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Fibonacci GONE WILD

  • #221
  • Nov 20, 2007 7:46pm Nov 20, 2007 7:46pm
With oil turning to the upside with a chance of going even higher, this pair may have reached its peak. It all depends on which way oil goes (and the dollar of course).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: WEEKLY CAD.GIF Size: 32 KB
Click to Enlarge Name: DAILY CAD.GIF Size: 31 KB
  • #222
  • Edited Nov 21, 2007 12:43am Nov 20, 2007 8:20pm | Edited Nov 21, 2007 12:43am
This one is for you short timeframe traders.

UPDATE: While the previous chart was ok, I prefer this one due to the fact that it offered a better breakout setup. (hey, I'm only human)
Attached Image (click to enlarge)
Click to Enlarge Name: 15MIN DOLLAR YEN.GIF Size: 31 KB
  • #223
  • Nov 21, 2007 12:17am Nov 21, 2007 12:17am
hey there here is my trade collected some very quick pips went short as the red candle closed below the 61.8 level @ 225.56.
BK
Attached Image (click to enlarge)
Click to Enlarge Name: GJ.JPG Size: 93 KB
  • #224
  • Nov 21, 2007 12:44am Nov 21, 2007 12:44am
Quoting bksujal
hey there here is my trade collected some very quick pips went short as the red candle closed below the 61.8 level @ 225.56.
BK

What time frame is that?
  • #225
  • Nov 21, 2007 12:49am Nov 21, 2007 12:49am
15 minutes.
BK
  • #226
  • Edited 1:52am Nov 21, 2007 1:16am | Edited 1:52am
With several different setups on the daily chart for this pair being available, I'm going to stick with my guns and fly with this one (Going forward, I will offer only one setup per time frame as opposed to showing several. The only case where this wouldn't be so is when I do a breakdown of a chart on a smaller timeframe and keep the same set of fibs. My recent postings of the EUR/USD is an example of this where I break the daily down to the 4hr but I also have a different setup on the 4hr with different fibs.)

As you can see, price has again broken the bottom yellow trendline and made a new low. With so much out in the news that is dollar negative and its consistency in making new lows despite of the retracements, indicates to me continued bearishness. I would need to see a sustained break outside of the pitchfork for me to say that there is a turnaround in the making. With that being said, let me say this.....


DAAAAAAAAAAA BEARS!!!!!!!!!!!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: DAILY DOLLAR YEN.GIF Size: 30 KB
Click to Enlarge Name: DAILY DOLLAR YEN CLOSEUP.GIF Size: 28 KB
  • #227
  • Nov 21, 2007 1:51am Nov 21, 2007 1:51am
The 4hr shows a couple of examples of the convergence of fibs/pitchforks/trendlines.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: DAILY CAD JPY.GIF Size: 25 KB
Click to Enlarge Name: 4HR CAD JPY.GIF Size: 29 KB
  • #228
  • Nov 21, 2007 2:01am Nov 21, 2007 2:01am
Having two sets of pitchforks on this pair is working out quite well. The fib reaction is great also.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4HR EUR JPY.GIF Size: 34 KB
Click to Enlarge Name: 4HR EUR JPY CLOSEUP.GIF Size: 35 KB
  • #229
  • Nov 21, 2007 2:05am Nov 21, 2007 2:05am
Make sure to click on the charts to enlarge them so that the images show up better.
  • #230
  • Edited 7:02am Nov 21, 2007 2:25am | Edited 7:02am
Here are how things are going with this chart. I removed the top set of fibs in the closeup that the chart will have a better display. When there are multiple drawings on the chart it has to compensate sometimes by flattening its image somewhat.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2HR GBP JPY.GIF Size: 37 KB
Click to Enlarge Name: 2HR GBP JPY CLOSEUP.GIF Size: 29 KB
  • #231
  • Nov 21, 2007 2:37am Nov 21, 2007 2:37am
Here is a look at the pair on the Daily, with fibs drawn on the higher price action.
Attached Image (click to enlarge)
Click to Enlarge Name: DAILY GBP JPY.GIF Size: 29 KB
  • #232
  • Nov 21, 2007 2:57am Nov 21, 2007 2:57am
I can give any number of examples to prove fibonacci works better than any known indicator worldwide.

Its only a matter of proper settings

Second, i am yet to see a person using fibonacci in the correct manner.

Used correctly, fibonacci gives 100% accurate trades where you can just trade with a blind eye and yet make as much as you desire.
  • #233
  • Nov 21, 2007 3:30am Nov 21, 2007 3:30am
Quoting forexlion
I can give any number of examples to prove fibonacci works better than any known indicator worldwide.

Its only a matter of proper settings

Second, i am yet to see a person using fibonacci in the correct manner.

Used correctly, fibonacci gives 100% accurate trades where you can just trade with a blind eye and yet make as much as you desire.

Your Statement confuses me. I don't understand the reason for your post either.
If You have "yet to see a person using Fibo's in the correct manner" than how can YOU give "any number of examples". Are you not a person?

I am not questioning the use of Fib's.

Fxj
Proper Prior Planning Prevents Piss Poor Performance
  • #234
  • Nov 21, 2007 7:11am Nov 21, 2007 7:11am
Quoting forexlion
I can give any number of examples to prove fibonacci works better than any known indicator worldwide.

Its only a matter of proper settings

Second, i am yet to see a person using fibonacci in the correct manner.

Used correctly, fibonacci gives 100% accurate trades where you can just trade with a blind eye and yet make as much as you desire.

By all means, provide us with a few examples. I hope you are not the kind of person to point out the wrong way of doing things and not provide the right way.
  • #235
  • Edited 8:08am Nov 21, 2007 7:31am | Edited 8:08am
Is it a breakout or a fakeout? Can't wait for the candle close at the end of the day.
Attached Image (click to enlarge)
Click to Enlarge Name: DAILY CAD.GIF Size: 28 KB
  • #236
  • Edited 8:13am Nov 21, 2007 7:43am | Edited 8:13am
Price is close to making a 200% move on this setup. Great profit target for a bull.
Attached Image (click to enlarge)
Click to Enlarge Name: 4HR CAD.GIF Size: 29 KB
  • #237
  • Nov 21, 2007 7:45am Nov 21, 2007 7:45am
Quoting forexlion
I can give any number of examples to prove fibonacci works better than any known indicator worldwide.

Its only a matter of proper settings

Second, i am yet to see a person using fibonacci in the correct manner.

Used correctly, fibonacci gives 100% accurate trades where you can just trade with a blind eye and yet make as much as you desire.

Dont mean to intrude on your thread Southern, just couldnt resist this post.Id like to see the proper way to trade Fibs's too !
  • #238
  • Edited 8:37am Nov 21, 2007 8:27am | Edited 8:37am
This is an hourly chart of the 15min chart I posted earlier. Price has thus far found a bottom at the 138% ext of the duplicate fibs. I've noticed that price sometimes bounced off this level but I've never included it in the charts. Going forward, I will start to do so (it's empty space anyway ).

By the way, the 161% extension level for the duplicate fibs coincides with the 261% extension of the original fibs. I'll include it in this chart just to show how it lines up.
Attached Image (click to enlarge)
Click to Enlarge Name: HOURLY DOLLAR YEN.GIF Size: 33 KB
  • #239
  • Edited 9:01am Nov 21, 2007 8:54am | Edited 9:01am
One-bottom, Two-bottom, Three-bottom, F--........WHOOPS!!!

(The yellow trendline is drawn from the high of July through the low of October.)
Attached Image (click to enlarge)
Click to Enlarge Name: 2HR GBP JPY.GIF Size: 30 KB
  • #240
  • Nov 21, 2007 9:17am Nov 21, 2007 9:17am
I believe this pair is headed for the top pitchfork line like a heat seeking missle.

DAAAAAAAAAAA BULLS!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: DAILY EUR GBP.GIF Size: 23 KB
Click to Enlarge Name: 4hr EUR GBP.GIF Size: 24 KB
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