Hi friends
Always we hear-- keep the odds on your trade,get the winning edge.
But how to do that?
Here is solution in simple terms.
see link
http://www.youtube.com/watch?feature...fF354Xg#at=185
chart to see
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Always we hear-- keep the odds on your trade,get the winning edge.
But how to do that?
Here is solution in simple terms.
HTML Code:
Grade your trade
4 steps to know when to enter market,place target,stop loss orders
step1 A
Take a chart on timeframe 60 minutes or 240 minutes or Daily.
step1B
Draw a trendline using 3 points.trendline can be up or down
These are swing high,swing low,swing high points A B C.
use point A & B,DRAW FIBONACCI RETRACEMENT LEVELS.
STEP1C
40% chance OF BEING RIGHT with TL break
if price breaks the uptrend line,then we have 40% chance that market will go downwards.
If price breaks a down trend line,then we have 40% chance that market will move upwards
STEP2
GIVES 20% CHANCE OF BEING RIGHT IF PRICE IS AT 50% RET LEVEL
A)SPOT A B C POINTS ON chart. spot 50% retracement level at C
Suppose A TO B is downmove,C will be upside at 50% ret level.
B)From C project fib extension level of 1.618. this is target level
Use points B &C,draw fib extn level of 1.618
step3
CANDLE PATTERN AT C,GIVES 10% CHANCE BEING RIGHT
If price makes a bearish candle pattern at C,CHANCES ARE PRICE WILL GO DOWN
If price makes a BULLISH candle pattern at C,CHANCES ARE PRICE WILL GO UP.
WE HAVE CHANCE OF 10% BEING RIGHT.
Remember
IF A TO B is uptrend,C comes below B AS 50% RETRACEMENT LEVEL.
Look for resistance turning support at this level,then move goes up in primary direction.
http://www.youtube.com/watch?feature...fF354Xg#at=185
chart to see
