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Eur/Usd buy on prior day’s fibs

01/11/2017

Trade:  Scale long on retracement of prior fib move.

Entries: 1 at appx day’s consolidation – closed at -4 b/c price wasn’t going the right direction. 2: .382 fib retracement 3: .5 retracement 4: .618 retracement

note on entries: I drew the fib to the bottom of closed candle price action on the bottom rather than the spike lower because that lined the fibs up better with consolidation zones.  I don’t always draw it like this.

Target: All targets placed by orders, and in this case .382 of move lower.  If I were day trading, it would have been useful to look at price action in addition and likely hold the move longer.  But, move spiked on Trump Press conference so sometimes it’s better to take profit when it’s there.

Result: -4-19+12+44=33 not accounting for added position size on the scale long.

20/20 Hindsight:  Great entries and exit for setting orders.  Should have held longer or watched if in front of the screen.

 

Chart 1: H1 scale long on fibs

032-01-11-17-h1-eurusd-buy-on-fibs

 

Chart 2: M5, Take profit on fib move long

 

033 - 01-11-17 m5 EURUSD close on .382ret.jpg

 

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