Dear Sive;Hi, Mjunkyard,
Generally because most forumers hardly will be able to trade it in time. Sometimes we discuss the possibility of trading retracement, but if it happens on hourly or 4-hour chart, and if it somewhere near the start point.
Unfortunately we can't trade any retracement blindly, just because pivot stands below current market - we need initial signs that it has started...
But today market was near 100% retracement target already...
Thank you so much for your response!
I guess that my question is as following. I saw the Eur reaching 1.4512 and i remembered from your analysis that it's the overbought level. And then i saw the retracement starting, so i sold. My problem was that i didn't know how to calculate the target.
So the question is how to calculate the target in a retracement.
(since i didn't know how i took 50 pips, which is not bad, but it wasn't professional.)
thanks again for all your guidance and teaching.
sincerely
mjunkyard