eagle4x- re-entries are perfectly fine as long as you don't have a reversal of the zigzag arrow (see pic).
I use Murrey lines a couple of ways, first as a visual aid to give me and idea of the possible strength of the trade. If you look at the last red and blue arrows in your pic, both of them are sitting at an "Extremely Overbought" Murrey level which in my opinion strengthens the trade with a higher probability of success and may make me feel a little more confident in questionable setup like criss73 has above. The setup above that criss73 has is tricky because your trendline color is now showing short and the offtrend buy line (blue) is very flat . But if you look at the Murrey level he is at an -1/8 "Overshoot" level which is even stronger than the 0/8. Secondly, you can use the Murrey levels to take out partial profits at different levels if you so desire.
Yes, criss73, I would consider this a valid setup and I personally have taken the trade (see pic) and I just made sure my stop was big enough to allow some drawdown for a retracement and then slowly adjust your stop back up once you are in profit to lock in some pips. Just to show you I trust the setups this is on my live account at FxPro.
As of this post, Gbp/Jpy price has bounced off the 61.8 fib line and the trendline is back to blue. Good luck everyone.
I use Murrey lines a couple of ways, first as a visual aid to give me and idea of the possible strength of the trade. If you look at the last red and blue arrows in your pic, both of them are sitting at an "Extremely Overbought" Murrey level which in my opinion strengthens the trade with a higher probability of success and may make me feel a little more confident in questionable setup like criss73 has above. The setup above that criss73 has is tricky because your trendline color is now showing short and the offtrend buy line (blue) is very flat . But if you look at the Murrey level he is at an -1/8 "Overshoot" level which is even stronger than the 0/8. Secondly, you can use the Murrey levels to take out partial profits at different levels if you so desire.
Yes, criss73, I would consider this a valid setup and I personally have taken the trade (see pic) and I just made sure my stop was big enough to allow some drawdown for a retracement and then slowly adjust your stop back up once you are in profit to lock in some pips. Just to show you I trust the setups this is on my live account at FxPro.
As of this post, Gbp/Jpy price has bounced off the 61.8 fib line and the trendline is back to blue. Good luck everyone.