er where have all the Euro bulls gone?
CHART
[VWB potential target is same as j16's confluence area ...]
interesting stuff .... here's something i found during my studies ...
good stuff j16!!!
hey ghous, just wanted to make sure that you understand that fib confluence is when you have 2 or more fibs lining up in the same area. here you only show the 50. confluence could also be with ppz's, tl's, etc., but just wanted to make sure you understood! happy trading!
interesting stuff .... here's something i found during my studies ...
good stuff j16!!!
ok we had a few qs on where did the long run on the Euro suddenly vanish, to me it appeared nothing more then just a typical Friday close characterstics, with the big parties absent from the market low vlume trading can have significant effects on price in terms of spikes and unusual price movments...let me explain...
Eu 4H
http://i81.photobucket.com/albums/j209/ghous/eu4h.gif
coming on to the daily...we still see that lovely pin bar standing as upright as ever...and heres something even more special that i found out just now, the pin bar was formed on a fib confluence too (yes it's the Jim's definiton of the fin confluence i.e 2 fibs close to each other maintaning a strong res/sup area)
http://i81.photobucket.com/albums/j2...us/eudaily.gif
finally here is the weekly just to let you guys know where the longer term fib is coming from...
http://i81.photobucket.com/albums/j2...s/euweekly.gif
overall i still see a great potential on a move to the north by the Euro. ofcaorse i may be wrong or you guys may have a diff opinion but here is what i think and believe, i would have taken the trade on the close of that pin bar and would still have been well in the market maybe running it at breakeven whi;le having a few pips booked earlier on...
EDIT: forgot to mention that there may also be a trnedline bounce off the weekly...see the attacthed chart.
Regards,
Ghous.
wonderful post i really enjoyed it very much but there are usually many swings can u tell me which swings would u draw ur fibs from?
like in the weekly chart why didnt u draw it back from 5 august its lower than the one u drew or even 15 feb its even lower
but ofcaorse that will clatter things so bad you'll hardly see your candles. the main idea is to spot confluence and res/supp regions around current pirce levels. the points you mentioned may well be valid points for fibs but are not as relevant as price is lietrally hundred of pips away from any of those fib levels, we thus only need fibs from recent swings so we get to use this tool effectively and only when and where required.you can draw all the fibs you mentioned in the post infact any fib is valid right from the beginning of the uptrend from 2001..
Regards,
Ghous.
Great stuff Fxgrinder, keep it up
I still cant figure out why on the the lower time frames its much harder to read pin bars. I understand that you have allot of noise, and that your looking at price through a microscope, but I thought a pin bar is a pin bar. When I trade the 15&30 min I just feel like I am gambling at the black jack table ....LOL!!
Think about how easy it is for one trader to move the price 15 pips as opposed to 200 pips (a possible a daily pin range)
That's why it's harder to trade the lower time frames. The lower you go down the more you are getting caught up in general business and other traders positioning. These creating pin bars for no T/A reason. ...just a random event, sometimes even traders over reacting to a previous support area and such during a strong trend for example.
There IS more to it (trading lower TFs), yes. Nothing that can't be learned though. (Like making sure your pin is in the right place for starters.) ....But it's a lot easier learning the main skills on a stable time frame like daily or higher. So many other skills to get good at first, like patience, discipline and confidence. And you can get rich trading dailies anyway! Get good at them first. It's worth it.
