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  • #2,561
  • Feb 27, 2008 5:20pm Feb 27, 2008 5:20pm
Please,
Can anyone help me check if am correct about this fib's.
thanks,
gbenga
Attached Image (click to enlarge)
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  • #2,562
  • Feb 27, 2008 6:36pm Feb 27, 2008 6:36pm
galaxymom (or anyone),

I noticed that many of the charts have three different fibs. I understand the swing and intraday, what is the third fib line that you are drawing, is that a daily chart fib?

What benefit do you have with having multiple fibs on one chart? Do you look for multiple Shorts/Longs to line up for better opportunities to enter the market?

Thanks in advance for your help and explanation.
  • #2,563
  • Feb 27, 2008 7:01pm Feb 27, 2008 7:01pm
I've updated the script.

It add's three different fibo's. A daily, intraday, and swing fibo. You will need to manually move them around to wherever they belong, but thought this would be a nice easy way to read fibo lines in case you need to.

Its a script by the way. Feedback is welcome.
Attached File(s)
File Type: mq4 AddFiboLines.mq4   6 KB | 834 downloads
  • #2,564
  • Feb 27, 2008 7:16pm Feb 27, 2008 7:16pm
Quoting logiktrader
galaxymom (or anyone),

I noticed that many of the charts have three different fibs. I understand the swing and intraday, what is the third fib line that you are drawing, is that a daily chart fib?

What benefit do you have with having multiple fibs on one chart? Do you look for multiple Shorts/Longs to line up for better opportunities to enter the market?

Thanks in advance for your help and explanation.
There are 2 Main fibs on the Daily chart, the Trend fib and the Retracement fib. Then on the H1 Chart you have the Intraday and the Swing fibs.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,565
  • Feb 27, 2008 7:17pm Feb 27, 2008 7:17pm
Quoting hiswords
Please,
Can anyone help me check if am correct about this fib's.
thanks,
gbenga
Looks good His Words
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,566
  • Feb 27, 2008 7:21pm Feb 27, 2008 7:21pm
Care to critique my setup for GBPUSD?

Looks like it is at an interesting point right now as we speak.
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  • #2,567
  • Feb 27, 2008 8:10pm Feb 27, 2008 8:10pm
Quoting forexpipmaster
Hi Bo, so according to what you are saying here, the Retracement set of Fibs, from the daily chart, should now be moved to todays new High, because its higher than the last retracement swing high from Jan.30/2008, right ??

So if the GBP keeps moving higher, we should keep moving that retracement fib up to the new highs, but at which point do we say that we are back in an uptrend, when the GBP breaks the high on Nov. 19/2007 ??
Maybe you could do a daily chart to show us when you get the time.

Yes as long as it makes new highs we want to pull the Retracement high along with it, because this will pull the major support levels up the the current high from this counter move to the Down Trend. If price reaches the Down Trend fib levels and is rejected we will look to these points to see if the move up will continue on a bounce from them or the Downtrend to continue if they fail to hold price. We will know from the basic price action or reaction to them if they are tested.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily0227.gif Size: 23 KB
Click to Enlarge Name: gbp4hr0227.gif Size: 18 KB
Click to Enlarge Name: gbp1hr0227.gif Size: 22 KB
Attached File(s)
File Type: tpl gbp0227.tpl   6 KB | 414 downloads
  • #2,568
  • Feb 27, 2008 8:14pm Feb 27, 2008 8:14pm
Quoting hiswords
Please,
Can anyone help me check if am correct about this fib's.
thanks,
gbenga
The Intraday is correct but you dont need the Swing there, wait and use the swing on a move that runs counter to todays movement.
  • #2,569
  • Feb 27, 2008 8:16pm Feb 27, 2008 8:16pm
Quoting CindyXXXX
When I look at a USD/CHF chart it seems I only need 3 Fibs at the moment... A downtrend, intraday and the swing....

Is this how you pros would do it or am I missing something?

Thanks
That will happen sometimes, try looking at the weekly and if the trend is still a clear down trend thats all you need for now. Dont forget to use your Retracement fib on the moves that are counter to the Down trend on your Daily chart
  • #2,570
  • Feb 27, 2008 8:20pm Feb 27, 2008 8:20pm
Quoting logiktrader
galaxymom (or anyone),

I noticed that many of the charts have three different fibs. I understand the swing and intraday, what is the third fib line that you are drawing, is that a daily chart fib?

What benefit do you have with having multiple fibs on one chart? Do you look for multiple Shorts/Longs to line up for better opportunities to enter the market?

Thanks in advance for your help and explanation.
Using different fibs each tell you a story, you want to be measuring down moves for resistance levels and up moves for support levels. The other thing is Fibs are traded from different timeframes and its to your advantage to know where the daily fib levels are as well as the ones that zoomed into price like the Intraday and Swing.
I think of it this way...The Intraday and swing fibs are just showing you the moves price is making as it makes it way to the Daily fib levels.
  • #2,571
  • Feb 27, 2008 8:22pm Feb 27, 2008 8:22pm
Quoting logiktrader
Care to critique my setup for GBPUSD?

Looks like it is at an interesting point right now as we speak.

Youve got a pretty good grasp of it there.
  • #2,572
  • Feb 27, 2008 8:28pm Feb 27, 2008 8:28pm
Thank you Bobokus,

If price action moved up past the Intraday Long would you buy at this point? Or not since the swing fibo lines are so close to the intraday lines?
  • #2,573
  • Feb 27, 2008 8:28pm Feb 27, 2008 8:28pm
Quoting Bobokus
Yes as long as it makes new highs we want to pull the Retracement high along with it, because this will pull the major support levels up the the current high from this counter move to the Down Trend. If price reaches the Down Trend fib levels and is rejected we will look to these points to see if the move up will continue on a bounce from them or the Downtrend to continue if they fail to hold price. We will know from the basic price action or reaction to them if they are tested.

Hey Bo,

In my charts I show like what my intraday fibs are showing me regarding support levels at 1.9845. Should I move my intraday to yours and put in an extra swing fib so I can take note of the levels.

Thanks
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  • #2,574
  • Feb 27, 2008 8:41pm Feb 27, 2008 8:41pm
Quoting logiktrader
Thank you Bobokus,

If price action moved up past the Intraday Long would you buy at this point? Or not since the swing fibo lines are so close to the intraday lines?
Yes if the Intraday levels break now I would take the break long. Just have to be careful now since price has retraced so far today, leaving a lower high and lower low.Following this last move up this is what I see...
Continued......
Attached Image(s) (click to enlarge)
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  • #2,575
  • Feb 27, 2008 8:42pm Feb 27, 2008 8:42pm
From todays move the fib levels are now above price and Rsistance and will have to be broken for price to attempt to break todays high
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  • #2,576
  • Feb 27, 2008 8:45pm Feb 27, 2008 8:45pm
Quoting disr
Hey Bo,

In my charts I show like what my intraday fibs are showing me regarding support levels at 1.9845. Should I move my intraday to yours and put in an extra swing fib so I can take note of the levels.

Thanks
Where youve got your Intraday is more a 4hour fib than an Intraday, but it is something you need to be watchful for if price continues to be rejected by the fib levels above it as it will need somewhere to go if Resistance holds.
  • #2,577
  • Feb 27, 2008 8:53pm Feb 27, 2008 8:53pm
Quoting Bobokus
Where youve got your Intraday is more a 4hour fib than an Intraday, but it is something you need to be watchful for if price continues to be rejected by the fib levels above it as it will need somewhere to go if Resistance holds.
Heh ok, one thing i don't do enough is look at the H4 TF.

Thanks again
  • #2,578
  • Feb 27, 2008 8:58pm Feb 27, 2008 8:58pm
Quoting disr
Heh ok, one thing i don't do enough is look at the H4 TF.

Thanks again
Yes for more of support levels for price to bounce from if it goes short again. I know it may sound contrary to what everyone is seeing from today but today was a short opportunity. Now we want to see if price can rally and continue up or fail from todays Intraday levels to go short again.
And sometimes if you get confused as to where is price in the bigger picture just zoom out a timeframe.
  • #2,579
  • Feb 27, 2008 9:23pm Feb 27, 2008 9:23pm
If there is anyone who is trading a set and forget approach (due to time constraints, job etc) I would like to chat with you.

Please PM me.

Thanks.

Lou
  • #2,580
  • Feb 27, 2008 10:57pm Feb 27, 2008 10:57pm
This is a general question to those who trade this system or any hourly bar chart system.

Like many of you, I unfortunately have to attend to my full time job and other commitments that I have. For those of you who are like me, do you try to save time by only coming on the computer at the top of the hour to see where the previous bar closed and update the fibo lines. Would this work in your opinion, or what advice do you have to those who are time strapped but still want to trade.
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