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Real Time Fibonacci Analysis

  • #81
  • Feb 21, 2008 8:38am Feb 21, 2008 8:38am
For Cable look for support to hold from this Intraday move today, If new highs are made today continue to pull the Intraday high until price backs away or begins to retrace, Im looking for support to hold and if it does buy the dip or bounce. Get paid twice for the same numbers !

If the Intraday levels fail this will be a false breakout to test further Resistance levels and signal another short.
Attached Image (click to enlarge)
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  • #82
  • Feb 21, 2008 12:29pm Feb 21, 2008 12:29pm
Hi Bo, thanks for the analysis. I have a question though. Why haven't you drawn a swing fib on this chart? Why is there only an intraday fib here? Maybe, I am missing somehting here.

Thanks.
  • #83
  • Feb 21, 2008 12:38pm Feb 21, 2008 12:38pm
Quoting forextrader9
Hi Bo, thanks for the analysis. I have a question though. Why haven't you drawn a swing fib on this chart? Why is there only an intraday fib here? Maybe, I am missing somehting here.

Thanks.
Hi forextrader9, just wanted to say that Bo's thread is a great place to get a firm understanding of fibs and how they work and how to trade with them. I was lost in that other thread as well, and I learned from Bo.

I think the reason there is no Swing fib on that chart is that Bo was showing what the Intraday will be if Cable doesn't take a nose dive and retrace significantly.

Best of luck, and hang in there, you'll get it, Bo will answer your questions, and I recommend you start Bo's thread and work thru from page 1, he shows how to walk the fibs, etc. you won't regret it.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #84
  • Feb 21, 2008 12:44pm Feb 21, 2008 12:44pm
Thanks Galaxy. Appreciated.

I have read and re-read Skunny's thread several times and was thinking I got a hang of it, till I was proven wrong in demo trading.

Maybe I am missing something here. Any guidance is much appreciated.

Ofcourse, I will start reading Bo's thread in its entirety right now.

Thanks again.
  • #85
  • Feb 22, 2008 1:07am Feb 22, 2008 1:07am
Quoting Bobokus
For Cable look for support to hold from this Intraday move today, If new highs are made today continue to pull the Intraday high until price backs away or begins to retrace, Im looking for support to hold and if it does buy the dip or bounce. Get paid twice for the same numbers !

If the Intraday levels fail this will be a false breakout to test further Resistance levels and signal another short.
We haven't had a retrace yet. This makes me a little cautious about taking a long, but who knows, this move might still have some strength in it. I pulled the swing fib and it looks like it might be setting up for a scalp short.
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  • #86
  • Feb 22, 2008 1:11am Feb 22, 2008 1:11am
Quoting Jared
We haven't had a retrace yet. This makes me a little cautious about taking a long, but who knows, this move might still have some strength in it. I pulled the swing fib and it looks like it might be setting up for a scalp short.
If it does continue short then T2 of the swing fib is right at the intraday long fib. If this holds then it is the perfect bounce as Bo said, at that point it would be good to go long imo.
  • #87
  • Feb 22, 2008 1:14am Feb 22, 2008 1:14am
Quoting Jared
I pulled the swing fib and it looks like it might be setting up for a scalp short.
On M1 right now it's testing 61.8 of swing from the under side - maybe if it can't go back up through, it's short time soon.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #88
  • Feb 22, 2008 1:22am Feb 22, 2008 1:22am
Here is some interesting analysis from the cable update thread.

http://www.forexfactory.com/showpost...ostcount=55342
  • #89
  • Feb 22, 2008 1:28am Feb 22, 2008 1:28am
So we have a descending resistance trendline and support line. Looks a bit bearish but if it breaks we could have a nice upward move as I am sure short stops and long entries will be triggered, adding to bullish momentum.
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  • #90
  • Feb 22, 2008 1:43am Feb 22, 2008 1:43am
M1 is now creeping up at 45 degrees in a parallel channel, up to swing pivot now. Once it makes it up through 38.2 (swing long, the way I have it oriented) it will reach an M1 resistance (horizontal ranging between 9650 and 9665) and from here, if it bounces back downward it will contribute to the sideways funnel trend line action and continue ranging along.
Attached Image (click to enlarge)
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #91
  • Feb 22, 2008 2:33am Feb 22, 2008 2:33am
Momentum is increasing long as it broke out of it's tight range on the 1 min. There is that resistance trendline there though so I might wait for that to break before considering a long.
  • #92
  • Feb 22, 2008 2:41am Feb 22, 2008 2:41am
Quoting Jared
Momentum is increasing long as it broke out of it's tight range on the 1 min. There is that resistance trendline there though so I might wait for that to break before considering a long.
Which coincides with trading swing high long, the trend line will be gone by then.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #93
  • Feb 22, 2008 2:46am Feb 22, 2008 2:46am
Quoting Thexder
Which coincides with trading swing high long, the trend line will be gone by then.
Yep. That's probably the safer entry on a long, wait for the break.
  • #94
  • Feb 22, 2008 4:04am Feb 22, 2008 4:04am
I went long on the break of the swing fib, but just closed for +2. Get the feeling cable needs to 'reset' south a bit more before resuming it's next romp North....so trading longs cautiously at this level and happy to 'scalp' for a while until momentum returns, which might not be until next week, with no news out today to give it a prod.
  • #95
  • Feb 22, 2008 4:28am Feb 22, 2008 4:28am
It never broke the swing high on my chart, must be a different price feed.
  • #96
  • Feb 22, 2008 4:35am Feb 22, 2008 4:35am
Should have played U/J instead. It just recently hit T1. Perhaps it will continue to the Intraday T1. I'll follow it with the swing fib.

Cable is being lazy today during the London session.
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  • #97
  • Feb 22, 2008 4:41am Feb 22, 2008 4:41am
Quoting Jared
It never broke the swing high on my chart, must be a different price feed.
I was referring to the break of today's swing long fib.
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  • #98
  • Feb 22, 2008 4:46am Feb 22, 2008 4:46am
Quoting ChowClown
I was referring to the break of today's swing long fib.
Oh I see. It has been ranging between the swing long and the swing high fibs. I suppose one could scalp it if they were brave, and then maybe you could get in earlier if it decides to break the swing high.

I am looking for some more momentum before I jump in.
  • #99
  • Feb 22, 2008 5:13am Feb 22, 2008 5:13am
It looks like U/J may be breaking out of this range short. I have a short in play and am following closely with the swing fib to make sure it is not a false breakout.
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  • #100
  • Feb 22, 2008 5:41am Feb 22, 2008 5:41am
Hi Jared - as you know, I mainly trade GBPJPY, BUT when GBPUSD and USDJPY are moving in opposite directions, I usually trade them rather than GJ

Today being a Freaky Friday I am into "Hit and Run" trading for 20 pips a move off the 5m or 1m charts.....like this move.

It just shows how the fibs will give great profit potential off all time frames.

Happy trading

Issy
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