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when I just entered the trade I want to give it room to work so if the market moves against me I only sit and wait. If the trade went a few ticks in my favour or it is already break even I sometimes cut the trade and go flat when I think the stop will be hit. It depends. But I´m often to early and the trend runs much further. That´s the game... .
You remind me of a similar problem I once had.
A price action has formed, but the trend has not weakened yet.
To counter this, you may refer to a higher timeframe chart to see whether the trend is strong there or not.
Or you can draw fibonacci extensions of previous prices to see whether the price has completed the fibonacci cycle.
What do you use as criteria that the "fibonacci cycle" (haven't heard of that in trading) is complete, and on what timeframe? What extension do you use for a completed move?
Also, in your sig is, "If price action are indications of price reacting/weakening to a level(Fibonacci), Why not just trade Fibonacci?" You're right, obviously one should if that's the case. But I (and I presume they) don't (exclusively) because people aren't convinced that price reacts or weakens to Fib levels, or at least not on a predictable enough level.
Would you mind sharing what levels you use for retracement/extension? Sorry that this is OT, but it came up here, so...
Hello guys, im wondering if someone has read Al's new book: Trading Price Action Trends. I got the sample from ibook and considering to buy the complete one. It's very intresting and much clearer( by sp far what i read) of al's trading idears. Have someone try it yet?
There are a couple of reviews added yesterday on Amazon.com ( I have a google alert set for letting me know when new stuff about A.Brook is posted on the net.. I'm not a stalker...lol)
ps. I cant post links yet, use the link in the previous post and go to reviews