Simple and clean day across the board. Not much to see with all markets behaving in synch. On the FX front, Euro* is in full control of the currency board until next week so adjust workspace and trade accordingly .... sisse {quote} Don't get me wrong but it seem (i hope not) you are going all over the place, machine gun approach with too many swings in uncorrelated TFs, chasing moves with trigger charts and chart fitting for answers ... Just my 2 cents as you have been putting some long hours and effort in the conversations in the thread: You got...
So I had posted (the quoted one) some reasons price might have a reason to turn at 737. The recent leg up is a retrace on my map and I was looking to see where I thought that retrace would top out so that: I could add to my short position from 1.077x.
One way to scope where that top could come in is to use fibs to try to determine where bulls would like to get to in the shorter term and where bears would like to get to in the longer term (assuming you are bearish in outlook). Hence two different timeframes, and two different directions. The bigger bull run on the weekly chart I posted only because it was mentioned by Pharmor, (I think as more of a way to determine direction, not the way i use the levels) and this started a conversation between you and him I'm sure you remember.
The fact that bulls wanted 737 (this part gets to gators norm method) and bears wanted 737 stuck out to me as I charted and posted the other day. More importantly 737 area is/was an important level PA wise and the three conclusions together led me to add short in that area.
So, While seeing a mess of lines on a chart and seeing three timeframes and all directions may look as if I'm trading the crap out of EU and have a pretzel logic plan for doing it, while I appreciate the concern, I assure you that's not what's up.
I have placed two EU trades since March 29. One Short at 777 and one short at 735. So more like a 18th century musket than a machine gun.
As far as the many lines I use with fibs honestly there's 3 sets of three that matter much to me. And I'll explain again not to pay attention to the nicknames I got on those lines. Its a memory trigger for my fried old brain, not a reference to some trading method.
I wont get into all the detail of how I'm looking at norm, mofu, all that A)because its not really relevant B)because I'm pretty sure you got a handle on that stuff already.
As far as three sessions left goes, my poison has been chosen for a while now. So looking to ride safe through events as opposed to jumping in/out.
So to explain like you are five
:The reason I charted any of that was because I like that method to determine my "trigger" to enter (or in this case fade in again) a trade, when and only when I have confidence in direction and a feel for where we are in the swing and where we are on the map.
And most definitely not to figure out whether I should go long, short, trade the H4 or the W chart or when that next big breakout is coming.
From Iteration 19:
"Why use so many random triggers? To exactly show that the only thing the matters is following a CONSISTENT PLAN with a clear path and direction. Everything else is secondary."
Hope that explains it.
