Using WM/Reuters Benchmark Rates in trading | Page 6 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Multiple EAs using single DLL with DLL Windows - Using Delphi 9 replies

Metatrader using 40% of the CPU all the time when using EA 6 replies

Benchmark for Trader Skills & Experience 2 replies

Do u have a benchmark? 10 replies

The benchmark trading system 29 replies

Attachments: Using WM/Reuters Benchmark Rates in trading
Exit Attachments

Using WM/Reuters Benchmark Rates in trading

  • #101
  • Feb 12, 2015 9:11am Feb 12, 2015 9:11am
Quoting SunTrader
USDCAD 15 min fibs drawn from closing prices (not high to low): {image}
This thread is about WM/Reuters Benchmarks and Fibs drawn from that. Not from closes as per your chart.

Thanks for your post though.
  • #102
  • Feb 12, 2015 9:17am Feb 12, 2015 9:17am
Quoting Pharm0r
{quote} I understand that- and I have nothing against that at all. But- to claim that the professionals use this, without definitive proof, is no different than claiming professionals use the star's alignment or GANN dates to trade. What makes you so sure this is the way? and again- have you traded it?
I agree. Those who have exhaustively studied financial markets have shown that some strategies may work: momentum, trend-following, seasonality, mean-reversion (in limited cases). There's not a shred of long-term, statistically-significant evidence for Fibonacci, Gann, Elliot Waves, planetary alignment or tea leaves.
  • #103
  • Feb 12, 2015 9:24am Feb 12, 2015 9:24am
Here is the updated chart for the EURGPB.

From Hourly to 15 M
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 11.png Size: 47 KB
Click to Enlarge Name: Untitled.png Size: 49 KB
  • #104
  • Feb 12, 2015 9:29am Feb 12, 2015 9:29am
This is today's move for the EURUSD.

As before, price usually reverses at 85.4 and so we can see that today's high is right at that level. Less than a pip from hitting it.

The price then retraced down to the the 14.6% level from where we rebounded.

Earlier in the day it found strong support at and bounced from 61,8% at 1.13295.

It's pretty simple when you look at the charts using WM/R Benchmarks.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 51 KB
  • #105
  • Feb 12, 2015 9:43am Feb 12, 2015 9:43am
Quoting GreatNorth
EURUSD One minute chart.
Sorry, I see historical charts with price targets, or ... EXIT points ... all available for you to pick and choose from {GUESS}

Good luck convincing anyone this is a legitimate trading system. Guessing on exits does not make for good guessing on entries. Anyone can look backwards and show all the wanna, coulda, shoulda points.

It doesn't mean your analysis is incorrect. If you figure out how to use those lines in forward trading, then you could say it was "professional". I only say that because all the "professionals" trade like you Well, all the self-proclaimed position trading "professionals" that is. It's ancient, antique, and inconsistent. Best of Luck
You cannot be extraordinary by being normal
  • #106
  • Feb 12, 2015 9:44am Feb 12, 2015 9:44am
Quoting dkrock
{quote} Sorry, I see historical charts with price targets, or ... EXIT points ... all available for you to pick and choose from {GUESS} Good luck convincing anyone this is a legitimate trading system. Guessing on exits does not make for good guessing on entries. Anyone can look backwards and show all the wanna, coulda, shoulda points. It doesn't mean your analysis is incorrect. If you figure out how to use those lines in forward trading, then you could say it was "professional". I only say that because all the "professionals" trade like you Well,...


I've posted several charts as examples. It's quite clear to me where reversals happen (85.4/14.6 and 61.8/38.2)

If you want, we can look at a chart and an example together to help clarify reversal areas.

Thanks for taking the time to respond to my thread.
  • #107
  • Feb 12, 2015 9:48am Feb 12, 2015 9:48am
Quoting GreatNorth
{quote} Thanks for your post.
You are welcome. Look me up in a year or so when you have finally gotten frustrated. I might be here?
You cannot be extraordinary by being normal
  • #108
  • Feb 12, 2015 9:49am Feb 12, 2015 9:49am
's qui
Quote
te simple and I will give you the information you need trade how professional traders trade.


1. Professional Traders use Fibonacci without 50% (You can read up on fibonacci retracements and the math behind it to confirm for yourselveshttp://en.wikipedia.org/wiki/Fibonac...bonacci_ratios)

2. Fibonacci levels are 0, 14.6, 23.6, 38.2, 61.8, 76.4, 85.4 and 100 (There is NO 50%)

3. Reversals occur mostly at 14.6/85.4 and 61.8/38.2


Professional traders do not use such silly things like fib levels. Price discovery is a result of supply/demand and nothing else.
  • #109
  • Feb 12, 2015 9:51am Feb 12, 2015 9:51am
Quoting Unabletrader
's qui{quote} Professional traders do not use such silly things like fib levels. Price discovery is a result of supply/demand and nothing else.
Thanks for signing in, reading my thread and posting your message.

Although I didn't think it was constructive and didn't add much to the thread.

Have a great day :-)
  • #110
  • Feb 12, 2015 10:09am Feb 12, 2015 10:09am
Update on the EURUSD 1M chart.

These levels, again come from WM/R Benchmarks from before 1996.

You can see how we topped at 85.4 and then bounced from 14.6

These levels usually provide reversals. At all chart time frames.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 24 KB
  • #111
  • Feb 12, 2015 11:19am Feb 12, 2015 11:19am
GreatNorth, can you talk about how you found this information and what your trading journey has been like?

Thanks!

Quoting GreatNorth
It's quite simple and I will give you the information you need trade how professional traders trade. 1. Professional Traders use Fibonacci without 50% (You can read up on fibonacci retracements and the math behind it to confirm for yourselves http://en.wikipedia.org/wiki/Fibonac...bonacci_ratios) 2. Fibonacci levels are 0, 14.6, 23.6, 38.2, 61.8, 76.4, 85.4 and 100 (There is NO 50%) 3. Reversals occur mostly at 14.6/85.4 and 61.8/38.2 4. Traders use WM/Reuters Benchmark Rates as in trading. Not what you have on your chart....
  • #112
  • Feb 12, 2015 11:31am Feb 12, 2015 11:31am
Quoting Stu Effex
{quote} HI GN Not being an ass here but if I use the benchmark rate as you have and select different swing points for the 100% level, I could circle lots of other swing points which coincide with the fib levels on the left of the chart. In order to give some merit to your prior posts perhaps it would be prudent to suggest where the next swing point is likely to be on the right hand side of the chart. Why did you select 138.750 as your 100% level ? Do you anticipate next swing point to be 137.831 ? No offence intended but I can move fibs all around...
Exactly my sentiment. Well said Stu.
My signature is: "Classified".
  • #113
  • Feb 12, 2015 12:09pm Feb 12, 2015 12:09pm
Quoting GreatNorth
{quote} This thread is about WM/Reuters Benchmarks and Fibs drawn from that. Not from closes as per your chart. Thanks for your post though.
There are all just lines. S/R determines whether the lines have meaning or not.
  • #114
  • Feb 12, 2015 1:07pm Feb 12, 2015 1:07pm
GN Please send me your Fibonnaci indicator , Seems to be bit different from mine ?? thanks
  • #115
  • Feb 12, 2015 1:31pm Feb 12, 2015 1:31pm
Quoting SunTrader
{quote} There are all just lines. S/R determines whether the lines have meaning or not.
I don't think this thread is beneficial to your trading style.

Thanks for your posts though.

Have a great day. :-)
  • #116
  • Feb 12, 2015 1:32pm Feb 12, 2015 1:32pm
Quoting dkrock
{quote} You are welcome. Look me up in a year or so when you have finally gotten frustrated. I might be here?
Have a great day. Thanks for contributing! :-)
  • #117
  • Feb 12, 2015 1:33pm Feb 12, 2015 1:33pm
Quoting GreatNorth
It's quite simple and I will give you the information you need trade how professional traders trade. 1. Professional Traders use Fibonacci without 50% (You can read up on fibonacci retracements and the math behind it to confirm for yourselves http://en.wikipedia.org/wiki/Fibonac...bonacci_ratios) 2. Fibonacci levels are 0, 14.6, 23.6, 38.2, 61.8, 76.4, 85.4 and 100 (There is NO 50%) 3. Reversals occur mostly at 14.6/85.4 and 61.8/38.2 4. Traders use WM/Reuters Benchmark Rates as in trading. Not what you have on your chart....


If anyone has these levels in an MT4 template with the extensions above and below, could you post them? It would be a time saver, especially for EURUSD. Thanks.
  • #118
  • Feb 12, 2015 1:38pm Feb 12, 2015 1:38pm
Update on the 1Minute Chart (I'm using 1Minute so you can see that all the bounces today have occurred at 85.4/14.6 and 38.2/68.1


From this chart after hitting the 1.14097 Fib this morning it retraced exactly down to the 61.8 and rebounded.

This is for the EURUSD.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 77 KB
  • #119
  • Feb 12, 2015 1:44pm Feb 12, 2015 1:44pm
Quoting GreatNorth
Here is AUDUSD. A 5 Minute Chart! It's just clear how it respects the WM/Reuthers Benchmark Fibs. You can see how .76481 provided Major Support and from which is bounced to where we are now. {image} {image}

Update on the AUDUSD 5M chart and 1M Chart from this morning. Without these levels you would not know that there is 38.2% Fib at .77736. The days price hit that level, overshot by 4 or 5 pips and is retracing on the 14.6 Level.

Easy!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 35 KB
Click to Enlarge Name: Untitled1.png Size: 92 KB
  • #120
  • Feb 12, 2015 1:48pm Feb 12, 2015 1:48pm
Here is USDCAD.

You can see at the one minute level how it respects the 14.6 fib at 1.24898.

It's has been in the 23.6/14.6 range since the move this morning.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 69 KB
0 traders viewing now