DAAAAAAAAAAA BEARS (w/ possible bull transformation)!!
What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies
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DislikedWhenever you see two different sets of fib lines directly above/below each other, one will always be the duplicate of the other. The high and low for the range the original set is drawn on is usually indicated by the yellow arrows on the chart (sometimes I forget to include them). If they are not included, it should be easy to determine the range for the original set by just viewing the chart The 0%/100% fib line on one set should always conicide with the 100%/0% on the other at the high or low of the range (unless I have the fib lines drawn different for the purpose of showing an extension). If you see a closeup of a chart which doesn't show how the lines are drawn, you should be able to find the expanded chart in one of the more recent posts. Going forward, I will just post the expanded chart along with it. I was just trying to keep from posting too many charts.Ignored
DislikedWhen it comes to the fibs, it's no different than how you already use them. I just added more of them. Enter or exit a trade when price bounces off or has shown consistent support or resistance at one them. The pitchforks (trendlines) make trades that much better.Ignored
DislikedHere is an example. The fact that price did not remain inside of the pitchfork lines can be considered a bullish sign. Further confirmation was given when price refused to re-enter the pitchfork, candle closes above the fib line, and higher lows. Later, price started breaking through the wedge pattern with higher highs and lows. After fully breaking the wedge, price eventually broke through a fib line which served as resistance (you could have made some pips on the short side when price first arrived there). Price continued to push higher and made a top at the next fib line (where a short could have been taken).
So as you can see, there were many signs that pointed to price going higher. I hope this illustration was helpful.Ignored
DislikedOk I understand. But why do you add the extra fibs the way you do? It is a nice strategy. Can you use this method on any time frame or currency?Ignored
DislikedWhat are "pitchfork" trendlines and how do you use them?
Are you using fibs to catch retracements of new highs or lows?
Do you look for convergences of the pitchforks and the fibs?
I understand that you are looking for consistent fib level bounces of a particular currency at one or two specific level, correct?Ignored