i have circled white, looks like it's a 50% fibo retracement.
so i feel quite safe to let this trade continue
Attached Image (click to enlarge)
Trade What You See - Almost Naked Trading
- #7,942
- Dec 30, 2010 4:19am Dec 30, 2010 4:19am
There are many trading setups with LG's system.
IMHO we shouldn't enter too many that we can't observe/manage!
There will always be more good opportunities!
Also, regarding what you said above about setting orders at 15-20 pips away from the breakouts...does that mean you can profit from this system in a set and forget manner?That would be really nice
- #7,943
- Dec 30, 2010 4:21am Dec 30, 2010 4:21am
I understand what you're saying.
IMHO, support/resistance are better places for SL and TP. I think that LG also uses them, as she said.
If you can't/don't want to observe PA, you can just set a pending order 15-20 pips above support/resistance BO area and a pre-define SL and TP. Nothing wrong in trading like this...
sounds good. i just need a bit of fine-tuning here.
internet teetering's q bad. let me head home and join u all in the sweeping of PIPs later on. cherios.
- #7,945
- Dec 30, 2010 4:22am Dec 30, 2010 4:22am
still the same. i'll stick to my intended strategy.
i have circled white, looks like it's a 50% fibo retracement.
so i feel quite safe to let this trade continue
In that case, perhaps this will turn out to be a ZC trade setup (breakout->pullback->continuation)?
What do you think?
- #7,948
- Dec 30, 2010 4:27am Dec 30, 2010 4:27am
Thats a great point, I will keep that in mind
However, managing the trade live is more exact IMHO.
- #7,950
- Dec 30, 2010 5:49am Dec 30, 2010 5:49am
IMHO seems that kedridder was right and price is going much higher...
natnimrey, please don't be angry at me because of the early exit.
Just trying to protect our trades from turning a win into a loss...
Perhaps I'm too conservative in my trading style and should just let trades run longer.
I'm trying my best to give good advise here but it's all IMHO (In My Humble Opinion)
Please always use your own judgment and feel free to disagree or correct me! Thank you!
Well done to kedridder tho; he made some serious pips
- #7,951
- Dec 30, 2010 6:01am Dec 30, 2010 6:01am
Now you owe me $50. Haha just kidding! Aww come on, there's no need to say that, like what you said there are tons of opportunities around. Besides I agreed 100% with your advice and still do, the moment I exited I'm totally chill about where PA was gonna go. In any case I should thank you more for your informative responses
Well done to kedridder tho; he made some serious pips
natnimrey: thanks, indeed my TP was taken with +47. i almost wanted to close. this is so lucky. i happen to be in a library and 1 of the topic of a book which i was reading, was fibo retracement. it was said that the legend J. Livermore swear by fibo 50%.
when i draw e fibo line, the retracement is exactly 50%. this saved the day for me and closing on my deficit. to be honest, i'm still -ve on my books.
geula4: no worries, we each have our own opinions and that's what build us up as successful traders. we all value you as a great forummer and teacher here becos of your frank opinion/comment/guide. we appreciate them. after all, we're here to learn from each other and improve.
ok, i'll start to work now and lets see whether we all can spot any BOs.
- #7,953
- Dec 30, 2010 6:10am Dec 30, 2010 6:10am
Come on kedridder, that was more than just luck. It was very clever of you to use fibo; I should look more into that
I see another possible signal, think NY open will really move it. Will be watching it like a hawk
I see another possible signal, think NY open will really move it. Will be watching it like a hawk
- #7,954
- Dec 30, 2010 6:17am Dec 30, 2010 6:17am
Come on kedridder, that was more than just luck. It was very clever of you to use fibo; I should look more into that
I see another possible signal, think NY open will really move it. Will be watching it like a hawk
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really, it was by pure chance. i was reading that page before i returned the book at e library. and i was also frustrated at my self for not sitting tight and letting PIPs go by for USD/JPY last night. geula4 can vouch for me.
btw, sitting tight was what helped J Livermore prosper, he said.
LG's RSI indicators are all in a mess now. looks like i can take a 5 min break.
- #7,955
- Dec 30, 2010 6:35am Dec 30, 2010 6:35am
Come on kedridder, that was more than just luck. It was very clever of you to use fibo; I should look more into that
I see another possible signal, think NY open will really move it. Will be watching it like a hawk
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