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  • #2,961
  • Edited 1:25pm Apr 13, 2008 1:06pm | Edited 1:25pm
I see the range you are talking abou now...and thanks for anwering bud...but now my question is this type of stuff alawys happends...like when a support or a resistance gives out we are always going to have this happend since we either have a bigger support from above or from below...i believe the solution to that IS PRICE ACTION.I just whant to make sare that is what it is ...or what do you do...

And the other question is when price made that pullback on the eur/usd you can simply say price came to this levels to test them and look at the pullback as part of that move .But that would be the bigger picuture. How do you decide to respect those supports and jump on in long when price got there.

I hope i made sence on the question let me know please...
That in my haed get me a littel confuse...
  • #2,962
  • Apr 13, 2008 4:37pm Apr 13, 2008 4:37pm
Quoting jets211990
I see the range you are talking abou now...and thanks for anwering bud...but now my question is this type of stuff alawys happends...like when a support or a resistance gives out we are always going to have this happend since we either have a bigger support from above or from below...i believe the solution to that IS PRICE ACTION.I just whant to make sare that is what it is ...or what do you do...

And the other question is when price made that pullback on the eur/usd you can simply say price came to this levels to test them and look at the pullback as part of that move .But that would be the bigger picuture. How do you decide to respect those supports and jump on in long when price got there.

I hope i made sence on the question let me know please...
That in my haed get me a littel confuse...
The sentiment is short, price coming up is just the test of resistance if it holds it will continue short from there providing a second entry if you missed the initial failure at the high. to consider longs on the Euro price would have to prove first that it is supported after breaking 1.5841 which isnt likely at this point. Selling rally's is the current mode.
  • #2,963
  • Apr 13, 2008 4:48pm Apr 13, 2008 4:48pm
I understand what you mean now...so lets say this is a spot to take a short since price is holding resitance ...would you come in now ....or on the brake of the counter fibb of the current swing...to short..

And lastly you would of not take a trade long in the orange fibbs in my above chart since the sentiment is bearish ....Let me know if what I am thinking is right...
  • #2,964
  • Apr 13, 2008 5:35pm Apr 13, 2008 5:35pm
Quoting jets211990
I understand what you mean now...so lets say this is a spot to take a short since price is holding resitance ...would you come in now ....or on the brake of the counter fibb of the current swing...to short..

And lastly you would of not take a trade long in the orange fibbs in my above chart since the sentiment is bearish ....Let me know if what I am thinking is right...
Your still placing too much emphasis on the swing or counter fib, and no if the euro had broken above the long level of Friday it would be a scalp, I wouldnt want to enter a long position until its tested support and it held then I would consider a long position.
  • #2,965
  • Apr 13, 2008 5:45pm Apr 13, 2008 5:45pm
Yep.....i got it...awsome......

But what i meant was would you wait for the counter fib to be brocken to coming short...

I know we only whant to take a short position since that previous swing was brocken.And the sentiment is short.

What i whant to know is would you enter short now since price holding at the resistance or to be more secure take the short when white fibbs give out...since they are small supports.

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  • #2,966
  • Apr 13, 2008 5:48pm Apr 13, 2008 5:48pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Hi Bo and Fib Traders!

Please see my G/U charts and U/J charts below with fib levels. Is this what you also have for your intraday and resistance levels?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: april 13 fib hourly.gif Size: 25 KB
Click to Enlarge Name: april 13 fibs hourly.gif Size: 27 KB
"Wishful thinking dies hard." Igor T.
  • #2,967
  • Apr 13, 2008 5:51pm Apr 13, 2008 5:51pm
Quoting jets211990
Yep.....i got it...awsome......

But what i meant was would you wait for the counter fib to be brocken to coming short...

I know we only whant to take a short position since that previous swing was brocken.And the sentiment is short.

What i whant to know is would you enter short now since price holding at the resistance or to be more secure take the short when white fibbs give out...since they are small supports.

Attachment
Still your putting too much emphasis on the counter or swing fib the trade is from the Intraday levels...you want too see the counter or swing fib levels broken waiting on them may put you in the middle of a trade instead of the beginning.
  • #2,968
  • Apr 13, 2008 5:56pm Apr 13, 2008 5:56pm
Quoting FxChi
Hi Bo and Fib Traders!

Please see my G/U charts and U/J charts below with fib levels. Is this what you also have for your intraday and resistance levels?

Cable ......use your Resistance fib from the high of thursday to the low of today which yo may have to set manually since the low today was 1.9622.Your Intraday can be from the high of friday to the low of today 1.9622

Yen.... swap your Intraday and the Resistance fibs around, the Intraday shows the last major movement over roughly 1 days time the resistance fib you can use to measure the overall move down from the high, its levels will be stronger.
  • #2,969
  • Apr 13, 2008 5:58pm Apr 13, 2008 5:58pm
Quoting Bobokus
Still your putting too much emphasis on the counter or swing fib the trade is from the Intraday levels...you want too see the counter or swing fib levels broken waiting on them may put you in the middle of a trade instead of the beginning.

You perfectly answered my question!!!!!!!


By the way do you ussually like to wait for price at any specific number..
Like do you like to enter if price holds at the 38.2 fibb
or you rather it be a bigger fibb...
An example would be lets say price stall at a 38.2 fibb would you rather see a deeper pullback...or you dont mined since price is showing that is holding?
  • #2,970
  • Apr 13, 2008 6:05pm Apr 13, 2008 6:05pm
Quoting jets211990
You perfectly answered my question!!!!!!!


By the way do you ussually like to wait for price at any specific number..
Like do you like to enter if price holds at the 38.2 fibb
or you rather it be a bigger fibb...
An example would be lets say price stall at a 38.2 fibb would you rather see a deeper pullback...or you dont mined since price is showing that is holding?
Thats where price action or reaction comes into play, if the price action dictates price failing at that point yes. There are many traders that trade from the fib levels themselves but i need to see price action agree with what Im seeing first.
  • #2,971
  • Apr 13, 2008 6:07pm Apr 13, 2008 6:07pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Ok so it should look like this then? Resistance swing is larger than intraday swing?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: april 13 fib hourly2.gif Size: 25 KB
Click to Enlarge Name: april 13 fibs hourly2.gif Size: 26 KB
"Wishful thinking dies hard." Igor T.
  • #2,972
  • Apr 13, 2008 6:11pm Apr 13, 2008 6:11pm
Quoting FxChi
Ok so it should look like this then? Resistance swing is larger than intraday swing?
Yes, for Cable.. just manually set your low of those fibs to 1.9622 the actual low today.
Attached Image (click to enlarge)
Click to Enlarge Name: cable_intraday.gif Size: 21 KB
  • #2,973
  • Apr 13, 2008 6:17pm Apr 13, 2008 6:17pm
Hey bud let me know if USD/CHF is correct...as i can see price is in a bullish sentiment since the prior swing gave out from price 0171 to price 0.9868 also as i can see price is holding support...The orange fibbs appear to be resistance but fallowing the rules sentiment is bullish since it brock the precvious swing i metioned ...let me know if I am looking at it right.

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  • #2,974
  • Apr 13, 2008 6:24pm Apr 13, 2008 6:24pm
Quoting jets211990
Hey bud let me know if USD/CHF is correct...as i can see price is in a bullish sentiment since the prior swing gave out from price 0171 to price 0.9868 also as i can see price is holding support...The orange fibbs appear to be resistance but fallowing the rules sentiment is bullish since it brock the precvious swing i metioned ...let me know if I am looking at it right.

Attachment
Try to focus on 1 or 2 pairs until you get the feel for it, trying all these pairs at once and your just going to confuse yourself and create a tremendous workload on yourself that isnt necessary, trading 1 pair is really all you need.
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  • #2,975
  • Apr 13, 2008 6:24pm Apr 13, 2008 6:24pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Appreciate it bud. Will set it to 1.9622. My broker isn't showing that price though. What site/source can I use for days like this where there's a gap and my broker doesn't show the correct low?
"Wishful thinking dies hard." Igor T.
  • #2,976
  • Apr 13, 2008 6:28pm Apr 13, 2008 6:28pm
Quoting FxChi
Appreciate it bud. Will set it to 1.9622. My broker isn't showing that price though. What site/source can I use for days like this where there's a gap and my broker doesn't show the correct low?
I use SaxoBank they seem to open and close at the correct times. Their platform is more difficult but I found I can rely on the prices.
  • #2,977
  • Apr 13, 2008 6:31pm Apr 13, 2008 6:31pm
Quoting Bobokus
Try to focus on 1 or 2 pairs until you get the feel for it, trying all these pairs at once and your just going to confuse yourself and create a tremendous workload on yourself that isnt necessary, trading 1 pair is really all you need.

Yep thanks again...yea i know i just whanted to see if my charts would look like yours...like that i feel like Iam on the right directions...thanks for answering my millioin questions once again lol.
  • #2,978
  • Apr 13, 2008 6:32pm Apr 13, 2008 6:32pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Thank you Bo. My low was 1.9657, more than 30 pips from the low. Obviously that would've given me incorrect levels, so I'll definitely check em out.
"Wishful thinking dies hard." Igor T.
  • #2,979
  • Apr 13, 2008 6:35pm Apr 13, 2008 6:35pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
How come this time our Resistance fib swing is larger than our Intraday fib swing? I thought normally our Intraday fib swing is the larger of the two.
"Wishful thinking dies hard." Igor T.
  • #2,980
  • Apr 13, 2008 6:36pm Apr 13, 2008 6:36pm
Quoting FxChi
Thank you Bo. My low was 1.9657, more than 30 pips from the low. Obviously that would've given me incorrect levels, so I'll definitely check em out.
It comes in handy to have prices from different sources and I looked to find one outside the US that will show the correct market open and close times, since the US brokers are not open at the correct times from some reason. But if you use technicals and rely on their prices like today you'll be far off from the actual market.
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