(binned per thread starter's request) For What It's Worth

Quick trade this morning on the GBP/$. The trend is down on the upper charts but we are in a short-term up trend. Nice break above the 1.4993 previous support line, and plenty of room to the -.786/trend wall. Stop was set at 30 pips (but would have been out before then) and limit was set at 55 pips (just below targets). Notice the reaction to the -.27, which kind of makes you feel good that you have it figured out. Here is the picture:


Will now wait for a retace before trying a long position again on the gbp.

I will keep an eye on your journal.
I began seeing fibo are ove the place...
You seem to trade relying on them.
This is an area for me to learn.
Regards,

Chart progression from the post on 61.8% fib thread:

Chart 1 shows the 1H analysis from this morning, with fib extensions inserted from the first pulse down. Notice that the movement is near the -.618, which is sometimes an exhaustion point for a move, and very near the up trend wall.



The next set of charts is from the 10M. The 1H trend lines is being respected by PA and there is a clear sign that the trend may be switching to up. The next set of fib extensions in added as the PA hits the trend wall and retreats but does not exceed the previous low, and showing great respect for the .786 fib.



Once the down trend is breached with an O/C candle, I add another set of fib extensions showing that move, and this creates some nice overlapping fibs with the previous set. My entry was on the small pull back where the previous trend wall provided support rather that resistance. Target was the nest of fib extensions 70 pips up, with a small 20 pip stop just below the .786 fib.



The results. Also, notice that the PA during the morning squared up my entry price before moving back up.



I had to put this together pretty quickly so I have probably let something out, just ask if I can clear up anything.

So you do fib within fib within fib.
You are a fibman.

This is very elegant
and clear.

I see you like fibbing swings, which is the conventional method of fibs and nothing wrong with that at all. I like 61.8 respect and stick to the premise that price moves in 1.382 ratios. It suits me. Here's my latest take on EUR USD on the last 4h downswing, next target 1.2811. Would you put your fib here???



Good luck and good trading.

MD.

Hi Misterdaz, here is a chart to consider, because the current move down seems driven by...something not sure of right now. So, I am sticking with the last fib extentions on the 4H and just added the latest move, too. Euro is being driven into the ground now and while I am south, will keep my eyes on the horizon for Mr. Trichet's next move.



Target is the overlapping -.618 fibs. Good trading!

Morning. I don't think the world markets believe that Greece who are basiclly bankrupt will be able to foot the bill. There is also the fear of contagion. I'm on the southbound train with you my friend.

MD.

GBP trades from today (4 in all). Nice move south after breaking a 1H up trend line. Entries are on approx. hits of 50% retracements. Trade 'em until they stop trending!

A little chart work for next week. Notice the purple lines that represent levels that must be squared at some point.

I wanted to focus on the euro chart that was posted last week (see above). Both are 1H time frame charts.

We have retraced to the .786 fib area as the currency pair attempts to square the 1.2205 level. Notice in the beginning of the week that the pair worked in a consolidation range, which often means a change in direction. The range was broken north, and after the anticipated retracement back to the range, the north move continued to the .786 fib level (my target was the -.27 fib extension), where it entered another consolidation range (decision time for a bigger euro recovery or a continuation south). The current move north has only reached the -.27 fib extension, and the -.618/-,786 nest have the 1.2205 price level right in between, which is still a tempting target of a north move. However, the consolidation range has been breached south. Next week will tell more.



Note: sometimes the retracement to the .786 fib is enough of a move to consider the 1.2205 level to be square. We will know more next week.

Posting a E/J trade from this morning at London open. Earlier in the morning the PA had broken the previous support at 111.62, which opened a move further south after a small pullback. Entry was a bit early at 111.74, and my objective was about 45 pips.