Just another euro short that paid 60 pips. Found nice FPP resistance at 1.2722. Price hit me while I was asleep. Target was back inside of the range. As am writing this post the pair has dropped +120 pips from entry. I did not enter with my "runner", but it's not a big deal. Since my understanding of FPP, my levels for s/r has been incredible. My backtesting has also been stellar. My levels most of the time will have a less than 10 pip drawdown. Awesome.....
Showing posts with label fpp. Show all posts
Showing posts with label fpp. Show all posts
Monday, November 17, 2008
eur/usd 60 min short
Just another euro short that paid 60 pips. Found nice FPP resistance at 1.2722. Price hit me while I was asleep. Target was back inside of the range. As am writing this post the pair has dropped +120 pips from entry. I did not enter with my "runner", but it's not a big deal. Since my understanding of FPP, my levels for s/r has been incredible. My backtesting has also been stellar. My levels most of the time will have a less than 10 pip drawdown. Awesome.....
Saturday, November 15, 2008
eur/usd short at 1.2505
Here is a short I made on the euro at 1.2505. Pretty self explanatory but as you can see I have completely weened myself off of all indicators. Support and resistance is my bread and butter and I just want to focus on that. Although I spotted more trades this week, for whatever reason I did not take it. I have been really backtesting my s/r trades and after a little adjustments to how I cherry pick my s/r levels (thanks to my friend Steve W.), my trading and confidence has taken off. My focus is now on s/r, but more specifically areas that I am tentatively calling a Fractal Price Pivot or FPP. Simply put, it's an area where price tugs and pulls at, usually within a fractal. Another trade I am also tentatively calling an Apex Trade. This is exactly what it sounds like, I look for major areas where price pivoted and as price approaches the apex of the pivot, price will usually bounce at these levels. Many time it's where complete reversals occur. I am still utilizing fibs, weekly pivots, and chart patterns, but I will use it when there is a confluence with major s/r area, FPP, or apex. I'
ll include several other snapshots.
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