Hi Kenneith, As I stated, the osc/indicator that you use really doesn't matter....it is how price reacts around the fibs....the osc/ind is more for confimation of direction. I added 2 macd's...one is of shorter duration and the other is standard....now my trades entries are usually taken off a far smaller time frame....though I posted the 1hour to show a bigger picture. Stoch also works well. Also use a longer term MA for visual direction of current intraday trend, if that is the time frame you trade....kick it around, I always tweak a bit....I also have to change indicators from time to time as I get "stale" Hope that helps Fxj
BTW - Moved my TRAILING STOP to 2.0515 Locking +105 pips 1240am edt US
Here is the setup for this pair which was originally posted as a 15min chart. I added the green pitchfork (missed out seeing the setup for it earlier). The charts also show the 261 extension which wasn't shown in the earlier charts.
(The 3rd point for the green pitchfork is drawn on the same point as the lower red pitchfork line. I noticed that it isn't clearly seen in the chart so I just wanted to mention it.)
hey southernmind do you trade the fibs on the 15M chart?
If I see a setup, of course!! Check out the posts I made at the beginning of this week for the GBP/JPY on the 10min chart.
There are potential setups all over the place. You just have to pick what you see to be a good entry and see what happens. The greater the range on which the fibs are drawn, the greater the chances are for price to react to the fib levels due to the larger separation between fib levels. The opposite is true when the range is lesser. If price momentum is fast, it can take out a small fib range (SNAP), just like that!!!