{quote} Hi raedmaa, You mentioned two times that there is another set of rules for range. Is it too much for you to detail over that other set of rules ?Cheers
I am sorry, i can't share that yet.
- #203
- Jul 5, 2018 4:09am Jul 5, 2018 4:09am
- | Joined Apr 2018 | Status: Trader | 1,732 Posts
Can't make head nor tail of this 
Can someone show a recent trade ?
Can someone show a recent trade ?
All charts/ideas based on UK time zone
- #208
- Jul 5, 2018 5:35am Jul 5, 2018 5:35am
- | Joined Apr 2018 | Status: Trader | 1,732 Posts
{quote} Hope this helps. The second is in real time. orange - M5, green - H1, violet - D1. {image}{image}
I have my own method with fibs but I'm always interested how others use them.
All charts/ideas based on UK time zone
{quote} I still have yet to see that this has been addressed adequately -- it seems that this most important part is glossed over quickly and without proper and complete explanation. I would like to understand how to do this properly. I find this very interesting and would like to see validity to this process.
If I can help, give a sign ( or better, give a pair and a time frame ...
).Cheers
{quote} For me this process is crystal clear, very well explained in the thread. Where to start, and how to continue. If I can help, give a sign ( or better, give a pair and a time frame ...
Thank you for the offer -- If you could just address my main question on how to determine the datum as Nut calls it-- or how to pick the high low with proper criteria...... the details of setting up the fibo --- without this -- you have nothing
thanks in advance
Live today like theres no tomorrow-- Prioritize like you will die today
- #214
- Jul 5, 2018 12:45pm Jul 5, 2018 12:45pm
- | Joined Apr 2018 | Status: Trader | 1,732 Posts
{quote} Thanks mate I don't want to look like dumbo on here so I'll go back to post 1.
Nut needs to come on and clear things up I think.
All charts/ideas based on UK time zone
{quote} Thank you for the offer -- If you could just address my main question on how to determine the datum as Nut calls it-- or how to pick the high low with proper criteria...... the details of setting up the fibo --- without this -- you have nothing thanks in advance
Firstly, you take the possible reversal that it's about to appear ( I mean the last pivot, just formed, and you don't know yet if it's a reversal or just a pullback ). I took GY M5, last pivot high for today. Knowing that until that pivot the trend was up, you will measure a possible down move. How will you start to measure ? Using fibo retracement tool, with only 0.618. Where will you put the tool ends ? You take the most extreme up candle, including any wick of the following one, if that wick surpass the high of that extreme up candle ( fake break up ). I figured this in "Case 2". If there is no wick surpassing that extreme up candle you take only the candle, like in "Case 1". And you put the retracement tool in the way that 0.618 will be down ( it can be down or up in relation to the middle of the tool - 0.5 ), like it is explained in post 126, because you analyze a possible down move. You obtained the blue 0.618 line. It's the initial datum.
Now, you take the fibo expansion tool, and this one needs three points to establish. Put the first point at the extreme top, the second and third point to that 0.618 indicated by the retracement tool ( this is the first datum, as Nut said ). You will have expansion 1. Now on the expansion tool please set only 0.618 and 0.382 ( at least for the beginning ). After you positioned expansion 1, you will have a new datum, which is 0.618 of expansion 1 ( that violet line just below the blue line ). When price goes down below the 0.618 of expansion 1, please repeat: put expansion 2, with first point at the extreme top ( this doesn't change ), second and third point to 0.618 of expansion 1. And you will obtain 0.618 of expansion 2 ( another new datum, in Nut's language ). And so on, until an up reversal, when you begin the same process but upward.
This what I understood from what Nut described in this thread. Hope it helps.
Hi forexcentric, thanks for the explanation...what do you believe constitutes a reversal? As we move the datum to new "0" lines, we'll meet the extreme. How long before we declare a reversal and when do we start measuring our new high or low to draw the new Fibo lines? I would assume we start at the last area close to 38.2 (if it ever got there), but then i would assume we would have to wait until a new swing was established?
He only indicated in this thread how to obtain some good S/R levels, which can be also good take profit points ( as we all know, taking profit levels are much more important than entry levels ), and he indicated that generally, 0.382 can give a reversal. He explained why in post 12. But, as he said, you just wait for price action to see what's up at a certain level.I prefer to consider the bands 0.236-0.382 and 0.618-0.764 as possible reversal areas. I didn't include those bands in the above explanation, for the sake of process simplicity.
I see raedmaa already mentioned those two new ratios in post 217.
If you study those bands, you will certainly feel something good about them ...Another study direction could be mutual resonance ( clustering ) of levels from different timeframes...
But that's only my two cents, not Nut's ideas. He only indicated how to obtain those levels. Which is a good thing. And I imagine that, if England will go further on Saturday, Nut will share some more juicy cherries from his basket ... Isn't it, Nut ?