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Candle Stick Pattern & Fibonacci Retracement

  • #21
  • Jan 19, 2007 7:50am Jan 19, 2007 7:50am
Quoting SunTrader
I'd say you need to see another daily bar or more. Nothing definitive yet. Think maybe it will go to 78.6% level (0.7920) before possibilly turning down. That is also where a fib projection 100% (0.7914) off the 1/10/07 low hits.

Note that where I find 78.6% level is different from your chart is because the 0 and 100 levels have candles with long wicks I use the closing price to draw from. There are some who recomended this rather than highs/lows.
Thanks Suntrader for the feedback. I need to master this CS/Price action in order to have a good entry confirmation. I use channel trading to see the the price movement and this price action really helps if I can spot them well. At least it gives the clue whether the price is going to break the channel or not. Also applying some of James16's PA.

But still a lot more to learn...

Happy Trading
Shah For every action there is an equal and opposite reaction.....
  • #22
  • Jan 19, 2007 11:16am Jan 19, 2007 11:16am
Quoting Panjan
Leo & friends

What do you about this one...?
Nice drawing. However, u should always check with other time frames for confimation. Herewith AUD.USD weekly chart.
If the price passes the Resistance level, it could go the next fibo level.
Anyway, if the price passes the support level, it will go SHORT.
So, we should wait and see.


LEo
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Forex has never been this SO exciteD !!
  • #23
  • Jan 19, 2007 11:34am Jan 19, 2007 11:34am
Quoting wan_grunge
leo.. from your previous post can you explain how did you do the fibo? Which high and low did you pick? And can you explain how to recognize the evening star?

TQ
Wew! I must say that this is quite tough to answer.. But i'll try to give u a brief explanation.
Pls check the EUR/USD Weekly below.
To draw a fibonacci, u should have 2 points.

1. U see the DOuble TOP above? It shows a trend reversal. So, the price should go down ( hopefully ). Put level 0 fibo here. ( number 1 )
2. For level 100 fibo, check on the previous candle which shows an uptrend signal. And this should be the previous swing which lead to a remarkable move. And voila, u find the Bullish engulfing pattern there. Put Level 100 fibo here. ( number 2 )
3. Then u wait for the price to hit the target. Our next stop is level 61.8 fibo.

That is the way i draw my fibo.
Hope u would understand.


LEo
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Forex has never been this SO exciteD !!
  • #24
  • Jan 19, 2007 11:34am Jan 19, 2007 11:34am
Nice Work Leo-Thanks for taking the time post your charts and analysis.
Trade what you see - Not what you think
  • #25
  • Jan 19, 2007 11:52am Jan 19, 2007 11:52am
Quoting summitfx
The monthly chart on the UJ looks bullish. Do you think?
Yes.. i have drawn this pairs on monthly chart. I think it has the tendency to go UP. The stoch 8,3,3 and the EMAs are supporting this uptrend.
Anyway, along the Up trend signal, there will be Short Trade If u insist on going LONG with this pairs, u have to be patient and put your stop loss accordingly. Bigger time frame, bigger bounch will happen.
I also check with the daily chart, and again, it shows an uptrend. Usually, when the price passes the 76.4 fibo, it will reach the 161.8 fibo eventually. Unless, there is no sign of Significant reversal pattern.
Here is the latest USD/JPY daily. LONG signal.


LEo
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Forex has never been this SO exciteD !!
  • #26
  • Jan 19, 2007 12:02pm Jan 19, 2007 12:02pm
Quoting summitfx
Nice Work Leo-Thanks for taking the time post your charts and analysis.
U are welcome...

LEo
Forex has never been this SO exciteD !!
  • #27
  • Jan 19, 2007 12:08pm Jan 19, 2007 12:08pm
I've never considered this. Is this research or observation? If it's statistically sound data then it has some significant implications- I think


quote=leo2006;192260], when the price passes the 76.4 fibo, it will reach the 161.8 fibo eventually.
Trade what you see - Not what you think
  • #28
  • Jan 19, 2007 7:43pm Jan 19, 2007 7:43pm
Quoting summitfx
I've never considered this. Is this research or observation? If it's statistically sound data then it has some significant implications- I think


quote=leo2006;192260], when the price passes the 76.4 fibo, it will reach the 161.8 fibo eventually.
Maybe it is somekind of observation. If you backtest this '76.4 to 161.8 fibo' , you will find significant data there. Well, i guess it does not happen always. It often reach 100 fibo or 127.2 fibo. Like i said, if there is no great signal indication ( in example : if price goes up, it will go UP and reach 161.8 fibo or even more, UNLESS there is no SIGNIFICANT trend reversal Pattern ).
So, it is your job to notice this.


Cheers,


LEo
Forex has never been this SO exciteD !!
  • #29
  • Jan 19, 2007 7:53pm Jan 19, 2007 7:53pm
Hi there...

I found a valuable data from other thread bout fibo..

http://www.simple-as-123.net/simple/Fib2.pdf

Hope this would help.

One more thing, i'd like to say that GOOD mood is needed in this business. So, in order to maintain my mood, i often hear Musics which cheers me UP, like R&B, or HEart Beat music. Dont pick a slow tempo music.
Anyone has the same favour??

LEo
Forex has never been this SO exciteD !!
  • #30
  • Jan 20, 2007 1:05am Jan 20, 2007 1:05am
Leo.. how did you recognize the shooting star...
  • #31
  • Jan 20, 2007 9:24am Jan 20, 2007 9:24am
Quoting leo2006
Hi there...

I found a valuable data from other thread bout fibo..

http://www.simple-as-123.net/simple/Fib2.pdf

Hope this would help.

One more thing, i'd like to say that GOOD mood is needed in this business. So, in order to maintain my mood, i often hear Musics which cheers me UP, like R&B, or HEart Beat music. Dont pick a slow tempo music.
Anyone has the same favour??

LEo
Go here if you want to find out the direct source of the link you posted:

http://www.syncmt.com/
  • #32
  • Jan 20, 2007 7:38pm Jan 20, 2007 7:38pm
Quoting wan_grunge
Leo.. how did you recognize the shooting star...

Hi wan Grunge...

A shooting Star ( BEARISH at TOP trend ) is a TOP candle which indicates a trend reversal. So far i've noticed, the body of a SHOOTINg star must be above the body of the previous candle. And the shooting star only has UPPER wick ( no lower Wick ). To ensure trend reversal, a shooting star is usually followed by extra candles such as A doji or a Spinning TOP. we will discuss bout this later...

Look at the picture:
no.1 Shooting star.
no.2 A spinning top which strengthen the down trend.
no.3 A shooting star which is also a Bearish Engulfing Pattern.


Leo
Attached Image
Forex has never been this SO exciteD !!
  • #33
  • Jan 20, 2007 7:40pm Jan 20, 2007 7:40pm
Quoting SunTrader
Go here if you want to find out the direct source of the link you posted:

http://www.syncmt.com/

Thnks, mate!
Forex has never been this SO exciteD !!
  • #34
  • Jan 21, 2007 3:17am Jan 21, 2007 3:17am
hi leo,

what is the timeframe you recommend for your method?

daily & weekly?

thanks
  • #35
  • Jan 21, 2007 7:32am Jan 21, 2007 7:32am
Quoting hanz
hi leo,

what is the timeframe you recommend for your method?

daily & weekly?

thanks
Hi Hanz,

I think you should try daily or weekly. U can catch many pips from these Time frame. The key is Patience. The pattern can also be read and more obvious.
Anyway, i've tried on lower time frame. And it works too.
U have to practice by virtual 1st.Then when u feel confident, and u find it worth trying, u go Live.

Leo
Forex has never been this SO exciteD !!
  • #36
  • Jan 22, 2007 10:02am Jan 22, 2007 10:02am
Hi all,

Just wanna share this latest trade of mine... Will it reach 161.8 fibo?
This is called 1,2,3,4 pattern..


Leo
Attached Image
Forex has never been this SO exciteD !!
  • #37
  • Jan 22, 2007 10:06am Jan 22, 2007 10:06am
Quoting leo2006
Yes.. i have drawn this pairs on monthly chart. I think it has the tendency to go UP. The stoch 8,3,3 and the EMAs are supporting this uptrend.
Anyway, along the Up trend signal, there will be Short Trade If u insist on going LONG with this pairs, u have to be patient and put your stop loss accordingly. Bigger time frame, bigger bounch will happen.
I also check with the daily chart, and again, it shows an uptrend. Usually, when the price passes the 76.4 fibo, it will reach the 161.8 fibo eventually. Unless, there is no sign of Significant reversal pattern.
Here is the latest USD/JPY daily. LONG signal.


LEo
Ok. Usd.JPY has penetrated 127.2 fibo. Next stop, will it be 161.8 fibo??

Let's see..

LEo
Attached Image
Forex has never been this SO exciteD !!
  • #38
  • Jan 22, 2007 10:16am Jan 22, 2007 10:16am
It's me again...

Hope u, guys dont get bored hehe!
This is the latest GBP/USD. I've put LONG since last week. The price has been Up and DOwn. Anyway, it is back on the uptrend in the end. If it succed pass the 100 fibo, our next stop is 127.2 fibo.. or at 1.9880


Happy trading!


LEo
Attached Image
Forex has never been this SO exciteD !!
  • #39
  • Jan 22, 2007 3:19pm Jan 22, 2007 3:19pm
Quoting leo2006
Hi all,

Just wanna share this latest trade of mine... Will it reach 161.8 fibo?
This is called 1,2,3,4 pattern..


Leo
Can I ask, do you consider that pattern to be established? I was also wondering how many candles do u want to see on a chart when searching for formations. Do u use different zooms for different timeframes? Or are u looking from right to left and picking the most recent? And do u place the Fib levels where they should be, or there where u can see a bounce of some levels? Strict look or feeling?

Thx,

I love them candlesticks, i am learning in this direction , so see you around.
  • #40
  • Jan 22, 2007 4:33pm Jan 22, 2007 4:33pm
Quoting leo2006
Herewith i give an example of USD/JPY which had made it's perfect price projection at level 161.8 fibonacci.
Set the 1st signal ( Bearish Engulfing pattern ) at level 100 fibonacci and set the 2nd signal ( Bullish Engulfing pattern ) at level 0. By this way, you can know where the price would be. Once the price over reaches the level 76.4 fibonacci, usually it will hit the level 161.8.


Leo

Do you mind show more detial about how to set from 76.4 - 161.8?
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