FX:EURUSD   Euro Fx/U.S. Dollar
270 7 2
Looking for breakout from the two points - either long or short. Stop loss is the opposing breakout level (1:1). Very simple method (using one indicator to get my breakout and target level. Market momentum is proven at these points and price will hit target regardless of fundamentals (i.e. price may hit and then go opposite direction after).
Target Completed !!
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That will be a break short then :-)
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dru_01 dru_01
Target 1 hit!! I would expect a retrace here for a rest and consolidation :-)
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dru_01 dru_01
Nearly there - this pattern is common with my trading setups i.e. hit 50% of main target then retrace, and then finally (hopefully before christmas :-)!!! ) head for main target.
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So how would you describe the start and finish points of drawing your fib lines? ;-)
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dru_01 jonesesp
They aren't much different from the traditional pivot points. However I have removed my indicator :-) that specifically points out which levels should be utilised and what size the targets are. The adapted fib tool gives me a simple way to draw in my levels since targets are quartile based. Personally it tells me more about price strength and direction as opposed to "magical levels". Hope that helps :-)
+1 Reply
jonesesp dru_01
Makes sense...less is more
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