Quote: (04-03-2012 04:18 PM)choichoi Wrote:
Happy hunting Entropy. I've been getting banged by USD/ZAR alot mostly cause I've been just jumping in and not coming up with a solid entry plan. This time, stepped back and studied the mistakes I've been making: bad entry nnd placing stops to close (this pair is hella volatile). I spent hours setting this up and it paid off, well:
3/30
usd-zar
long-7.61460
stop-7.54621
limit-7.717
r/r: 1/1.5
explanation:
USD/ZAR is still in uptrend and I have identfied a very consistent uptrend channel on the 4hr.
Fib levels drawn from
A:03/27/2012 5:00:00 to B 03/29/2012 9:00:00
Plan to buy at convergence of trendline and s1 level 7.61460
Stop will be at s2 level 7.54621 (-683pips)
Limit will be 7.717 (+1024)
Results
+861 pips
sold at 7.00750; 163pips short of limit order - got nervous because it seemed like previous candle 04/03-12:00 slipped past my limit -glitch maybe -decided I was happy making back my losses and then some. May get back in once market bounces of r/s level.
I see what you did. You hybridize FIB levels(30, 50, 61) + pivot levels + SR; all confluenced with TL.
More confluence is not a bad thing. Did you use the standard way to calculate your pivot or did you use a modified formulae?
I need to head out now...i will come back later to further look at your chart and offer a more detailed study.
Yes, USD/ZAR is very volatile. Oh yes, usd/zar has reached your originally intended price target of 7.717. See? If only.....trading is never easy for anybody...the psychology pressures alone. Trust me, i deeply know what you are going through.
anyways, i have attached two charts below. one is your USD/ZAR...the other was the daily AUD/USD channel that i took. I like channels.