I don't know...these recent calls are questionable, but I agree the guy is good.
, 
- #40,822
- Oct 22, 2008 9:21am Oct 22, 2008 9:21am
- | Joined Jul 2008 | Status: Happiness can only come from within | 1,080 Posts
- #40,823
- Oct 22, 2008 9:22am Oct 22, 2008 9:22am
- | Joined Jul 2008 | Status: Happiness can only come from within | 1,080 Posts
It all depends on what kind of fib study you want to apply, in other words whether you are looking for a continuation or a retrace.
The way you have it on your chart is for a retracement to see the resistance levels if the market turns back up. Fib projections are best used for continuations.
- #40,824
- Oct 22, 2008 9:23am Oct 22, 2008 9:23am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
Quick question for you fib experts.
I'm on the H4 time frame and wanting to draw the fibs.
Can someone have a quick look and see if I've drawn the fibs correctly? Since we are in a down trend I drew from the 'high' of the top of the 'down trend' to the 'low' of the down trend.
edit: the confusing thing about drawing the fibs this way is that I can't see 'where' it is going to go lower. However if I drew the fibs from an uptrend then I would be able to see lower.
In my current chart I cant see any level below the 0 mark.
(level= -.618 description= -161.8); (level= -1.618 description= -261.8);
(level= -3.236 description=-423.6)
Hope this helps. It will let you see the levels both ways.
This way you can always draw the fibs in direction of PA
EDIT: For that matter, you can add whatever negative levels you would like. i.e.-23.6,38.2,50,76.4,100. This is totally up to you
- #40,825
- Oct 22, 2008 9:26am Oct 22, 2008 9:26am
- Joined Aug 2008 | Status: Fear makes us see who we really are | 4,822 Posts
Well, EUR does not seem to have enough power to climb above 1.2900 and if it gets there, it will be heavily shorted so probably pretty safe to short it right now where ever it is
They think they are smarter than I am.
- #40,826
- Oct 22, 2008 9:26am Oct 22, 2008 9:26am
- | Joined Oct 2007 | Status: Trader | 1,236 Posts
hmm...yes, I didn't think of other possibilities such as that. Hmm...good idea. Although I still am not sure where you start the fibs. For example, if in a down trend, do you draw the fibs from top to bottom or the other way around? If you go from top to bottom the scale for the fibs has 100 at the top and goes down in fib levels. If you draw the fibs from the bottom to the top, the fibs have 0 at the top of the screen and progress from there.
So which way should the scale face?
The start of the move should be 0%. This way the application will chart the fibo extensions automatically.
I guess everyone has their own tricks for drawing fibs. Every baker has his/her own recipes.
"Timing Is Everything. Really I Swear It Is"
- #40,827
- Oct 22, 2008 9:29am Oct 22, 2008 9:29am
- | Joined Jul 2008 | Status: Happiness can only come from within | 1,080 Posts
Add a few levels on your fibs by going under properties. On MT4- add levels
(level= -.618 description= -161.8); (level= -1.618 description= -261.8);
(level= -3.236 description=-423.6)
Hope this helps. It will let you see the levels both ways.
This way you can always draw the fibs in direction of PA
- #40,828
- Oct 22, 2008 9:30am Oct 22, 2008 9:30am
- | Joined Jul 2008 | Status: Happiness can only come from within | 1,080 Posts
The start of the move should be 0%. This way the application will chart the fibo extensions automatically.
Fibs are spooky. I want to learn more about them
- #40,829
- Oct 22, 2008 9:31am Oct 22, 2008 9:31am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
Add a few levels on your fibs by going under properties. On MT4- add levels
(level= -.618 description= -161.8); (level= -1.618 description= -261.8);
(level= -3.236 description=-423.6)
Hope this helps. It will let you see the levels both ways.
This way you can always draw the fibs in direction of PA
EDIT: For that matter, you can add whatever negative levels you would like. i.e.-23.6,38.2,50,76.4,100. This is totally up to you
- #40,830
- Oct 22, 2008 9:33am Oct 22, 2008 9:33am
- | Joined Nov 2007 | Status: Trader | 2,903 Posts
holding steady...still like it long...this dollar strength nonsense is just not adding up
- #40,831
- Oct 22, 2008 9:39am Oct 22, 2008 9:39am
- | Joined Jul 2008 | Status: Happiness can only come from within | 1,080 Posts
You are welcome and please notice the edit.
- #40,832
- Oct 22, 2008 9:52am Oct 22, 2008 9:52am
- | Joined Nov 2007 | Status: Trader | 2,903 Posts
Let's go Euro.
Put and end to this Dollar facade!
Put and end to this Dollar facade!
- #40,833
- Oct 22, 2008 9:58am Oct 22, 2008 9:58am
- | Joined Oct 2008 | Status: Trader | 1,035 Posts
ROBOT FOREX
- #40,836
- Oct 22, 2008 10:07am Oct 22, 2008 10:07am
- Joined Aug 2008 | Status: Fear makes us see who we really are | 4,822 Posts
They think they are smarter than I am.
- #40,837
- Oct 22, 2008 10:07am Oct 22, 2008 10:07am
holding steady...still like it long...this dollar strength nonsense is just not adding up
Waiting for fundamentals to catch up with the dollar is not a good idea unless you can take a long EUR/USD position with a stop at 1.15 - Yes 1.15
- #40,839
- Oct 22, 2008 10:17am Oct 22, 2008 10:17am
Sure hope you have a SUPER HUGE stop loss - end to the dollar rally as you want is not going to come that soon - the trend has been in place since july and there is nothing that will change it today or this week. Forget your fundamentals here about US is in a mess - follow the price action - for example go down to a tick chart and see the sharp fall from 1.3 to 1.29 and it will tell you a story of how many euro bulls have thrown in their towels and possibly blown their capital.
Waiting for fundamentals to catch up with the dollar is not a good idea unless you can take a long EUR/USD position with a stop at 1.15 - Yes 1.15