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Attachments: Hourly Fibonacci Method (Day Trading)
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Hourly Fibonacci Method (Day Trading)

  • #141
  • Jul 29, 2009 10:49am Jul 29, 2009 10:49am
Quoting httham
The chart posted below is a Gartley pattern by how I was taught. A gartley is a convergence of a fib retracement and a natural fib extension from a smaller swing. The chart below shows the market retrace to the 50 from the major swing in the direction of the trend. In that retracement was a smaller swing that retrace to the 61.8 and then goes to the natural 161.8(0.618) fib extension. Hope that helps.
On the Cable setup today there were other swings you could use to draw your Gartley and find the perfect match. The point is where do you want to sell and find the confluence. It is easy to say something is not what it is after the fact. But as I said we didn't know the price would make a double top at the time. The trade worked after all so I hope you took it.
Cheers
  • #142
  • Jul 29, 2009 10:53am Jul 29, 2009 10:53am
Quoting rumba68
On the Cable setup today there were other swings you could use to draw your Gartley and find the perfect match. The point is where do you want to sell and find the confluence.
Cheers
I agree, I use reversal candle patterns to determine the convergence level.
  • #143
  • Jul 29, 2009 11:26am Jul 29, 2009 11:26am
Quoting jeffokes
Tunji and Rumba thanks alot.

I use Fxpro mt4,i want to see how I can start trying out using FE but
(1)what I see there is Fibonacci Expansion and not extension,are they same?
(2)I know this is not a tutorial session but I want to learn how to use the tool,can any1 help with where I can get relevant info?And possibly get a custon Fib Extension to install on my platform?

Sorry for bothering you guys,as u can see I am a newbie still demo trading.

Thanks.
Jeffokes,

I, too, don’t use (or know of) any custom fib ext.; and it’s most likely that Fibonacci “expansion” is the same as “extension” – though I’m not in any way sure.
Also, try to make inquiries on it from your trading platform provider.

Please check post #39 of this thread too, it’s got an attachment that might help.
  • #144
  • Jul 29, 2009 12:04pm Jul 29, 2009 12:04pm
Quoting httham
Personally I wouldnt consider this a gartley seen that it retrace all the back to the 100 of the down swing.
Httham, thanks for your insight. Just as Rumba explained, the Gartley was identified before the ensuing price action. You would notice my emphasis was on the confluence – not price.
  • #145
  • Jul 29, 2009 12:53pm Jul 29, 2009 12:53pm
Quote
I agree, I use reversal candle patterns to determine the convergence level.

Good post u got there, rmba, from my post in the other thread, there is alwayz several wayz to look at this market. the most important thing is to be profitable.

One time at babypips, damion wasnt using reversal candle pattern to trade, all he was doing is a bouncing off several convergence points.

this mkt is big and dynamic!

to those guyz that took GU, wot a nice trade! am happy............ it was excellently done
  • #146
  • Jul 29, 2009 5:29pm Jul 29, 2009 5:29pm
Hi Tunji,
(1) I didn't see any attachmeny at post#39
(2) what is/are the implication(s) / significance(s) of a Gartley?

Thanks!!
  • #147
  • Jul 29, 2009 6:53pm Jul 29, 2009 6:53pm
Quoting Naijafx
Good post u got there, rmba, from my post in the other thread, there is alwayz several wayz to look at this market. the most important thing is to be profitable.

One time at babypips, damion wasnt using reversal candle pattern to trade, all he was doing is a bouncing off several convergence points.

this mkt is big and dynamic!

to those guyz that took GU, wot a nice trade! am happy............ it was excellently done
Thanks Mike (Naijafx); and I totally agree with your words: the market is really big and dynamic.
  • #148
  • Jul 29, 2009 7:15pm Jul 29, 2009 7:15pm
Quoting jeffokes
Hi Tunji,
(1) I didn't see any attachmeny at post#39
(2) what is/are the implication(s) / significance(s) of a Gartley?

Thanks!!
Jeffokes, I’ve attached the MT4 fib window; if your MT4 works in a similar way, just double-click your fibonacci tool, then right click on it and choose ‘fibo properties,’ a window similar to this attachment should appear on your screen; so, from there this attachment should guide you. Hope this helps.

Gartley is just another method for identifying possible price reversal levels. It’s not a primary parameter for this method, but the more price/chart patterns you understand, the better you’ll be at analyzing the market; and market analysis will help you a lot in trading.
Attached Image
  • #149
  • Jul 30, 2009 2:48am Jul 30, 2009 2:48am
On the Daily chart (attached), yesterday, the dollar continued its broad rally. Consequently, on EURUSD, price broke and closed below a strong support level – the most recent Daily swing low @ 1.4118 (which we’ve highlighted using the lower blue broken line). Also, though price is still within an upward channel, there seems to be room for further movement downward toward the 1.3950 area. These price actions support a bearish or downward bias.

On the H4 chart (attached), price has broken the most recent swing low @ 1.4130 (which we’ve highlighted using the blue broken line) downward. From a day-trade perspective, this is a good sign supporting a Short trade. The white horizontal line @ 1.4194 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, we still need our hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our short positions. Price pattern on the Hourly must also be forming lower highs and lower lows; and note that our aim is to sell a rally in today’s down trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.
Attached Images
  • #150
  • Jul 30, 2009 8:34am Jul 30, 2009 8:34am
This might worth a look if price retraces that far. On 1HR price broke out of resistance level. Overlapping fibs around 95.00 level plus weekly pivot.
Attached Image (click to enlarge)
Click to Enlarge Name: trade.gif Size: 26 KB
  • #151
  • Jul 30, 2009 9:03am Jul 30, 2009 9:03am
Quoting rumba68
This might worth a look if price retraces that far. On 1HR price broke out of resistance level. Overlapping fibs around 95.00 level plus weekly pivot.
Yeah; a Weekly pivot and major fib. 61.8% supporting fib. 78.6% @ 95.00

Then, a Daily pivot, previous swing high, major fib. 50% supporting fib 61.8% @ 95.15
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY 15min - 300709.gif Size: 27 KB
  • #152
  • Jul 30, 2009 9:20am Jul 30, 2009 9:20am
Guys, here’s how the USDJPY Long trade set-up looks on the Hourly. The Daily and H4 charts currently support the Long trade too.

Thanks Mike for posting the set-up.

P.S.:
There’s also a Long trade set-up forming on USDCHF with support confluence @ 1.0859 (fib. 78.6% ret.).
Attached Image
  • #153
  • Jul 30, 2009 12:17pm Jul 30, 2009 12:17pm
For those of us that are interested, below is the link to a helpful article – 9 Tricks Of The Successful Trader:
http://www.fxaccents.com/market_comm...ul-trader.html
  • #154
  • Jul 30, 2009 5:14pm Jul 30, 2009 5:14pm
Good article Tunji and thanks. I see a small lower swing high on the 15 min chart on the usd/chf at the 38.2 fib - if this plays out to the downside this should put us right around the weekly pivot,and if it goes to the 161.8 level it will be around 0844 to .0850. Hopefully will get a boost of momentum to the upside around that area. Will just have to see.

Tex
  • #155
  • Jul 31, 2009 2:24am Jul 31, 2009 2:24am
Quoting Tunji
Yeah; a Weekly pivot and major fib. 61.8% supporting fib. 78.6% @ 95.00

Then, a Daily pivot, previous swing high, major fib. 50% supporting fib 61.8% @ 95.15
Hi Tunji,
I really can't see this near these level, mine weekly pivot ~ 94.36
last week data,
H= 95.281
L= 93.078
C= 94.728
Is this tally with yours?

cheers ^o^
  • #156
  • Jul 31, 2009 2:40am Jul 31, 2009 2:40am
Hey Guys,
UJ could reach channel's top and beware of strong reaction...~96.50.

cheers ^o^
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy - weekly 0709-31.gif Size: 16 KB
  • #157
  • Edited 3:53am Jul 31, 2009 3:10am | Edited 3:53am
Quoting tex123
Good article Tunji and thanks. I see a small lower swing high on the 15 min chart on the usd/chf at the 38.2 fib - if this plays out to the downside this should put us right around the weekly pivot,and if it goes to the 161.8 level it will be around 0844 to .0850. Hopefully will get a boost of momentum to the upside around that area. Will just have to see.

Tex
Thanks Tex. Yeah, you’re probably correct. Please, as much as it’s possible, try to attach the charts as it would help us fully understand your observation.
  • #158
  • Jul 31, 2009 3:19am Jul 31, 2009 3:19am
I sure will tunji when i get some time.I'm in the positive on 3 pairs so for. Tex
  • #159
  • Jul 31, 2009 3:38am Jul 31, 2009 3:38am
61 and 38 confluence, weekly S1 pivot at 4103 Daily R1 pivot 1.4110 - I'm hoping it will continue down.
Attached Image (click to enlarge)
Click to Enlarge Name: e.gif Size: 23 KB
  • #160
  • Jul 31, 2009 3:49am Jul 31, 2009 3:49am
Quoting lefteye
Hi Tunji,
I really can't see this near these level, mine weekly pivot ~ 94.36
last week data,
H= 95.281
L= 93.078
C= 94.728
Is this tally with yours?

cheers ^o^
High – 95.28
Low – 93.07
Close – 94.78

Lefteye, only the Close is slightly different. You’re right: there’s the central pivot @ 94.38, then RI pivot @ 95.68. I guess the issue is you don’t use the M levels (mid-way level between pivots); there’s M3 pivot @ 95.03. The M level is from Peter Bain (www.forexmentor.com) and it’s available on the FX Solutions trading platform. You can also calculate them yourself by finding the pivots’ mid levels.

P.S.:
Guys, I hope posting “commercial” links is not violating any FF rules? I’m not profiting from it.
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