- #543
- Edited 12:14pm Dec 20, 2007 9:51am | Edited 12:14pm
Hey Skunny, Sizz,
I just grabbed 95 live pips TP was 223.93! I had picked a bottom @ 223.67 (Resistance from one of the last big drops) but chickened out and ran with my money!
I opened after 2 double tops in 5 min @ in my fib within a fib!!
It is becoming clearer!!
EDIT: I just realized my red fib is upside down, same result, just double tops on the 38.2 instead of 61.8 as in this chart.
I just grabbed 95 live pips TP was 223.93! I had picked a bottom @ 223.67 (Resistance from one of the last big drops) but chickened out and ran with my money!
I opened after 2 double tops in 5 min @ in my fib within a fib!!
It is becoming clearer!!
EDIT: I just realized my red fib is upside down, same result, just double tops on the 38.2 instead of 61.8 as in this chart.
- #547
- Edited 11:32am Dec 20, 2007 11:02am | Edited 11:32am
- Joined Nov 2006 | Status: Because they DO exist... | 424 Posts
Is there a concensus as to the following items:
1. Which is more important....plotting fibs from single candles of a higher TF or plotting them from "areas" of S/R on a lower TF? Or do we use them together?
2. What are the general rules of expected PA when fibo levels are breached/broken? Can someone summarize what's been observed thus far?
3. Realizing there are smaller price cycles on lower TF's that are working within larger cycles on higher TF's, how do we determine when any particular cycle is over and where a new one has begun?
I'm just not totally clear on how to practically interpret all this yet. I need more time on VHands for sure, but I'd prefer to have a better handle on what I need to look for. I feel like I'm looking into the pitch black and hoping to see a light. Sometimes your eyes play tricks on you and you begin to see lights that aren't really there...
A mild note of concern:
I see several folks already confident enough to begin picking trades. I realize those who are doing this likely have their own trading methodology already worked out, but I wonder if perhaps we're not still getting ahead of the cart? Seems like Skunny has only revealed the tip of the iceberg. Surely don't wanna be a wet blanket, just offering my 2 pips.
1. Which is more important....plotting fibs from single candles of a higher TF or plotting them from "areas" of S/R on a lower TF? Or do we use them together?
2. What are the general rules of expected PA when fibo levels are breached/broken? Can someone summarize what's been observed thus far?
3. Realizing there are smaller price cycles on lower TF's that are working within larger cycles on higher TF's, how do we determine when any particular cycle is over and where a new one has begun?
I'm just not totally clear on how to practically interpret all this yet. I need more time on VHands for sure, but I'd prefer to have a better handle on what I need to look for. I feel like I'm looking into the pitch black and hoping to see a light. Sometimes your eyes play tricks on you and you begin to see lights that aren't really there...
A mild note of concern:
I see several folks already confident enough to begin picking trades. I realize those who are doing this likely have their own trading methodology already worked out, but I wonder if perhaps we're not still getting ahead of the cart? Seems like Skunny has only revealed the tip of the iceberg. Surely don't wanna be a wet blanket, just offering my 2 pips.
- #549
- Dec 20, 2007 11:39am Dec 20, 2007 11:39am
Hey Skunny, Sizz,
I just grabbed 95 live pips TP was 223.93! I had picked a bottom @ 223.67 (Resistance from one of the last big drops) but chickened out and ran with my money!
I opened after 2 double tops in 5 min @ in my fib within a fib!!
It is becoming clearer!!
Super sweeeeet. Nice. Then maybe you can help me out!
I feel like I am getting there too but a lot to learn. That trade looks textbook!!I am just going to bust vhands out and rock tfs and fibs and also try to apply fibs to my normal trading to see where that goes.
I am bascally trading like I trade and applying fib slowly to what I do to get a feel for it.
I was just short on G/U 1H @ 1.9880 and I set my TP @ logical G/u support 1.9820 using not fibs. but now it looks like I might have missed out on a a bigger move since the market is a big bear today for G/U . I will be a big bear now too... I effing hate sloppy exits and scalps ( personally)
I am looking at hungry bulls at the 1.9652 -0 level
Lowell,
I just looked back at the market and walked a fib down and it looks like my exit was right below the GBP 4h tp from 2.0097 AHHH.... brain crumbling. with TP 2 of 1.9768. and showing downward momentum which would prolly take me to 1.9654 ...Fishsticks!!!
it is also a tp from the GBP D1 that would have been opened at 1.9926...
I can only take the trades I see though eh?
What are your studies on TF fib cycles yielding you? me? headaches
Sizz
- #550
- Dec 20, 2007 12:12pm Dec 20, 2007 12:12pm
- | Commercial User | Joined Sep 2005 | 2,784 Posts
Hi, i've taked a live-trade right now, looking the chart i found a probable (i think) wolfwave pattern, so i entered the market, look at the image, what do u think? Am i crazy, or it can be right?
Tell me what u think (the market will tell me if i'm right or not)
http://img252.imageshack.us/img252/3...gineiq7.th.jpg
Tell me what u think
(the market will tell me if i'm right or not)http://img252.imageshack.us/img252/3...gineiq7.th.jpg
- #551
- Dec 20, 2007 12:32pm Dec 20, 2007 12:32pm
- | Commercial User | Joined Sep 2005 | 2,784 Posts
I've closed for a modest +15pips, i've just looked at the 15m chart, and see that there was a similar pattern happening (happened) to the 15mchart, so i exited there, let's see the image
http://img152.imageshack.us/img152/8...inexju2.th.jpg
http://img152.imageshack.us/img152/8...inexju2.th.jpg
- #553
- Dec 20, 2007 12:39pm Dec 20, 2007 12:39pm
Yah, brain crumbling here also.
Its all good so far, I know I don't have all the pieces to the puzzle yet but it seems the picture is becoming clear!
It seems also what SKUNNY is saying about moves on smaller tf's is completely true!!
Its all good so far, I know I don't have all the pieces to the puzzle yet but it seems the picture is becoming clear!
It seems also what SKUNNY is saying about moves on smaller tf's is completely true!!
Skunny, I'd send this in a PM but I don't have access to it yet.
First of all thank you for creating this thread. I joined FF because of it. That's how powerful I think some of these idea's are.
I'm a new trader and I trade based off S/R only (which is the primary reason why I'm so attracted to this thread). IMO support/resistance is the best b/c it's not a price, but more of a region, and it's something every trader can see and it's a living/breathing animal like the market. It's not an indicator with different settings and based off different feeds. However, I must admit, I use one indicator, Stoch RSI, but don't base trades off it. It will just confirm overbought/oversold levels at S/R. I try to keep things as simple as possible, and as clean as possible.
Anyhow, I don't use Metatrader for charting so I don't have the same Fib levels as you. My levels are 38.2, 61.8, 78.6, 86.0, and extensions are 1.18, 1.27, and 1.618. Can what you're teaching be applied to those levels? I'm also thinking, if I don't have those levels, how can I learn this method and trade it? Will I not be able to trade Forex like you without Metatrader?
Also price action - VHands Trading Simulator. Can this be used on other charting platforms besides Metatrader?
It seems like 3 of the most important things are S/R, fibs, and PA. The last two are giving me some trouble.
I really appreciate this thread and thank you for the education! Just trying to incorporate some of your teachings with what I'm already using.
Thanks and Happy Holidays!
Robonacci com
Is there a concensus as to the following items:
1. Which is more important....plotting fibs from single candles of a higher TF or plotting them from "areas" of S/R on a lower TF? Or do we use them together?
2. What are the general rules of expected PA when fibo levels are breached/broken? Can someone summarize what's been observed thus far?
3. Realizing there are smaller price cycles on lower TF's that are working within larger cycles on higher TF's, how do we determine when any particular cycle is over and where a new one has begun?
I'm just not totally clear on how to practically interpret all this yet. I need more time on VHands for sure, but I'd prefer to have a better handle on what I need to look for. I feel like I'm looking into the pitch black and hoping to see a light. Sometimes your eyes play tricks on you and you begin to see lights that aren't really there...
A mild note of concern:
I see several folks already confident enough to begin picking trades. I realize those who are doing this likely have their own trading methodology already worked out, but I wonder if perhaps we're not still getting ahead of the cart? Seems like Skunny has only revealed the tip of the iceberg. Surely don't wanna be a wet blanket, just offering my 2 pips.
You are correct, if you have a system you've been following, you need to apply the extra knowledge to what you already have and then drop the stuff you don't need anymore
Robonacci com
seriously? are you kidding?
I trade for a living. Using s/r and price action. No indicators if I need to check the wind I wils drop a rsi or stoch on. sue me.
I have never been in a professional trading room so I wouldn't know, but from what I can gather with forex..
RSI, maybe stoch and fibs are all that is pretty much used in said rooms.
There are exceptions to every rule though and I know nothing about anything. I met a guy who runs a hedge and I gathered he ran an algo box trading system so... if that counts..
IMO which is coming from nobody the issue here is :
Skunny is a reformed indicator addict who had a big "aha" moment and is trying to help fellow traders and I guess a lot of people use indicators from reading this forum and it(IMO) really obscures the essence of trading.
Learn to trade then if you want smack some indicators on there to help out at that point in time you can prolly make them yourself.
I think the issue is blindly using indicators with no clue as to why things work. NOT that indicators don;t work and are for newbies.
it all boils down to knowing the fundamentals and putting in the work to learn.
Saying you are a trader and blindly using Indicators (to me) is like calling yourself a mathmetician because you know how to use a super fancy calculator . Both individuals have little concept as to why things are the way they are and are prolly going to lead a confusing and middling career path.
Seriously look at the people who invented the indicators it was an articulation of they way they already traded and saw the market and used as a tool of a mastercraftsman for efficiency.
I hypothesize, that if you know HOW to trade you can trade anything with no indicators. I am confidant I could trade mongolian yak snot futures if I wanted.
This thread (to me) is the snip snap snurr because I never really looked at indicators or Fibs( it looked like guesstimation)
I always keep a traders mind about things though and I stumbled on to this thread having never really been exposed to Fibs in practice and I just went with the flow.
It was serendipitous and came at the right time in my trading and for that I am grateful. It might be the articulation/confirmation of theories on had on this market from my own work
I am in the theoretical phase but if it works my trading will become sharper with the addition. If not my trading will still be sharp and I will have gotten out of my box for a second. Win win.
Do you really think if people learned how to trade there would be this horrendeous attrition level? Trading is as easy as falling off a log if you let be again... IMO. I thank god I never learned using indicators NOT that there is anything wrong with them IF you know how and why they work.
just one sizz's opinion.
Sizz
Robonacci com