RC. My thoughts too - but at a lower level - say 9040. Or is the size of stop loss required to cover the range too much and so you're not prepared to trade unless it gets up to 9085? Edit: Well that answers my question. Thanks RC.

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I don't like the idea of a fixed stop loss irrespective of the market or the conditions. I prefer to hide it behind something. In the case of your trade I see that your stop loss would have been hit. But one up behind the 13080 had less chance of ...

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As you can see from the 4 hour chart there was one pivot high (the one I mentioned) at 13054. And there was another slightly higher one at 13065. Also the close of the bearish candle at the low you took your entry from is possibly more important ...

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Morning Bumasoft Yeah they reckon it's going 2m+ for the first time in over 10 years or for the first time since they last changed the way they cook the books to hide the true figures.

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Hi Ishacm As one newbie to another I'd like to offer you my ideas on this trade. I trust if I'm way of the track that the more experienced members on here will put us both right. I would say that your post shows that, while you have the basic idea, ...

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Hi All Siam - where's mine?

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Well done Bumasoft.

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RC - would that be a reference to a 'Pinoccio bar'?

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............and rule numbe 7 should be - Never, never, never listen to me. What the hell do I know? I'm just a silly old man who comes in here because it's warmer than my local library!!

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Well I'll hang my ar$e out in the wind to get shot at. I reckon you've already missed the bottom. It happened at 8941. Next stop is that little consolidation at 9220.

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So, if you don't mind me asking, where in that lot would you be looking to enter? Or is that dependant on the market action in the lower time frames when those areas are approached? And, one more! - which of those levels would you consider to be the ...

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Shermenator - I take it that the (Fib?) levels you call Support Long, Pivot and Break are 38.2, 50 and 61.8 %? And are they what you use to enter the trade and set your stop loss? If so, that means you are long the Euro at the moment?

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yeah I bought a copy a couple of years ago. But for anyone who hasn't got one, here is a bit more than 'excerpts'! - and a lot more. url A bit naughty but..........................

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RC - what is your reasoning for concentrating on the closes of the candles? I'm not disagreeing with you on this, in fact, I am with you on it. I've often noticed that Fib levels 'work' better when calculated off closes. An the many and varied ...

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Isn't there something about it in BRV's .pdf? They must have either been very short trades or it was a very long day!!

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Good morning all. Bumasoft - they all look fine to me apart from number 3 and 5. It would be better if you could totally take yourself out of the equation (so says Sam) and just use a preset limit order to enter and a stop loss for protection - ...

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Well if that was the case there wasn't no increased risk. Good thinking and well done on the trades.

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I'm glad it worked out for you.

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Are these two not negatively correlated? And, if so, did you allow for that in your trade size and risk assessment?

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Bumasoft - In my opinion the question of whether you are stupid or not depends upon the reason you didn't take the trades, the reason why you took the trades you did and why you moved your stop loss to break even when you did. If it was because you ...

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