Yeah, I noticed that last night, just before I went to bed. Sorry mate, I'd forgotten all about it.
I'm just not a morning person!
Adr, psych levels, demand & supply trading 14 replies
Standard Pivots and Fibonnaci Pivots? 9 replies
EUR/USD 5min - Trendlines and Pivots 379 replies
Important psych levels 1 reply
Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies
DislikedHere's another trade EV. Price crossed below the confluence of MS1-1.7690 and Psyche level-1.7700 once. Then retraced to near 50%. Made a lower swing high. Entered a trade after the low of the last candle that formed the lower swing high was crossed and price crossed 31.8% retracement. TP placed on 1.7651. Could have placed it at the confluence of S1-1.7611 and psyche level-1.7600. But it's a bit far. As I type this price is bouncing a bit.
Could have entered also after the confluence of MS1-1.7690 and Psyche level-1.7700 was crossed again.Ignored
DislikedCould this be a descending triangle if the descending TL is not broken? Although the ascending TL from the low on Friday is holding prices. Placed a sell stop below.Ignored
DislikedPrice finally broke the descending TL with an ABCD pattern. This downtrend was kind of stiff, but it still went far.Ignored
DislikedGood morning guys. I've been trading EUR/USD most of the night. Big pips due to similar drops. Started out with a BIG gap, which eventually got covered, despite the naysayers. Range for EUR/USD today is all the way up to 4428 (from 4371 last night) back down to 4165. It is now trying to retrace some of that. Symptoms are good.
IYO, dDo these two pairs often run together or is this fluke?Ignored
DislikedI like these type of trades. They demonstrate the power of confluences so well. For instance, the fib retracement hit the 50% line ("1"), which formed part of a confluence with R1, and the 61.8% fib/0.50 psych-line not too far away from that. A nice candlestick reversal pattern (spinning-top/harami), followed by a confirmation candle that pushed through the 38.2% fib line, prompting an entry at "2". Then just enjoy the ride down until "3", when the rather wide confluence of the Main Pivot Point and the fibonacci expansion FE 100% brings price shuddering to a halt. All in all, a good example of the interaction between fibs, pivots and psych-lines.Ignored
DislikedHow do you get the values to show on your fib levels please eyevoltage?
Also can you explain to me how you plot your fib expansions as this has me confused at the moment.......
Thank You.Ignored
DislikedEV, your charts look very simple to follow with the benefit of hindsight, and your calls on cable and EURUSD are generally top notch.
When I draw fibs the picture never seems quite as clear in realtime though!
I am currently using the usual pivot points, together with a 4 hour pivot which shows support and resistance based on the last 4 hours movement in price. Together with an MA ribbon these provide a very clear picture for me during strong trends, and using MTF stochastics enables me to get into a trade after a retracement if the move started overnight (I, like you, am not a morning person, I might start trading in Dubai, the weather will be better than Manchester and I could stay in bed until noon!)
Again, the confluence of the MA ribbons and fib lines has proved useful, especially if this ties in with the overall movement of stochastics (I use 5M, 15M, 30M and 60M stochs and take my trades off a 5 minute chart)
AndyIgnored
DislikedWhich one are you? I hope Baby, 'cos she was a cracker!!
My apologies. Got a bit carried away there!
If you're using MT4 for your charts, then the fib retracements and expansions are already built into the system. All you have to do is draw a line from a high to a low, or low to high, and the system will do the plotting for you.
If you're a bit hazy re fib trading, then I advise you to do a bit of googling, and you'll find loads of information re using fibs. Additionally, study the charts already posted that have fibs drawn, bring up some charts of your own and do a little experimenting with the fib. You'll soon pick it up.
Hope this helps.Ignored