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Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Nov 3, 2011.
Please use this thread for questions, answers, and comments on this lesson.
Pulled off my 1st retracement trade thanks to this thread..!
Thanks !! Great Info! You've helped me to be able to and identify (and successfully trade) short term fib reversals!
If it's alright, i'd like to post a screeny of my trade today 09 Dec 2011. I was diving in at the deep end reading all of the above and as soon as i saw the bottom bullish candle finish up, then the 2nd candle close above or level with the 1st bullish candle (although it was bearish but very WEAK bearish), I decided to buy & enter short to the fib level 38.2 on retracement. I WAS RIGHT!
Check it out below
Ahhh I would like to ask actually Stavro, is this fib drawing correct ? Or should I of started drawing the top of the fib level at the green line where there are ALL bearish candles going down only? I think this was right.. Because it's retraced to 50.0 so far.
Great successful trade.. Very happy with this, I closed for profit at 38.2 to be conservatively safe, hope this will also help other traders identifying retracements. Cheers.
NOTE: This may very well be a reversal however I based it on my pivot point etc & i can not be around to watch it play it, just pointing out a potentially very profitable short trade which I just made some money on !
nice work you have done...
This is really insightful.