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Hourly Fibonacci Method (Day Trading)

  • #401
  • Dec 2, 2009 1:19am Dec 2, 2009 1:19am
Time of Posting – Wed. Dec. 02, 2009. 09:18 GMT

On the Daily chart (attached), the overall downward trend of this pair is pretty much obvious. Currently, price is within a narrow downward or bearish channel. It hit the upper edge of the bearish channel late last month (or late last week), and since then, it has reversed downward. We anticipate further bearish movement toward the lower edge of the narrow bearish channel; although we would expect price to meet some hurdles around the most recent Daily swing low – the current year-low @ 0.9915 (which we’ve highlighted using the blue broken line). From a day-trade perspective, our bias is bearish, however, we would like to see price break below the previous day’s low @ 0.9969 (not highlighted) before seeking our Hourly short trade setups – supported by the H4 chart.

On the H4 chart (attached), price broke the, at that time, most recent swing low @ 0.9992 (which we’ve highlighted using the uppermost blue broken line) downward. That automatically shifted our bias in favor of a downward price move. As discussed on the Daily chart, before seeking Hourly Short trade setups, we would like to see price break below the previous day’s low – also the most recent swing low @ 0.9969 (which we’ve highlighted using the middle blue broken line). The critical support level – the current year-low @ 0.9915 (that we’ve highlighted using the lowest blue broken line), which we also discussed on the Daily chart, is seen on the H4 chart. We have about a 50-pip gap between the previous day’s low and the year-low @ 0.9969 and 0.9915, respectively. From a day-trade perspective, the 50-pip gap is fairly a moderate distance, allowing us to seek Hourly Short trades.
The white horizontal line @ 1.0073 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. Please 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.
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  • #402
  • Dec 3, 2009 12:35am Dec 3, 2009 12:35am
Time of Posting – Thur. Dec. 03, 2009. 08:34 GMT

On the Daily chart (attached), continuing from yesterday, price is currently still within the narrow downward or bearish channel, and, supported by the most recent price action: price break below previous days’ lows, which apparently include yesterday’s low @ 0.9977 (not highlighted), we are still anticipating further bearish movement toward the lower edge of the narrow bearish channel. Again, as discussed yesterday, while gunning for the lower edge of the channel, we would expect price to meet some hurdles around the most recent Daily swing low – the current year-low @ 0.9915 (which we’ve highlighted using the blue broken line). From a day-trade perspective, our bias remains bearish while keeping the critical 0.9915 support level in mind.

On the H4 chart (attached), price has broken the most recent swing low @ 0.9977 (which we’ve highlighted using the upper blue broken line) downward. That automatically sustains our bias in favor of a downward price move. The critical support level – the current year-low @ 0.9915 (that we’ve highlighted using the lower blue broken line), which we discussed on the Daily chart, is seen on the H4 chart. We have about a 60-pip gap between current price position and the year-low @ 0.9915: a moderate distance allowing us to seek Hourly Short trades from a day-trade perspective
The white horizontal line @ 1.0026 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. Please 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.
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  • #403
  • Edited 1:20am Dec 4, 2009 12:47am | Edited 1:20am
Time of Posting – Fri. Dec. 04, 2009. 08:47 GMT

Pls NOTE: As always, if there’s one particular day in every month that trending method/pattern traders should be wary of trading most, it has to be the first Fridays of every month when the Non-Farm Payroll (NFP) report is usually released.
While I’ll go ahead to give my personal analysis on the USDJPY pair, please, let’s bear in mind that, regardless of any technical analyses, NFP usually rules today.

On the Daily chart (attached), since late last month, price has been in an upward retracement in an overall visible longer term downtrend. However, currently, the bulls seem to have reached a critical resistance-confluence where the bears might attempt to take control: price is now around a downward or bearish trend-line (that we’ve highlighted using the red solid line), which we expect might restrain any further bullish move, at least temporarily. In addition, current price position is also around a major resistance level – the most recent Weekly swing low @ 87.99 (which we’ve highlighted on the Daily chart using the upper blue broken line). In the case of the 87.99 resistance level, since it has been breached yesterday, depending on where price closes at the end of today, it would end up retaining its resistance level “status” or becoming a new support level: price break above previous day’s high @ 88.47 (not highlighted) should validate it as a new support level.

On the H4 chart (attached), price broke, at that time, the most recent swing high @ 87.37 (which we’ve highlighted using the lower blue broken line) upward. That automatically sustained our bias in favor of an upward price move. However, as discussed on the Daily chart, the bulls are, at the moment, probably in the bears’ zone, hence to be convinced of the bulls’ strength, we would like to see price break above the previous day’s high – also the most recent swing high @ 88.47 (which we’ve highlighted using the upper blue broken line).
The green horizontal line @ 86.50 highlights the most recent swing low, and as long as price stays above it – in the absence of any new and higher swing low – our bullish or upward bias remains intact; but, again, today is “NFP Day”, please let’s keep that in mind.
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  • #404
  • Dec 7, 2009 12:59am Dec 7, 2009 12:59am
Time of Posting – Mon. Dec. 07, 2009. 08:58 GMT

On the Daily chart (attached), the first couple of days in December – precisely Tuesday and Wednesday last week – we saw the bulls threatening to nullify our bearish bias on the GBPUSD as there was a deep bullish retracement toward the most recent Daily swing high @ 1.6744 (which we’ve highlighted using the upper blue broken line). However, the downward or bearish trend-line (which we’ve highlighted using the red solid line), joining forces with the 1.6744 level, put up a strong resistance against price rally; as a result, since last week Thursday, price has resumed its downward movement. Earlier today, price broke the previous trading day’s low – Friday’s low @ 1.6421 (not highlighted), and that sustains our bearish bias from a day-trade perspective. We expect the next critical support area to be around the most recent Daily swing low @ 1.6269 (which we’ve highlighted using the lower blue broken line).

On the H4 chart (attached), price has broken the most recent swing low @ 1.6421 (which we’ve highlighted using the upper blue broken line) downward. That automatically sustains our bias in favor of a downward price move. As discussed on the Daily chart, we expect the next critical support area to be around the most recent Daily swing low @ 1.6269 (which we’ve highlighted on the H4 chart using the lower blue broken line) – about 80 pips away from current price position. Price’s swoon earlier today has been very sharp – it has already moved downward by over 150 pips, hence a bullish retracement, which might create an Hourly Short trade set-up won’t be a surprise.
The white horizontal line @ 1.6668 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. Please 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.
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  • #405
  • Dec 8, 2009 2:00am Dec 8, 2009 2:00am
Time of Posting – Tue. Dec. 08, 2009. 09:59 GMT

On the Daily chart (attached), late last week, the bulls’ attempt to make a new year-high was rebuffed as price reversed @ 1.5140 – only 3 pips shy of the current year high @ 1.5143 (which we’ve pointed out using the green arrow). Since then, price has been in a “consistent” downward move, threatening the longer term bullish scenario. From a day-trade perspective, our bias is currently bearish. Yesterday, price broke below the most recent Daily swing low @ 1.4827 (that we’ve highlighted using the upper blue broken line), which strengthens our bearish bias; although price reversed upward to close around the 1.4827 level – forming a quasi reversal candle in the process. In other words, yesterday’s price action supports our bearish bias but, at the same time, tells us to be cautious while seeking Short trades.
An important observation, which buttresses the notion of a threatened longer term bullish scenario is the negative MACD Divergence currently seen on the Daily chart (which we’ve identified using the red bold lines on both upper and lower panes of the chart). A –ve MACD Divergence signals a possibility of an imminent, notable price-collapse.
To be further convinced of the bears’ readiness to continue their downward move today, we would like to see price break below the previous day’s low @ 1.4755 (not highlighted). We expect the next critical support @ 1.4625 (which we’ve highlighted using the lower blue broken line).

On the H4 chart (attached), price broke, at that time, the most recent swing low @ 1.4821 (which we’ve highlighted using the uppermost blue broken line) downward. That automatically sustained our bias in favor of a downward price move. However, since then, price has been struggling to stay decisively below the level (i.e. the 1.4821 level); as a result, the most recent swing low – also the previous day’s low @ 1.4755 (which we’ve highlighted using the middle blue broken line) has remained “untouched.” As discussed on the Daily chart, we would like to see price break below this 1.4755 level to be further convinced of the bears’ readiness to continue their downward move today. Also seen on the H4 chart is the 1.4625 level (which we’ve highlighted using the lowest blue broken line), which we expect to be the next critical support level.
The white horizontal line @ 1.4904 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. Please 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.
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  • #406
  • Dec 8, 2009 8:29am Dec 8, 2009 8:29am
Hi Tunji,
I like your charts and analyses. Helps me to keep the overall big picture in perspective. Do keep up the good work!
  • #407
  • Dec 8, 2009 7:09pm Dec 8, 2009 7:09pm
Quoting furburr
Hi Tunji,
I like your charts and analyses. Helps me to keep the overall big picture in perspective. Do keep up the good work!
Thanks Furburr
  • #408
  • Edited 2:15am Dec 9, 2009 1:25am | Edited 2:15am
Time of Posting – Wed. Dec. 09, 2009. 09:24 GMT

On the Daily chart (attached), apart from the major downward or bearish channel, which we identified late last month, price is currently within a “minor” one (i.e a “minor” bearish channel). Early price action today had the bears push toward the lower edge of the “minor” bearish channel (the red channel) where they met strong support. At the moment, possibly as a result of the lower edge of the channel, price has retraced upward. While our bias remains bearish, let’s keep in mind this “minor” channel as it might send price retracing further upward – perhaps toward its upper edge. To be on the safe side, it would seem good for us to wait till price closes decisively below the lower edge of the bearish channel – meaning “forgetting” this pair for today.
However, due to strong signals in favor of the bears, as more aggressive traders, we could go ahead to seek Hourly Short trade setups – supported by the H4 chart – while keeping in mind price actions around the lower edge of the channel.

On the H4 chart (attached), price has broken the most recent swing low @ 1.6254 (which we’ve highlighted using the blue broken line) downward. That automatically sustains our bias in favor of a downward price move. Probably due to the lower edge of the “minor” bearish channel discussed on the Daily chart, we would observe that current price action seems to be forming a reversal candle formation, which might initiate a bullish retracement – although we won’t be able to ascertain any reversal formation until the current H4 candle is fully formed.
The white horizontal line @ 1.6514 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. Please 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.
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  • #409
  • Dec 10, 2009 12:38am Dec 10, 2009 12:38am
Time of Posting – Thur. Dec. 10, 2009. 08:38 GMT

On the Daily chart (attached), continuing from yesterday, we would observe the lower edge of the “minor” channel (the red channel) is still doing a good job of stalling the bears’ move. The previous day’s candle closed as a reversal candle (Doji), which indicates the likelihood of a bullish retracement, possibly toward the upper edge of the channel. Supported by the current lower-high lower-low formation on the Daily chart – as well as other price patterns/actions – our bias, from a day-trade perspective, remains bearish. However, partly because of the channel’s lower edge and the previous day’s Doji formation, to be further convinced of the bears’ readiness to continue their move today, we would prefer to see price break below the previous day’s low @ 1.6165 (which we’ve highlighted using the blue broken line).

On the H4 chart (attached), price broke, at that time, the most recent swing low @ 1.6254 (which we’ve highlighted using the upper blue broken line) downward. That automatically sustained our bias in favor of a downward price move. However, the 1.6254 level was the same level we mentioned yesterday; and we could observe how price is currently struggling to stay clearly above or below it.
As discussed on the Daily chart, “to be further convinced of the bears’ readiness to continue their move today, we would prefer to see price break below the previous day’s low – also the most recent swing low @ 1.6165 (which we’ve highlighted using the lower blue broken line).
The white horizontal line @ 1.6367 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. Please 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.
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  • #410
  • Dec 11, 2009 1:16am Dec 11, 2009 1:16am
Time of Posting – Fri. Dec. 11, 2009. 09:16 GMT

On the Daily chart (attached), we would observe the GBPUSD, more or less, consolidated throughout yesterday – resulting in an “inside candle” reversal candle formation: a scenario where the most recent fully formed candle’s, or, in this case, the previous day’s candle’s high and low are within the penultimate candle’s high and low. The “inside candle” formation further confirms the possibility of a bullish retracement that was probably initiated when price hit the lower edge of the “minor” downward or bearish channel (the red channel) a couple of days ago – precisely Wednesday this week. Again, as it has been alluded to since Wednesday, in the case of a deeper bullish retracement, we expect price to rally toward the upper edge of the bearish channel.
Currently, from a day trade perspective, our bias is shifting to favor the bulls; however, to be further convinced, we would like to see a “breakout” i.e we would like to see price break-above the shorter candle of the “inside candle” formation, which also means price-break above the previous day’s high @ 1.6346 (not highlighted).

On the H4 chart (attached), to buttress the current consolidation phase on the GBPUSD, we would observe price is yet to break above the most recent swing high – also the previous day’s high @ 1.6346 (which we’ve highlighted using the blue broken line). Based on the method discussed on this thread, we always prefer to see price-break above the most recent H4 swing high – in the case of a bullish bias – to be further convinced of the bulls’ readiness to move.
The downward or bearish channel we’ve been discussing on the Daily chart is also seen on the H4 chart, and that allows us to get a better appraisal of current price action within the channel. The green horizontal line @ 1.6213 highlights the most recent swing low, and as long as price stays above it – in the absence of any new and higher swing low – our bullish or upward bias remains intact.

However, we still need our Hourly charts – using Fibonacci retracement levels and important support levels – to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.
Attached Images
  • #411
  • Edited 1:37am Dec 14, 2009 1:18am | Edited 1:37am
Time of Posting – Mon. Dec. 14, 2009. 09:18 GMT

On the Daily chart (attached), last week, we observed a negative MACD Divergence, which often signals a possibility of strong downward price move. The –ve divergence is still very much intact. Also supporting the bearish scenario is the decisive break below the most recent Daily swing low @ 1.4827 (which we’ve highlighted using the upper blue broken line). Last week Friday, price breached another strong support level – the most recent Weekly swing low @ 1.4625 (which we’ve highlighted on the Daily chart using the lower blue broken line), and barely closed below it. From a day-trade perspective, to be convinced that the 1.4625 support has been clearly broken, we would like to see the bears push further to break the previous trading day’s low – Friday’s low @ 1.4585 (not highlighted).

On the H4 chart (attached), price broke, at that time, the most recent swing low @ 1.4685 (which we’ve highlighted using the upper blue broken line) downward. That automatically sustained our bias in favor of a downward price move. However, as discussed on the Daily chart, before seeking Short trade setups on the Hourly chart, we would prefer to see price break below Friday’s low – also the most recent swing low @ 1.4585 (which we’ve highlighted using the lower blue broken line).
The white horizontal line @ 1.4774 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. Please 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
  • #412
  • Dec 14, 2009 11:42pm Dec 14, 2009 11:42pm
Wew I like fibonacci trading...lets learn fibo trading....
  • #413
  • Dec 15, 2009 12:48am Dec 15, 2009 12:48am
Time of Posting – Tue. Dec. 15, 2009. 08:48 GMT

On the Daily chart (attached), price closed yesterday forming an “inside candle” formation, which signaled a possible indecision in the direction traders wanted to go. However, early price action today has breached the previous day’s and the penultimate day’s lows @ 1.4604 and 1.4585 (both not highlighted), respectively; that action automatically nullified the significance of the “inside candle” formation. Please NOTE today’s early price action also confirms that the important support level discussed yesterday – the most recent Weekly swing low @ 1.4625 (that we’ve highlighted on the Daily chart using the upper blue broken line) has been clearly broken.
Our bias is currently bearish. The next critical support level is another Weekly swing low @ 1.4480 (which we’ve highlighted on the Daily chart using the lower blue broken line). We seem to have enough room to seek Hourly Short trade setups – supported by the H4 chart.

On the H4 chart (attached), price has broken the most recent swing low @ 1.4585 (which we’ve highlighted using the blue broken line) downward. That automatically sustains our bias in favor of a downward price move.
The white horizontal line @ 1.4684 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. Please 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
  • #414
  • Dec 15, 2009 12:59am Dec 15, 2009 12:59am
wow the macd divergence was a very nice signal

Regards
  • #415
  • Dec 16, 2009 12:48am Dec 16, 2009 12:48am
Time of Posting – Wed. Dec. 16, 2009. 08:48 GMT

On the Daily chart (attached), for about two weeks now, price has been in a relatively “smooth” downward move – probably initiated, or at least aided by the negative MACD Divergence and a few other price actions. The bears are now around another major support level that we mentioned yesterday: a Weekly swing low @ 1.4480 (which we’ve highlighted on the Daily chart using the lower blue broken line). Given the steep price-collapse the EURUSD has been experiencing, it won’t be surprising to see the 1.4480 level acting as a very strong support, which might possibly aid a bullish retracement. That, however, is for now a mere conjecture: the information we have at the moment is still good enough to sustain our bearish bias from a day-trade perspective. In seeking Short trade opportunities, we would like to see price break below previous day’s low @ 1.4503 (not highlighted); but to be on the safe side – especially for more conservative traders – it’s even better to see price close below the critical 1.4480 support level – meaning waiting for today’s candle’s close before taking action.

On the H4 chart (attached), price broke, at that time, the most recent swing low @ 1.4585 (which we’ve highlighted using the upper blue broken line) downward. That automatically sustained our bias in favor of a downward price move. As discussed on the Daily chart, before seeking Hourly Short trade setups, we would, at least, like to see price break below the previous day’s low – also the most recent swing low @ 1.4503 (which we’ve highlighted using the lower blue broken line).
The white horizontal line @ 1.4684 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. Please 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
  • #416
  • Dec 17, 2009 1:56am Dec 17, 2009 1:56am
Time of Posting – Thur. Dec. 17, 2009. 09:55 GMT

On the Daily chart (attached), early price action today has probably put an end to the indecision among traders about whether to buy or sell the GBPUSD pair. For about a week now, the GBPUSD pair has been in a consolidation phase – a phase where, as mentioned above, traders are yet to make up their minds in which direction to go.
Earlier today, price swooned by almost 200pips to breach a critical support level @ 1.6165 (which we’ve highlighted using the upper blue broken line) – an action that automatically created another lower high, lower low formation. Currently, from a day-trade perspective, our bearish bias has “resumed.” The next critical support is expected around a potential support-confluence of another Weekly swing low @ 1.5982 (which we’ve highlighted on the Daily chart using the lower blue broken line) and the lower edge of the “minor” downward or bearish channel (the red channel) that we discussed last week.

On the H4 chart (attached), price has broken the most recent swing low @ 1.6230 (which we’ve highlighted using the blue broken line) downward. That automatically sustains our bias in favor of a downward price move.
The white horizontal line @ 1.6410 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. Please 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
  • #417
  • Edited 1:06am Dec 18, 2009 12:56am | Edited 1:06am
Time of Posting – Fri. Dec. 18, 2009. 08:55 GMT

On the Daily chart (attached), as it’s clearly seen, the USDCHF has been in strong uptrend – at least from a medium term perspective; consequently, we’ve been having many daily bullish biases in the past weeks. From a day trade perspective, our bias is still in favor of the bulls, however, price is currently in an area we could regard as a notable resistance area which includes the upper edge of a downward or bearish channel and a Weekly swing high @ 1.0450 (which we’ve highlighted on the Daily chart using the blue broken line). Buttressing the potential strength of this resistance area is price’s current inability to break above yesterday’s high @ 1.0507 (not highlighted); instead, the bears are attempting to breach the previous day’s low @ 1.0381 (also not highlighted).
As earlier said, our daily bias remains bullish, but we have enough contradictory signs to make us exercise patience in seeking an Hourly long trade setup, on this pair, until we have a clearer coast.

On the H4 chart (attached), price broke, at that time, the most recent swing high @ 1.0424 (which we've highlighted using the blue broken line) upward. That sustained our bias in favor of an upward price move.
However, in line with conflicting signs observed on the Daily chart, we also have what could be described as a strong, waving negative MACD Divergence on the H4 chart (not identified), which fully supports the possibility of an imminent – probably major – bearish retracement.
The green horizontal line @ 1.0342 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.

However, for more aggressive traders, we still need our Hourly charts - using Fibonacci retracement levels and important support levels - to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.
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  • #418
  • Dec 18, 2009 7:48am Dec 18, 2009 7:48am
Wow really good work Tunji!

Happy holidays!!!

BTW, how is your trading this year? I bet you had a very profitable 2009. Good luck to your 2010 trading year and keep up the good work here!
  • #419
  • Dec 19, 2009 5:26am Dec 19, 2009 5:26am
I am still confuse with your trading technique...because it is very different with fibo technique that I know....
  • #420
  • Dec 20, 2009 5:27pm Dec 20, 2009 5:27pm
Quoting Baby001
Wow really good work Tunji!

Happy holidays!!!

BTW, how is your trading this year? I bet you had a very profitable 2009. Good luck to your 2010 trading year and keep up the good work here!
Thanks a lot Baby, happy holidays to you too – and everyone. It’s been a very great trading year; and a challenging one too.

I wish us all Godspeed in 2010.
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