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

  • #46,781
  • Nov 1, 2007 5:07pm Nov 1, 2007 5:07pm
Quoting nikkipip4
New candle is bullish and very close to a double bottom. It looks like a wait and see situation.
i am seeing a possible retracement to 238.40 on 1HR, my 4 hour is still bearish i will check in a few hours my sl is 239.50 TP 236.65 later everyone
  • #46,782
  • Nov 1, 2007 5:08pm Nov 1, 2007 5:08pm
Quoting Zoran
If we break the low at 237.90 then all is well. The 50% level looks just about right.
In case anyone is curious, the 50% level is sitting on about 235.80. I will expect a nice bounce off that level so it's a good place to take profit. The scalpers should get at least 100 pips on the long.
  • #46,783
  • Nov 1, 2007 5:08pm Nov 1, 2007 5:08pm
Quoting karmostaji
I really don't know how to explain it clearly so that you'll understand it fully, honestly when I was first introduced to fibs.. I was confused as heck LOL. I just kept practicing and reading about them until one day I went 'Aha'. Maybe this link will help you http://www.babypips.com/school/fibonacci_who.html

what books you read exactly about fibo and what other sites you recomend
to the other traders about fibo
by the wa karmo from how long time and you trade?
thanks
  • #46,784
  • Nov 1, 2007 5:10pm Nov 1, 2007 5:10pm
Quoting haliker
Let me clarify my question and see if it makes headway. When adding the indicator to the chart is there anything I need to do special to get the correct reading?
You asked where to start, Ok if it is a bull-run then you drag the fib from LOW to HIGH of that bull-run.

If it is a bear-run, then you drag the fib from HIGH to LOW, and fib ratios mean how much will it retrace before resuming back towards it's trend.

Now if you draw different fibo's on different TF's, you will get very confused so stick to 1 TF and try to understand and see how price reacts to the fibo levels.

To start, draw on the daily from high of 251 to the low of 219 and just look what price has been doing.
Trade what you see, not what you think.
  • #46,785
  • Nov 1, 2007 5:14pm Nov 1, 2007 5:14pm
Quoting Tiger Hunter
what books you read exactly about fibo and what other sites you recomend
to the other traders about fibo
by the wa karmo from how long time and you trade?
thanks
I read no books about fibo's, I just read whatever articles I could find about fibonacci, looked at a lot of examples of how people use this tool and kept practicing myself. I don't know of any specific sites, just google and start reading.
I'm just a newbie like the majority, been trading for 1 year only
Trade what you see, not what you think.
  • #46,786
  • Nov 1, 2007 5:17pm Nov 1, 2007 5:17pm
Quoting karmostaji
I was feeling too good, until I saw that new daily momentum lol, but if we hit 236 I'll be happy for now.


I mean this fall seems to be a retracement of the bull-run we had the past 2 days or so. Yes I expect price to go to 50% and then up, but also keep an eye on the 38.2% which is 237.11
Please be careful on tomorrow NFP, if the number comes out good, would be positive for this pair. Thus, I guess traders are hesitant to sell it off further in Asian and London session. It may range until the news. Just my guess ..
  • #46,787
  • Nov 1, 2007 5:19pm Nov 1, 2007 5:19pm
Quoting mktjong
Please be careful on tomorrow NFP, if the number comes out good, would be positive for this pair. Thus, I guess traders are hesitant to sell it off further in Asian and London session. It may range until the news. Just my guess ..
Ofcourse always careful, btw bro been missing your treasuries analysis lately, you should definitely continue to contribute here bro
Trade what you see, not what you think.
  • #46,788
  • Nov 1, 2007 5:22pm Nov 1, 2007 5:22pm
Quoting karmostaji
You asked where to start, Ok if it is a bull-run then you drag the fib from LOW to HIGH of that bull-run.

If it is a bear-run, then you drag the fib from HIGH to LOW, and fib ratios mean how much will it retrace before resuming back towards it's trend.

Now if you draw different fibo's on different TF's, you will get very confused so stick to 1 TF and try to understand and see how price reacts to the fibo levels.

To start, draw on the daily from high of 251 to the low of 219 and just look what price has been doing.
does your fibo indicator on your strategy auto draw lines?
  • #46,789
  • Nov 1, 2007 5:23pm Nov 1, 2007 5:23pm
Quoting haliker
does your fibo indicator on your strategy auto draw lines?
no, I manually draw them myself.
Trade what you see, not what you think.
  • #46,790
  • Edited 5:36pm Nov 1, 2007 5:23pm | Edited 5:36pm
Quoting karmostaji
I really don't know how to explain it clearly so that you'll understand it fully, honestly when I was first introduced to fibs.. I was confused as heck LOL. I just kept practicing and reading about them until one day I went 'Aha'. Maybe this link will help you http://www.babypips.com/school/fibonacci_who.html
Quoting haliker
Let me clarify my question and see if it makes headway. When adding the indicator to the chart is there anything I need to do special to get the correct reading?
ZigZag indicator will do a bit of trick, but using eyes is still the best judgment
The fib lines can be different on different time frame depending on how you would like to draw the top and bottom on each time frame. Normally, you would see people draw fib lines of yesterday's high & low to project the today's movement or retracement.
  • #46,791
  • Nov 1, 2007 5:24pm Nov 1, 2007 5:24pm
Quoting karmostaji
no, I manually draw them myself.
ok the reason why I asked is I just dragged and dropped that fib retrac indicator and it is set up perfectly on the daily
  • #46,792
  • Nov 1, 2007 5:25pm Nov 1, 2007 5:25pm
Quoting jdogg4000
i am seeing a possible retracement to 238.40 on 1HR, my 4 hour is still bearish i will check in a few hours my sl is 239.50 TP 236.65 later everyone
I would like to see 238.85 for a retrace. It's the 1H 50EMA, the underside of the 23.6 Fib line from the last major move up, and there is a bearish trend line there that has held very well so far. We hit the 1H 5SMA within the first 10 minutes of the new 1H candle. That usually signifies a stronger retrace. Then again, this is the dead time period, so it's hard to gauge how strong the Momentum really is.

M2B
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  • #46,793
  • Nov 1, 2007 5:34pm Nov 1, 2007 5:34pm
Quoting karmostaji
Ofcourse always careful, btw bro been missing your treasuries analysis lately, you should definitely continue to contribute here bro
Thanks bro .. I have been making pips quietly away from the forum distraction http://www.forexfactory.com/images/icons/icon10.gif
Lately on average have made more than a hundred of pips each day, Just don't tell anybody ..
Away from the forum, I can concentrate more .. but I miss y'all sometimes, that's why I try to checking-in once in a while .. http://www.forexfactory.com/images/icons/icon10.gif
Good analysis from you though ..I saw you have shorted the pair from 240ish area, remember don't be greedy bro ..
  • #46,794
  • Edited 5:55pm Nov 1, 2007 5:38pm | Edited 5:55pm
Quoting karmostaji
no, I manually draw them myself.
I even saved one of Karmo's early manually drawn Fib charts. Here it is.
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  • #46,795
  • Nov 1, 2007 5:42pm Nov 1, 2007 5:42pm
Quoting my2buoys
I even saved one of Karmo's early manually drawn Fib charts. Here it is.
OMFG I think I almost peed myself that was absolutely hilarious!!!!!!
  • #46,796
  • Nov 1, 2007 5:46pm Nov 1, 2007 5:46pm
Quoting my2buoys
I even saved one of Karmo's early manually drawn Fib charts. Here it is.
Humble Lifetime Member
  • #46,797
  • Nov 1, 2007 5:47pm Nov 1, 2007 5:47pm
a very good book is "harmonic trader" by scott m. carney. if you want to trade using fibo, this one is a must to read.

Quoting Tiger Hunter
what books you read exactly about fibo and what other sites you recomend
to the other traders about fibo
by the wa karmo from how long time and you trade?
thanks
Nihil Sine Deo.
  • #46,798
  • Nov 1, 2007 5:52pm Nov 1, 2007 5:52pm
Quoting my2buoys
I even saved one of Karmo's early manually drawn Fib charts. Here it is.
LOL, I love this thread!
  • #46,799
  • Nov 1, 2007 5:55pm Nov 1, 2007 5:55pm
Quoting my2buoys
I even saved one of Karmo's early manually drawn Fib charts. Here it is.
Hahahahahahahahaha M2B once again cracks the hell out of me

LMAO @ looks like 100
Trade what you see, not what you think.
  • #46,800
  • Nov 1, 2007 5:55pm Nov 1, 2007 5:55pm
Any idea on how low it might go before london open
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