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Fibonacci Trading with Price Action

My XAUUSD stopped at breakeven... last short term rally retracement failed so need to watch previous daily move retracements again... %50 bounced before but i prefer to see price touch 61.8 this time... daily close below 1180 will stop any trade
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AUDUSD rally back from 0.73
retracements are at 0.7185 and 0.7160
also there is a wedge breakout which is supporting there might be more bull momentum...
next resistance will be at 0.7450s if this work out
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Quoting pairsniper
AUDUSD rally back from 0.73 retracements are at 0.7185 and 0.7160 also there is a wedge breakout which is supporting there might be more bull momentum... next resistance will be at 0.7450s if this work out {image}
missed my long at 71.60 by 3 pips...bought 1 hour candle which is threating short term's previous lower high resistance...
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Hi sniper!
Interesting thread.
Can I ask how do you select the start point of a rally, like the AUDUSD ,you select the bottom of the big candle, why not the low of today?
Thanks and Best regard!
Quoting giraffze
Hi sniper! Interesting thread. Can I ask how do you select the start point of a rally, like the AUDUSD ,you select the bottom of the big candle, why not the low of today? Thanks and Best regard!
i guess you missunderstood pictures...start of the rally is previous rally started 01.11.2018 and thats daily chart... other pic i shared today is 1 hour chart... picking a point for start rally can be spesific sometimes...but point is understanding when to decide which train jump in...
Quoting pairsniper
AUDUSD rally back from 0.73 retracements are at 0.7185 and 0.7160 also there is a wedge breakout which is supporting there might be more bull momentum... next resistance will be at 0.7450s if this work out {image}
lets zoom in what happened since its rejected from 73 last week...

i watched all of those little trends till it back to my retracement lvls for daily chart...unfortunately missed my entry at 7160 and put that big 1hr candle when i was sleeping...so i long today when i woke up and saw that candle...and i added one more long when its retraced to %50 of todays movement...
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Quoting pairsniper
{quote} lets zoom in what happened since its rejected from 73 last week... i watched all of those little trends till it back to my retracement lvls for daily chart...unfortunately missed my entry at 7160 and put that big 1hr candle when i was sleeping...so i long today when i woke up and saw that candle...and i added one more long when its retraced to %50 of todays movement... {image} {image} {image} {image} {image}
Nice. Keep your good works!
i decided took tp from AudUsd and watch for a while... if its break above 73 i can add long again
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also another reason i decided watch them for a while... divergence between NZD and AUD... NzdUsd didnt retrace since both pair started rally from bottom...Nzd reached second resistance area but Aud still struggle at first...these both must meet each other somewhere again
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EURUSD time to play...stop is daily close above 1.1430 ...if dont go below 1.13 today i can close manually
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  • Post #31
  • Quote
  • Edited 9:17am Nov 16, 2018 8:31am | Edited 9:17am
Hi pairsniper!

This is nice and simple system. I try this week and is show good result.
Do you put pending order at fibo 50% or do you wait for some PA at that level and then enter?

Thank you!

This si example of my EU enter on pending order today:

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my EURUSD stopped at breakeven with strong move...i dont think it can go down today below 1.13 so it will confirm pin bar at weekly...so above 1.1430 it can go up more...
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Quoting pairsniper
my EURUSD stopped at breakeven with strong move...i dont think it can go down today below 1.13 so it will confirm pin bar at weekly...so above 1.1430 it can go up more... {image}
you have nice entry and right stop loss lvls.seems you understand the system...but weekly candle is strong also there a 5 wave end from sstart 1.18s. im out from this trade...and answer is yes i put always entry to %50 and 61.8 (except if there is huge news like brexit or elections etc)... every trend retrace at least half or 61.8 sooner or later...
Quoting pairsniper
i decided took tp from AudUsd and watch for a while... if its break above 73 i can add long again {image}
bought audusd again...weekly candle is strong and threat 0.73... next resistance is at 0.7450
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Maybe
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Almost

Sometimes simply not working. Next.

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Sometimes is very precise. Entry/Pending is set yesterday. While see...

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Quoting Mic_FX
Almost Sometimes simply not working. Next. {image}
thats not a good trade...please check my examples more...also dont draw your fibs from lowest to highest touches...always try to use bodies at least starts or ends or both
Eurusd has reversed but still waiting for confirmation...it must take out previous lower high which is 1.1425... i put a buy stop to 1.1430... even cant break it today weekly candle is strong enough to reverse trend...after take out 1.1430 i will look for fibonacci retracements for more longs ... have a nice weekend all
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Quoting pairsniper
here first example at Gold... 11.10.2018 it broke the area i showed with eclipse and then back to %50 fibonacci retracement and bounce from there {image}
My trading system is similar to yours, trade pullback in fibo 50 - 61,8. But I usually wait for the pullback complex and then there is the signal engulfing me new; or 2 signal Engulfing
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