For What Its Worth -
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thread: For What Its Worth

  1. #71
    I'll keep an eye on your journal.
    I began seeing fibo are ove the place...
    You seem to trade relying upon them.
    That is an area for me to understand.
    Regards,

  2. #72
    Senior Member Juana.pkmixxar's Avatar
    133
    Chart development from this article on 61.8% fib thread:

    Chart 1 reveals that the 1H analysis from this morning, using fib extensions inserted from the first pulse down. Notice that the motion is near the -.618, which is sometimes an exhaustion point to get a move, and very near the up trend wall.



    The following set of charts is from the 10M. The 1H trend lines has been admired by PA and there's a clear sign that the trend could be shing to up. The following pair of fib extensions added as the PA strikes the trend wall and retreats but does not exceed the previous low, and showing great respect for the .786 fib.



    Once the downward trend is breached having an O/C candle, then I add another pair of fib extensions demoning that move, and this creates some fine overlapping fibs together with the previous set. My entry was on the small pull back where the previous trend wall supplied support instead that resistance. Goal was the nest of fib extensions 70 pips upward, using a small 20 pip stop just beneath the .786 fib.



    The results. Also, notice the PA through the morning squared up my entry price before going back up.



    I needed to put this together fairly fast so I've likely let something out, simply ask if I can clear up anything.

  3. #73
    So that you do fib within fib within fib.
    You're a fibman.

    This is very elegant
    and transparent.

  4. #74
    Junior Member er_rodri's Avatar
    2
    I see you like fibbing swings, that's the conventional procedure of fibs and nothing wrong with that whatsoever. I like 61.8 respect and adhere to the premise that price moves in 1.382 ratios. It satisfies me. Here is my latest take on EUR USD about the last 4h downswing, next goal 1.2811. Can you set your fib here???



    Good luck and good trading.

    MD..

  5. #75
    Senior Member Juana.pkmixxar's Avatar
    133
    Hi Misterdaz, here is a chart to think about, because the current move down seems driven by. . .something not sure of right now. So, I'm sticking with the previous fib extentions about the 4H and simply added the latest move, also. Euro is being pushed into the floor now and while I'm south, will continue to keep my eyes to the horizon to get Mr. Trichet's next move.



    Goal is the overlapping -.618 fibs. Good trading!

  6. #76
    Junior Member er_rodri's Avatar
    2
    Hi, here is a chart to consider, since the current move down appears driven by. . .something not convinced of right now. So, I am sticking with the last fib extentions on the 4H and simply added the latest movement, also. Euro has been driven into the ground today and while I am south, will keep my eyes on the horizon for Mr. Trichet's next move.



    Goal is the overlapping -.618 fibs. Fantastic trading!
    Morning. I don't think the world markets believe that Greece who are basiclly bankrupt will be able to foot the bill. There is also the fear of contagion. I am on the southbound train with you my friend.

    MD..

  7. #77
    Senior Member Juana.pkmixxar's Avatar
    133
    GBP trades from today (4 in all). Nice move south after breaking up a 1H up trend line. Entries are on approx. Hits of 50% retracements. Trade'em until they cease trending!


  8. #78
    Senior Member Juana.pkmixxar's Avatar
    133
    A little chart work for weekly. Notice the purple lines which represent levels that have to be squared at any stage.






  9. #79
    Senior Member Juana.pkmixxar's Avatar
    133
    I wanted to concentrate on the euro chart that was published last week (see above). These two are 1H time frame charts.

    We have retraced into the .786 fib area since the currency pair tries to square the 1.2205 level. Notice at the beginning of the week the pair worked in a consolidation range, which often signifies a change in direction. The range was broken north, and following the expected retracement back into the range, the north move lasted to the .786 fib level (my target was that the -.27 fib extension), where it entered another consolidation range (conclusion time for a bigger euro recovery or a continuation south). The current move north has just attained the -.27 fib expansion, and the -.618/-,786 nest possess the 1.2205 price level right in between, which is still a tempting target of a north move. On the other hand, the consolidation range has been breached south. Next week will tell more.



    Note: occasionally the retracement into the .786 fib is enough of a move to consider the 1.2205 level to be square. We'll know more next week.

  10. #80
    Senior Member Juana.pkmixxar's Avatar
    133
    Re: the trades from this morning. New traders should avoid trading against the trend. The tendency on the Day chart was upward, therefore trading that the retracement (commerce A) was against the trend. But as soon as the retracement was finished, I like to leap on back the move with the original trend. The move down started a gap of types that needed to be stuffed by the market. This squaring up process is a fantastic trading opportunity. The process started at roughly 1.4000, and that price level is the goal of the upward move.



    Question for tonight: is that a head/shoulder formation to get a continuation of the upward move? We'll see.

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