Hi ziemo, wow nice row... As for the news question, i think you' re right, it's risky to enter a trade before a big news, i have seen so many whipsaw movement and even if you take the right direction a sudden spike in the wrong direction could take the sl... You' re right when you say that the market will eventually go back in it's previous direction, for ex, yesterday news on ecb rate cut, the market was going for 13850, then the news took it back to 13650 and then slowly the price went back to were it was... 13850... There are very few news that can reverse the market, i think that if a news occur in the beginning of a pattern it could invalidate it, but if the pattern is already at good point it will only slow the final outcome
Very nice trade.. Keep them coming.
Last edited by ziemo; 11-09-2011 at 11:37 PM.
Personally i dont look at the news except in the case of the Euro crisis - and with the current situation i'm looking for price action to get short on that (long term anyway).
Smaller TF are something of a coin toss anyway in my view - hard to trade. I always check the larger TF to look for significant pivot zones before getting into lower TF... but then i'm a novice on the harmonics. Still, it's good to keep an eye on major SR levels when considering any trade in my view so a perfect harmonic setup on M5 trading into some larger area on higher TF would be a big no no for me.
But a M5 pattern completing above/below the close of a major PPZ on a higher TF, confirming the higher TF direction, would be a great entry opportunity.
i guess for me, having only used pivot levels/fib/price action up to now, location of patterns is more important than news. But i'm no expert - just my thoughts.
pls can i have this butterflyes ind pls
It's been a daaaamn long time, since I post here my last message, but I have finally managed, to come back and continue my journal (which is a great source of feedback and a goldmine of fresh ideas).
In the comming days I will post my daily setups, I count on your feedback and commentary guys.
What I radically changed, is that I moved to higher timeframes. Is that true, that the higher timeframe the better win ratio? For this moment: I don't think so. My choice to move on to longer periods is mainly because of my lack of free time right now. I have more time to plan the trades and in my opinion a little bit less of stress of missing a trade.
My results from the last 3 months are pretty good (you can follow it on my blog), but now I would like to continue it "live", showing you my trades day by day.
Starting today: there was nothing for me actually, it was a dull and boring day, lack of economic data = lack of movement. How sad, that NFP is already behind us;D
In the meantime I will post here all the trades I took in March so far, to keep you updated.