It looks like this.
|3 bump pattern: Set up before the big reversals, /tf|
However, I missed it. Of course. And then there was a few bad trades and suffice it to say -- it was a no good, very bad, horrible day for me.
Once it starts going your way, the correct play is to HOLD AS LONG AS POSSIBLE. Now the 5/34 moving average idea has been borrowed from a great resource on twitter. TradingFibz You should follow him.
And the main idea is so simple, it's stupid. If the market is trending - then stay with it as long as the 5 period is above the 34 period MA - and today - the ride was around 100 ticks.
The next few hours in /tf looked like this:
|/tf: 5/34 fib lines keep you in for a big ride|
Now there was more action but this was the big payday which was quite easy in hindsite but somehow I failed to jump on as I was too concerned about the negative ADVN-DECN. My primary focus -- and system is based on the chart action. The other signals are there for reference but the chart is what creates or negates the trade. I forgot that today. Don't let Signals get in the way of your Trading Plan. I do it far too often.
I still have yet to see anyone on Twitter who is CP provide a detailed analysis of their winning trades each day. So I'll continue to provide the perfect trade, even though it was not one I caught.
I'm sure a lot of people did great today. Maybe tomorrow for me.