I know this should not be my first way of greeting you. but pardon me...
Is my example close by? then are we just entering the trade regardless of PA @ the fib retracement level. You
You can refer to my inset.
Good to see you here...
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Yes that looks ok base on the system explained here. However the stops for both are pretty large you can go to 4H or 1H and look for similar setups at these reversal points.
Hello Dra, I am MSN. I have been learning forex since early summer and I have studied many strategies and tried all on demo and some on live acct. None have proven to be consistently effective until I found your method. I am so grateful to have found it and you. I thought you were forever gone from this wonderful thread but here you are just a few days ago posting. Any way to my question. A few posts ago, some time ago though you said that now you wanted people to use the different strategy you said you posted in a few previous posts. I assume you were talking about considering and employing the impact and use of s/r levels that you note on the higher time frames. PLease confirm this is correct and if I am mistaken, please correct me and educate me as to what you were referring to. I know you said these s/r levels are more reliable on the higher time frames and this i am sure is true but I must say I find the s/r levels on the tf in which I am trading to be very strong also most of the time. Thanks again so much for sharing this strategy. My lost hope has been restored. Hope to see more of you and hear more from you.
Hey MSN, glad to know you find the info here useful.
What I pointed out in my previous post with regards to S&R levels was just another way to trade these levels which I find very rewarding.
I look forward to seeing some charts and analysis, its always nice to compare charts to make sure we are on the right track with our own charts and to see where we are going wrong if we arn't quite drawing the right lines etc
Hi Dra, so glad to know you are still here on the thread. Thanks for your response. If I underdstand correctly, the use of s/r is not required for your method but it seems to be another conformation that makes the potential entry stronger. Is this correct? Thanks
Hi Dra, so glad to know you are still here on the thread. Thanks for your response. If I underdstand correctly, the use of s/r is not required for your method but it seems to be another conformation that makes the potential entry stronger. Is this correct? Thanks
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The system discuss here does have S&R entries with the use of candlesstick patterns, however what I showed in those couple pics is just another way to trade S&R.
Hi again Dra, Thanks for your previous answers. I have been working with your system and I think it is one of the best methods I have ever seen. I would give you a vouch If I could but as of yet I am not allowed to do so. At any rate, I am unsure of how to determine the long term trend line. What I have been doing is, I go to the next higher time frame and then I draw the trend line from the most extreme high or low that occurs at the left most side of the chart to either the next High/Low to the right of the one on the farthest left. Can you confirm this correct or if not, Could you please explain it to me. Thanks in advance, msn
At any rate, I am unsure of how to determine the long term trend line. What I have been doing is, I go to the next higher time frame and then I draw the trend line from the most extreme high or low that occurs at the left most side of the chart to either the next High/Low to the right of the one on the farthest left. Can you confirm this correct or if not, Could you please explain it to me. Thanks in advance, msn
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Sounds like youre doing the right thing. The long term TL can be drawn from a higher time frame as well as you can zoom out/compress the chart to draw all trendlines possible then you determine the different lines. Below is a chart showing 3 diff TLs drawn..
Hello again DRA, I am still working with your great system and I have another question. Does it matter how many candles pass after a bounce before you get a confirmation candle or formation? Sometimes I get one five or six candles after the bounce and I want to know if it will still be a profitable trade to enter at this late point. THanks in advance for your help. msn
Hello again DRA, I am still working with your great system and I have another question. Does it matter how many candles pass after a bounce before you get a confirmation candle or formation? Sometimes I get one five or six candles after the bounce and I want to know if it will still be a profitable trade to enter at this late point. THanks in advance for your help. msn
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Yes, the entry CF normally starts the bounce. So if you decide to enter at the 618 you would wait for a CF to form at the 618, not after it bounce at 618 then forms a candle.
Hi again Dra, I have not been having much success with your sustem and I think I need some clarification. Does the fib of 38, 61 or 78 have to be started based on the previous high or low or can it be drawn from one that is back two or more highs or lows. I know that fib confluence can use previous highs and lows but i have been trying to draw fibs from ones that are further back than just the high or low right before the retracement points of 38, 61 or 76 and I am finding little success doing this. can you please comment. I hope I have made this clear. Also, in reading the tread again, I see that others talk about waiting until a previous high or low is breached before entering and I do not see this as being part of your method. again any comments would be appreciated. MSN
one more thing, you said in you last reply to take the trade off the bounce with a confirmation candle of cf. what if no cf occurs on the bounce but just after the bouce. ins't this ok to enter after? Thanks again, MSN
The markets retrace big time today, breaking trend lines on most pairs. Please note that this doesnt confirm a change in the trends. We will be trading the break by the rule stated earlier in the thread. We now look for the markets to go to outer/long term trend lines.
Posted below is an entry taken on usdjpy 23:00 eastern that stopped out. Thats the entry after the recent 4H EBl, the other is a long term entry I have holding a few weeks now.
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why didn't you include the wick in drawing your fib?
DRa, Hi, I have been rereading the thread and I am not sure of this: are you supposed to reposition your trendlines at any time and if so what is the criteria for doing so? I was under the impression that once a trendline is placed, it is permanent. Thanks again for your help. msn
