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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #13,661
  • Aug 22, 2007 8:53pm Aug 22, 2007 8:53pm
Spreaking of 5SMA retracement, I see that the retracement 1HR SMA just completed, wonder if it would bounce off of it. I understand that everybody is out of their positions waiting for the news but its just an obervation. I am guessing that those scalping are taking it long now..

~G.
  • #13,662
  • Aug 22, 2007 8:55pm Aug 22, 2007 8:55pm
I just wanted to say THANK YOU for so much needed inspiration in this thread. Wish you more and more pips and fun!
  • #13,663
  • Aug 22, 2007 8:59pm Aug 22, 2007 8:59pm
Quoting karmostaji
everytime the 0.0 fib or the 100.00 fib gets broken, my 4H, Daily, Weekly are still the same.. they take a while till I make new one's coz they've got to move a lot to break either 0.0 or 100.00 for me to make new fibs.

1H chart moves faster and changes quicker, draw your fib from low of 225.32 and drag it to 231.55, you should have:
23.6 (230.08)
38.2 (229.17)
50.0 (228.44)
61.8 (227.70)
That means before going to the next target of 234.60 it will retrace to 230.08 and once 231.76 has crossed we can see the target. Just making my self learn how it works. After all it is not an easy task. Learn,Practice,Learn,Practice and it goes on.
  • #13,664
  • Aug 22, 2007 9:01pm Aug 22, 2007 9:01pm
Quoting ar1002
That means before going to the next target of 234.60 it will retrace to 230.08 and once 231.76 has crossed we can see the target. Just making my self learn how it works. After all it is not an easy task. Learn,Practice,Learn,Practice and it goes on.
That is what it looks like it might do.. but

The market can do whatever it wants, we will just go along with it
Trade what you see, not what you think.
  • #13,665
  • Aug 22, 2007 9:08pm Aug 22, 2007 9:08pm
Karm,

You sly dog you...lol

I bet when you drag your fibs you start from the bottom and go up...Right?

May I ask why? Does it have to do with market direction? (downtrend) drag from the low and go up. (uptrend) drag down from the high?
  • #13,666
  • Aug 22, 2007 9:11pm Aug 22, 2007 9:11pm
Quoting kevinsw
Karm,

You sly dog you...lol

I bet when you drag your fibs you start from the bottom and go up...Right?

May I ask why? Does it have to do with market direction? (downtrend) drag from the low. (uptrend) drag down from the high?
yes! this is very important to know otherwise your fibs will be all wrong lol

After an uptrend, you want to know how much of a pullback (retracement) will it make.. so you drag from low to high and it tells you 23.6% 38.2% 50%, and 61.8%

Fibs are easy once you understand it, the tricky part is using multiple one's on different TF's.
Trade what you see, not what you think.
  • #13,667
  • Aug 22, 2007 9:15pm Aug 22, 2007 9:15pm
Quoting karmostaji
yes! this is very important to know otherwise your fibs will be all wrong lol

After an uptrend, you want to know how much of a pullback (retracement) will it make.. so you drag from low to high and it tells 23.6% 38.2% 50%, and 61.8%

Fibs are easy once you understand it, the tricky part is using multiple one's on different TF's.
Is it the good time to long again? Or wait for the Fukui news?
  • #13,668
  • Aug 22, 2007 9:15pm Aug 22, 2007 9:15pm
here's a very simple way is to do it: after you plot fibo levels on your weekly, daily and 4h charts, carefully watch when price hits one of them. the rest is price action (i use candlesticks... ).

Quoting ar1002
That means before going to the next target of 234.60 it will retrace to 230.08 and once 231.76 has crossed we can see the target. Just making my self learn how it works. After all it is not an easy task. Learn,Practice,Learn,Practice and it goes on.
Nihil Sine Deo.
  • #13,669
  • Aug 22, 2007 9:16pm Aug 22, 2007 9:16pm
Quoting karmostaji
yes! this is very important to know otherwise your fibs will be all wrong lol

After an uptrend, you want to know how much of a pullback (retracement) will it make.. so you drag from low to high and it tells you 23.6% 38.2% 50%, and 61.8%

Fibs are easy once you understand it, the tricky part is using multiple one's on different TF's.
lol....only took me what 30 40 mins to figure out why mine didn't match yours...

Now all I have to do is change all but one of them...lol

thanks
  • #13,670
  • Aug 22, 2007 9:18pm Aug 22, 2007 9:18pm
Quoting karmostaji
yes! this is very important to know otherwise your fibs will be all wrong lol

After an uptrend, you want to know how much of a pullback (retracement) will it make.. so you drag from low to high and it tells you 23.6% 38.2% 50%, and 61.8%

Fibs are easy once you understand it, the tricky part is using multiple one's on different TF's.

Karmo.. This may sound like a stupid question.. When you draw your fibs on 1hr .. Does it automatically applies to other timeframes on MT4???
  • #13,671
  • Aug 22, 2007 9:23pm Aug 22, 2007 9:23pm
I am fairly new to Forex. I have done many managed Forex accounts in past and have decided to start trading my own money after paper trading for a couple of months.

My question is how do I draw the Fibo Pivots on my charts? I use Interbank FX MetaTrader 4. Any advice would be helpful. Does anyone have any recommended books to read on Forex?
  • #13,672
  • Aug 22, 2007 9:23pm Aug 22, 2007 9:23pm
Quoting auslanco
Karmo.. This may sound like a stupid question.. When you draw your fibs on 1hr .. Does it automatically applies to other timeframes on MT4???
Yes, you see those fibs on all timeframes, though you have the option to tell it not to display them on whichever timeframes you want. By default, they display on all timeframes.
  • #13,673
  • Aug 22, 2007 9:24pm Aug 22, 2007 9:24pm
Quoting auslanco
Karmo.. This may sound like a stupid question.. When you draw your fibs on 1hr .. Does it automatically applies to other timeframes on MT4???
I got this one...

Make them different colors as you will see all of them in all time frames
  • #13,674
  • Aug 22, 2007 9:25pm Aug 22, 2007 9:25pm
Quoting brucehvn
Yes, you see those fibs on all timeframes, though you have the option to tell it not to display them on whichever timeframes you want. By default, they display on all timeframes.
Thanks bro So you don't have to keep drawing them on all the time frames??
  • #13,675
  • Aug 22, 2007 9:26pm Aug 22, 2007 9:26pm
Quoting karmostaji
everytime the 0.0 fib or the 100.00 fib gets broken, my 4H, Daily, Weekly are still the same.. they take a while till I make new one's coz they've got to move a lot to break either 0.0 or 100.00 for me to make new fibs.

1H chart moves faster and changes quicker, draw your fib from low of 225.32 and drag it to 231.55, you should have:
23.6 (230.08)
38.2 (229.17)
50.0 (228.44)
61.8 (227.70)
great one more tool I can finally understand how to do and read....Karm to draw the daily...should it be from low to high right now?
  • #13,676
  • Aug 22, 2007 9:26pm Aug 22, 2007 9:26pm
Quoting auslanco
Thanks bro So you don't have to keep drawing them on all the time frames??
Nope. Same with trendlines and such. You can see them on all the timeframes. Draw once and enjoy them on all
  • #13,677
  • Aug 22, 2007 9:26pm Aug 22, 2007 9:26pm
Once we get thru the BoJ rate decision-you can hold G/J all the way thru the Friday morning Euro session, just before the U.S. housing numbers are released
  • #13,678
  • Aug 22, 2007 9:27pm Aug 22, 2007 9:27pm
Quoting greenfrog
I am fairly new to Forex. I have done many managed Forex accounts in past and have decided to start trading my own money after paper trading for a couple of months.

My question is how do I draw the Fibo Pivots on my charts? I use Interbank FX MetaTrader 4. Any advice would be helpful. Does anyone have any recommended books to read on Forex?
Hi greenfrog,

read the last few pages as there are many answers about fibs. I just got many answers except one.

How do you determine where to start in the larger time frames as in the date.
  • #13,679
  • Aug 22, 2007 9:28pm Aug 22, 2007 9:28pm
MY 1st ever Correct Fibs...Now lets make money$$$$ Karmo.
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  • #13,680
  • Aug 22, 2007 9:28pm Aug 22, 2007 9:28pm
Quoting kevinsw
I got this one...

Make them different colors as you will see all of them in all time frames
can you help me on this one too how do I get the price to show at each Fib level?
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