fib. expansion and retrace in forex

[shopster]

Quote from hankster:

The key to successful trading is to trade small.
Work on the art of the execution of the trade.
Money will follow with good execution and vanish with poor execution.

Most new traders make fatal mistakes of being greedy.
Small profits really add up.
Big losses will kill you.
Making only a 6% return will double your money in 12 trades.

90% of winning in trading is discipline and money management.

Good trading.

...................................................


s

 

[stevegee58]

Are shopster and hankster relatives?

 

[shopster]

Quote from stevegee58:

Are shopster and hankster relatives?

4th cousins removed on my uncle's grandfather's side who i never met.

s

 

[athan00]

Happy New Year everyone!

Holidays are over so ... Back to trading... I need to catch up few pages with posts...

 

[athan00]

Quote from shopster:

et al..........


s

S,

on this is one (27th of Dec) there is a DB with clear divergence.
But the way you ve drawn the fib, although its a perfect fit on the trade, i can't understand, where the 100fib level snaps to? on which bar?

I attach the way i would have drawn the fib.

Athan

 

[athan00]

here is the chart

 

[shopster]

A,

and you would be correct with the same result to the long side.

s

 

[athan00]

Quote from shopster:

A,

and you would be correct with the same result to the long side.

s

S,

thanks for your answer. As I have noticed fibs are flexible.

I took a trade on Euro this morning... and i hit SL.
Everything looked fine.
There was hidden divergence on the uptrend that formed a DB and macd was heading north so I went long after the 2nd leg.
A 3rd leg was also forming at .86 with normal divergence as well.

Price finally went below all legs and hit my SL.

On the other hand may be i didn't take in notice that on the 1H TF I there was divergence as well and price was ready to drop down.

Athan

 

[shopster]

A,

the market is thin, nobody is back from the beach.

price is walking along the money line
there is no direction
no slingshot
no massive diverge.

you are forcing your trade on poor probability.
................................................

why do these 2 setups work...........?

look at where price is compared to the money line..........
35 to 40 ticks away.

was there a move before the 2 setups or was it just wandering along.

you are not reading the market.
too close to the forest to see the proper tree selection.

selective setup is a skill of the trader and takes lots of water under the bridge before you arrive.

read back into the thread and study the pics.

s

 

[jack411]

Quote from shopster:

A,

the market is thin, nobody is back from the beach.

price is walking along the money line
there is no direction
no slingshot
no massive diverge.

you are forcing your trade on poor probability.
................................................

why do these 2 setups work...........?

look at where price is compared to the money line..........
35 to 40 ticks away.

was there a move before the 2 setups or was it just wandering along.

you are not reading the market.
too close to the forest to see the proper tree selection.

selective setup is a skill of the trader and takes lots of water under the bridge before you arrive.

read back into the thread and study the pics.

s

Hey Shop and A,

re-attached the chart w/ my comments. Looks like a less than ideal setup A. Price was under the moneyline and the histo divergence wasn't correct.

Shop - Understood about being too close to the forest to see the trees, Just based off of looking at A's chart though.. Am I correct?

*chart attached in next post*