Seems like the price missed my sell entry.
Could have made 300 pips though
261.8 is round the corner to indicate the the bearish cycle will end and reverse back to my entry.
Currently price is at the 200th level and we can see that it is retracing.
Hoping to re-enter into a sell after this retracement.
TP and reenter into a buy at the 261.8 level and tp back up to the entry point.(1.42663)
Last edited by Nasdin94; October 31st, 2011 at 09:51 AM.
Journalling: I have since moved to OANDA Fxtrade due to nice execution speeds.
However this means that I have to remove the Multiwaves.
But that's Okay, I can always measure the fibonacci myself and that I'm already used to trading Price action.
So I'm a price action trader now again then.
The following user says Thank You to Nasdin94 for this post:
The system is still the same even when I'm not using metatrader 4.
Even though I'm not using the Multiwaves, I do still calculate out the fibonacci manually using the method and am still entering at the wick, without price action
I am also using the EMAS of 362,162,200,262,62 and the 6 EMA.
I trade off these EMA's as dynamic support/resistance when they are converging and combining to become a thin line.
I also watch when the price cross overs the converged lines and the retraces back to the 6EMA and/or 62 EMA
I would then place my trades at a fibonacci level of that area when price moved back.
As for the 4 hour charts, I'm trading it now cause I'm busy these few weeks and cannot come to the computer.
I would look for the EMA signals based on the 4 hour charts but I would draw the fibonacci method on the 1 hour charts because it is easier to see as there are more candlesticks
On an eur usd trade I recently made.
Yes, I did not post it in my journal.
I've been making a lot of trades recently and I'm afraid that this would flood the thread with posts of my trades since I'm watching over 20 pairs at the same time.
This strategy is good because it allows you to find trades just by glancing at charts, useful if you have a lot of trades/charts to look at when you're busy
However, if you have the time to draw out fibonacci for each and every pair(the project spio system), then it will be more accurate.