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Haha! Breakeven! What a word that is! It sure beats anything that starts with 'neg' haha
Well, Very nice and clean today, a day any could have made good money. I could have walked away with 1.5 points average+ today, but I kept trading.
First trade was good. Maybe a little early, but good in my opinion.
Second trade was not a great area, but MACD's seemed short to me.
Third trade seemed like a pivot for sure. The bulls were pushing it up a lot and I wanted to conserve my gift if needed so I moved my stop by 1! That was the difference!
Well, I agree with it. A "home plate" or a "setup area" or whatever you want to call it is probably the biggest reason to take a trade from what I have learned. However, you sure do 'miss' a lot of great runs without the obvious 'home plate' and that is what I struggle with.
An area can be created in so many ways and confluence is very important, but I tend to get a bit aggressive with confluence if I imagine it! haha...
Horst says to stick w/ the home plates that create the safest and longest runs. From looking and learning that is the 76% retracement on most clear retracements but you will find many who disagree etc.. I used to love the 61%, but I get into too much trouble there, and all-n-all, Fibs are not a perfect science.
I could make an area out of any tick mark on a chart! I think the key is to understand how much weight to put under that with the corresponding MACD multi-time frame indicators!
Ok, another example today of poor trade management. My # of trades are dwindling and I am getting comfortable again just waiting. Amazing how it took me so long to get comfortable again with that.
I am hitting pivots, but my confidence is still a bit low from Feb's mess, and I have to put that behind me. I think I am going to go back through the tough days and do a market replay and see what I wasn't seeing and move on.
I am seeing pivots (although I didn't expect that deep a short just yet). My long term is lining up, so more down to 50%...
Have you tried audio alerts? I find them invaluable for waiting. One I use is called PriceGuard. It gives you two alerts. Just set them near fibs. For example, set them near the 23 and 76 fibs. Or set them at 50 and either 23 or 76, depending on where the price is. If price hits 50, I look for a retracement to deeps and then catch a long reversal from there.
I am aware that my approach is slightly different, but I do use fib confluence zones.
To avoid the noise I only look at those in time frames > 15 minutes.
The chart below shows the fib confluence lines for today. Sometimes it is possible to catch the high and low of the day. But this is not always the case.