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  #71331  
Old Aug 11, 2010 8:50pm
KissFan's Avatar
Can I get an Amen from the back row
 
Member Since Jan 2008
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Quote:
Originally Posted by Dan Gilbert View Post
this has been a very slow month. On all timeframes. Todays massive drop wasn't indicated with any PA.

yawn.


anyone else concur?
The best probable set up that I had been watching since the weekend was this weekly I4B to break up/down on AUDJPY. Other than that I certainly agree with you.

K.I.S.S.
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  #71444  
Old Aug 12, 2010 8:59am
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Can I get an Amen from the back row
 
Member Since Jan 2008
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Quote:
Originally Posted by Jonnyislost View Post
Yes you're right
I rarely use fibs, So subjective, and can be easily curve fitted to show whatever you want them to show
The large bar + BRN + general location would have been enough for to take the trade
J
Hello Jonnyislost and nycc. Fibs can be a valuable part of your trading toolbox if you know how to use them. Everyone should use them as simply a tool for measuring high probability. High probability is learned through practice and backtesting and in my opinion is combined with solid PA for the best results. Everything begins with PA is how I see it. I am partial to .382 extensions. I'll show you a couple of set ups that I use with success. They are used with the spirit of simplicity that is taught here on J16. BTW, I'm not trying to promote or defend the use of fibs. I'm just contributing to the discussion.

Three charts: The first illustrates how I use 1 bar (engulfing/pin/outsidebar) and fib for gaining profit. The next chart illustrates an opposing pinbar set up that I also have been using very successfully.

On this scenario, I will wait for two consecutive and opposing pins to print on any timeframe. When this happens, I will fib the range and apply the same strategy as I do with a single bar. I have only used opposing pins with no bars in between. Of course, your risk reward is directly proportional to your entry. Always wait for a break before even considering taking a position.

Best of trading to all.

K.I.S.S.
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  #71454  
Old Aug 12, 2010 9:25am
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Can I get an Amen from the back row
 
Member Since Jan 2008
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Quote:
Originally Posted by mbqb11 View Post
was wondering when our main man kiss would stop in

On que Fudd! LOL!!! Someone said "fib" so I thought I'd show and tell.

K.I.S.S.
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  #71455  
Old Aug 12, 2010 9:49am
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Can I get an Amen from the back row
 
Member Since Jan 2008
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Quote:
Originally Posted by Jonnyislost View Post
Thanks for the post kiss!
I do appreciate the value of fibs, just haven't quite got around to incorporating them into my trading style yet. Interesting to see how you use them
Gonna play around with them a bit and investigate

J
I'll loan you the remainder of my duct tape roll that I used to fasten my skull to my screen as I was studying fibs. I'm done studying for a while LOL!! You are in for some sleepless nights brother. Be careful.

K.I.S.S.
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