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Simple & Consistent Fibbing Method

  • #341
  • Mar 12, 2010 4:48am Mar 12, 2010 4:48am
Quoting exposer
Hello .simoneg
I'm using this method on EUR/JPY , GBP/JPY, CAD?JPY.
and it's all giving a positive results
Great Exposer I am glad to hear that! Please post the setups you took or take when you get the chance as well. Keep it up! WOW 3 pairs and all Yen crosses. Good stuff! You are tempting me here! lol
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  • #342
  • Edited 5:10am Mar 12, 2010 4:50am | Edited 5:10am
The GBP gave a nice big BUY to the day's target. I am short this pair now, but watching 1.5188 to 1.5200 in the process as we could extend there.
I am short because once targets are hit there is massive pullback or trend reversal.
oops please ignore the today's high and low labels below

http://img169.imageshack.us/img169/9928/gbptoday.jpg
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  • #343
  • Mar 12, 2010 5:15am Mar 12, 2010 5:15am
Currently short the GBP/USD at 1.5157. Fibbing the entire up move, 1.5169 to 1.4871, we see support (19.1%) at 1.4928. And as we outlined earlier in the thread these levels are magnet levels once a move is complete. So once a buy move completes, the market tends to return to the support of the swing or lower. So we can assume this to be the first major destination should this fall continue.

http://img25.imageshack.us/img25/151/nextph.jpg
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  • #344
  • Mar 12, 2010 5:34am Mar 12, 2010 5:34am
hi
Simone, I am a little confused. You enterded short at 1,5157 or you will enter if price close below 1,5136? And where is your SL?
Thank you
  • #345
  • Mar 12, 2010 5:42am Mar 12, 2010 5:42am
Quoting beta
hi
Simone, I am a little confused. You enterded short at 1,5157 or you will enter if price close below 1,5136? And where is your SL?
Thank you
Hi Beta, I entered short at 1.5157 because daily targets were hit. That was my first entry. 1.5136 is the second entry plan.
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  • #346
  • Mar 12, 2010 5:45am Mar 12, 2010 5:45am
good morning Simoneg
I've been watching this thread for a few days and like your method though not
the easiest to understand.I have used and believe in fibs but never to the extent that you are mastering. I can see where you got the downward projections for the pullback but how did you get the entry point and be relatively confident that that was the top?
  • #347
  • Mar 12, 2010 5:53am Mar 12, 2010 5:53am
I understand now. I like your method and I try to use it trading EU because is not so volatile like cable.
  • #348
  • Mar 12, 2010 6:45am Mar 12, 2010 6:45am
Good morning everyone. How is everybody? Entries and exits are good? Remember at bottoms and tops the market tends to range while the bulls and bears battle it out for market control. At these tops and bottoms we look for candle and chart formations that will confirm that the trend is at exhaustion. This is where H&S, hanging mans, Bull/Bear battle formations come into play to help with that confirmation. These chart signals are stronger on the higher time frames (1hr+). The market ranges 70% of the time. Most people don't like it, but I see it as the most optimal time to make money with minimal lost if any. Why you may ask? Ranges are clearly definable targets that says what goes up must come down. and you can set tighter stops. Ranges tend to slant in the direction of the next trend. And remember its friday. Everyone wants to square most, if not all, positions. :nerd:
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  • #349
  • Edited 7:33am Mar 12, 2010 7:10am | Edited 7:33am
Quoting Earth2Pip
good morning Simoneg
I've been watching this thread for a few days and like your method though not
the easiest to understand.I have used and believe in fibs but never to the extent that you are mastering. I can see where you got the downward projections for the pullback but how did you get the entry point and be relatively confident that that was the top?
Hi Earth2Pip, Glad to know that you find the method useful. This is a learning process for me so I am actually completing a PDF document to properly explain the method. It will be up this weekend. This will properly explain entries and exits. I will post a chart this weekend to explain the trade (if that is ok, I am currently unable to post charts)
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  • #350
  • Mar 12, 2010 7:11am Mar 12, 2010 7:11am
Quoting beta
I understand now. I like your method and I try to use it trading EU because is not so volatile like cable.
Ok good, as you spend time trading it you will observe specific patterns and even discover unique ways of trading the method. Yes I agree the EU is less volatile.
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  • #351
  • Mar 12, 2010 7:12am Mar 12, 2010 7:12am
Hi All, every morning I am off at 6:30am EST for about 1 1/2 to 2 hours, so my responses may be delayed.

Also I am unable to post charts from after 6:30am until about 7:30pm.
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  • #352
  • Mar 12, 2010 7:20am Mar 12, 2010 7:20am
Quoting simoneg
Currently short the GBP/USD at 1.5157. Fibbing the entire up move, 1.5169 to 1.4871, we see support (19.1%) at 1.4928. And as we outlined earlier in the thread these levels are magnet levels once a move is complete. So once a buy move completes, the market tends to return to the support of the swing or lower. So we can assume this to be the first major destination should this fall continue.

http://img25.imageshack.us/img25/151/nextph.jpg
Be Careful with the shorts here.
1: According to Elliot wave theory 5-th wave should be match longer than the 3-rd ware.
2: You are standing contra trend position.
3: Today is Friday.
  • #353
  • Mar 12, 2010 7:21am Mar 12, 2010 7:21am
Will post my eur/jpy , gbp/jpy trades Later on this weekend.
  • #354
  • Mar 12, 2010 7:23am Mar 12, 2010 7:23am
on the 15 min chart it looks like a perfect head and shoulders forming which should add some pips to the short positions(8:22 am EST) hope it falls.
  • #355
  • Mar 12, 2010 7:38am Mar 12, 2010 7:38am
Quoting Earth2Pip
on the 15 min chart it looks like a perfect head and shoulders forming which should add some pips to the short positions(8:22 am EST) hope it falls.
Sounds good, watching 1.5136 from previous chart, that level needs to be broken. Would be a nice trade though should it fall
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  • #356
  • Mar 12, 2010 7:41am Mar 12, 2010 7:41am
Quoting exposer
Be Careful with the shorts here.
1: According to Elliot wave theory 5-th wave should be match longer than the 3-rd ware.
2: You are standing contra trend position.
3: Today is Friday.
Thanks exposer! I am watching my current position closely. I have a question mark beside my 5 for now.
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  • #357
  • Mar 12, 2010 8:03am Mar 12, 2010 8:03am
Quoting exposer
Will post my eur/jpy , gbp/jpy trades Later on this weekend.
Cool Cool!
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  • #358
  • Mar 12, 2010 8:33am Mar 12, 2010 8:33am
Do we have a close below 1.5136 as yet?
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  • #359
  • Mar 12, 2010 8:37am Mar 12, 2010 8:37am
Yes the last half hour closed at 1.5131 but a rally has started to 141 now.


Quoting simoneg
Do we have a close below 1.5136 as yet?
  • #360
  • Mar 12, 2010 8:37am Mar 12, 2010 8:37am
Not on the 15m chart...
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