Mr. Hyde wrote:Would love to hear everyones answer to this question. Would have bought the pound where price turned at the blue line and the 50% retrace. I didn't. Nothing in my trading plan would have given me enough reasons to. BUT. I think it was a very good buy and offered a nice profit.
Right, had a closer look at this.
I actually wouldn't have taken that trade. There was only one entry for me and that was using
only the Fib retrace naked.
EDIT: Not actually true, as you'll see below.
Using my filters (for want of a better word), I was looking at this:
GU m-15
- Screenshot 2019-03-22 at 11.46.42 - Edited.png (66.18 KiB) Viewed 2707 times
GU H4
- Screenshot 2019-03-22 at 11.51.58 - Edited.png (54.84 KiB) Viewed 2707 times
m-2 HA gave a better (closer to ''go'' anyway) signal, though even here it shows the indecision down at the sharp end, with price between the Thunder and the Lightning Clouds. If I had gone in on this, it would have been at the marked cross-hair but at a reduced size, with possible add-in after the 4-candle down move.
GU m-2 HA
- Screenshot 2019-03-22 at 11.54.16 - Edited.png (61.14 KiB) Viewed 2707 times
Then we have my go-to workhorse...and here we get a clean-and-clear signal to get in. Entry would either have been brave (at the tiny doji) or definitely confirmed (after the first single candle up move, or even slightly later as the clouds split).
Either way, it would have crushed it and you now see why I use this method for the largest percentage of my trades.
GU T-60
- Screenshot 2019-03-22 at 11.59.42 - Edited.png (61.03 KiB) Viewed 2707 times
Jealous I missed it now
Having said that, if I had checked the higher tf and seen the overview on H4 as above, it may have stopped me...or it may not. If I'm honest, when I jump onto a tick-chart and a set-up is sitting there, begging, then I often don't check what's happening on the H4 or whatever. Just sayin'...