So, lets get an example...i set my stops and targets and i jump into a bearish trade, market as printed what i suppose to be an higher close at a price reversal zone (PRZ), so i've decided to short the market there... at that time i have my targets set at two levels of fibonacci retracement (the 38 and the 618)but the price goes above my entry point, creating a new higher close than the previous. So, again, if my targets are measured from a fibonacci retracement of the previous move, if the price goes above my entry point i need to adjust my fib tools (retracement) and my targets. That said, one fib adjustment is just a correction on targets. Get it? If not, just whisper me...
tom_mok
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oh i see.
so you just adjust your target because price goes higher than the previous high.
may i know where is your sl ? because i see the price move further than 224 ? in your educational //Engagement Rules mention that the sl is aroud 10pips below/above 224.
sorry for many question, really appreciate it
thank you very much
Andre_Cardoso
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Always look left for previous structure to set my stops, note that big players already know you are setting your stops there, so in my opinion, i must set them a little above/below those 10 pips. In fact, i always suggest to use your own risk management strategy on stops. That's why i do not set stops on my charts. You can whisper me if you need. Private message.
Thanks ;)
Andre_Cardoso
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As soon as the price hit my first target i close half of my position size and i set my stops at breakeven.
tom_mok
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yeah..hank you very much for clear answer.
i have learned many things from your page and youtube channel.
god bless you
how to trade with adjusted fibo ?