Hi Pipalicious,
Probably the easiest way to answer is if I quote you below and answer in red...
When you say you got in @ 0.8300, do you only enter in 50 fibs retracement or are you "flexible" with this (23.6 - 38.2 - 61.8) as long as theres additional confluence? Just wondering since Jacko sticks to 50 only I think.
I am a little flexible but I use the 50% as a guide as to where my ideal location would be at a minimum
I noticed 0.8300 lands right in the middle of 50 & 61.8 fibs... Yes, that's right - for me that is fine; it was just below the 50% level so that means it is a good discount to enter near
Probably repeating myself (im a bit of a blockhead sumtimes lol!) but your reasoning for this entry was the bounce of 0.8250 ish, TL, 50/61.8 fib and consecutive entry 50 pips above, entering at 0.8300. Am I correct in this reasoning or am I missing some other reasons? You got it!
Also, when placing Fibs (being subjective per trader) how do you decide which swings to place them on? The most recent? Dailies? 4h? (since you trade of it)? Would you consider placing 2 fibs to "double check" confluence? Personally I don't use 2 fibs to look for confluence but I do not object to anyone doing so... the more reason you have to place a trade the better in my book! I tend to use the most recent swing that has not had a retracement of at least 50% if that makes sense. It is a little subjective of course, but that is my general rule. I also like to use swings that also show up as obvious swing highs/swing lows on a daily chart.
cheers dan.
I must say that your threads really helped me understand a lot of this method. Im happy to have found your threads dude. cheers.
I'm glad I could help! I found FF to be a great place to really start to understand technical analysis so I am delighted to be able to give a little back!
I hope that answers your questions!
Ok and now onto my take on the A/U trade.
There is a little story that goes with my A/U trade, to which I have attached some charts (hopefully in the right order) explaining what I did.
First chart... should be fairly self explanatory; it's a H4 chart at approx 300 bars; with my reasons for entering.
Second chart... is a close up of how I entered my first trade.
Third chart... shows how my first trade finished and how I came to enter again!
Regards,
Dan
Probably the easiest way to answer is if I quote you below and answer in red...
When you say you got in @ 0.8300, do you only enter in 50 fibs retracement or are you "flexible" with this (23.6 - 38.2 - 61.8) as long as theres additional confluence? Just wondering since Jacko sticks to 50 only I think.
I am a little flexible but I use the 50% as a guide as to where my ideal location would be at a minimumI noticed 0.8300 lands right in the middle of 50 & 61.8 fibs... Yes, that's right - for me that is fine; it was just below the 50% level so that means it is a good discount to enter near
Probably repeating myself (im a bit of a blockhead sumtimes lol!) but your reasoning for this entry was the bounce of 0.8250 ish, TL, 50/61.8 fib and consecutive entry 50 pips above, entering at 0.8300. Am I correct in this reasoning or am I missing some other reasons? You got it!
Also, when placing Fibs (being subjective per trader) how do you decide which swings to place them on? The most recent? Dailies? 4h? (since you trade of it)? Would you consider placing 2 fibs to "double check" confluence? Personally I don't use 2 fibs to look for confluence but I do not object to anyone doing so... the more reason you have to place a trade the better in my book! I tend to use the most recent swing that has not had a retracement of at least 50% if that makes sense. It is a little subjective of course, but that is my general rule. I also like to use swings that also show up as obvious swing highs/swing lows on a daily chart.
cheers dan.
I must say that your threads really helped me understand a lot of this method. Im happy to have found your threads dude. cheers.
I'm glad I could help! I found FF to be a great place to really start to understand technical analysis so I am delighted to be able to give a little back!I hope that answers your questions!
Ok and now onto my take on the A/U trade.
There is a little story that goes with my A/U trade, to which I have attached some charts (hopefully in the right order) explaining what I did.
First chart... should be fairly self explanatory; it's a H4 chart at approx 300 bars; with my reasons for entering.
Second chart... is a close up of how I entered my first trade.
Third chart... shows how my first trade finished and how I came to enter again!
Regards,
Dan
. I suppose the first option would be a "continuation" entry (so to speak lol) as opposed to a discount entry on the second option.
and I might miss a trade but I would rather be a little more cautious then a little too quick to get in!
