FX:EURCAD   Euro / Canadian Dollar
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Hello!
In your trading ideas I see that you only take one target at the 0.382 retracement. Is that so?
If so, is there a significant difference in the roi between taking one target at 0.382 and taking two targets at
0.382 and 0.618?
Reply
Jan.Mac dule85
Hi,
My charts are actually not any trades I do with a live account. It is only for my forwardtesting. The reason why it looks like I only take targes at 0.382 is because that is were I think the trade has went good and then I record it in my journal. When I start trading with a live account I will do as you said, taking a 1st and 2nd target at 0.382 and 0.618. So my targets in the chart are not actually a 100% profit taking level, it is just a level where the trade was profitable. The result from last week was 18 profitable trades (0.382 reached) and 16 losing trades (stop loss reached) which is good. Those trades were only based on harmonic patterns and not any 2nd confirmation or Risk/Reward was used. If you'd use a 2nd target and 2nd confimartion, it would mean much better P&L. When you look at my charts you will only see what the market is offering but you have to decide for yourself if the trade is good or bad.
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