Here is a situation that I wondered about. How strictly do you play daily highs and lows. In this example, the first candle on Feb 22nd was merely a continuation of Feb 21st. If fibs drawn to the low of the first candle of the 22nd, then target was hit almost to a pip. I'd like to hear what people think.
And here is a nice trade that I missed because I was too busy at work (I always seem to miss the entries). I need something to alert me that the high/low was breached.
Here is a situation that I wondered about. How strictly do you play daily highs and lows. In this example, the first candle on Feb 22nd was merely a continuation of Feb 21st. If fibs drawn to the low of the first candle of the 22nd, then target was hit almost to a pip. I'd like to hear what people think.
always hard to jump back in time and consider what you would of done.... is that big wicked candle a news candle... bet it was... if i traded uj i would of probably been playing out the friday fib at that point, if i had already entered short that news spike would of stopped me out, but if i knew it was due then i wouldnt of entered before anyway...
but on paper all the news candle did was mark out the fib i would of already been looking at.... here's a chart
And here is a nice trade that I missed because I was too busy at work (I always seem to miss the entries). I need something to alert me that the high/low was breached.
...TP1 hit to the pip, before backing off - not the best setup though, long pierce but no retrace to inner levels for the bounce. Too close to the BoE report for me, but encouraging to see the power of the 138 extension yet again.
So if a fib is not triggered on the next day, you move your fibs. But I guess you don't fib the inside daily bar.
Correct me if I am wrong.
Ignored
well the inside day this week worked out really nicely, the thing with inside days there are more risky to trade, maybe i should ajust my rules and fib the previous day, every day, but be cautious on inside days, this week that worked out fine for me...
i suppose really you just have to be aware to what the market is telling you...
fibs that dont complete their cycle still cause a bit of confusion for me... and if you trade the plan the odd losing trade should not make any difference to your overall profitability...
Gu pierced the high and went to tp1 (v.nearly) but i was asleep, got back in and went +30 before coming back and stopping me out for a small loss, as tp1 hadnt been reached and with the current set up, took another long, going nicely.
UJ and FTSE trades were just simple , pierce, retrace, tp1 trades, just following the rules.
10 trades this week, 7 wins, 2 loss, 1 B.E
trade the daily extremes on the 1hr tf... K.I.S.S !!!
...not a rigid DL setup as the swing i've fibbed is across a few days, but the main principles remain the same. A long piercing, pullback to yesterday's lows and then a drill down to 5min, a 123 long off the lows which also happens to be around the weekly pivot and today's S1. Might not work out, but i like the logic.
edit: only made it up to monthly R3 level which was also today's pivot and a round number (6200) - the big boys took it down from 6200...twice today. The combination of fibs, pivots and price action help with each aspect of a trade. I entered long but was able to get out once price confirmed it didn't want to trade through the pivot resistance.
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Indicator Free Trading - Skunny
euro on a crazy ride today
