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)
- | Joined Oct 2006 | Status: Member | 924 Posts
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)
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)
- | Joined Oct 2006 | Status: Member | 924 Posts
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!!!!!!!!!!!!
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!!!!!!!!!!!!
- | Additional Username | Joined Sep 2009 | 8,623 Posts
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.
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.
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.
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
- | Joined Oct 2006 | Status: Member | 924 Posts
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.
- | Commercial Member | Joined Oct 2006 | 2,560 Posts
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.
- | Joined Oct 2006 | Status: Member | 924 Posts
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.
). 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.
