These are 4 confirmations for me to enter a trade.
IF I DONT SEE THE ENGLUFING PATTERN THE TRADE IS RISKY..
Just because it hits the 61.8 doesnt mean its going to reverse.
What youre looking for is a breakout after the 61.8 hit,,
1. Did it hit the 61.8
2. With-in the high and low did a engulfing pattern happen on the 30m or 1hr
3. find a nice clean breakout, and enter on the 5 minute.
4. Set the SL about the wick that hit the 61.8 and set the TP at the 1.27
WALA
IF I DONT SEE THE ENGLUFING PATTERN THE TRADE IS RISKY..
Just because it hits the 61.8 doesnt mean its going to reverse.
What youre looking for is a breakout after the 61.8 hit,,
1. Did it hit the 61.8
2. With-in the high and low did a engulfing pattern happen on the 30m or 1hr
3. find a nice clean breakout, and enter on the 5 minute.
4. Set the SL about the wick that hit the 61.8 and set the TP at the 1.27
WALA