Looks similar to mine Rea.
I have pending orders at H4 E and H4 U on the H4 and I am trying to get in near H4 P if the M5 E, which is the same M15 E (so far anyway) triggers the M5/M15 E.
Just relaxing and letting a pending order at H4 E and H4 U take you in is a good strategy as well. Nice to get in near P but a tad stressful.
(There is another way to get in at P that we will cover a bit later. That involves the CF stuff that we haven't touched yet.)
Now, consider the 161.8 Fib target for the H4 T U P fib retrace expansion is about 600 pips. That sort of trade takes many H4 bars, maybe 50 or so, but it is a nice reward, for as long as it takes, maybe a week or a bit more. How often does anyone get to say I made 600 pips in one trade? Oh of course, there is the U trade too for another 525 pips or so.
You would have to really beat up the M5 trades to achieve that sort of result in the same time period, with a whole lot more effort and hours and hours of screen time.
Trading a daily or a weekly SETUP is more like long term investing. Much better than a GIC though.
Anytime you have a SETUP like this, with a second pass from P coming back through E, you have a chance to enter a nice trade without the draw-down as price goes back looking for P.
Pending orders at E and U are the safe ones and on H4 you have lots of time to check and check again.
Once P back to E is under way, you can also look at the LTF structure of that wave and see if it is good. (making nice LL LH in this case.)
It will be great if this one works out. A week or more to do it but lots of things along the way.
I have pending orders at H4 E and H4 U on the H4 and I am trying to get in near H4 P if the M5 E, which is the same M15 E (so far anyway) triggers the M5/M15 E.
Just relaxing and letting a pending order at H4 E and H4 U take you in is a good strategy as well. Nice to get in near P but a tad stressful.
(There is another way to get in at P that we will cover a bit later. That involves the CF stuff that we haven't touched yet.)
Now, consider the 161.8 Fib target for the H4 T U P fib retrace expansion is about 600 pips. That sort of trade takes many H4 bars, maybe 50 or so, but it is a nice reward, for as long as it takes, maybe a week or a bit more. How often does anyone get to say I made 600 pips in one trade? Oh of course, there is the U trade too for another 525 pips or so.
You would have to really beat up the M5 trades to achieve that sort of result in the same time period, with a whole lot more effort and hours and hours of screen time.
Trading a daily or a weekly SETUP is more like long term investing. Much better than a GIC though.
Anytime you have a SETUP like this, with a second pass from P coming back through E, you have a chance to enter a nice trade without the draw-down as price goes back looking for P.
Pending orders at E and U are the safe ones and on H4 you have lots of time to check and check again.
Once P back to E is under way, you can also look at the LTF structure of that wave and see if it is good. (making nice LL LH in this case.)
It will be great if this one works out. A week or more to do it but lots of things along the way.