we just need 2 things :
- an established trend (hh-hl-hh) this is VERY MUCH a optical thing, the more clear the trend is, the higher the success rate
- SILENCE !! (this works best in Asia Session US afternoon session and off session) especially on smaller timeframes.
change the Fib extension to show the following values:
-5, 0, 38.2, 83, 121
- draw from last recent high to low .. and move the extension into the pullback .
- measure distance between -5 and 38 (for money management)
- place pending order at the 38% line
- as price move deeper into the pullback .. keep adjusting the extension and move the pending order to keep it on the 38 line.
- if price reverses .. do nothing .. wait the order to be filled.
- TP1 at 83% (this is not a fib number .. its aim is to 89, but experience has shown that 93 is much more easy to archive and it's still more than 1:1 ratio)
in my experience on shorter timeframes, its better to get out of the trade, once the momentum is lost.
fixed TP will take a lot of potential away .. (many times the price goes easy to 121 or 161)
but this is something one can feel based on how the price reacts in realtime
here is some example videos:
this is perfect for the quiet times instead