Target hit. One of the main advantages of this system/methodology is that once you have identified your AB leg you have a definate entry a definate stop and a definate target. There's no need to move them though at times its prudent to reduce risk etc. So many traders suffer from moving their stops up too early or closing trades too soon. This does away with all that and gives you the confidence to hold the trades to completion which positively affects your psychology taking away doubt and uncertainty, which is very important. If you want to explore this methodology further I'd recommend watching Mr Pips videos over on his 'ratios and harmonics thread' on orderflow and consider subscribing to Paul Coughlans daily service https://www.coghlancapital.com/ which analyses markets using pitchforks. Its fairly cheap Though I wouldn't advocate using Esignal, 3 or 4 years ago I used to pay $500 a month to the CME just get their data feed thats not needed imo
and EURUSD 1 hr Fork Support has become resistance on the sliding parallel helping to validate the fork, makes for a low risk high probability trade with target at D
Those charts look nice but can you please tell us what is your entry criteria and your stoploss points?
Do you enter on the 76% retracement with limit orders? Touch entries? Engulfing bar entries? Because your method looks nice but can you show some failed setups?
EURUSD 5min I'll see this trade out: I entered a little early I have adjusted C and the target D. Incidently I dont normally trade more than one or two markets and I dont usually make so many trades. Usually I will just take what I consider to be the very best trades perhaps 1 or 2 a day my daily target is 30 pips I'm just doing this to demonstrate my approach to analysis and trading and as such it is negatively impacting my PnL I m going to abandon this thread as I have made most of the points I wanted to make. I might start a journal but will only be trading the Dow and EURUSD on a 5 min if anyone wants to follow on I'll post a link to it later. I trade the US Session
Rule no 2 Know when to break rule no 1 Where theres obvious short term support anywhere on the CD leg, allows for a tight stop and good RR has about a 60% success rate but the low pip risk still makes it attractive
EURUSD pip perfect rejection of the sliding parallel from the previous low and the 76 Fib. Allows me the confidence to reduce risk and bring the stop up from below A to below C. You would be surprised how many times we get pip perfect touches to these type of points
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