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  • #4,881
  • Aug 7, 2008 10:53pm Aug 7, 2008 10:53pm
Quoting Bobokus
If this push can continue into the London session we may get to see the wheels fall off the wagon.....LOL
Darn, I'm salivating already...
  • #4,882
  • Aug 7, 2008 11:22pm Aug 7, 2008 11:22pm
I am afraid of beeing wipsaw but i think it might be sweet spot for begin thinking about longs.. If this low show support, maybe monday... Who`s MT4 broker have the US$ index on it`s available instrument?
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,883
  • Aug 8, 2008 12:08am Aug 8, 2008 12:08am
price has made a nice drop today but simply because it has dropped a ton dont begin to set bottoms on price because you can miss a short if price tells you that way... price is still very bearish and keep in mind that support at price 9335 of the retracement low is now looked at as resistance and that also matches up with the swing short so a long should be treated like a very tight scalp, for the risk itself I would wait for price to start proving support in the support fibb first (red fibb)

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  • #4,884
  • Aug 8, 2008 12:17am Aug 8, 2008 12:17am
I forgot to say this...ask yourself this is it really worth taking the break of the previous candles high (black arrow) when we only have so much space to run before finding a major resistance from the retracement low as well as the swing low?

My answer is no...let support prove itself first...this is my opinion...
what do you guys think...

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  • #4,885
  • Aug 8, 2008 12:53am Aug 8, 2008 12:53am
Hello!
I would like to show You, how I use the fib lines.
I set the fib high & low to the retracement high & low, (not to the swing high & low), as You see on the attachments. This way requires much less fib lines, and the lines you see is more directly connected with the recent movement. The lines I use, is 0.382, 0.618, 1.618, 2.0, 2.618, and the mirror of those (-0.618, -1.0, -1.618).
On the above examples, the swing high is on the 2.0 / -1.0 level, so the retracement is 50% of the swing. This way I don't use 0.5, 0.72, or other lines, but You see, I have the all lines, that I need (I mean, the 0.618 and 1.382 of the retracement, and the possible target lines, 1.618, 2, and 2.618 of retracement).
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  • #4,886
  • Aug 8, 2008 1:01am Aug 8, 2008 1:01am
A break of the previous candles low can be a good short setup based on price action and the fact price rejected to continue up after braking the small siwng high...

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  • #4,887
  • Aug 8, 2008 1:02am Aug 8, 2008 1:02am
Quoting Shermenator
I forgot to say this...ask yourself this is it really worth taking the break of the previous candles high (black arrow) when we only have so much space to run before finding a major resistance from the retracement low as well as the swing low?

My answer is no...let support prove itself first...this is my opinion...
what do you guys think...

Attachment
I strongly agree...
  • #4,888
  • Aug 8, 2008 8:18am Aug 8, 2008 8:18am
Hi everyone. Want to say that its wonderful all the work everyone has done on fibs. I've never seen a group of avid fibbers like this on line. Have read most of the thread and started back testing somethings. I was looking at the daily chart for EURCAD and saw a price drop on 12/24/07 of 7150 pips. Did the Canadians or Europeans assasinate Santa Claus that day? What was the news that day or was everyone cashing in for Christmas?
  • #4,889
  • Aug 8, 2008 9:03am Aug 8, 2008 9:03am
Quoting kpt1956
Hi everyone. Want to say that its wonderful all the work everyone has done on fibs. I've never seen a group of avid fibbers like this on line. Have read most of the thread and started back testing somethings. I was looking at the daily chart for EURCAD and saw a price drop on 12/24/07 of 7150 pips. Did the Canadians or Europeans assasinate Santa Claus that day? What was the news that day or was everyone cashing in for Christmas?
I dont follow that pair but it seems that would just be bad data.
  • #4,890
  • Aug 8, 2008 9:13am Aug 8, 2008 9:13am
The wheels fell of the wagon alright...testing the next major support from Cables 2 year uptrend (Nov05-Nov07).
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  • #4,891
  • Aug 8, 2008 9:30am Aug 8, 2008 9:30am
Quoting Bobokus
The wheels fell of the wagon alright...testing the next major support from Cables 2 year uptrend (Nov05-Nov07).
Yup seems like the EurUsd is also doing some major testing...
  • #4,892
  • Aug 8, 2008 9:41am Aug 8, 2008 9:41am
Hi Bob, I notice about 2weeks Ago that the Fibs was so tighten, which is not always be like that before, when i draw my daily activity:i mean my Intraday Fibs, its always tight to get the pips within my T1 and T2 on hourly timeframe as well. so i dont know what i can do to that,Is there any other way i can be drawing it? Have a look At this screen shot and help out,thanksHoneyboyFollow your trend........
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  • #4,893
  • Aug 8, 2008 9:48am Aug 8, 2008 9:48am
Does it make trading fibs, difficult, I can't find any trade oppurtunity.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #4,894
  • Aug 8, 2008 9:57am Aug 8, 2008 9:57am
Quoting honeyboyfx
Hi Bob, I notice about 2weeks Ago that the Fibs was so tighten, which is not always be like that before, when i draw my daily activity:i mean my Intraday Fibs, its always tight to get the pips within my T1 and T2 on hourly timeframe as well. so i dont know what i can do to that,Is there any other way i can be drawing it? Have a look At this screen shot and help out,thanksHoneyboyFollow your trend........
Im not sure I understand how your placing your Intraday. Are you saying your Intraday is drawn from 2 weeks ago ?. The Intraday is what you want to measure basically each days movement and you move it up each day. Mine would have looked like this.
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  • #4,895
  • Aug 8, 2008 10:20am Aug 8, 2008 10:20am
So Bo, unless I see the mushroom cloud in the distance I can assume a drop like 7150 pips in one day is bad data and not the apocalype, right? I had traded that day I assume the trade would be voided, correct?
  • #4,896
  • Aug 8, 2008 10:37am Aug 8, 2008 10:37am
Quoting kpt1956
So Bo, unless I see the mushroom cloud in the distance I can assume a drop like 7150 pips in one day is bad data and not the apocalype, right? I had traded that day I assume the trade would be voided, correct?
LOL, right. I pulled up a chart of that pair and its not on mine.
  • #4,897
  • Aug 8, 2008 10:45am Aug 8, 2008 10:45am
Maybe this can help some of you new guys see whats going on today and the fib progression of following it to see when it can possibly hit a bottom. As long as these little retracements we get and you place a swing on them, price will continue down until we get to a swing where its support levels hold.Until that happens the Intraday fib conitues to grow by pulling the low of it until we show signs of stalling or retracing.

continued on the next post................
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  • #4,898
  • Aug 8, 2008 10:46am Aug 8, 2008 10:46am
Bo, here is screen shot. Just to show everyone what I saw. Ignore the fibs. I was moving them around.
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  • #4,899
  • Aug 8, 2008 10:48am Aug 8, 2008 10:48am
Now we get to the point we are now, where price is beginning to make another one of these small waves up and we repeat the process with the swing to see if its levels hold. The Intraday growing like this will increase the resistance found at its levels also. Blood in the water!, too bad im out of it.
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  • #4,900
  • Aug 8, 2008 10:50am Aug 8, 2008 10:50am
Quoting kpt1956
Bo, here is screen shot. Just to show everyone what I saw. Ignore the fibs. I was moving them around. Attachment

Yep, your brokers data is corrupted somehow, its hapened before.
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