Ok... so for kicks last night I decided to try this method out on a 5 minute chart while I was at work to see what would happen. I decided to try it without using the fibs as Dredding had said it would work without it. Now, I like the fibs, but on a five minute chart, I don't think I'd mess with them.
In any case, in a span of about two hours, I made three trades for a total of 77 pips on the EUR/USD and experienced no drawdown:
1st trade - sell: 11 pips
2nd trade - buy: 30 pips
3rd trade - sell: 30 pips
After this, I stopped because I didn't feel like looking at the screen anymore. Heck, 77 pips is a nice profit for two hours work anyways.
In any case, in a span of about two hours, I made three trades for a total of 77 pips on the EUR/USD and experienced no drawdown:
1st trade - sell: 11 pips
2nd trade - buy: 30 pips
3rd trade - sell: 30 pips
After this, I stopped because I didn't feel like looking at the screen anymore. Heck, 77 pips is a nice profit for two hours work anyways.
