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Trade what you see NOT what you expect

  • #1,461
  • Mar 10, 2009 7:57pm Mar 10, 2009 7:57pm
Quoting davids
Might not be a bad decision as the 50SMA on the 15M seems to be rejecting the price ATM
My original target was 1.3825, but the 35/50 in conjunction with the 50 fib made my mind up for me.
Hi, my name is Barry and you can keep your doctor...
  • #1,462
  • Mar 10, 2009 8:08pm Mar 10, 2009 8:08pm
Quoting cisco
My original target was 1.3825, but the 35/50 in conjunction with the 50 fib made my mind up for me.
  • #1,463
  • Mar 10, 2009 8:15pm Mar 10, 2009 8:15pm
Quoting cisco
My original target was 1.3825, but the 35/50 in conjunction with the 50 fib made my mind up for me.
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?
  • #1,464
  • Mar 10, 2009 8:32pm Mar 10, 2009 8:32pm
Quoting davids
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?
I'm certainly no expert. I'm sure there's a bunch of people around here that have forgotten more than I know. In fact, there may even be a thread around here somewhere on the subject. As for me, I try to keep it simple. I'll plot the fibs from yesterday's high to low or vice versa. I'll also plot fibs from the last major move. Today when it moved down from 1.3900 to the low at 1.3685, I plotted those fibs. You can get anal about it and have so many lines on your chart that you can't make heads or tails of it. I don't like that, so I don't do it because it only confuses me as I'm easily confused.

When you get to a point on the chart when fibs are very close to each other and maybe the 35/50 is right there, then maybe that's an area where you need to keep an eye on it. Same goes for trend lines and s&r being very close to your fibs. I've often seen those situations provide turning points. HTH!
Hi, my name is Barry and you can keep your doctor...
  • #1,465
  • Mar 10, 2009 8:46pm Mar 10, 2009 8:46pm
Quoting cisco
I'm certainly no expert. I'm sure there's a bunch of people around here that have forgotten more than I know. In fact, there may even be a thread around here somewhere on the subject. As for me, I try to keep it simple. I'll plot the fibs from yesterday's high to low or vice versa. I'll also plot fibs from the last major move. Today when it moved down from 1.3900 to the low at 1.3685, I plotted those fibs. You can get anal about it and have so many lines on your chart that you can't make heads or tails of it. I don't like that, so I don't do it...
Thanks Mate
  • #1,466
  • Mar 10, 2009 10:19pm Mar 10, 2009 10:19pm
Quoting baz
GBP_USD Spot.png
if prices remain at the current levels,than it wiill be a confirmed PIN,@ a round number and a MONTHLY SUPPORT.......but care as we are in a DOWNTREND.
the bar completes in 15 minutes.....a 3 hr chart

baz
That's a nice looking chart. I'd like to see one now since we're 6h past then. I need to setup...hmmmm.

Thanks for the input my friend!
Just digging in the trenches like everyone else!
  • #1,467
  • Mar 10, 2009 10:21pm Mar 10, 2009 10:21pm
Quoting Shilva
3700 is not but 200 points above the previous low at 3500....could call it a double bottom.

I have a gut feeling that we may not see 3700 again before the buck-fifty area first.

I am keeping my long at 3710 and adding to it when i get the chance.

Holding the longs and scalping the shorts.

We will see how this plan works out.

If it breaks lower fine but i have a 50 pip jump on her now.
You have a nice long position there!
Just digging in the trenches like everyone else!
  • #1,468
  • Mar 10, 2009 10:23pm Mar 10, 2009 10:23pm
Quoting cisco
Closed both trades at 1.3800. I may have closed too early, but I'll take it.
Good job Cisco! You called that trade very nice!
Just digging in the trenches like everyone else!
  • #1,469
  • Mar 10, 2009 10:26pm Mar 10, 2009 10:26pm
Quoting davids
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?
I can't help you with the fibs either. I understand them to some degree, but I don't use them. Like Cisco said, you can get a little anal about it. Ultimately, their like ma's, good areas to pay attention to, but you better look both ways before you just jump.
Just digging in the trenches like everyone else!
  • #1,470
  • Mar 10, 2009 10:39pm Mar 10, 2009 10:39pm
Quoting eohater
I can't help you with the fibs either. I understand them to some degree, but I don't use them. Like Cisco said, you can get a little anal about it. Ultimately, their like ma's, good areas to pay attention to, but you better look both ways before you just jump.
Thanks for the reply EO
I think I am going to stick with the MA's as the fibs just add another level of complication to worry about, the Ma's are working for me so why change a winning formula it was more a question as to to the best way one should work with them
  • #1,471
  • Mar 10, 2009 10:44pm Mar 10, 2009 10:44pm
Quoting davids
Thanks for the reply EO
I think I am going to stick with the MA's as the fibs just add another level of complication to worry about, the Ma's are working for me so why change a winning formula it was more a question as to to the best way one should work with them
I think tmac on the cable thread had the best explaination on fibs.
Just digging in the trenches like everyone else!
  • #1,472
  • Mar 10, 2009 10:51pm Mar 10, 2009 10:51pm
I went short at 1.3763
  • #1,473
  • Mar 10, 2009 10:52pm Mar 10, 2009 10:52pm
Quoting eohater
I think tmac on the cable thread had the best explaination on fibs.
Yes his explanation was very helpful.
  • #1,474
  • Mar 10, 2009 10:58pm Mar 10, 2009 10:58pm
Quoting davids
I went short at 1.3763
Good job! I'm back to being flat. I'm not sure how much longer I'll be on.
Just digging in the trenches like everyone else!
  • #1,475
  • Mar 10, 2009 11:07pm Mar 10, 2009 11:07pm
I currently have 18 positions open on USDJPY I know its not one that you trade but for someone new to trading it has been very easy to trade. I have kept adding as it has gone up from 94.61 The current trend is up and is trading between 96.57 and 99.17, Until I read your thread I was not that confident trading GBPUSD as it has very wild swings up and down.

All 18 are in profit and covered
  • #1,476
  • Mar 11, 2009 2:06am Mar 11, 2009 2:06am
Quoting eohater
That's a nice looking chart. I'd like to see one now since we're 6h past then. I need to setup...hmmmm.

Thanks for the input my friend!
Sorry buddy,i just Dozed off......after the "battles " of the day !!

baz
  • #1,477
  • Mar 11, 2009 6:39am Mar 11, 2009 6:39am
Quoting eohater
Good job Cisco! You called that trade very nice!
Thanks. Even a blind squirrel finds a nut, now and then.
Hi, my name is Barry and you can keep your doctor...
  • #1,478
  • Mar 11, 2009 8:27am Mar 11, 2009 8:27am
Morning eo, if your up and about
Currently short from 1.3824, but maybe looking for an early exit. Anyone else in a postion?
please DON'T copy my trades I am still learning
  • #1,479
  • Mar 11, 2009 8:39am Mar 11, 2009 8:39am
Quoting ezmystic
Morning eo, if your up and about
Currently short from 1.3824, but maybe looking for an early exit. Anyone else in a postion?
That's a good short! I just closed a nice short from 3832 at 3782... waiting for a new seat...
Patience + Discipline - Greed = Success
  • #1,480
  • Mar 11, 2009 8:40am Mar 11, 2009 8:40am
Quoting ezmystic
Morning eo, if your up and about
Currently short from 1.3824, but maybe looking for an early exit. Anyone else in a postion?
scrap that. locked in and riding

does anyone want to see why I took the trade?
please DON'T copy my trades I am still learning
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