Before moving on to the next pattern James16 teaches (Pin Bars), I have gone over the charts and identified setups for the 3 patterns we are currently analysing.
Also, J16 has started to show charts with Fib lines and suggests that trades are taken on the retrace back to a fib line in order to enter at a better position. On the next few charts posted I have made comments about any setups that have occurred and results of trades if they were taken with and without using Fibs so we can get a better idea of any advantages of using Fibs.
For the purpose of the exercise, I am not worrying about TP or SL, just identifying how far a trade may have gone. Also I am ignoring Trend (as defined by the MTF RSI indicator) as it's a little difficult to be accurate on this with older trades.
J16 is saying if price doesn't retrace, he doesn't take the trade and waits for the next set up. (I have allowed a 5 pip buffer of the fibs where trades could be taken)
In the setups I have posted (which cover February) all trades taken at the open of the candle, except 1 were successful (this trade would have been successful if taken on the retrace), with quite a number of trades not being taken if we did wait for the retrace.
I am happy for any comments to be made about my analysis, (please don't get to techno or I'll get
), and please point out if I have missed a set up or incorrectly identified a set up.
Also, I am not very experienced with Fibs, so I may well have completely screwed up the way they're drawn as well
