Mission Discovery: Think Outside The FX Box
IMO,your newly posted method is a little discretional.
these lines can be drawn everywhere.
there is no standard to judge whether it's useful.
though i know your words worth thousands of dollars.
but thanks for your great work. Great idear.
I believe so I quest for it.
$$$$
Nice!
Scotty, enjoyed the info. I set a fib fan on the g/j last night ( but didn't enter) and you were right on the money. I actually chose 2 different candles than you had on the thread chart but the outcome was the same. Do you know if the news reports scews the outcome of your fib fan? Will the end result still be in play after the news throws tech/anlys. to the side?
During the last couple of months I've learned a great deal from the good ole factory. I want to thank Skunny for his indicator free thread. It opened my eyes to the possibility of trading with surgical precision; to the pip. Since that thread started back before Christmas I've been studying my rear end off looking at charts and have been doing things as unorthodox as I could.
I have found some fascinating things that I want to share with the FF community. Also I want this thread to be dedicated to finding new things in the Forex. Lets try thinking of the market in new ways. I by no means want to do away with the ground we already stand on but lets take what we have and move forward with it.
I want those of you who are interested to think outside the box. It would be awesome if you 'experts' out there add in your wisdom here as things evolve.
I'll start the thread with a quote that often motivates me in my madness:
"I have no special talent. I am only passionately curious."
-Albert Einstein
I suppose curiosity is what will fuel this thread.
My first contribution: Did you people out there know you can Fib moving averages and successfully trade off of them? It can be a simple or exponential MA, although I prefer to fib 15 period EMA's. If the MA gets to smoothed its hard to pick out high and low points on the line. When you do this, follow the candles and not the MA line. It's a way to get in as soon as possible on what is commonly believed to be a lagging indicator.
See chart below: I'll post more of my discoveries as time warrants.
I'm glad you are getting it! Whew! Ok I'll attach a chart as an example. As for the Gann grid. You could trade off the same grid until the sun burns out if you wanted to. I was trying to get the kid who says it doesn't work to figure it out. Here is a hard fast rule to follow with the grid. If a candle can CLOSE past a line, you can bet the next line up or down will be hit, even if by a good ole pin bar. If a bunch of successive candles test a line but can't close past it you are looking at a reversal. you can use the same lines going the other way in the same way. Does that make sense?
Interesting Scotty. Indeed!!!
You recruited me from the other scalper's thread. Been spending time in Bobokus' thread too. Fib-Price Action combo is awesome! I used to think fibs were just random numbers drawn on a chart. But I don't think so anymore.
Anyways, you say to keep track of how the candle closes. I.e. if it closes high or low in a given trend. What exactly do you mean by that? Do you mean if the candle closes bullish or bearish? How do we determine what's high and what's low? Do I look @ high/low of bar and close and then if close is lower than 50 percent then it closed low and vice versa for a candle closing high?
