the H1 chart but I think your fib has probably more weight.
Dave
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The reason that i used that swing is that it is the 50% swing of the last wave and that it lines up with some S/R. If you look at the chart there is a blue line just above 50% that has held some swings and the market has just bounced off it. We will see
Thanks for the chart Chris. I'll keep watching this pair and have my retracement TL drawn on the H1 chart - it's a pretty steep one. Perhaps it could break down and retest the 0.91 RN?
Chris, I agree EU is in the zone but I can't find any confluence to back up the current pull back. The closest resistance I can find is above at the 1.48 level where a TL meets the RN.
I just want to say that i am new to the MA way of trading Nightmoney is the one that started this thread and knows this system best. Having said that i trade the same way but using a keltner channel for 2 1/2 years, so i know this is a solid way of trading. PA is the only way to trade.
Same here Chris. I'm still trying to shake my indicator fetish.
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The only time i use indicators is to see dvg. to stay out of a trade i do not use them to enter. In trading there is only price and volume, and in forex there is only price. All indicators work off of those but are lagging.
Chris, do you adjust your retracement trendline as the angle gets steeper or just stick with the original shallower line? For instance, the USDJPY M30 retracement is now becoming steeper. Should I be adjusting the TL to catch a break earlier or is the first TL more reliable?
it has been broken a few times but market looks to be respecting it still that is why we need to wait for a pullback and a swing break because it may just be a pause for a bigger move up we will see.
oh, okay, now I see it. well, I personally don't like when my S/R levels get breached a lot recently. For me that means that they might lose significance. But that's personal risk preference I guess. I think eur/usd has a little bit of a better S/R level. Just my 2 cents.
Chris, do you adjust your retracement trendline as the angle gets steeper or just stick with the original shallower line? For instance, the USDJPY M30 retracement is now becoming steeper. Should I be adjusting the TL to catch a break earlier or is the first TL more reliable?
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here is a chart the retracement line is not as important to me as the S/R well IMO.
