Dislikedwell I had a great run up until 20th July 2007 and just blew my account yesterday on the down turn. All fib retracements didn't hold so £8000 gone.. You live and learn.
Only started with £1000 but the loss is hard to take... Lesson to all traders its easy to trade with the trend and if in my case you did so for 8 months its hard to change your mindset. I guess now that the 61.8% fib is well and trully broke this market is trending down. This was always going to be a difficult one as I never got a reply on when to recognise a true turning of trend on the forums or researching on the net and I was caught up in it. I will observe for the next month before trading again ... If this beast turns around I will be even more confused?
Its so easy to now look at the charts but over the trend trading period these fib levels were spot on, hence my success at the time. Only issue which I wasn't aware of was the Carry trade and its impact. It this the main reason for the change in direction anyone?
Good luck to all, trend trading is definitely the way forward as I had been trading on and off for 5 years without success prior to this. I have tried so many systems before and found them too erratic. Check out Jacko's thread who is very successful trend trading (eur/USD) which incidently is at a similar fib retracement point.. I wonder if the same will happen and it keeps falling!
Dave
PS I see people jumping on and off signals from posts here. I used to follow blindly and I can tell you from experience that you will loose your account... its only a matter of time! You must adopt the trading system and make your own decisionsIgnored
Jack's really good and he's got a heap of dough behind him so he's never really risking much (I'd love to know what his pip value is). From memory he only trades the 50 fib and ignores the others.
Next time round you'll be another Jacko ....
good luck mate
Mike
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