Cable Update (GBPUSD)

Quoting davids

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I am still confused as to the best fib settings to use I mostly use the MA's as floating support and resistance as recommended by EO, but in an effort to learn I have been playing around with fibs on my charts as a lot of the books I am reading recommend fibs some people are using highs and lows from January others are using highs and lows from 10 days ago. I really would appreciate it someone could tell me the best high and low to use, is there a standard way of doing this?
Thanks

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Quoting biax

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buy @ 1.3755. SL 1.3756 tp 1.3805 (fib 50.0 daily) if price bounce from that

point, i will open sell.


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Quoting Tmac

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it depends on the Tf you intend to trade from, the higher TF the farther back you will go for the high/low for your fibs and vise versa.

always have more than one chart for fibs

you can always use fib retracements also

here are some to play with

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Quoting davids

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Thanks Mate

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Quoting Tmac

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pretty chart.....

do I count 13 various MA's? and super signals?

learn price action on the pair you choose to trade and you will never need all those squiggly lines...but it is pretty with all those colors

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Quoting biax

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thank you

Nope, I just use 8 MA, 1 super signal, 3 BB ( daily,weekly,monthly) and fibo line.

that 8 MA I use for scalp, midle trend and long trend

I just a n00b and i love art

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Quoting davids

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I am still confused as to the best fib settings to use I mostly use the MA's as floating support and resistance as recommended by EO, but in an effort to learn I have been playing around with fibs on my charts as a lot of the books I am reading recommend fibs some people are using highs and lows from January others are using highs and lows from 10 days ago. I really would appreciate it someone could tell me the best high and low to use, is there a standard way of doing this?
Thanks

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Quoting Tmac

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open a 1hr and make it small, dont zoom in and add fibs from a high point to a low point, right now it really does not matter where they are, just get use to adding them correctly

open a 4hr do the same

open a dialy do the same

open now a 30 min and do the same

personally I would not go lower than 4hr for fibs but you can use 30 min charts once you get good with them, I have seen some use 15 and 5 min but do not understand that at all

once you get use to them then look for strong S/R points and use them

some use daily fibs from one day...

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Quoting Inzider

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Watch this:

use 10/20/50/62/200/600 EMA. Those are the most commun use around.
When price is over 50/62ema, its bullish, under, bearish. If 10 ema cross over 50/62 whit a close candel over 15 min TF, then trend have change side.

When price make a leg, then return to 10 or 20 EMA, do an Hammer or an inside bar, enter 4 to 5 pips higher or lower that bar depending on the 50/62 ema side that you are. 50/62ema are good too just more risky.

For fibs, yes take, daily, 4h, 1h, High Low, plot fibs. For 15 chart, get yesterday high and low. Enter...

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Quoting Tmac

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and now is a good time to play when the market has no liquidity and not tradable


the only people that trade in conditions like this with little or no liquidity are rookies or those that must be in a trade to trade

remember this simple rule

do not chase the market..let the market come to you

it will give if you will wait

too many click to trade with no plan

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Quoting smartalicus

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And after that?..........

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Quoting Inzider

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Next level :

use yesterday HL, we are now at 0%, -0.27% is at 1.3631, 1h -0.618% fibs = 1.3640, if not 4h -1% = 1.3524 or daily 0% 1.3502

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Upper: 15Tf = 1.3714, 1.3740, 71, 97

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I'm 110 pips in yet... better like when its moving...

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Quoting Inzider

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Hehe! I wish bud!

I'm like you i scalp most of the time.
My account is so small that i catch all i got before any correction.
Right now adding today school trading + tonight last 2h30min makes me 250 pips = 63% profit today... funny...

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That 1.3850 trade would have been a killer!
But i got more pips then if i would have done only 1 trade...
Anyway... happy me...

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