Dislikedso your stops are the dist 1-2 not 2-3 or clearly you'd have been stopped out on the first retrace.Ignored
BTW, the trade was a winner! +27 pips profit at the 100% extension.
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Dislikedso your stops are the dist 1-2 not 2-3 or clearly you'd have been stopped out on the first retrace.Ignored
DislikedYes, my SL is 1 pip below under 1 and I enter 1 pip above 2. R:R = 1:1.
BTW, the trade was a winner! +27 pips profit at the 100% extension.Ignored
DislikedI'll be following along here...nice trade Olarion.
Question: Why do you not trade the 123 on a higher TF like 30M or 1H?
Also, I've read that a .pdf file on the 123 that states using the Fib Expansion tool is a good way to set TP areas. Is that what you are doing?Ignored
DislikedI'll be following along here...nice trade Olarion.
Question: Why do you not trade the 123 on a higher TF like 30M or 1H?
Also, I've read that a .pdf file on the 123 that states using the Fib Expansion tool is a good way to set TP areas. Is that what you are doing?Ignored
DislikedThanks. I never tried higher TF because of the higher SL and I like to be in and out the trade more quickly.
Yes, I use the fib extension for my TP. In this case I look for the 100% extension from point 1 to 2.Ignored
DislikedWhat an interesting thread, can someone just clarify one thing to me, from the attached image are we measuring 61.8 fib from 2 to 3,
not 1 to 3, in other words 2 to 3 has to be a minimum 61.8% of 1 to 2?
Hope that makes sense!Ignored
DislikedHere are paulus' rules from post #48
Its just price action but you need some rules mine are simple[list=1][*]I start looking for 123 at 7am uk time on...not before[*]if we are going up in the Asian session I look for a short and visa versa[*]I always take trend reversals not continuation of trends[*]If I take a short 1st thing then the rest of my trades go long short long short etc[*]I must have more than 1 candle in between 1 and 2 and 2 and 3[*]The pull back or rally from 2 to 3 must reach the 61.8% of the 1 to 2 move[*]My...Ignored
DislikedDraw Fibo this way - you have the 61,8 + 200 %
P.P But I don't think, Friday afternoon is the best time for tradingIgnored
DislikedDraw Fibo this way - you have the 61,8 + 200 %
P.P But I don't think, Friday afternoon is the best time for tradingIgnored
DislikedHello tomd no Paulus draws his fibos starting from point 1 to 2. if you look his charts is clear that its from 1 to 2, because its over 50% from 1 to 2
Its just price action but you need some rules mine are simple[list=1][*]I start looking for 123 at 7am uk time on...not before[*]if we are going up in the Asian session I look for a short and visa versa[*]I always take trend reversals not continuation of trends[*]If I take a short 1st thing then the rest of my trades go long short long short etc[*]I must have more than 1 candle in between...Ignored
DislikedYes I think thats it, it's basically a 38.2 retrace, but where does the stop go is it 1 or 3?Ignored