Both mate.
That's where you can get a confluence between two Fibonacci levels as well.
The strongest one though, in my opinion, is from 'a'.
Don't get caught up in crowding your screen up though. Generally the larger the move /wave or whatever you like to call it, that the Fib is defined with, the stronger the levels are ...or to put it better, the more likely the levels are to be reacted to.
On fib confluences... If you have a fib drawn on the weekly charts and one of its levels line up (in confluence) with another one on the 4 hr chart you've got a strong likelyhood of that level being reactive. Try it!
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- #9,864
- Edited 10:33pm Apr 6, 2008 5:13pm | Edited 10:33pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Will it work out?.. time will tell. ....
The one from Friday is still waiting to be broken.
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- #9,865
- Apr 6, 2008 5:25pm Apr 6, 2008 5:25pm
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Wondering what the consensus was to the broker and the time feed?
Regards
Alex
If you've read the thread carefully, this has been discussed several times.
It doesn't matter which feed you use or whether you use 1, 2, 3, 4 in conjunction(just means more to decide on).
In the end you can trade any of them and the world doesn't end if you were to miss a pin on one feed
Dito for daily by the way, which imho has similiar implications. One way or another, you have to settle on something and then it's back to the same outset as before: learning the basics and the application, then the finesse and so forth
Take care,
SeekingLight
Trust price. Know yourself.
Thank you for shedding the light:surprised, lets enjoy some pips...
Alex
Alex
Hey Alex!
If you've read the thread carefully, this has been discussed several times.
It doesn't matter which feed you use or whether you use 1, 2, 3, 4 in conjunction(just means more to decide on).
In the end you can trade any of them and the world doesn't end if you were to miss a pin on one feed
Dito for daily by the way, which imho has similiar implications. One way or another, you have to settle on something and then it's back to the same outset as before: learning the basics and the application, then the finesse and so forth
Take care,
SeekingLight
- #9,875
- Apr 7, 2008 7:58am Apr 7, 2008 7:58am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
G'Day All,
When posed with pin as attached(todays silver week chart) which IMO has been rejected from a pretty solid area of confluence, I find that in an effort to rule base my trades I am a little stuck here.
Look at it this way.... Price has approached that area, retraced, approached, and just begun another retracement. Sounds more like a sideways market.
If we break above 18.632 i'd be happier trying long. For now I would be on the sidelines. ...it may be a retracement. Clearer trades out there . ...and that pretty much sums up what you're asking about being stuck with the decision. Wait for the better trades.
So my first question is as technically the open and close of the pin in relation to the "eye" makes it a pin but has anyone considered quantifiying that it is or isn't a trade by the fact that the open and close of the pin is below either the 50% ret or perhaps .236 of the "eye" bar?
Secondly, again in an effort to rule base pins, has anyone toyed with the idea of a retacement value that the pin must be past the left "eye" to quantify it as a pin. Possibly min 50%.
Bundy's status today: "Waiting..."
While writing indicators for highlighting Pin bars as a visual aid, quite a while ago, I found a good filter was to have at least 3/5ths of the pin protruding completely past the bars leading up to it. I'd be even pickier now.
and if you use a magnifying glass you'll se the little pin bar bouncing of 150ema
- #9,877
- Apr 7, 2008 3:09pm Apr 7, 2008 3:09pm
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Looks like you're using the "VM Candle Price Action" indicator but it never picked up that pin bar. I've tried testing various candle pattern indicators but so far I have not found them to be that reliable for regular use...
That says everything about humankind, doesn't it
Trust price. Know yourself.
The whole point of this thread was to get rid of and away from indicators, and people go and make up indicators for indicator-less trading.
That says everything about humankind, doesn't it
still learning!