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Simple & Consistent Fibbing Method

  • #781
  • Apr 6, 2010 4:05pm Apr 6, 2010 4:05pm
Hi Vark,

The previous post explains all the reasons we bought at the different points on the GU today. Your entry was the first entry on the 50% breach fib.
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  • #782
  • Apr 6, 2010 7:00pm Apr 6, 2010 7:00pm
Both pairs are currently selling but are also poised for continued upward movement.
The EU has a swing high at 1.3385 which converges with the 50% breach fib of 1.3419 to 1.3354. Important support is also at 1.3360.

The GU is retesting its last breach level (from fib of 1.5306 to 1.5127) and support at 1.5220 and is approaching the upward trendline for a 3rd hit. It also has a swing high at 1.5194.

So if you are currently short these pairs, pay attention to these areas for possible reversals.
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  • #783
  • Apr 7, 2010 5:02am Apr 7, 2010 5:02am
Got stopped out of this one by 3 pips.

Price went a bit higher and then came down to close below the trendline.

This trade should never have been taken as it was not in line with trading after 3:00AM.

Anyways, next trade. I still love the tight stops.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP - 7th March.jpg Size: 149 KB
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  • #784
  • Apr 7, 2010 6:45am Apr 7, 2010 6:45am
It seems the GU is bent on going lower and we are now at a critical breach level at 1.5163. Sell entries are likely here for continuation to 1.5050 to 5040 area. Price Action should be watched in this area as reversal may also take place here.

http://img687.imageshack.us/img687/7717/gusetup.jpg
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  • #785
  • Apr 7, 2010 7:16am Apr 7, 2010 7:16am
I took 2 trades on that down move: one on GU targeting 1st bear target of intraday +46 pips and another on EU targeting 19.1% support of the last upmove - on EU it bounced right off of it for another +41 pips. Now I am observing critical levels you have mentioned before
  • #786
  • Apr 7, 2010 7:21am Apr 7, 2010 7:21am
Quoting Vark
I took 2 trades on that down move: one on GU targeting 1st bear target of intraday +46 pips and another on EU targeting 19.1% support of the last upmove - on EU it bounced right off of it for another +41 pips. Now I am observing critical levels you have mentioned before
Good Going Vark! Would be great if you could post the charts showing where and how you entered!
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  • #787
  • Edited 8:10am Apr 7, 2010 7:24am | Edited 8:10am
We are approaching the weekly support(19.1%) of 1.3320 on EUR. Shorters watch this level. You can find this level by fibbing from the high to the low of the last major upswing.

(***Correction)
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  • #788
  • Apr 7, 2010 7:28am Apr 7, 2010 7:28am
Looking at the 8:30 candle EU. 50% breach is at 1.3333, but 19.1 support of the last upmove is at 1.33277, so I want to see if it breaks that level for a possible sell setup
  • #789
  • Apr 7, 2010 7:29am Apr 7, 2010 7:29am
Quoting simoneg
We are approaching the monthly support(19.1%) of 1.3320 on EUR. Shorters watch this level. You can find this level by fibbing from the highest high for the month of March to the lowest low for the month of March.
beat me to it I will work on charts
  • #790
  • Apr 7, 2010 7:34am Apr 7, 2010 7:34am
Quoting Vark
beat me to it I will work on charts
haha, so I see, I corrected it though, its not monthly but weekly
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  • #791
  • Apr 7, 2010 7:40am Apr 7, 2010 7:40am
Quoting aftab
Got stopped out of this one by 3 pips.

Price went a bit higher and then came down to close below the trendline.

This trade should never have been taken as it was not in line with trading after 3:00AM.

Anyways, next trade. I still love the tight stops.
Good One aftab! It spiked because of the unachieved bull target from yesterday.
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  • #792
  • Apr 7, 2010 8:05am Apr 7, 2010 8:05am
First one was on GU, I got up late (still early for me ) and missed the beginning of the move, plus I was reinstalling my OS yesterday, so had to setup all the charts in VT Trader again. Anyway, once I fibbed the upmove from 5127 to 5280 I saw I missed on 6:00 candle, but I saw a small retrace and got in on a 6:15 candle with a TP a bit above 19.1 of breach fib. Looking at the charts now, I could've taken a bit more, but at that moment didn't have any reason to go any lower than I did.
imageshack is wierd today, I will post charts later

On EU I saw a nice setup forming on a 6:30 candle, waited for a retrace and entered on retrace candle of 6:45 with a smaller TP - just above the 34% of the breach fib, because of the support of 19.1% of the last major upmove. I could've gotten another 10 pips, but wanted to be safe, so I put TP at 3341
imageshack is wierd today, I will post charts later
  • #793
  • Apr 7, 2010 8:06am Apr 7, 2010 8:06am
Hello Simoneg,

Isn't the 1.3320 level (19.1 support) based on the last major upswing, and not the Weekly Fib?

The EURUSD Weekly Fib support (19.1%) is still at 1.3420, correct? On page 52, posting #770, your high low is drawn from 1.3590 - 1.3384.
  • #794
  • Apr 7, 2010 8:07am Apr 7, 2010 8:07am
The EUR/USD has completed its last ABCD wave and is at the bottom of a 15m trading channel, where it has also hit weekly support at 1.3320. This area can lead to strong buying, pushing us towards 1.3490 or higher. (Having difficulty with imageshack now, chart coming)
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  • #795
  • Apr 7, 2010 8:09am Apr 7, 2010 8:09am
Quoting ahks
Hello Simoneg,

Isn't the 1.3320 level (19.1 support) based on the last major upswing, and not the Weekly Fib?

The EURUSD Weekly Fib support (19.1%) is still at 1.3420, correct? On page 52, posting #770, your high low is drawn from 1.3590 - 1.3384.
Correct ahks! That is an error! It is the 19.1 of the last major upswing!


Thanks!
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  • #796
  • Apr 7, 2010 8:19am Apr 7, 2010 8:19am
Quoting simoneg
Good One aftab! It spiked because of the unachieved bull target from yesterday.
Simone,

Are you referring to this level?

Thank you,
Attached Image (click to enlarge)
Click to Enlarge Name: GBP - Yesterday's Level Not Reached.jpg Size: 130 KB
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  • #797
  • Apr 7, 2010 8:25am Apr 7, 2010 8:25am
Quoting aftab
Simone,

Are you referring to this level?

Thank you,
Yes aftab that is it.
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  • #798
  • Apr 7, 2010 8:41am Apr 7, 2010 8:41am
Hey aftab, wonder if you could post this? I am having trouble with imageshack. Seeing a bearish gartley and butterfly on EUR H1. Gartley ends at 1.3755 and Butterfly at 1.3970 to 1.4000.

The Butterfly aligns with April's bull target number 1. Also the ABC fib of this bounce ends D at the same price (1.4000). That is A=1.3268, B=1.3590 and C= 1.3325.

This is on the EUR/USD.
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  • #799
  • Apr 7, 2010 8:51am Apr 7, 2010 8:51am
Quoting simoneg
Hey aftab, wonder if you could post this? I am having trouble with imageshack. Seeing a bearish gartley and butterfly on EUR H1. Gartley ends at 1.3755 and Butterfly at 1.3970 to 1.4000.

The Butterfly aligns with April's bull target number 1. Also the ABC fib of this bounce ends D at the same price (1.4000). That is A=1.3268, B=1.3590 and C= 1.3325.

This is on the EUR/USD.
Here it is Simone.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR - Butterfly.jpg Size: 108 KB
Click to Enlarge Name: EUR - Gartley.jpg Size: 105 KB
AFTAB Time Will Tell & Price Will Show
  • #800
  • Apr 7, 2010 8:55am Apr 7, 2010 8:55am
Thanks very much aftab! Those are the ones. Who do you use as your image host?
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