I closed the GU long that triggered 5mins before mkt closed for +17
Cheers
P
Cheers
P
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Now couple that with the fact that in a down trend people often look to the rally at 61.8% level to sell more( our 3 level) and we now have more sellers pushing the price down to break the 2 level ( our entry) we now have 2 powerful price driven events which hopefully we take advantage of.
These events are shown nicely in the current 123 short on the daily ..TP not hit yet
3 things to look at on this chart
DislikedGood job Paulus for showing traders the simplicity of 1-2-3 tops & bottoms.
Imho the only set up you will ever need.
I trade the weekly and dailys from currencies to commodites to stocks/etf's and it is very, very reliable for showing it's hand at major trend changes.
Keep up the good work.
golferfxIgnored
DislikedI closed the GU long that triggered 5mins before mkt closed for +17
Cheers
PIgnored
DislikedPaulus, a question.. take a look at the last trade on your chart (GU friday,right before the market closed)...to get to the level 61, how did u do it?
did u count from 1 to 2 (from bottom to top)... or from 2 to 1 (top to bottom)
correct me if i'm wrong (never used Fib before)...i did it from bottom to top but the retracement never reached 61,8.
thanks.Ignored
Dislikedhaving good success with this in fact more so than any other system i have used or created in the past..
Its just price action but you need some rules mine are simple
[list=1][*]I start looking for 123 at 7am uk time on...not before[*]if we are going up in the Asian session I look for a short and visa versa[*]I always take trend reversals not continuation of trends[*]If I take a short 1st thing then the rest of my trades go long short long short etc[*]I must have more than 1 candle in between 1 and 2 and 2 and 3[*]The pull back or rally...Ignored
DislikedHi Paulus:
Do you wait till after the Asian Session to start looking for 1's, or if there is a 1,2 set up during the Asian Session do you wait for the end of the session to look for the 3? Hope that question makes sense.
JimIgnored
DislikedPaulus, a question.. take a look at the last trade on your chart (GU friday,right before the market closed)...to get to the level 61, how did u do it?
did u count from 1 to 2 (from bottom to top)... or from 2 to 1 (top to bottom)
correct me if i'm wrong (never used Fib before)...i did it from bottom to top but the retracement never reached 61,8.
thanks.Ignored