Wednesday, November 18, 2009
Saturday, November 14, 2009
Here is another snapshot on a fast tick chart. We here see the power of MM and Fib levels, i.e. nothing specific to this technique, except maybe that the toolset tries its best to detect Fib patterns when noise level is reasonable.
The trading environment is not the easiest at the moment, with dynamics being swamped in volatility and noise. In such a case, it is in my opinion interesting to trade using breakouts on key levels. Assuming we are flat, it would be for instance interesting here to place a stop order below 4892, when the level has been tested place another one above (symmetrically or not) on a "one cancels other" basis. That will be my advice here.
Grabbing 10 or 20 pips shouldn't be too hard, and the fog will clear up to give us a nice Fib pattern again soon.