Entered USDCAD short from 0.9962 from hourly pin off long term S/R zone. Stoploss up at 0.9990 - risk 30 pips or so. First target 0.9920.
FWIW, I would like to see a better looking pin. That is, the pin "head" to be formed within the bottom third of the bar preceding it. I am a newbie at this method so please take with a pinch of salt. TD can elaborate further. All other factors look good to me though.
Tafita
http://uk.youtube.com/watch?v=77Xytfw4N2o
Hey TD
Have a look at this on youtube. They are taking reversal`s when fibs are failing at retracements. They seem to be drawing it in reverse however.
For the cable trade, he draws the 1st fib in the direction of the uptrend from swing low to high. Fair enough. Then, for the next day, he draws it from the intraday (15min) low to high - and says its pointing down. Price fails at 61.8% and goes down.
These guys are using the extensions as profit targets which I know you dont do.
If in an uptrend,can retracements be used as resistance ?
Thanks
CT.
If in an uptrend,can retracements be used as resistance ?
Nice pin on USDCAD. I would have taken this but for IG's trading hours. Apologies for asking the question here but does anyone know how I can get to trade currencies at this hour?
You could try CMCMarkets.com if you aren't averse to the spreadbetting option.
Here's a trade that I'm in right now (on paper), it's in the red just now.
Should I have moved this to BE just after the quick move up? On the close of bars there wasn't any time to do that however. It is heading back up to my entry
once again, I'm not sure if one should always expect strong momentum in the right direction after the pin, and if none is there, get out?
It has also passed the fibs by a fair amount. Would that cause any of your alarm bells to ring, or is it ok as long as there are other confluences?
Is my weekly pivot lines drawn in where you would have TD?
Hi ER2
Everyone can see the S/R differently. I am also attaching my view to this with pivots drawn to it, TD, can correct on both that charts if anything is missing. There is a good Fib confluence in my view.
Fxbee
Good point.. thought the pin wasn't great looking but also that my reasons for going long were good enough to not be too bothered about that. Maybe they weren't. We'll see how it goes, although that might not shed enough light on whether I was right or wrong to go in.
When I draw my fibs I think it makes sense to just get the last up leg when looking for a retracement. Did you get that bigger fib from the same time frame FXBee? I would draw fibs on last up leg on hourly, then on daily. I don't think I'd just draw them from 2nd last low to recent peak, then 3rd last low to recent peak, then 4th.. etc to find confluence.
I think I've seen TD do this on a chart so it's probably ok. Just think it makes more sense with only the last one. If you'd do it on 4H as well I guess you'd get one more. Would anyone with more experience with fibs agree with this thinking?
Thanks NT. I've just called IG's helpdesk to be told their FX markets are 24 hours Any comments re: my last post can be emailed to [email protected]
Tafita
Had a limit in to sell 108.57 but ended up selling 108.55 instead, so I've got an entry slightly below the break of the pin. First target around 108.30, but it could go lower so this is a tricky one. Anyway, short 55 with stop of 90.
Nice pin on USDCAD. I would have taken this but for IG's trading hours. Apologies for asking the question here but does anyone know how I can get to trade currencies at this hour?