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LazyBears
06 Mar 2021, 00:20
RE:
bnlf said:
Martingale using fibo retracement levels only works during civilized market conditions. It takes some time, sometimes an entire year, but eventually, even on a slow-moving currency pair like EU, there will be an event that will break the pattern. It wasn't NFP. It was the speech of FED Powell this week that basically took the stock markets down and USD up dramatically.
The moment NFP news released, the EURUSD only drops around 30pips AND QUICKLY BOUNCE BACK UP. Before that, he already has more than 1/2 margin used with 27 positions. If he didn't overtrade he would survive the day as usual. But well, IF is a word that does not exist in reality.
@LazyBears
LazyBears
06 Mar 2021, 00:12
RE:
quantumtrading said:
I would not call him a scaper.
Anyway, I simply dont understand why he had to trade on the NFP day with so much at stake, I mean he was doing good money, did he need 1/2% on such a dangerous day?
RIP
Yes exactly, that is why I am monitoring closely and quickly cut my tie with him the moment news released. With that being said I still lost more than 30% of my portfolio within that 10 sec. He could make a lot or survive through NFP if he simply follows his own money management and no overtrade.
I still left a minimum of 100USD with him to see what will be the outcome though, and well his final struggle shows that he is a kamikaze in the end.
Most likely he is using oversold/overbought of the combination of MFI+RSI (15minute candles) strategy for entry and past experience make him risk so much and forget to do proper money management.
@LazyBears
LazyBears
06 Mar 2021, 02:52
RE:
theFXlonglunch said:
That is right, I am sure he is creating another account right now.
@LazyBears