There are basically 2 places I add on. Pull backs and breaks of s/r. s/r can be pivots, trend lines, fibs, previous high/low, whatever. I do pay attention to wave counts, but only on a basic level. If I see that third higher high/lower low, I'm paying close attention to divergence and looking for exit signs. If that 4th comes in, I'm definitely groping for the door handle. But it also depends on what time frame the setup came in on. If I get a setup on the daily or 4h I try not too watch anything below 1h unless one of my time marks is due. Then I'll start watching for add-on opps on the 5m or 15 m. But I try not to watch the smaller frames or I'll sabotage myself unless it's the smaller frames that I'm specifically trading. This works on intraday as well as longer frames. I don't have the screen shot on this computer, but I'll post a screenie a little later which shows my add-ons for last nights gbp/jpy trade using a 5 min. chart. I was in that position for 4-5 hours or so. Got out a little bit early, but the 5 min. frame showed warning signs and I didn't want to baby sit it since that pair can take as fast as it gives in a very short time. I was into that trade 5 lots by the time all was said and done with the 5th lot being pretty small profit and the bigger profits coming in at 100+ pips on the 1st two entries. I'll also post my gbp/jpy short from last week that went about 2.5 days. I think at the max, I had 7 lots on. But bigger frame meant bigger stops and wider spacing between add-ons.
Currencies I expect to go UP USD/CAD Buy 1.2750 EUR/GBP Buy .8911 to .8887 EUR/CAD Buy 1.6100 to 1.6050 USD/CHF Buy 1.1684 to 1.1675 USD/JPY Buy 96.37 Hard to predict as both were weak today GBP/CAD Currencies I expect to go DOWN EUR/JPY Sell 123.66 to 123.83 EUR/USD Sell breakdown of wedge pattern narrow range, add once 1.2514 is broken and sell 1.2750 NZD/JPY Sell breakdown of 78.85 AUD/JPY Sell breakdown of 61.27 and add if 60.82 is broken NZD/USD Sell breakdown of todays low 0.4917 CAD/JPY Sell breakdown of today's low and sell 75.80 AUD/USD Sell breakdown of today's low and .6426 GBP/JPY Sell 137.90 to 138.00 and 138.63 to 138.75 aggressively GBP/USD Sell 1.4113 to 1.4125 and Sell 1.4150 to 1.4163 aggressively!!
My USDCHF level got hit and I put in 25 pip stop and target right under the 50% fib target and went back to sleep. Because it was not TOO weak at my level I took this trade. If I see the currency is weakest of all of them I certainly wouldn't have taken this. Made 41 pips
Here's an example of a trade I didn't take because the EUR was so strong and JPY so weak. The EUR was trending up on about 84% of currencies and JPY down. The first time my level got hit it did pull back about 40 pips but then shot through the next time due to this currencies strength. Compare this to the other trade I did take and that one was effortless as it wasn't too weak at my level to buy.
One of my favorite Support/Resistance areas are Fib retracements and Fib targets. Somebody awhile ago seemed to not believe there were auto fib tools available on the market and was doing my analysis for tomorrow and thought I'd snap a screen shot of the auto fib tool in action. It's how I can very quickly come up with my support/resistance levels. I'm also using weekly and monthly pivots, previous days/weeks/months high/low and have other ones but Fibs are one of my favorites ESPECIALLY when there are clusters of them. This was done by a trader in our chat room named Reza and the guy is a genius VB programmer and such a nice guy to give this to all us. It has to be the best FREE indicator ever created for trading. As you can see on chart this nailed the high in EUR/USD and it also works great on 15 and 30 min charts and swings on that time frame. I often get out of trades at the 1.382 fib target and its a real joy to trade without always drawing fibs, ESPECIALLY when you're trading or watching 12+ pairs!
Please lets not dwell on this. Firstly it makes me feel uncomfortable and secondly this isn't such a big deal. I know a trader in our chat room who has over an $8 million account and he does regularly trade 50 to 100 full lots and has a few positions on at a time often. I'm still a small fry and have NO IMPACT on the Forex market at all with my small trades. Even he has no impact on the Forex markets. Let's remember its the 500 million to multi billion players whose buying/selling MOVES the markets. They are the elephants we wish to grab onto their tails and pull us toward profits without stomping on us! That's our goal!