My first E/J commerce was at 134.06, with exit of second commerce in 133.19, to get a total move of 87 pips, and I seized 109 pips out of this move. That is why I adore fibs!
Just shorted the GBP/$ at 1.6534, using a stop at 1.6540. Unknown limit, maybe the 1.6500, not sure. This was in response to this GBP hitting on the .786 fib.
Edit: I will maintain my stop where it is and set my limit at 1.6490. If stopped out, I will wait for another reaction to the 786 and then reevaluate an entrance. Risking 6 pips for 44 pips, so okay for now with this transaction.
Edit: Square using a 6 pip loss.
Short again the GBP/$ in 1.6536, using a halt at 1.6550, and limit of 1.6490. Last try on this one.
Edit: moved my stop to 1.6530.
Edit: square in 1.6530. Got my 6 pips back! I think it will gradually go back to below 6500, but'm shing my focus to elsewhere today.
It has been about a month since my last post, therefore I thought I would throw several charts from today trading the E/J. First commerce occurred around 4:20AM today. This was a breaking, engulfing candle around the 10M chart. My first goal is the -1.27 fibo, but my final goal was 45 pips. I put in a different set of fibs on the transfer and put my stop in about 20 pips, well beneath the .786 fib to get a retracement. Also, notice that the orange line fills the gap from Sunday's open.
The next chart shows what happened as the morning progressed. It took approximately 3 hours to the thing to move towards my limit. As you can see, there's a price denying. Then I put in a different set of fibs on the latest movement up, and waited for price action to retrace to the .50 fib to put another place, which occurred on a spike. When that occurred, I place a stop at about the stop on the initial trade, which was increased to positive pips through this time (that was about a 15 pip stop). The limit on the next trade was again 45 pips.
The previous chart shows how the transaction improved. Limit was struck both trades and that was it for the E/J trading now.
that I know there are traders who don't utilize fibs, but for me it's a nice crutch for adding and trading to my own positions. The basic notion is that as the trend grows, and surges happen, the market will move then retrace, then move again and again retrace. In case the .786 fib is breached, then the tendency is most likely more than at least for me. But as long as the .786 isn't struck, I believe the tendency that I am trading to maintain force and extra positions can be inserted to hits in the .50 fib. I know other traders try to find .618 hits, but I like the .50.
This is another trade from this evening on the GBP/$. Basically, the identical concept as formerly described. Breaking candle (the orange resistance lineup ). Notice that the fibs. After dividing candle, the PA hit the .50 fib, which for me personally adds validity to trading the rest. Stop is only 15 pips off, and target has been 35 pips. Also notice the way the -.618 broke up the up movement, as anticipated. Ultimate target remains the -1.27. Will watch for another entry in the .50 if the price action retraces this latest move.
This is a transaction from this morning with some TA included. Great E/J opportunity with little risk for big reward, with the first goal being the initial -.270 fib, where the PA had any trouble going through, but eventually it did get through. When the initial move began to retrace, I included the next fib levels and moved my stop to the .618 fib/just beneath the entry price. When the PA showed notice of respect for the .382 level, I chose to stay in the trade until the -.270 was struck. Eventually, the price movement went further south and hit another fib goal below (I think it was that the -.618), however I did get 81 pips out of this transaction.
Here is just another trade from last week on the /CAD, making proper use of TA. Chart one shows a breakout trade opening on the 10M candle at 1:50A CST. I had been asleep at that time so I began evaluating the next entry at around 2:40A. My egy is to enter as the market approaches a significant fib degree, which in this situation is the .500 fib, entering with an 18 pip stop (risk) and a goal at the -1.27 degree, which is roughly 75 pips.
The next chart shows the PA moving to the goal.
As you can see, after the -1.27 fib degree is hit on the market begins a return. I added the next amount of TA to ascertain where I'd risk more money with this movement up.
I chose to wait to see if the equalibrium place would attract the PA, which can be where two fib levels overlapped. I made the entrance because PA struck the 50. Fib level/ .786 fib level overlap. My stop was roughly 15 pips and my goal was that the .786 fib degree of the retracement move.
I have been neglecting my journal for many months now, and have decided to place more focus here instead of participate in other threads. I will start posting a minumum of one transaction every day, or make comments on news events as they come up. This thread is for assigning my trading at a shared environment for discussion and comments.
Reply With Quote
