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  • #501
  • Sep 11, 2008 4:35pm Sep 11, 2008 4:35pm
Quoting Islander
Fine, but where's the harmony from respecting earlier fib retracemets and expansions?? - without these I dont think you have a viable use of the Fib Zones......
With that line of thinking then a pair must retrace to a inner fib level in order to be a valid trade !!

I can see harmony in that chart......... I hope it also helped others to see it too.

Dean.
perception is reality
  • #502
  • Sep 11, 2008 4:36pm Sep 11, 2008 4:36pm
You know, I went back and looked at a video and I saw (just barely!) that there is indeed a third point on Mouteki's expansion tool. I opened my chart and duplicated exactly the move he showed in the video and the expansion tool does automatically draw to the .50 retracement.

So to keep on the same page as Mouteki, my retracement tool adjustments won't work. I haven't tried Silkrhino's adjustment for myself but those may be the levels the work.

Or.....I could just shut up and use the Expansion tool
  • #503
  • Sep 11, 2008 4:40pm Sep 11, 2008 4:40pm
Hey Barak,

I'm glad that helped!

As far as what constitutes a trade signal from these levels....well, you could probably ask a dozen different traders and get 8 or 10 different answers. As far as how Mouteki uses them? He's yet to show us, but it's coming!
  • #504
  • Sep 11, 2008 4:54pm Sep 11, 2008 4:54pm
Quoting RandyG67
Hey Barak,

I'm glad that helped!

As far as what constitutes a trade signal from these levels....well, you could probably ask a dozen different traders and get 8 or 10 different answers. As far as how Mouteki uses them? He's yet to show us, but it's coming!

I hope he will show when a retracement counts as a trade signal , since this is where the money is , if we can know where the pair is done reracing and goes back to the original move ... well my friend , I don't need more then that...

Mouteki said that there is more to come , I'll be waiting in patience.

anyway , thank you.
  • #505
  • Sep 11, 2008 5:14pm Sep 11, 2008 5:14pm
Quoting GammaTrader
The Fibonacci Expansion Tool in the MetaTrader 218 version (the newest version of MetaTrader) has three inputs. If there is a move down then the first input is the high of that move, the second input is the low of that move and the third input is the retracement high of that move. From this third input is the Fibonacci expansion counted on Mouteki's charts. I do not know which version of MetaTrader Mouteki uses as I did not see that he selected that third input when drawing the Fibonacci expansion levels.
I would be interested as well if Mouteki would answer to this in his video or here.
Hi GammaTrader,

You question has been asked here and on Mouteki's site and it has not been answered by Mouteki. I was hung up on this until I decided to either use the expansion tool as it was intended by the chart makers, or not use it at all, but that's just the way I am. When using the 3 points if I found it highlighted harmony when checking out a pair then I keep it, if not then I don't. People add and subtract things to a system to help it make sence to them, if it does not make sence to you don't feel you have to use it. Mouteki's has presented an eye opening idea here an I appreciate his kind sharing.

Dean.
perception is reality
  • #506
  • Sep 11, 2008 6:06pm Sep 11, 2008 6:06pm
EURUSD retraced at 50.0.

Going down =)
  • #507
  • Sep 11, 2008 7:06pm Sep 11, 2008 7:06pm
Quoting Barak's pip
I hope he will show when a retracement counts as a trade signal , since this is where the money is , if we can know where the pair is done reracing and goes back to the original move ... well my friend , I don't need more then that...

Mouteki said that there is more to come , I'll be waiting in patience.

anyway , thank you.
Everyone keeps asking when is a retrace considered a valid set up. First of all, nobody knows the answer for sure. Everyone has a different method to determine what they believe is valid. Mouteki has explicitly stated that what he is offering is a plan or a map, so to speak. It is our responsibility to determine entry, money management, etc...

I think it would be a good idea to begin discussions within this thread as to how the collective minds here determine their entry. Personally, price action seems like a solid form of measurement, however not everyone will interpret this the same way.

I just hope people don't get let down if there is no "entry" signal provided by Mouteki or others. It's on us to take this plan of action that has been provided and make it work.

This post was not a shot at you, Barak. Not in anyway at all.
  • #508
  • Sep 11, 2008 7:14pm Sep 11, 2008 7:14pm
  •  itguy
  • | Joined Sep 2006 | Status: 110..220....Whatever it takes | 39 Posts
Quoting ozziedave
Hi ITguy,

First off the indicator you've put together is really helpful. I like that you can add in the 89 fib if you so choose to do that. With that said, I do have a few suggestions to make the indicator a bit more user friendly/defined.

1. Have an input field that allows the user to determine the base line price. Then when the user chooses the trend direction it will just project the lines either up or down depending on which direction is choosen.

2. Add input fields to be able to choose the type and style of line used. This would be the same feature that you have when you add a horizontal line from your MT4 plateform. I find the big bold lines tend to clutter up the chart.

I think if these features where added you'd have an indicator that would meet most peoples needs/requests.

Keep up the great work.
Thanks. I will make the adjustment for line type, but for #1 once you place the indicator on the chart just select the base 0 line and drag it where you want it and the other lines will follow at the next price tick.

This seems to be confusing people though so I may change it to ask for an input.

You can also select the base 0 line and right click it choose horizontal line properties and type the value in the box just like a normal line.

I'll post it a bit later tonight.
  • #509
  • Sep 11, 2008 7:29pm Sep 11, 2008 7:29pm
Quoting RandyG67
You know, I went back and looked at a video and I saw (just barely!) that there is indeed a third point on Mouteki's expansion tool. I opened my chart and duplicated exactly the move he showed in the video and the expansion tool does automatically draw to the .50 retracement.

So to keep on the same page as Mouteki, my retracement tool adjustments won't work. I haven't tried Silkrhino's adjustment for myself but those may be the levels the work.

Or.....I could just shut up and use the Expansion tool
To those of you askng about the expansion tool. On your chart you place the expension tool on the high and low of your Fib retracement tool. The expansion tool will automatically draw the 3rd point (point C) to the 50% retracement line. You can click on the expasion tool and adjust point C to any line on the fib retracement tool if you like. In all of the videos I've watched Mouteki has never adjusted the 50% expansion point. I'm sure that Mouteki has drawn and re-drawn these lines a million times and he's decided that the 50% retrace line works the best.
  • #510
  • Edited 10:55pm Sep 11, 2008 7:33pm | Edited 10:55pm
Quoting itguy
Thanks. I will make the adjustment for line type, but for #1 once you place the indicator on the chart just select the base 0 line and drag it where you want it and the other lines will follow at the next price tick.

This seems to be confusing people though so I may change it to ask for an input.

You can also select the base 0 line and right click it choose horizontal line properties and type the value in the box just like a normal line.

I'll post it a bit later tonight.
Hey ITguy,

Never thought of draging the zero point...Doooh. After you fix the zero point to your chart does the zero point ever change when you change charts and then go back to that specific chart? Being able to change the line color and style, and type would be a real bonus.
  • #511
  • Sep 11, 2008 7:51pm Sep 11, 2008 7:51pm
All looks a bit psychedelic with so many lines. Reminds me of a bad acid trip from my youth

Seriously if you stick enough lines on a chart then chances are one of them will be hit as support or resistance.
Attached Image
  • #512
  • Sep 11, 2008 8:00pm Sep 11, 2008 8:00pm
  •  itguy
  • | Joined Sep 2006 | Status: 110..220....Whatever it takes | 39 Posts
Quoting ozziedave
Hey ITguy,

Never thought of draging the zero point...Doooh. After to fix the zero point to your chart does the zero point ever change when you change charts and then go back to that specific chart? Being able to change the line color and style, and type would be a real bonus.
Ok here is v3, you can change line style and all other style option.

The lines won't change if you change timeframes on the same chart. Closing mt4 and reopening though will. I could code it so it would keep it's level when you close and reopen mt4, but A. that's making it more complicated than it needs to be and B. having to reposition it if you close and reopen mt4 isn't a bad thing imo, it forces you to reanalyze your charts.

Now if we wanted to get really freaky, I could add alarms, make each line level type, width and color adjustable, add email alerts etc..... However spending that kind of time and making it that complex seems a bit much for a simple level indicator.

I might mess with adding those features when I have time. For now this version pretty much fits the job.
Attached File(s)
File Type: mq4 Fib Levels v3.mq4   17 KB | 757 downloads
  • #513
  • Sep 11, 2008 8:20pm Sep 11, 2008 8:20pm
Quoting willf
All looks a bit psychedelic with so many lines. Reminds me of a bad acid trip from my youth

Seriously if you stick enough lines on a chart then chances are one of them will be hit as support or resistance.

Window pane is great,but............Those lines all have a purpose along the way,as you go on the earlier ones get left behind.They really print out a powerful map,if understood.I have been studying forex for about 13 months and have really read over the same stuff over and over.But these fibanacci sequence zones are new to me.It gives you some boundaries to work your retracements through.Kind of a missing part of the puzzle for me.Goodtrading to all
  • #514
  • Sep 11, 2008 8:44pm Sep 11, 2008 8:44pm
Let's say you've been following a move and it has moved outside of the 161.8 expansion level. Does this effectively render that Fib useless?
  • #515
  • Sep 11, 2008 8:49pm Sep 11, 2008 8:49pm
Greeting Forum Friends,

I wanted to step away from the charts and videos for a moment and brief the current mission we are all on at the moment: Financial Freedom Through The Forex Market

For two weeks now, we have been introducing our fibonacci analysis to the factory.

I get the feeling that everyone who is following is eager to move on from the fibonacci analysis and thus, that is why I have decided to do so.

Our next phase in successful trading, is understanding Economic Data.

We use economic data, being fundamental new announcements, to verify directions in the market we believe the fib zones have outlined.

Take the Nzd/Chf analysis we have been talking about lately as a good example. We have been waiting for this currency to drop to the 610 fib sequence level for quite a while, and yesterday once the interest rates got cut in New Zealand we saw the cross take a nice 200 pip drop south.

Confluence of events, being a currency hugging a retracement zone, until a fundamental comes out the way it is needed to continue to the next fib zone. Take a look at the Nzd/Chf and you will see exactly what I mean.

There are hundreds of Fundamentals released a year but we only target a select few a month since we have formulated mathematically the impact a fundamental will have on a currency.

So, in our next section...fundamental analysis, we will be revealing previous fundamentals that moved currencys through fibonacci zones.

Writing is not my natural god given talent, so if you seem a bit lost or confused with my post...trust me, it will all unfold before your eyes shortly...

Remember, that fundamentals is part two of my trading methodology. What we are accomplishing with fibonacci and fundamentals is safe spots in the market for us to trade.

For those who seem a bit worried on enter/exit, stop loss/profit...remember what I said in the begining...Patience is KEY!!!

Remember, with Fibonacci and Fundamentals we map out the market. With the third part, analysis of volume in the market...we will pick apart the treasure map we have created and introduce entry/exit and stop loss/profit placement.

I am in the process of compiling many previous examples of fundamentals and fibs to help better explain this theory to you...I will not be presenting a video tonight as I need more time to complete the first presentation of Fibonacci and Fundamentals...

I have the impretion that many enjoy the videos as a form of learning, but at the same time I feel that people may need change to keep them interested...

If anyone has a idea on how to present this data other than video, please...drop me a pm and let me now whats on your mind...

I hope this post puts everyone on the same page as I prepare to release the new data fibs&fundamentals...if you are just joining please take time and review all of the eleven videos already on my blog...They should help!

With that said, I wish everyone a Happy Trading week and many pips.

Peace,
-M
  • #516
  • Sep 11, 2008 9:20pm Sep 11, 2008 9:20pm
Mouteki, you are a man of honor and integraty. Im sure most of use know here on FF that what you are freely giving to use is priceless. In the past I've paid hundreds monthy for daily video training that doesn't even compare to what you are teaching use. There is a reason for everything and believe me you will be awarded tenfold. Again, thanks, you will change many lives.
  • #517
  • Sep 11, 2008 9:40pm Sep 11, 2008 9:40pm
I think the videos and the upcoming pdf are a great way to learn your method. I haven't had any trouble following so far. I wouldn't change a thing.
  • #518
  • Sep 11, 2008 9:43pm Sep 11, 2008 9:43pm
Mouteki,
I also would like to express my gratitude for your willingness to share with us, a method and process toward successful trading. It is brilliant and I can't wait to see what else you bring to the table. Please ignore any naysayers and doubters, because there are many on this thread, including myself, who truly value and appreciate what you have to offer. Keep up the good work!!!
  • #519
  • Sep 11, 2008 10:04pm Sep 11, 2008 10:04pm
I have been watching this pair since i posted last news came out today for the nzd Core Retail Sales m/m and Retail Sales m/m which were worst than expected so i beleive the market should continue to retrace past the 50 % then to the 61% retracement level where we may have another news announcement for either the aud or the nzd which could turn the market.

With reguards to volume here is my take view the C.O.T. report to see if there is a change in net positions from the previous report or several of the recent reports for large commercials to see if they become one-sided in their market view in the direction you are looking to trade.

would like to know what you all think
Attached Image (click to enlarge)
Click to Enlarge Name: ausnzd.gif Size: 27 KB
  • #520
  • Sep 11, 2008 10:25pm Sep 11, 2008 10:25pm
Quoting moutekitrader

If anyone has a idea on how to present this data other than video, please...drop me a pm and let me now whats on your mind...

I hope this post puts everyone on the same page as I prepare to release the new data fibs&fundamentals...if you are just joining please take time and review all of the eleven videos already on my blog...They should help!

With that said, I wish everyone a Happy Trading week and many pips.

Peace,
-M
Oanda has a great tool showing the news impact on charts, I was thinking myself of projecting fibs on those maps, but I guess you're way ahead of me..can't wait for your method

http://fxtradeinfocenter.oanda.com/m...seffects.shtml

video is nice for training but it may be time consuming to make those videos, text would do just fine; it's not the wrapping of the info, but the insight revealed, because... you can't really learn something, unless you know it already
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