I spent a little time and came up with some #s with a setup similar to yours for the TF....just curious to see how they play out
707, 714, 726, 738, 744
There are some more but those looked like they have more significance.
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They are numbers that should act as support/resistance...just put a line on a chart on those numbers and see how price reacts around them. They come from a method similar (not identical) to yours only this is even more forward lookiing than yours.
Okay, thanks for the info.
70.7 seems to work well.
But the ratios are too closely packed together.
Unless..the matter involves going into a much higher timeframe and drawing out the fib retracement there and therefore the values will bounce up and down these levels in the lower timeframe.
Just a thought.
GBP USD TRADE
I'm on fire
Exited with 10 pips when it hit my trail stop
USD Cad TRADE
A bit late by 7 pips here
Entered at that close instead of at the wick.
Nevermind, stop loss is 20 pips then.
Targetted profit target: 80 pips. @ 1.0167
Exited with 11 pips, hit my trail stop.
EUR USD TRADE
This is just an update of my morning trade (+8gmt offset here)
I exited the NZD USD trade with 74 pips profit.
I exited the EUR USD trade before it retraced +40 pips
And now I've re-entered back into the pair.
EUR USD update:
Currently at 107 pips profit.
Getting close to my TP and also the area where I would place my sell.
Last edited by Nasdin94; October 26th, 2011 at 10:06 PM.
Seems like its time to sell now.
However, I'm still buying on this, I foresee a stop running pattern coming along and so, I'm going to re-enter on a buy despite it being time to sell now.
This short buy will tp @ 1.42544, the area where the price action to sell came.
I think its probably going to pierce through the price action bar by a few pips just to take out the stops of other people before it continues going back down.
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