Using the Fib lines to put our Entry and Exit
or our Stop and Limit in Trading .
How to set up these lines ...........?
First you
or our Stop and Limit in Trading .
How to set up these lines ...........?
First you
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DislikedBo,
Where would you pulled the intraday fib yesterday? As is or low of 1 or 2?
I don't think it matters that much but what are your general rules when things are a little unclear?
Thanks.Ignored
DislikedHi Bo,
had good performance at beginning of the week when the market was trending... unfortunately as soon as the market entered into ranging I lost all my gains.
Any hints how such a ranging market can be traded the best way? Fibs just worked on smaller timeframes... would this have been the right place to use a Ranging Fib? And... how would you have drawn that?
Any help is appreciated... thanks.
BTW... when looking at my fibs I recognized that we might be trading a "diamond" reversal formation at the moment. In fact I only trust my fibs... but... still very interesting...Ignored
DislikedBo
I was reviewing my notes, so far, and looking at the examples on your charts. I want to make sure I have this correct.
The Monthly, Weekly and Daily fibs are drawn on the daily chart. Do you look over the last time frame you are fibbing and pull the fib literally from start to finish of that time span, or is it more like when we pull the Intraday fib, do we look to see if there has been retracement, rather than consolidation, and maybe 2 or 3 months, weeks, days, are involved in the time span of that specific fib?
For the Retracement fib, are we looking for the retracement of the trend fib or of the past intraday fib, what is it's scope of info we are using it to tell us?
It appears to me that since so many pairs have not reached ant of my last swing targets since "today" started, I would not move any swing fibs, and the Intraday fib has become the Range Fib, is this correct?
Or do I need to now move the swing to the smaller moves (30+) to look for scalping opportunities?
Thanks, you're the BEST!Ignored
DislikedSo....I was out shoveling snow because we're expecting...probably more than 20cm, so you have to clear it away while it's still falling.
While I was out I missed a perfect setup with the way I trade...that could have still been in play with my stop set to give +100 and counting.
I'm moving to a tropical island.Ignored
DislikedDont worry it will come around again...it always does. Finally, you get an avatar.Ignored
DislikedWell we did have the monthly NFP that caused a spike up while the down move was getting started but things calmed right back down in a few minutes and it looked like nothing ever happened during the short, then the big fall. No idea why the big fall. The only big fall I was participating in was the snow fall.Ignored
DislikedDang. I went to bed at 4 am EST because the market was still ranging and boring. I slept through this huge move! Thats it, I am going to start my day trading, not end it trading. I'll just make it an early morning (2 am) instead of a late night from now on. It's been tough to trade at these weird hours with a family and all.
I actually took a loss because I had a long position and set my limit just shy of T1 and the stop below the short fib. It almost made it to my limit but not quite, then it reversed and headed south.Ignored
DislikedNot sure why such a large fall, but there were 3 different news events timed a couple of hours apart, but the key is GU's support was broken, including the 200 moving average. It will have to find new support.Ignored
DislikedOK, here is another quick video on setting the chart up, narrated of coarse by your friendly neighborhood Alabamer feller. In this one the video isnt sharp but the volume is ok...go figure.
http://www.youtube.com/watch?v=wZVL5QWG2jsIgnored
DislikedIts simple, supply exceeded demand, check out a guy named Sam Seiden, he uses three things to trade, candlesticks, volume and a place to plug in your computer.Ignored
QuoteDislikedPeople... You can learn a lot from Sam. I use the Fib's whilst looking for these Supply/Demand imbalance areas. Perfectamundo !!
DislikedMoxy_UK.. Do you use fib clusters to identify the likely supply/demand areas ??
Did'nt mean to derail the current discussion of this thread ..
ThnxIgnored
DislikedBo, thanks at lot for all your efforts - appreciate that very much. Went through the last weeks again using your usual fibs in combination with 5min fibs for entry / exit. Looks very promising - at least to understand the market action much better. I am not sure anybody knows but all market action IN EVERY TIME FRAME depends on fibs. Really fascinating!
I am slowly understanding now what senior traders in FF mean with creating your own habits for trading.
Getting rid of all the indicators I had on my charts (despite market volume what seems still interesting to me) I would be very interested in your opinion about momentum indicators, e.g. Auslancos Momentum method. Investing lots of time with those 5 MAs I was able to figure out that they are usable for mid-term trading - especially to recognize trends and reversals. Understanding that this is not main topic of your forum I would be glad to have your opinion about that.
Thanks a lot for your honest opinion in advance!Ignored