tommyb35

3 Steps Ahead of the Market

FX:EURUSD   Euro Fx/U.S. Dollar
There is only 2 people that I follow when it comes to trading and the forex market in particular. One of the things that they preach and that I try to apply to my trading on a daily basis is, staying ahead of the market. Right now on Eur/Usd             there is a great example of this. Now this could all blow up in a matter of hours, but nonetheless I am prepared if it does play out the way I expect it to. Eur/usd             broke out of it range last week and Is now rallying back up to previous support which should become resistance. As you can see with the 2 blue lines it is potentially putting in an ab=cd pattern . Now if this ab=cd pattern completes, it should complete around the 1.1358 level which is a 2.00 fib inversion of the b-c leg. I have done a ton of painstaking backtesting and have discovered that after a .50 retracement of the a-b leg that there is a high probability that it will complete at the 2.00 inversion. Now if price happens to venture a little farther than the 2.00 inversion and touch the .618 retrace of the recent down move, then we will have the b-c leg of a potential bullish gartley pattern which could potentially complete at the 1.1171 level. Now like I said, this could all blow up in my face, at which point I will erase all of this analysis and start over. But, if it does play out like I have planned, then all I need to do is be patient.
99nines
7 months ago
nice... should hit around 1.1385 but looks like your SL will survive that.
Reply
tommyb35 99nines
7 months ago
yeah hopefully my SL will. According to my backtesting, this setup with this stop loss is about 62% accurate. Just have to wait and see. Thanks for the comment.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out