Shopster, Just out of curiosity which broker do you use? Which brokers do you recommend for trading forex?
DC, i am not domiciled in the usa. regulatory is most important and the ability to cross margin a bank account to a broker to trade. brokers sitting on small islands in banana republics et al. are of no interest. lots of discussion elsewhere on the net on this topic. cheers, s the db swiss cheese diverged setup was already in place before non farm.
ok here is a trade i made today. I show a DT with divergence on the 1st rectangle (without any fib) where i entered on the white line. Then price reversed but didnt hit my SL and formed another DT with divergence and hit 423 i though it could go lower. Well it didnt. I was lucky i suppose and it formed a 3rd DT with diverge. But I should have used a trailing stop to protect my pips on the 2nd DT right? Now on the 3rd DT I had to redraw the fibs so TP are different. So I wasnt sure on where I should place exit so i just took profit near the money line (ok i didnt know what else to do). I suppose I should have used a trailing stop but i preferred to just grab my pips and run. As I type price moves lower but how could i know that, right? My magic crystal ball from ebay hasn't arrived yet... The seller said it tells the future...
As I type price moves lower but how could i know that..... ......................................................... watch the 15 min. chart for end of trend then trade the 5 min. don't stand in front of a bull train until you see it slowing down. clues......... lower hi and lower low, histo rolling over etc..... on the 15 min. you need to define trend. s