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Your fibonacci, is the main thing here.
I have posted the method on plotting the fibonacci.
Instead of measuring the trend, you measure the retracement as seen here.
In an uptrend, you measure the bearish retracements
In a downtrend, you measure the bullish retracements
Very contradictory to what the gurus teach.
and the 261.8 are worthy Support/resistance points where you can place trades from or as a TP level.
The 314.2 and 368.2 happens as well if there is a bigger retracement during the trend.
They are probably the 268/200 Fib levels of bigger retracements but are seen as 314.2 and 368.2 of the smaller retracement you measured.
I have taken numerous trades today, however I did not post them here mainly because I was rushing to school at the moment.
There were 3 trades
Sell eur/usd X2
The 2 eur/usd trades ended up with a 60 pips profit
The nzd/usd ended up with a 30 pips profit.
The trades were a mistake.
I need to remind myself to wait for signal to complete or I might have to endure out a negative 40 pips value.
This has happened more than once, always due to emotions and greed.
I should have waited for the trend to finish exhausting first before entering.
However, luck has saved me.
I need to learn to control my emotions, It's been a difficult ride, all these years yet I have not learnt from my mistake, maybe someday, It'll get me, Just one day.
You're always just one trade away from failure. I need to get that in my head.
I realized that the multiwave X that I had uploaded was not working properly
Here is the fixed one.
I attached Schaff Trend and LRSI because it required them to be in your custom indicators folder in order to work properly.
Note: Multiwave X is a lagging indicator as compared to Multiwave-W
But it works just as well as Multiwave-w and both should be combined so as to filter out trades during a rally or a long wave.
Otherwise, using them individually works pretty well if the market is ranging.
Reminder to self: Always place trades Off Fibonacci levels, FiboPivots or when accompanied with Price Action.
Last edited by Nasdin94; October 25th, 2011 at 11:05 PM.
The eur/usd has been ranging lately.
Nevertheless, I have spotted a short trade on the AUD/NZD.
SL: 20 pips
TP 56 pips.
The Fibopivot im using here is a modified one to give longer term support/resistance.
If I were to use the original one, the S1 line should be where the price is at right now. ( I calculated manually using fibonacci)
EUR Cad trade
Just another trade here.
Edit: The AUDNZD isnt going so well at 13 pips loss
The eurcad is doing quite well at 20 pips profit
2. Exited the AUDNZD with a 10 pips loss. My first loss in weeks.
The eurcad trade was exited with a 21 pips profit.
Last edited by Nasdin94; October 26th, 2011 at 05:59 AM.