Dislikedi agree..its all probabablity...take yesterdays trade on Gbp/usd, im a fibo trader 95% of my trades are fib trades.....yesterday cable didnt respect fib law at all..
as a price action trader yes u do need to study price action at these magical numbers and these leads to bigger stops...and mostly its the support or resistance confluence which lead to the change not the numbers itself..it just so happens that at the magical number there is majar support or resistance...
in a nutshell fibs just add confirmation....and not all roads lead to rome..80%...Ignored
Cable Update (GBPUSD)
- #104,562
- Dec 5, 2008 1:30am Dec 5, 2008 1:30am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
- #104,564
- Dec 5, 2008 1:40am Dec 5, 2008 1:40am
Oi, put something on! 
Maybe a pinstripe Fib or S&R.
and nAv, that is not entirely true, a lot of fibs were respected yesterday and in fact there are some very phenomenal coincidences between the fibs and S&R levels probably as a result of the fact that most traders are mainly focused on these 2 things.
The actual turning points for the highs and lows yesterday were fib levels and S&R levels and it is the confluence of these 2 things that I find the most important. All we are looking for is levels that are important to significant others...
Maybe a pinstripe Fib or S&R. and nAv, that is not entirely true, a lot of fibs were respected yesterday and in fact there are some very phenomenal coincidences between the fibs and S&R levels probably as a result of the fact that most traders are mainly focused on these 2 things.
The actual turning points for the highs and lows yesterday were fib levels and S&R levels and it is the confluence of these 2 things that I find the most important. All we are looking for is levels that are important to significant others...
Did someone mention naked charts lol. Naked what a great word.
Did i show you my naked lol
here it is again
Ride the Bulls bearback!
- #104,565
- Dec 5, 2008 1:43am Dec 5, 2008 1:43am
you have way too many lines on that chart. no matter what the price does you will have a justification for it and say it did this because of resistance here or because of support there.. that's just like putting a bunch of indicators on your chart, profiting in forex for a month according to those indiciators and think that they actually help, however it could have been due to total randomness and luck.
Sorry, that I don’t add any comments in my last post. I always thought that a picture says more than dozens of words. Anyway, that is just only your judgment (‘too many lines on that chart’).. as for me it’s OK. And I don’t mean that I’m waiting for moment when price touch any of those lines or numbers, or whatever...no… I’m just was waiting for London session & an opportunity… That’s all…
ps: good new name to such old instrument – ‘too many lines on that chart’
thank u
- #104,566
- Dec 5, 2008 1:43am Dec 5, 2008 1:43am
Umm fibbs are very precise my friend...you just have to know how to use them very well....this is all I use nothing else...and every road leads to rome lol just some people keep on swaping from road to road lol ( trying new systems every week lol ) or simply deviate from the goal.
- #104,567
- Dec 5, 2008 1:46am Dec 5, 2008 1:46am
I'm wondering , why are you in this thread???? Yo can be in a fibo thread ....I have been in this thread from a couples of weeks and is really great ,people here are nice ,and everybody is happy whith this way of trade , I dont know why are you here?????
Most of us here use Fibs...
- #104,568
- Dec 5, 2008 1:47am Dec 5, 2008 1:47am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
I'm wondering , why are you in this thread???? Yo can be in a fibo thread ....I have been in this thread from a couples of weeks and is really great ,people here are nice ,and everybody is happy whith this way of trade , I dont know why are you here?????
- #104,571
- Dec 5, 2008 1:50am Dec 5, 2008 1:50am
Yes, lets be nice. Sherm is a good trader and every input is valuable even if it is against other's trading styles. We are all here to share ideas even if it involves barenaked charts. Steelhead makes great calls with nothing on the chart. "Expert" makes great calls with 355 indicators and lines on his chart. Both are successful traders.
I'm wondering , why are you in this thread???? Yo can be in a fibo thread ....I have been in this thread from a couples of weeks and is really great ,people here are nice ,and everybody is happy whith this way of trade , I dont know why are you here?????
Ride the Bulls bearback!
- #104,573
- Dec 5, 2008 1:58am Dec 5, 2008 1:58am
- | Joined Dec 2006 | Status: o_O | 1,511 Posts
Fly cable flyyyyyyy....
- #104,575
- Dec 5, 2008 2:02am Dec 5, 2008 2:02am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
I am long from 4690 ....
I will scale out 90 percent of my trade once price hits 4736 area...after that I will trail the market with previous candle low from the 4 hour chart...
I will scale out 90 percent of my trade once price hits 4736 area...after that I will trail the market with previous candle low from the 4 hour chart...
- #104,578
- Dec 5, 2008 2:12am Dec 5, 2008 2:12am
I guess we need to repeat this again.
Shorts should not be taken as market is going down. Longs should not be taken as market is going up.
Shorts above 1.4800 should be considered if conditions are right.
Longs should be taken at or below 145.
any questions lol. Im in a silly mood tonight lots of laughs.
I am long since 4651 and locked in profit.
But that's what I like about this forum... different styles of trading.
I never used MAs before I read eo's thread and observed the way he is trading together with infinity.
All in all, it all depends what you are looking for, i.e how many pips per trade.
I do respect your calls but for me it's mainly PA and Fibs that do the job.
