Quote:
Originally Posted by SIMBA
Hey Mpower,
Thanks,and congratulations for your entry on m30 2B pattern,hope you enjoyed the ride 
Yes,I noticed about Fibos,and I closed the GBPJPY trade at around the 61.8%retracement of the previous downmove...too many fib confluences...anyway it still went up around 45 more pips before reversing(probably temporarily).
The usdjpy still has around 4 hours to go...the one that gave me the creeps was EURGBP,seeing how it didn`t even test the 62 area of previous low,while I expected it to test and either be rejected or see a downside acceleration,made me check the short term cycles,stlm2 m5 mainly and decided to exit..well,it was a lucky exit,sometimes you get them,other times you leave lots of profits on the table.
I expect the USD to go up this week,as I already posted,anyway ,unless price action supports that view,I won`t trade it...BTW..did you notice that the usdjpy has formed a Diamond pattern on M30? .
Tomorrow I will post the Trader`s Vic 1-2-3 pattern,letīs see if we can catch some nice move with it...or with some Fibo retracement,which are exceptional to catch continuation moves with good reward to risk ratio,self fulfilling prophecy or not..Fibos are extremely useful when used with momentum and price action.
Regards
Simba |
Definitely enjoyed the ride on that g/j trade. Hit my t/p at 200.41, but there were no signs of reversal at the time whatsoever....Never learnt to ride my trades, but this time it was not that bad:-)
The book says that the "dead cat bounce" has a high failure rate, but I think it makes a lot of sense and it might be especially useful after news anouncements, as it is common for the price to drop(for ex.) retrace and continue dropping--seen it so many times after NFP. We'll see.
Thanks for pointing out the diamond on usd/jpy M30, never noticed it.
Check the screenshot, I think we have a dragon at the same time(have to re-read the rules for that) sorry for the messy screenshot.
