Posting about the fibo fans reminded me of somthing I read a while ago.
Before I go into that I just want to thank Tatton for sharing his trades and knowledge, im starting to see a slightly different picture on things. The fib fan would be a great tool i think in helping with analysis like you say macbow.
I remember reading that it is a great tool to help determine when a change of trend has occured. I believe you plot it as such:
for a downtrend plot from the high point down to most recent strong support low. This should extend fib levels above price. When price starts to enter the fib areas is shows a change of trend is imminent or at least price may go into a range. If price breaks the 76.4 fib then a change of trend is confirmed. I will upload an image showing what I mean.
The opposite is true for uptrend, just use most recent resistant high.
Actually before I carry on i just want to check with you tatton if its ok to be discussing things like this here, I dont mean to be hijaking your thread or ruining it in any way.
hey guys, darn it looks like i missed a sell setup, hm 4hrs ago b4 i wnt to bed i said to myself that s3 would be a good place to short then i went zzzzzz .. now im up and i see this. s3 is 13360. i know some of you guys didnt catch the buy and i just popped on to see if i see a setup.. well guys ill try for more next week.
my buy area yesterday is now heavy support, be careful with today.
discuss whatever analysis stuff you want, we are al here learning, the fans look like a good tool btw.
Tatton I just have a quick quesion if you dnt mind to answer. Actually a couple.
first is the reason you trade gj mostly because it gives good long moves in terms of pips?
also how would you determine the current trend? looking at 4h I see it as now bullish, down to 1h it is bearish, so the higher tf takes precidence, is this how you would analise it?
Tatton I just have a quick quesion if you dnt mind to answer. Actually a couple.
first is the reason you trade gj mostly because it gives good long moves in terms of pips?
also how would you determine the current trend? looking at 4h I see it as now bullish, down to 1h it is bearish, so the higher tf takes precidence, is this how you would analise it?
Ignored
well to be honest im comfortable trading GJ only, i dont want to cloud my mind or judgment. When im good enough to move on and encorperate more pairs i will do so, right now this is my comfort level. Im not a pro trader like some guys i know, im just a guy who puts the time and effort into this. people who know me will vouch for that truth.
i can make enough pips on gj, why do i need to trade more pairs?
if anyone want my opoinion on any pair ask and i will take a look.
i dont know where the gj is going, i just trade what i see. i expect heading south or we could retest prev highs on daily charts, a i said earlier time will tell i will trade my setup and pray that its a winner.
i use 4hr 1hr 30min charts mainly. for scalps i will use 30min and 15min for entry.
