aliassmith wrote:prochargedmopar wrote:aliassmith wrote:Trading according to my plan has a better expectancy than being
Little arrows are entry and direction
Grey box are profit targets based on MightOne's Ruler of Six
Funny you say you don't trade fibs but the ruler of 6 is plotted with the fib tool
Will you please explain the calculations you use for your targets.
for some reason I'm NOT seeing what they are based on. As Bredin's targets move with the forming candle.
Maybe you can explain it differently.
I did say I don't use FIBs. I took them off of my charts although Ruler
of six might be a good tool, I would prefer to go naked.
I think Fibs and the fact that they work (sometimes) has less to do with
the Fibs themselves and more to do with human nature and Price Action.
BTW... My current exit targets are:
*** initial SL of -5
*** candle closes against S/R smaller loss
*** adjusted SL of BE after price moves away 6 to 10 pips
*** range of +13 to +20 depending on situation (possible S/R)
That tight stop and movement of stop sounds eerily similar to this guy on this thread......extreme R:R ratios.
A few of us are on the boat with ya.
Keep up the great progress.