DislikedWhat a great thread and what a great teacher Jacko is. Thanks for opening my eyes to the simplicity of trading successfully.
The one thing that is still a slight mystery to me though is where do you draw the fib lines from. Put five people in a room with the same charts, and they'll draw 5 different sets of fib lines. Are there any hard and fast rules for drawing them?Ignored
Jacko's Forex House of Pleasure and Pain
- #1,521
- Jan 14, 2008 1:50pm Jan 14, 2008 1:50pm
- Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
- #1,524
- Jan 14, 2008 2:40pm Jan 14, 2008 2:40pm
- Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Maybe you could share it with the rest of us?
And yes, this thread is the best I've ever seen. Thank you to everyone, especially to Jacko.
anyway, as a general rule i apply my fib's to the 4h and 1h chart, if it looks like a bottom add a fib and run up to the top, then double click the fib line and you should be able to remove unwanted fib lines and change colours etc to suit you. the same goes if it looks like we have seen a good drop start at the top and run down to the bottom - there really is no set rule for applying fib's, but if you play with you platform enough you will start to get a feel for what is a sensable fib and what is not. just play, add them remove them.
i normally remove some of the 1h fib's as they start to clutter things up, and i also look at the daily from time to time to see if any of the moves has created a worthy top and bottom on that chart.
here's a 1h and 4h chart
if requested by jacko these charts will be removed, this thread is for his method and fib thread can be found elsewhere. is someone would like to open a fib's thread i will be happy to work more there. should just point out that the bottom of the last fib was taken from the daily low as my MT4 day starts is a bit off on mondays
regards
MPP
just remember play with it and learn it = get a feel for it.
- #1,538
- Jan 16, 2008 11:05am Jan 16, 2008 11:05am
- | Joined Jan 2008 | Status: Small Member | 493 Posts
Hi
Newbie here. Well, more of a lurker. That's what us ninja types do, right?
First of all, I'd like to publicly thank Jacko for showing us how to trade successfully. (Already sent him an email last year.)
Now, the reason for my post (I've been lurking since about August) is to perhaps give newbies an insight into the mistakes I've made, because I have lost more than I've gained following this thread. It's down to two reasons, I suspect:
1) using a spreadbetting company which has slightly wider spreads than normal (18 points including guaranteed stop)
2) being very unlucky with entry points: I'd either go in before stop hunters were doing their thing, having placed my stops at the obvious points or just go in thinking it was the low of the day (Jacko did write "buy in the dips"; the problem is in guessing the correct dips) only for it to go at least 50 pips lower.
So how have I worked out how to deal with this? I now use a pretty fast moving average crossover on the hourly chart to give an indication of best entry times. It seems to have worked so far, is all I can say. Took me about 3 months to figure this out, though. It's not perfect (no system is) but it certainly tells me when I shouldn't be opening a position! (Today is a case in point.) And in case you're wondering, it doesn't really matter what the settings are for the MA indicators. It's just a guide, so 3 and 10 is just as valid as 4 and 8. And it worked when I used to trade equities.
One final comment, I've read quite a lot of books and trading ideas on various websites. Jacko's certainly right about one thing; none of this is really new. In fact, the more you think about it, the more you realise it's just all so obvious.
Anyway, here's to a profitable 2008.
Cheers,
-Darren
Newbie here. Well, more of a lurker. That's what us ninja types do, right?
First of all, I'd like to publicly thank Jacko for showing us how to trade successfully. (Already sent him an email last year.)
Now, the reason for my post (I've been lurking since about August) is to perhaps give newbies an insight into the mistakes I've made, because I have lost more than I've gained following this thread. It's down to two reasons, I suspect:
1) using a spreadbetting company which has slightly wider spreads than normal (18 points including guaranteed stop)
2) being very unlucky with entry points: I'd either go in before stop hunters were doing their thing, having placed my stops at the obvious points or just go in thinking it was the low of the day (Jacko did write "buy in the dips"; the problem is in guessing the correct dips) only for it to go at least 50 pips lower.
So how have I worked out how to deal with this? I now use a pretty fast moving average crossover on the hourly chart to give an indication of best entry times. It seems to have worked so far, is all I can say. Took me about 3 months to figure this out, though. It's not perfect (no system is) but it certainly tells me when I shouldn't be opening a position! (Today is a case in point.) And in case you're wondering, it doesn't really matter what the settings are for the MA indicators. It's just a guide, so 3 and 10 is just as valid as 4 and 8. And it worked when I used to trade equities.
One final comment, I've read quite a lot of books and trading ideas on various websites. Jacko's certainly right about one thing; none of this is really new. In fact, the more you think about it, the more you realise it's just all so obvious.
Anyway, here's to a profitable 2008.
Cheers,
-Darren
The market reveals who we really are...
- #1,539
- Jan 16, 2008 1:32pm Jan 16, 2008 1:32pm
Wow, I did not see that coming! I need to set up some price alerts on my work computer or something 
The 50-fib held strong, but is the weekly trend going to fail to make a higher high for the first time since...I guess July of '06? We shall see...
For now, let's see how this deeply discounted A-H works out!
The 50-fib held strong, but is the weekly trend going to fail to make a higher high for the first time since...I guess July of '06? We shall see...
For now, let's see how this deeply discounted A-H works out!