IMUGENE CHART. TA only, page-29417

Hi @GinoE,

For my part, along with the historical level pointed out by Liftboy the key level I was actually watching was 0.094 which is the current 50% fib. This fib is being respected so a touch or approach of any of the key levels will bring the price under pressure. In addition, and possibly of even more weight is the weekly e21. For the last 2 weeks (excluding this week) it has backed up the 50% at 0.094. This week it moved up to 0.095. When a moving average level is used as a SL it should be used as a trailing SL, so as the MA moves higher the SL follows it. The e21 on a daily or weekly chart is easily strong enough generally to usually cause a bounce and continuation, and so I am always confident to use it as a SL. If it bounces great, that's what it's meant to do. If it does not, then I no longer want to be in the trade. Generally I use hard stops if I'm afk(and sometimes I'll drop it another tick to avoid stop hunts) but use mental ones if sitting at the PC so I can observe the price action.

However, if I'm being completely honest, I erred a little regarding the hypothetical trade I'm in. As I'm not actually in it, I'm not on top of it as much we I could. While the e21 is very well strong enough to use a SL, having a key fib level at 0.094 just 1 tick away, it would make much better sense to have the SL at 0.093 instead of 0.094. For the sake of a pip it allows the trade to be protected by both of these key levels rather than just one of them.