fib. expansion and retrace in forex
- Thread starter shopster
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ok this is a winning trade I took today after a v stupid loosing trade yesterday... but i need them to learn from my mistakes.
On 1H TF there was a DT forming so there was supply right above and with clear divergence on the 2nd leg.
On 15M TF there was no divergence on the 2nd (1H) leg or at least i couldn't figure it out.
On the 5M on the 2nd (1H) leg there was another DT forming with some divergence on the 5M 2nd leg.
On the 1M there was a DT with clear divergence on the 2nd leg.
Money line wasn't too far away. At least on this TF.
Anyway I went short since I was near of the DT so my Risk would be small and Reward large.
I exited early around 200fib cause of fear of pricing reversing and since I wasn't convinced that price could go any lower... well as i m writing these lines price is already almost Shopster Cahuna as S says!
Its nice that I took some pips from this one but all these different views on each TF brought me thoughts on if i should stay with just one or two TFs only.
Athan
On 1H TF there was a DT forming so there was supply right above and with clear divergence on the 2nd leg.
On 15M TF there was no divergence on the 2nd (1H) leg or at least i couldn't figure it out.
On the 5M on the 2nd (1H) leg there was another DT forming with some divergence on the 5M 2nd leg.
On the 1M there was a DT with clear divergence on the 2nd leg.
Money line wasn't too far away. At least on this TF.
Anyway I went short since I was near of the DT so my Risk would be small and Reward large.
I exited early around 200fib cause of fear of pricing reversing and since I wasn't convinced that price could go any lower... well as i m writing these lines price is already almost Shopster Cahuna as S says!
Its nice that I took some pips from this one but all these different views on each TF brought me thoughts on if i should stay with just one or two TFs only.
Athan
brought me thoughts on if i should stay with just one or two TFs only.
.............................
A,
you have just answered your own question.........
" declining tops and flat bottoms " chart structure forming along the money line
a bear wedge.
this is what happened at the money line, broke thru in 10 minutes and repuked to the 729
then diverged.
move your trailing stop down....let the market take you out
exception............
you get to 5.7 or 4.2 and you see diverge setting upon the zero lag , then you hit the exit door.
cheers,
s
.............................
A,
you have just answered your own question.........
" declining tops and flat bottoms " chart structure forming along the money line
a bear wedge.
this is what happened at the money line, broke thru in 10 minutes and repuked to the 729
then diverged.
move your trailing stop down....let the market take you out
exception............
you get to 5.7 or 4.2 and you see diverge setting upon the zero lag , then you hit the exit door.
cheers,
s
A,
same setup as your trade.
this time it just pukes right thru the money line
why..........?
look where the 729 ema is........
the 3 shop emas are lined up for a short trade.
now look at your trade setup.
it is a retrace on a long, back to the money et sl.;
trade with the trend is all over this pic.
you need to define the trend.
s
same setup as your trade.
this time it just pukes right thru the money line
why..........?
look where the 729 ema is........
the 3 shop emas are lined up for a short trade.
now look at your trade setup.
it is a retrace on a long, back to the money et sl.;
trade with the trend is all over this pic.
you need to define the trend.
s
Quote from shopster:
A,
same setup as your trade.
this time it just pukes right thru the money line
why..........?
look where the 729 ema is........
the 3 shop emas are lined up for a short trade.
now look at your trade setup.
it is a retrace on a long, back to the money et sl.;
trade with the trend is all over this pic.
you need to define the trend.
s
S,
thanks for your comments.
So far I didn't pay attention on how the order the EMAs were lining up. May be I should.
You say that my trade was a "retrace on a long". To be honest I thought we were only trading retraces and generally for some reason its easier for me to trade retraces than trend. I m really not v sure why. I think its just psychological.
Anyway I ll try to work on trends...
what does "et sl" means?
Athan.
PS. Keeping a journal awfuly helps
" To be honest I thought we were only trading retraces and generally for some reason its easier for me to trade retraces than trend.
I am really not sure why. I think its just psychological...."
.......................................
it is best to correct your problem....asap.
market bias is a nasty disease to have for trading.
s
6 pages to retirement.....
I am really not sure why. I think its just psychological...."
.......................................
it is best to correct your problem....asap.
market bias is a nasty disease to have for trading.
s
6 pages to retirement.....
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