Dear all,
I'm starting this thread because I think can give you some extra confidence to make that trade.
I'm using trendlines (Not the horizontal ones cause they won't work anyway) and fibonacci.
I'm using fibonacci to calculate the first target and sometimes for better entries. Sometime the target is just 20 pips from the break but my goal is to go for the big pips this time.
By big, I mean 100+ pips up to 400 per trade. This all depends on what you want.
So how does this work with risking as little as it can be and still gaining 100's of pips?
I place the Fibonacci on the longest candle for calculating my target. Does it work? the answer is yes. Does it always work? The answer is NO!
You see, every system and tradesetup will fail once in a while. But if we do it right, we keep our eyes open, we all together make the change in our tradingstyle and become profitable.
It won't be easy but once you take the time for it you will be very happy.
I don't need lagging indicators like stochastics and MACD and whatever they have, it gives you more confusion. Keep it simple and make that damn trade.
The only indicator is the Fibonacci. That's it.
Ohw and news? Yes I trade during news to.
More to follow tomorrow with sample charts.
I'm starting this thread because I think can give you some extra confidence to make that trade.
I'm using trendlines (Not the horizontal ones cause they won't work anyway) and fibonacci.
I'm using fibonacci to calculate the first target and sometimes for better entries. Sometime the target is just 20 pips from the break but my goal is to go for the big pips this time.
By big, I mean 100+ pips up to 400 per trade. This all depends on what you want.
So how does this work with risking as little as it can be and still gaining 100's of pips?
I place the Fibonacci on the longest candle for calculating my target. Does it work? the answer is yes. Does it always work? The answer is NO!
You see, every system and tradesetup will fail once in a while. But if we do it right, we keep our eyes open, we all together make the change in our tradingstyle and become profitable.
It won't be easy but once you take the time for it you will be very happy.
I don't need lagging indicators like stochastics and MACD and whatever they have, it gives you more confusion. Keep it simple and make that damn trade.
The only indicator is the Fibonacci. That's it.
Ohw and news? Yes I trade during news to.
More to follow tomorrow with sample charts.