I wouldn't put the Fib at the point you have...
153.55.
153.55.
- #31
- Sep 16, 2008 3:57pm Sep 16, 2008 3:57pm
- | Commercial User | Joined May 2007 | 7,685 Posts
There are a few universal truths that I have found:
1) Indicators are crap. However, if it works for someone, that's all that matters.
2) Most people are so worried about micro-movements that none of this will help. Let me ask you this: "Can you be patient enough to wait for action at S/R lines? And I am talking the real ones.....not the ones on the 15 minute charts."
Think of this....if you went long the EUR/USD pair at 1.4300, and got out at 1.4320 - you'd be happy. Your homework is to figure out how much the price changed in percentage terms in that "move". Not much huh?
Just because you have the ability to trade off of a 5 minute chart, doesn't mean you should. I can tell you that a S/R line on a 5 minute charts means almost nothing. One that's on a weekly chart carries real weight.
3) If you cannot find the S/R line, you have two choices: 1) Zoom out farther and drop your leverage, or 2) Move on to the next pair.
Too many people think that they have to be in a trade. I have been too busy to trade for the last 5 weeks. Until then I was up about 40% for the year. Guess what? I'm still up 40%. A lot easier than sweating all of this full blown panic we are seeing in the markets in general. And yes, I missed that massive drop in the EUR/USD lately. Sucks, but there are more important things in life than some imagined value of an imagined currency.
Support and Resistance are the only things I have found to be reliable and universal. It doesn't matter what pair or market. To give you and idea, I even go into S/R lines on the MXN/JPY pair in one of my videos. (I am an instructor at James16) It really can be found......on the weekly chart. It's not a liquid pair, but it can be traded. (Although there are certainly easier pairs.)
I have found this question is what decides how you will do:
"You just had a losing trade. Now what are you going to do?" The answer to that question is what separates the winners and losers. You gotta keep money in that account, no matter how pissed off you get.
I know that question is probably the most important thing, because any idiot can read a chart. Even me.
Clockwork
PS - The more I hear these idiots talk during the campaign, the more I really think I should write in Flav for Prez!
1) Indicators are crap. However, if it works for someone, that's all that matters.
2) Most people are so worried about micro-movements that none of this will help. Let me ask you this: "Can you be patient enough to wait for action at S/R lines? And I am talking the real ones.....not the ones on the 15 minute charts."
Think of this....if you went long the EUR/USD pair at 1.4300, and got out at 1.4320 - you'd be happy. Your homework is to figure out how much the price changed in percentage terms in that "move". Not much huh?
Just because you have the ability to trade off of a 5 minute chart, doesn't mean you should. I can tell you that a S/R line on a 5 minute charts means almost nothing. One that's on a weekly chart carries real weight.
3) If you cannot find the S/R line, you have two choices: 1) Zoom out farther and drop your leverage, or 2) Move on to the next pair.
Too many people think that they have to be in a trade. I have been too busy to trade for the last 5 weeks. Until then I was up about 40% for the year. Guess what? I'm still up 40%. A lot easier than sweating all of this full blown panic we are seeing in the markets in general. And yes, I missed that massive drop in the EUR/USD lately. Sucks, but there are more important things in life than some imagined value of an imagined currency.
Support and Resistance are the only things I have found to be reliable and universal. It doesn't matter what pair or market. To give you and idea, I even go into S/R lines on the MXN/JPY pair in one of my videos. (I am an instructor at James16) It really can be found......on the weekly chart. It's not a liquid pair, but it can be traded. (Although there are certainly easier pairs.)
I have found this question is what decides how you will do:
"You just had a losing trade. Now what are you going to do?" The answer to that question is what separates the winners and losers. You gotta keep money in that account, no matter how pissed off you get.
I know that question is probably the most important thing, because any idiot can read a chart. Even me.
Clockwork
PS - The more I hear these idiots talk during the campaign, the more I really think I should write in Flav for Prez!
- #34
- Sep 16, 2008 4:03pm Sep 16, 2008 4:03pm
- | Commercial User | Joined May 2008 | 1,334 Posts
There are a few universal truths that I have found:
1) Indicators are crap. However, if it works for someone, that's all that matters.
2) Most people are so worried about micro-movements that none of this will help. Let me ask you this: "Can you be patient enough to wait for action at S/R lines? And I am talking the real ones.....not the ones on the 15 minute charts."
Think of this....if you went long the EUR/USD pair at 1.4300, and got out at 1.4320 - you'd be happy. Your homework is to figure out how much the price changed in percentage terms in that "move". Not much huh?
Just because you have the ability to trade off of a 5 minute chart, doesn't mean you should. I can tell you that a S/R line on a 5 minute charts means almost nothing. One that's on a weekly chart carries real weight.
3) If you cannot find the S/R line, you have two choices: 1) Zoom out farther and drop your leverage, or 2) Move on to the next pair.
Too many people think that they have to be in a trade. I have been too busy to trade for the last 5 weeks. Until then I was up about 40% for the year. Guess what? I'm still up 40%. A lot easier than sweating all of this full blown panic we are seeing in the markets in general. And yes, I missed that massive drop in the EUR/USD lately. Sucks, but there are more important things in life than some imagined value of an imagined currency.
Support and Resistance are the only things I have found to be reliable and universal. It doesn't matter what pair or market. To give you and idea, I even go into S/R lines on the MXN/JPY pair in one of my videos. (I am an instructor at James16) It really can be found......on the weekly chart. It's not a liquid pair, but it can be traded. (Although there are certainly easier pairs.)
I have found this question is what decides how you will do:
"You just had a losing trade. Now what are you going to do?" The answer to that question is what separates the winners and losers. You gotta keep money in that account, no matter how pissed off you get.
I know that question is probably the most important thing, because any idiot can read a chart. Even me.
Clockwork
PS - The more I hear these idiots talk during the campaign, the more I really think I should write in Flav for Prez!
Great post man i agree with so much of what you said
- #38
- Sep 16, 2008 4:26pm Sep 16, 2008 4:26pm
Quote from Ed Ponsi from his book Forex Patterns and Probabilities: "Please understand that I'm a skeptic by nature, but the fact is, since I began trading forex and using Fibonacci, I've found it to be uncannily accurate for predicting major support and resistance levels in currency pairs".
There are a few universal truths that I have found:
1) Indicators are crap. However, if it works for someone, that's all that matters.
2) Most people are so worried about micro-movements that none of this will help. Let me ask you this: "Can you be patient enough to wait for action at S/R lines? And I am talking the real ones.....not the ones on the 15 minute charts."
Think of this....if you went long the EUR/USD pair at 1.4300, and got out at 1.4320 - you'd be happy. Your homework is to figure out how much the price changed in percentage terms in that "move". Not much huh?
Just because you have the ability to trade off of a 5 minute chart, doesn't mean you should. I can tell you that a S/R line on a 5 minute charts means almost nothing. One that's on a weekly chart carries real weight.
3) If you cannot find the S/R line, you have two choices: 1) Zoom out farther and drop your leverage, or 2) Move on to the next pair.
Too many people think that they have to be in a trade. I have been too busy to trade for the last 5 weeks. Until then I was up about 40% for the year. Guess what? I'm still up 40%. A lot easier than sweating all of this full blown panic we are seeing in the markets in general. And yes, I missed that massive drop in the EUR/USD lately. Sucks, but there are more important things in life than some imagined value of an imagined currency.
Support and Resistance are the only things I have found to be reliable and universal. It doesn't matter what pair or market. To give you and idea, I even go into S/R lines on the MXN/JPY pair in one of my videos. (I am an instructor at James16) It really can be found......on the weekly chart. It's not a liquid pair, but it can be traded. (Although there are certainly easier pairs.)
I have found this question is what decides how you will do:
"You just had a losing trade. Now what are you going to do?" The answer to that question is what separates the winners and losers. You gotta keep money in that account, no matter how pissed off you get.
I know that question is probably the most important thing, because any idiot can read a chart. Even me.
Clockwork
PS - The more I hear these idiots talk during the campaign, the more I really think I should write in Flav for Prez!