opss missing the article
beyond "the" dreams of avarice
beyond "the" dreams of avarice
Cable Update (GBPUSD)
- #576,443
- Feb 5, 2021 4:56am Feb 5, 2021 4:56am
- Joined Oct 2011 | Status: Lost.... | 2,384 Posts
Lost....
- #576,444
- Feb 5, 2021 4:57am Feb 5, 2021 4:57am
- Joined Dec 2017 | Status: Trader | 30,688 Posts
yes yes yes
- #576,447
- Feb 5, 2021 5:03am Feb 5, 2021 5:03am
Hi,
I tried to explain the same thing as Headland that your Fibs are upside down.
Only reason to plot retracement Fibo from yesterdays spike bottom to today top is if you believe that this is the new impulse wave initiating a new uptrend. Which I do not believe.
But if I plot retracement from last high to yesterdays bottom and I have overall bearish bias, it tells me that price has retraced to almost 78.6%, suggesting a good chance to enter a short.
And then it boils down to what levels to pick as tops-bottoms....
I tried to explain the same thing as Headland that your Fibs are upside down.
Only reason to plot retracement Fibo from yesterdays spike bottom to today top is if you believe that this is the new impulse wave initiating a new uptrend. Which I do not believe.
But if I plot retracement from last high to yesterdays bottom and I have overall bearish bias, it tells me that price has retraced to almost 78.6%, suggesting a good chance to enter a short.
And then it boils down to what levels to pick as tops-bottoms....
{quote} Hello [username=Headland] , sorry for replying so late to your post. I am drawing Fibonacci retracements. It means that levels shown are the amount of price going back from the main move range. EG: If there is an upwards move (like yesterday after the BoE news) Fibonacci retracement needs to be plotted from the bottom to the top. Drawn levels say: 23.6 = the price has returned by 23.6% from the maximum move upwards, 38.2 = the price has returned by 38.2% from the maximum move upwards and so on. If the main move is south, I do the opposite....
- #576,449
- Feb 5, 2021 5:07am Feb 5, 2021 5:07am
- Joined Feb 2012 | Status: Devour of Dream | 1,020 Posts
lets all check own balls if any during news later on
Intraday Trading is an Art _ hoda
- #576,450
- Feb 5, 2021 5:08am Feb 5, 2021 5:08am
Hi, I tried to explain the same thing as Headland that your Fibs are upside down. Only reason to plot retracement Fibo from yesterdays spike bottom to today top is if you believe that this is the new impulse wave initiating a new uptrend. Which I do not believe. But if I plot retracement from last high to yesterdays bottom and I have overall bearish bias, it tells me that price has retraced to almost 78.6%, suggesting a good chance to enter a short. {image} And then it boils down to what levels to pick as tops-bottoms....
https://www.investopedia.com/article...ent-levels.asp
"Place a Fibonacci grid from low to high in an uptrend and high to low in a downtrend."
WT
- #576,451
- Feb 5, 2021 5:09am Feb 5, 2021 5:09am
- Joined Dec 2017 | Status: Trader | 30,688 Posts
the bulls run is coming
yes yes yes
- #576,453
- Feb 5, 2021 5:16am Feb 5, 2021 5:16am
- Joined Jan 2019 | Status: Trader | 2,789 Posts
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
- #576,454
- Feb 5, 2021 5:19am Feb 5, 2021 5:19am
- Joined Oct 2010 | Status: Trader | 4,465 Posts
The current hourly swing up looks like a minor correction in the 4H swing but since it has broken the prior swing low and the daily is in a minor correction its possible it may continue upwards but first the hourly retest of the prior swing low then look for signs of a continuation north
Failing that if price starts a minor trend down on the hourly the continuation is south
Failing that if price starts a minor trend down on the hourly the continuation is south
Follow The Markets Structure - Patience and Discipline
- #576,459
- Feb 5, 2021 5:28am Feb 5, 2021 5:28am
{quote} Sure. But don't rely on it
barakallahu fiih..
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