Backtesting Gold to work on my perfecting my entries and exit.
What happening?
Theoretical made 3 trades. All hit SL. Price did move to my Day support like I had expected it could, but it broke past. Once the trendline broke, I could of got in for the sell but decided against it as I "knew" the price would reject the day support.
Belive Smart money took place...
Still backtesting Gold to perfect my entries and increase my win ratio.
What's new: 1st time using the Fib retracement. So far I'm liking it. Price reacted well on the fibs level .5 and .618. All my entries could have been made at the fib level. I noticed that price was bouncing in between two levels (.5 and .618) which I could of use for the consolidation...
Currently working on being self-sufficient and trying to call out my own trades. This would of end up being a losing trade had it been real-time, but that is all part of the process. I included the questions I should ask myself before and after the trade. I was unable to look at the 15min, but I don't think I needed it. 15min doesn't work well with currency pairs...
Analyze two different occasions, SL hit both occasions. Don't put too much emphasis on candlestick patterns in 1hr. If you wanna use candlestick patterns, look for patterns near higher time frame zones or patterns in higher time frames. However, put more emphasis on S&R. First SL hit due to disregard of a respected support zone. You knew it was going to bounce but...
GJ is an overall buy trend. Predict it may break the weekly pivot and retrace to near trend line before continuing. If not, the weekly pivot will cause a reversal in lower time frames which could snowball to weekly, or be a retracement in the weekly. One way or another, it will be retracing soon towards the trend line. Have an alert set to where I believe the...
