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A little bit of give back

  • #41
  • Edited 1:17am Jun 27, 2018 1:05am | Edited 1:17am
Quoting Nut
{quote} If you look carefully the first image is measuring the downtrend whilst the second is measuring the uptrend. Hope that answers your question.
Hey Nut just wanted to clarify something when you said ....

When choosing an initial datum I find from the last low to the last high works well

Are we right in thinking we can also work from the last high to a low if that's the previous days move.

Would I be right in saying when the 61.8 is breached and we re-calculate this fib line as a new 0 line then the new 38.2 can stand as a potential rejection point.
(Fibs has always eluded me) so basic questions i guess but good to learn and thanks Nut.
  • #42
  • Jun 27, 2018 1:18am Jun 27, 2018 1:18am
Just need to confirm if i really get it. EURNZD H4 do you get same levels?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20180627-081227.png Size: 46 KB
Capital preservation, live to trade another day
  • #43
  • Jun 27, 2018 1:52am Jun 27, 2018 1:52am
Quoting dean1star
{quote} Hey Nut just wanted to clarify something when you said .... When choosing an initial datum I find from the last low to the last high works well Are we right in thinking we can also work from the last high to a low if that's the previous days move. Would I be right in saying when the 61.8 is breached and we re-calculate this fib line as a new 0 line then the new 38.2 can stand as a potential rejection point. (Fibs has always eluded me) so basic questions i guess but good to learn and thanks Nut.
Yes you are correct on moving the fibs good job. As for selecting a datum these are some of the points I would consider depending on market direction. There may be others. This becomes easy with practice. Keep going
Attached Image (click to enlarge)
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  • #44
  • Jun 27, 2018 2:20am Jun 27, 2018 2:20am
Quoting cjayfx14
Just need to confirm if i really get it. EURNZD H4 do you get same levels? {image}
Not certain which move you are measuring. See the charts I measured from A to B. Note the 38.2 level and the market reaction. Wow what a move.

I must go out for the morning but should be back PM UK time. Try the up move and post your findings.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: What a move.png Size: 62 KB
Click to Enlarge Name: What a move with candels.png Size: 43 KB
  • #45
  • Edited 3:53am Jun 27, 2018 3:39am | Edited 3:53am
Using the 30 mins chart

GBPUSD had a rejection at the 38.2 level this morning
EURUSD had a rejection at the 38.2 level this morning

Will these pairs have a turnaround today or just continue with the move.
Is this a rejection or is it lower to make it higher on the day.
Following ..
  • #46
  • Jun 27, 2018 5:49am Jun 27, 2018 5:49am
Quoting Nut
{quote} Not certain which move you are measuring. See the charts I measured from A to B. Note the 38.2 level and the market reaction. Wow what a move. I must go out for the morning but should be back PM UK time. Try the up move and post your findings. {image} {image}

Hi,

I can see that A is the high. But I don't understand how you extended the fibo level from 100 at A to fibo level 0. How do you determine that fibo level 0 is where you should extend it to. It is a bit confusing. Normally you are taught to draw the fibo from the swing high to the swing low. But fibo level 0 in the chart in question is not the swing low. Please clarify.

Thank you
  • #47
  • Jun 27, 2018 5:57am Jun 27, 2018 5:57am
Hi,

At which fibo level would you enter a trade and at which fibo level would you set your take profit target.

Thanks again
  • #48
  • Jun 27, 2018 6:01am Jun 27, 2018 6:01am
Quoting Nut
{quote} Not certain which move you are measuring. See the charts I measured from A to B. Note the 38.2 level and the market reaction. Wow what a move. I must go out for the morning but should be back PM UK time. Try the up move and post your findings.
I have tried the uptrend. Not sure if I have understood everything correctly

Thanks Nut
Attached Image (click to enlarge)
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  • #49
  • Jun 27, 2018 6:55am Jun 27, 2018 6:55am
I'm starting to follow just need help figuring out the measuring part...
Attached Image (click to enlarge)
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Capital preservation, live to trade another day
  • #50
  • Jun 27, 2018 7:10am Jun 27, 2018 7:10am
Quoting dean1star
Using the 30 mins chart GBPUSD had a rejection at the 38.2 level this morning EURUSD had a rejection at the 38.2 level this morning Will these pairs have a turnaround today or just continue with the move. Is this a rejection or is it lower to make it higher on the day. Following ..
Read the posts on selecting a datum, I usually use from the last high at (A) to the previous low. Set one fob point at the high and the other at the datum (0) that is it.
Attached Image (click to enlarge)
Click to Enlarge Name: Initial setup.png Size: 42 KB
  • #51
  • Jun 27, 2018 7:16am Jun 27, 2018 7:16am
Very interesting method, thank you for sharing.
  • #52
  • Jun 27, 2018 7:18am Jun 27, 2018 7:18am
Quoting dean1star
Using the 30 mins chart GBPUSD had a rejection at the 38.2 level this morning EURUSD had a rejection at the 38.2 level this morning Will these pairs have a turnaround today or just continue with the move. Is this a rejection or is it lower to make it higher on the day. Following ..
Would you pls post charts
Thanks
  • #53
  • Jun 27, 2018 7:38am Jun 27, 2018 7:38am
Quoting Nut
{quote} Read the posts on selecting a datum, I usually use from the last high at (A) to the previous low. Set one fob point at the high and the other at the datum (0) that is it. {image}
Oh now i get it...i will try again.
Capital preservation, live to trade another day
  • #54
  • Jun 27, 2018 7:39am Jun 27, 2018 7:39am
Quoting gavblaze
{quote} I have tried the uptrend. Not sure if I have understood everything correctly Thanks Nut {image}
See my chart it is exactly the same as yours. The eur/nzd is at a level that may well prove a turning point. This is worth following closely. Look at the price action as it develops and select your datum which if broken would instigate a short. Don't rush it there is plenty of time. You control the trade not the other way around.

Nice work
Attached Image (click to enlarge)
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  • #55
  • Jun 27, 2018 7:45am Jun 27, 2018 7:45am
Quoting Nut
{quote} Would you pls post charts Thanks
ah right this is the time when i get to look like i thought i knew what i was doing and then i dont ..
Yesterdays high to low ?
If i get away with this one it will amazing .. lol

38.2 rejection
Attached Image (click to enlarge)
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  • #56
  • Jun 27, 2018 7:51am Jun 27, 2018 7:51am
Nut, when you post your charts can you include the whole chart image? I mean including the pair and time frame so we don't get lost on what chart you are drawing.

Thanks!
  • #57
  • Jun 27, 2018 7:53am Jun 27, 2018 7:53am
Quoting gavblaze
{quote} I have tried the uptrend. Not sure if I have understood everything correctly Thanks Nut {image}
Correct? @Nut
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20180627-145215.png Size: 153 KB
Capital preservation, live to trade another day
  • #58
  • Jun 27, 2018 8:14am Jun 27, 2018 8:14am
Quoting cjayfx14
{quote} Correct? @Nut
Correct, I think of a check-mark to determine datum (reverse the check-mark for a negative trend). I believe its easier to edit the existing fib retracement tool to incorporate the proper levels.
  • #59
  • Jun 27, 2018 8:17am Jun 27, 2018 8:17am
GBPUSD H4 correct?
Attached Image (click to enlarge)
Click to Enlarge Name: 20180627_151545.png Size: 55 KB
Capital preservation, live to trade another day
  • #60
  • Jun 27, 2018 8:17am Jun 27, 2018 8:17am
Quoting Nenuser
Nut, when you post your charts can you include the whole chart image? I mean including the pair and time frame so we don't get lost on what chart you are drawing. Thanks!
Am using paint I shall try a different approach lets see what happens. Your point is appreciated.
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