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DislikedThanks alot Forexpips for the help , is people like you that makes this place
so great , taking the time to show in an easy way to do something that is so
basic yet so confusing to the new guys like me , now my last ? is how often the fib lines need to be updated , every hour? , oh and how far zoom in or
zoom out the chart needs to be .
I read the compled tread but my trainig comes from presure charts with out
the fibs , RSI , MACD or anything like that but I tried this and works to so I
made a hibryd and work well , any way , t.k for the help.
MAY THE PIPS BE WITH YOU. DAVID SANZ.http://www.forexfactory.com/forexfor...cons/icon7.gif http://www.forexfactory.com/forexfor...ons/icon14.gif.Ignored
Beautiful job! You have the forcasting down.... You are doing it right on! Forcast TL's on the Weekly/Daily, lay the Fibs down and wait for price to touch. At that point you know which direction to look for the Bago cross.
Thanks for your education on the value of the higher timeframe trendlines. I'd really only been focussing on higher level support/resistance from the perspective of fibs, pivots and horizontal areas of price confluence. Great stuff for all entry methods!
When looking to enter at one of these potential bounce areas, do you typically (1) wait for price to begin to retrace/bounce (maybe using a lower timeframe chart) OR (2) do you simply have a limit order placed near the area and wait for price to hit and hope that it bounces.
If (2), do you have any guidelines on how close you set your entry point to the trendline or area of confluence? Somewhere(?) I remember you mentioning 15 or so pips, but I'm guessing that this would be for a weekly chart? I'd presume a daily or 4h chart would allow a more precise entry point with a tighter stop.
Thanks again for your input.Ignored