I am going to watch price around these PPZ's carefully. This example seemed to work out fine. Does anyone see anything that would need correcting or didn't follow protocol?
K.I.S.S.
K.I.S.S.
Indicator Free Trading - Skunny
- #6,401
- Apr 13, 2010 1:50pm Apr 13, 2010 1:50pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
- #6,404
- Apr 13, 2010 5:33pm Apr 13, 2010 5:33pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Sod the fibs the chicken is brilliant. 
MD.
MD.
Keep smiling
- #6,405
- Apr 13, 2010 6:20pm Apr 13, 2010 6:20pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
The first two charts show a possible long setup. The third shows a possible short move. Time will tell.
I'm leaning towards the long.
Bartstop
K.I.S.S.
- #6,406
- Apr 13, 2010 7:32pm Apr 13, 2010 7:32pm
Just an observation and I hope that I am not curve fitting here but I am biased long on this pair. P A shows break of this daily pin should take us to 144.74 (next PPZ) in due course. Now I dont get paid to lie to myself so I'll ask you if you see this like I do. White lines are PPZ's. I only plotted the pertinant ones to this set up. The lowermost PPZ is where I pulled from. The uppermost PPZ lines up very well for the 38.2 ext. Where might I be wrong? Thanks.
K.I.S.S.
If you look at the second chart I posted, there are 2 fibs that are pointing long. Your pinbar is saying the same. If I were a betting man, I'd say we're headed north. There is a posibility of a rejection at 143.82. If we make it through that, 144.92 is where my TP will be. Well, just under it anyways. But we are talking about GBPJPY. We might just get smacked in the face on this one. We will see in due time.
Bartstop
EDIT: My long trade off the white fib got triggered as I was typing. My fingers are crossed.
- #6,408
- Apr 14, 2010 3:42am Apr 14, 2010 3:42am
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Keep smiling
- #6,410
- Apr 14, 2010 6:23am Apr 14, 2010 6:23am
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Looks like your trade would have worked out. So much for those PPZ's.
Bartstop
K.I.S.S.
- #6,411
- Apr 14, 2010 6:24am Apr 14, 2010 6:24am
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Keep smiling
- #6,412
- Apr 14, 2010 6:33am Apr 14, 2010 6:33am
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
...and 15min GJ.
Higher TF's are my preference but I am trying to gain confidence on all TF's.
K.I.S.S.
Higher TF's are my preference but I am trying to gain confidence on all TF's.
K.I.S.S.
- #6,414
- Apr 14, 2010 6:50am Apr 14, 2010 6:50am
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Keep smiling
- #6,415
- Apr 14, 2010 6:56am Apr 14, 2010 6:56am
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Anybody catch this one?
I realize there was no direction to the market, but I feel like if the fib fits and gets triggered, trade it.
Maybe we should come up with some type of scoring system. We could figure in J16 PA, larger fib placement and overall market direction. You would adjust your account risk accordingly. What do you think?
Bartstop
I saw this after the fact and pulled the same fib. I was just doing some backtesting on 15 min GU and found a losing trade on Jan 19th. Without a doubt, I will get my bias from 4 hr or daily TF when I trade 15,30 or 1hr. Sure I'll miss some winners but that's easy to deal with. The losers that could have been prevented with some rudimentary guidelines are tough on the psycology. I keep thinking to myself that there is something here that I'm missing. I guess that will come over time of backtesting and losing on some of these. It occurs to me that any criteria that one might come up with to rate or score a trade based on this method would have to include a higher TF bias and an awareness of major PPZ's.
K.I.S.S.
- #6,418
- Apr 14, 2010 7:20am Apr 14, 2010 7:20am
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Keep smiling
