Trading_Jazz
Short

(1h) Another Bearish Shark @ 88% & RSI Bearish Divergence

FX_IDC:CHFJPY   Swiss Franc / Japanese Yen
Comment: @First Target
Comment: Adjusted fibs and targets
Comment:
hi..
how to trade with adjusted fibo ?
Reply
Hi, welcome and thanks for following,

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...
Reply
tom_mok Trading_Jazz
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
Reply
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 ;)
Reply
As soon as the price hit my first target i close half of my position size and i set my stops at breakeven.
Reply
tom_mok Trading_Jazz
yeah..hank you very much for clear answer.
i have learned many things from your page and youtube channel.
god bless you
Reply
Nice setup well done :)
Reply
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