One does not simply buy low and sell high

A/u selling off very nicely. At key support now at 9300.

Usd/jpy also popped upwards so I'll be watching that for a pullback near the 50%.

Decided to close out a/u short for 234 pips. Got impatient.

If we can get a pop above this resistance, I'll be looking for the retrace. Trading the breakouts is a suckers game. Trade the dips, that's what this is all about.

e/u 1hr

Well I got my retracement on the 1hr charts, but I won't be taking it.

I feel e/u has too much resistance at the moment for a long trade (as shown on the 4hr chart below). I'll be on the side lines for now.

Still watching u/j - also on the sidelines.

Resurrection!

http://i.imgur.com/YzHcMbG.gif

Long signal given on the E/U daily chart as price has hit the 50% mark..but will it bounce?..I have my doubts.

On the side line for now.

Aud/usd hit its short sale signal but price seems too strong to trade against it at the moment.

Waiting for price to weaken on the 4hr and break lows before shorting.

hey how you been. I was just wondering if you are still trading this system. If so how is it going?

Making some changes - I will be taking off the 70% level. It's just to arbitrary. Placing stops above/below major swings makes more sense, even if the stops are a bit wider.

I'm back testing this on 50 pip range bars. I'll post charts later.

+36 pips on usd/jpy today. Great textbook example of how this should work.

Price made a series of higher highs and higher lows, but it wasnt until price closed above the first swing high that gave me the signal to look for the pullback.

I have tried for years to trade with fib extentions and retracement. I do agree that they can be very powerful, but I haven't been able to enter at the right levels. Seems like when I wait for a deeper retracement it bounces off a more shallow one so when I take a more shallow retracement, the market goes for a deep retracement. How do you avoid the psychological stuff that goes with trading fibs?

AUD has big news coming out. Lets see if I can grab some pips from the volatility.

Put a trade on AU just now. Notice the higher highs and higher lows. lets see how this unfolds.

This is the exact reason why I took all of them off and just use one level. Also, technically speaking these arn't fib lines that I'm drawing, however it is a fib tool that I use to draw the 50% level. 55 is a fib number, 50 is not.

I do look at fib extensions, but my first target is always a measured move, an equal distance from the swing being measured. You saw that with the u/j trade.

Fibs look great in hindsight, but it's painfully hard to excute in a live market, because like you said, you simply cant know which level price will respond to.

With this system, and one level (50%), price either bounces off it, or it doesn't. It's much more straightforward.

usd/cad that I just now noticed. Didnt take it.

A few pips from being stopped out then BAM!

Target 1 hit. Still holding the other half of my position.

very happy on this one.

Fibonacci does not work, im sorry but you are likely wasting your time, you are better to stick to trying to trade breakouts within the trend. Just trade PA

I am trading price action. But thanks for the "input".

Will be looking for longs or shorts above/below these s/r zones.