Heres a template with the current set of fibs for November21st, If anyone is interested.
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DislikedThat's the kind of situation I'm afraid of with all this, I am a pessimist (or as I believe, a realist) and so I expect something will constantly be in the way of success...if I can learn to trade I expect the broker to be the next line of defense between me and my freedom, and with all the horror stories floating around about your successes being their losses and all the stunts they pull, I have to believe it until I make a withdrawl.
They say demo your system until you can do it profitably, then go live. I say go live and WITHDRAW FUNDS for several months until you can do it profitably.Ignored
DislikedI'm sure there is a logical answer to all this.... I do need to get a new broker if this is how things get handledIgnored
DislikedAnother good use of the range fib is to measure the movement price has made as it has crossed over the envelope that we use to track our trending moves with.
Can you look at this and tell what has happened Today and why price is moving like it is ?
With the very same chart now add the Intraday fib to todays movement and what do you see happening?
The point is not to get too zoomed in and forget the overall movement price has made I myself make this mistake and it almost cost me last night, I was looking for the break of the high yesterday without looking at the bigger picture first.Ignored
DislikedIs there any reasonable possible incentive for this happening - you say you got over 600 in a day. Was there a pile earned ultra fast that they might want to review for scalp loophole exploitation that may be bad for them, or did you earn everything with a reasonable transaction time (whatever that might be)? I'm starting to feel like I'm in the music business and everyone involved with me is going to benefit and I'm going to get screwed for being a success. If it does come to that I guess I'll take another look at the stock market and see if fibs apply to any stocks there! I don't know what moves the stock market, if it respects fibs or some other magical thing that market movers reliably use that I could tap into. But at least my money would be mine.Ignored
DislikedHi bob, i'm rather confuse on when to use the range fib. Would you mind explaining it in details? You did a excellent explanation on the intraday & Swing fib which help me alot on my trade.
Thank youIgnored
DislikedThe Range Fib is used in conjuction with the 64 envelope.Once the currency has been on a long trending move and crosses over the 64 envelope there is a high probability it will go into ranging.. you place your Range fib across the the high and low of the move that crosses it.If it does go into ranging then you look for price to break from the 100 and 0 levels of it as an indication the ranging may be over.
If you wanted one on the current Cable chart it would be on the Low of Nov20 to the high of Nov21.Ignored
DislikedHey there,
Just my 2c from yest. I cant really get my head around when to draw swings etc so i just pull a fib based on the previous days low to high. Basically then i try buy on break of intra day long, sell on break of short. I would set my tp as the S1/R1 and sl as the pivot. Today two trades one short, one long. +51 pip but the short trade was almost stopped. see the red and blue lines
What do you all think?
Sorry for my primitive charts but i much prefer the bar to candlestick!
I also only take one trade per direction, then i wait for it to hit back into neutral zone before i jump on another break.
edit/
Id say there is so much wrong with those trades! I never set the envelope! If i looked at that it would have prevented the short trade! ah wellIgnored
DislikedHere's how the swings looked last night - No Trade
The Asia swing got cut off in the top left first image. You can see the high but use the second image in the top right to see where the low was.
Starting in the top left image the bias was long with candles starting from swing high and the bodies staying on the long side. Somewhere between candle 1 and 2 there is a body forming on the short bias side so a short trade is possible if there is a low break. When candle 2 closes there is a new high formed within the swing on candle 1's peak. Nothing is done yet. The possibilities now are a move down and a break, or a move up and possibly a break or else ranging within the swing.
When candle 3 closes there is a new low within the swing on candle 2. Now the swing HIGH can be updated to the most recent high on candle 1 and the image looks like the top right.
The bias is short just before moving the swing high down so that bias would be kept going into the second swing setup, but the same candle that allowed the new swing (candle 3 leaving a new low behind it) closed above the new swing high so the bias ends up long by the time the swing is evaluated. When candle 4 closes, it forms a short bias again and has changed the direction to downward (it has a lower high than the previous candle) so with all this back and forth, things are ranging within the swing and the fibs will be re-pulled as necessary until something happens. Even though candle 4 was a lower high, there hasn't been a "new high" formed since the last one was pulled. Candle 2 and 3 are the same height so it's a judgement call. If a new high is declared, the swing low would be pulled up to the lowest new-low within the swing (candle 2). Still using the top right image as the latest swing with candle 4 closing, nothing new happens until candle 8 closes and forms a new high on candle 7. Now the swing low can be updated to the lowest new-low within the swing, candle 4.
Looking at the bottom left image the bias is maintained short from the last swing bias and the latest candle 8 position retaining a short bias. Candle 9 is the show stopper. Once candle 9 closes there is again a new low, and since we finally did have a previous new high decalred (candle 7) we can pull the high swing down to that candle, the highest new-high within the swing.
The swing setup is shown in the bottom right, and with the evaluation of the impact of candle 9, the trade is suddenly all over. Candle 9 closes and allows swing high to come down, and looking at the situation then, candle 9 has already broken a swing extreme so the trade is considered in play and no orders are placed until the trade ends. It gets stopped out some time after these images show, with a candle that goes down below swing low. The stop would be considered below swing low because by now the swing range is only 34 pips.
When the downward move bottoms out we will have a new swing high to low range to start with but it isn't likely to produce any results in the time left today.
After evaluating enough of these situations where a phaton trade is initiated by the sudden re-pulling of a swing level and must be played out, maybe the rules can be formalized on the best course of action, do it as in this scenario or maybe disregard the phantom trade and wait for an official new swing break. It would have given a successful swing low trade today but maybe the long run would give too many losses.Ignored
DislikedHere is a template with the fibs from today on it .Actual low of today was 2.0583.Ignored
DislikedThis is kinda random, as I've just discovered this thread but,
Thank you very very much for your template ! You can't imagine how it helps me tremendously on many aspect ( fibo trading, some metatrader options I didn't know, etc)!
I look foward to talk to you again, when I'll be finish reading the 52 pages ( which I haven't begun )
HansBrocksIgnored
DislikedMost likely price has consolidated and im done for the day.I will redraw and make my projections for tomorrow and get those posted later...around 7pm Central time.
Any questions feel free..Ignored
Dislikeddear Bobokus, Iam new stupid bie in forex. I am trying ur system. But iam little confuse in placing entry and stoploss. Will u place a chart who show actual entry and stop loss using arrow or special dot line ? thanks.Ignored
DislikedHi Bobokus,
Pls when is the right time to plot fib charts? Is it at the beginning of every session or at the beginning of the day or just anytime.
kindly explain bcos i'm a newbie and finding it real difficult.
thanks in anticipation.
Andybest.Ignored