You're right Skong, I'm off to bed... i'm seeing double.
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DislikedI had to ask. How did you walk your fibs to where it was on your 1 hr eu chart ?
Cheers
SKIgnored
DislikedI'm a little hesitant to start this but.......................
This is just an exercise, I am not here to teach a system. Those that want to participate should benefit. What I'm showing you is 1% of what is. This is just a simple step that I believe will help you look at the market a bit different. If you are still looking at the market like 95% of "traders".....well, you know the stats.
Open a weekly chart and blow it up (not literally). Now open your Fibonacci tools and pull a linear fib from the high and low of any candle. Make sure your...Ignored
DislikedThe walking fibs thing has me a little baffled too. I think there's more than a few of us that could use a little nudge in the right direction on that one. Anyone care to enlighten us?Ignored
Disliked[size=3]Follow the rules above but with one exception if price does not make it to it's 1.382 Fib ext but penetrates the opposite end, draw new set of Fibs on the losing candle. Here's the key- you draw new fibs on the candles that contains the 1.382 fib ext level that was reached or the reversal which penetrates the opposite end of the orginal candle. [color=black]Remember Skunny said that s/r penetration gives us hints to where the market is going. It all starts with a high or low penetration....Ignored
DislikedMuch appreciated. The weekly candle penetration/break test was interesting. About 3/4 made it to the 138.2 ext. after breaching. The others made a U turn and never looked back.
I must refuel before walking the fibs with your insight.
A big thanks.
SKIgnored
Dislikedthere are many ways to walk a fib and there are quite few suggestions here in this thread to the fact..i derived my method from bobkus thread(another must read thread)...walking fibs is no secret...its no arcane or esotric trick...for me to explain all the ways ive read and discovered to walk fibs is far more than i could ever hope to type..just do a little research and youll figure out what best applies to your style quickly....MORE IMPORTANTLY>>>>read post #386 and #389 (skunnys words...This is your quest!!!!) figure this out and i believe youll...Ignored
DislikedI still can't figure out how skunny decides when he moves his fibs , and how he selects which swing high or low to use.
There is one post where he poses a question about whether his fib was placed correctly, and then gave the answer a few posts later, with some charts.
Worth going through again . I can't remember which post exactly but it shouldn't be too hard to find.
SKIgnored
DislikedThe only time you need a fib drawn is when support/resistance is broken. you can be prepared if you want to, but you will have lines on your chart that don't mean anything.Ignored
DislikedYou should draw your fibs so you are in a cycle or a completed cycle.Ignored
DislikedNotice that on the 5th winning candle it didn't reach it's 1.382 fib ext. So I would then draw my next set of fibs on the candle that penetrated the opposite end causing the trade to be a losing one. Once I fib the losing candle I go back into Winning again. Sometimes you can run into a string of losers but if you fib them you will start to win again.Ignored
DislikedCheckz could u pls elaborate a little more on your "cycle" concept, as you understand it. Perhaps a before/after fib placement? I understand your view as it pertains to what Skunny indicated. However on the chart you posted I can't grasp if the fib placement on that 5th candle is the initial placement or the new placement after the losing candle. BTW, which is the losing candle?
I do not use fibs in the same manner as this thread posts. I am a long term trader, I use the Jesse Livermore approach in my trades. A skill I have developed is how...Ignored