The second sacred cow: "Grow profits, cut losses" - page 19
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When did Burenka become a target? Growing profits is not a goal. It's a slogan.
You set your own target. And what you set will be the target. If you wait.
Anyway... I'm sorry... but... you, too, for sausages. First, I'll milk you for sausages, too.
You set the target. The target you set will be the one you want. If you wait.
Are pips or levels (fractals, muray, fibs and other stuff) your targets?
If levels, which are preferable to those on a distant history, or current levels (intraday)?
Are pips or levels (fractals, muray, fibs and other stuff) your targets?
If levels, which are preferable to those on a distant history or current levels (intraday)?
For example, the goal is to reach the mid-day range. For the euro it is about 140 pips right now.
That is, if we buy the euro now, the target would be in the range of 3800-3810.
Are pips or levels (fractals, muray, fibs and other stuff) your targets?
If levels, which are preferable to those on a distant history or current levels (intraday)?
If you have traded intraday hands, then the fibo is the reference point. It works out clearly. On the minutes it's the best. Of course, with liquidity.
If you are talking about P/S levels on higher timeframes, then how long, i.e. MM, you are ready to wait.
OK, thanks Vladimir and Peter for the constructive comments in the topic, to be honest - I wasn't expecting that
I can't say for sure if they are working or not, but the price tends to pass 1/3 or 2/3 of the historical maximums/minimums for all currencies
Are pips or levels (fractals, muray, fibs and other stuff) your targets?
If levels, which are preferable to those on a distant history or current levels (intraday)?
Any level may turn out to be a pullback or a breakout. That is, price may bounce off it or, conversely, accelerate. Guessing in advance is problematic and not particularly effective. That is why price behaviour upon reaching the level is important. Therefore, any predetermined levels for entry or exit are coarsening which worsens the result. It's better to enter and exit by the price action relative to the level. But sometimes you have to go for coarsening)))
P.S. Take some levels - extrema, fibo, whatever. And somehow calculate the probability of breakout and rebound. You'll get 50/50. That doesn't mean that the levels "don't work". They don't have to on their own. Breakout and rebound reaction rules can work. The rules should not work in the sense of breakout/bounce probability different from 50/50, but they should give statistical profit advantage, whereas probabilities are of secondary importance. Thus, it's not the levels themselves that work, but the correct algorithms of making trading decisions concerning these levels. The levels by themselves don't work and are not breakout or rebound without the description of algorithms of breakout or rebound usage.
Therefore, closing at a pre-selected level is a kind of "to close out of harm's way", which is basically an option if there is no more detailed reaction
OK, thanks Vladimir and Peter for the constructive comments in the topic, to be honest - I wasn't expecting that
I can't say for sure if they are working or not, but the price tends to pass 1/3 or 2/3 of the historical maximums/minimums for all currencies
Lesha, that's what you wanted to talk about, right?
In short, Captain Hindsight.
Without "how" this sentence will remain unaccepted, i.e. it will be a dumb Hindsight.