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I have posted the method on plotting the fibonacci.
Instead of measuring the trend, you measure the retracement as seen here.
In an uptrend, you measure the bearish retracements
In a downtrend, you measure the bullish retracements
Very contradictory to what the gurus teach.
The 161.8
The 200
and the 261.8 are worthy Support/resistance points where you can place trades from or as a TP level.
The 314.2 and 368.2 happens as well if there is a bigger retracement during the trend.
They are probably the 268/200 Fib levels of bigger retracements but are seen as 314.2 and 368.2 of the smaller retracement you measured.
Draw on any retracement you see,
And you'll see this applies to everything.
And if you happen to find retracement projections(I just came up with this term) which confleunces in the same level, then, that's a sharp turning point
Journal
I have taken numerous trades today, however I did not post them here mainly because I was rushing to school at the moment.
There were 3 trades
Sell eur/usd X2
Sell nzd/usd
The 2 eur/usd trades ended up with a 60 pips profit
The nzd/usd ended up with a 30 pips profit.
The trades were a mistake.
I need to remind myself to wait for signal to complete or I might have to endure out a negative 40 pips value.
This has happened more than once, always due to emotions and greed.
I should have waited for the trend to finish exhausting first before entering.
However, luck has saved me.
I need to learn to control my emotions, It's been a difficult ride, all these years yet I have not learnt from my mistake, maybe someday, It'll get me, Just one day.
You're always just one trade away from failure. I need to get that in my head.
I realized that the multiwave X that I had uploaded was not working properly
Here is the fixed one.
I attached Schaff Trend and LRSI because it required them to be in your custom indicators folder in order to work properly.
Note: Multiwave X is a lagging indicator as compared to Multiwave-W
But it works just as well as Multiwave-w and both should be combined so as to filter out trades during a rally or a long wave.
Otherwise, using them individually works pretty well if the market is ranging.
Reminder to self: Always place trades Off Fibonacci levels, FiboPivots or when accompanied with Price Action.
The eur/usd has been ranging lately.
Nevertheless, I have spotted a short trade on the AUD/NZD.
SL: 20 pips
TP 56 pips.
The Fibopivot im using here is a modified one to give longer term support/resistance.
If I were to use the original one, the S1 line should be where the price is at right now. ( I calculated manually using fibonacci)
EUR Cad trade
Just another trade here.
Edit: The AUDNZD isnt going so well at 13 pips loss
The eurcad is doing quite well at 20 pips profit
2. Exited the AUDNZD with a 10 pips loss. My first loss in weeks.
The eurcad trade was exited with a 21 pips profit.
I have been scalping 8-20 pips lately but was too lazy to post the trades here since there are too many trades to post.
I have since stopped scalping, ( since I want a life) And has since moved to the 4h charts since I want to enjoy life and have more free time to myself.
EUR USD is targeting 1.40215.
I have made major sell limit positions around that level.
I have also attached the modified fibopivot.
This modified version is for longer term trading, optimized for 4h.