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Fibonacci Paradise

  • #1
  • First Post: Edited May 21, 2010 7:54am Apr 25, 2010 9:53pm | Edited May 21, 2010 7:54am
This journal is dedicated to the discussion of Skunny/ThomKnight style fib trading. This first post contains the 4 hour fibs as I see them. I will do my best to keep them updated. If you see a better setup, please post your chart for discussion.

The red fib lines you see are drawn on the Daily chart. I would post the Daily charts but FF limits me to 5 images.

I will only be tracking the following pairs as they will give us plenty of opportunities.

EURUSD
EURJPY
GBPUSD
GBPJPY
AUDUSD


Bartstop
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  • #2
  • Apr 26, 2010 2:14am Apr 26, 2010 2:14am
Morning. Just looked quickly at GU 4h. For me thats triggered long to go to 1.5678. I think that fib is spot on BarTstop.

MD.
Keep smiling
  • #3
  • Apr 26, 2010 2:18am Apr 26, 2010 2:18am
Quoting Misterdaz
Morning. Just looked quickly at GU 4h. For me thats triggered long to go to 1.5678. I think that fib is spot on BarTstop.

MD.
Here's the daily. Keep an eye on 1.5577.
Attached Image (click to enlarge)
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  • #4
  • Apr 26, 2010 2:30am Apr 26, 2010 2:30am
I'm not saying your're wrong but try shifting your daily one peak to the left and look from there. 1.7042 is the starting point on my chart. This puts no larger fib levels in our way.

MD.
Keep smiling
  • #5
  • Apr 26, 2010 2:33am Apr 26, 2010 2:33am
Hi there, nice new thread Bartstop. Could this be another possible 4hr fib on the E/U? Please let me know if you find something wrong with it, thanks...
Attached Image (click to enlarge)
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  • #6
  • Apr 26, 2010 2:42am Apr 26, 2010 2:42am
Quoting Misterdaz
I'm not saying your're wrong but try shifting your daily one peak to the left and look from there. 1.7042 is the starting point on my chart. This puts no larger fib levels in our way.

MD.
You're right. Good call.
  • #7
  • Apr 26, 2010 2:51am Apr 26, 2010 2:51am
Quoting OGW
Hi there, nice new thread Bartstop. Could this be another possible 4hr fib on the E/U? Please let me know if you find something wrong with it, thanks...
Yes, that is the next logical move. This is where I run in to trouble. When is the proper time to move the fib?

I was waiting to see some respect of the new placement before I updated the chart above. With the old fib, I see 1 wick (on the 1 hour) that reaches down and touches the 0 line. That makes me think the old fib is still on.

I guess we'll wait and see.


Bartstop
  • #8
  • Apr 26, 2010 2:53am Apr 26, 2010 2:53am
Quoting OGW
Hi there, nice new thread Bartstop. Could this be another possible 4hr fib on the E/U? Please let me know if you find something wrong with it, thanks...
The placement of the fib on the larger timeframe is something we hope to iron out here. Where you have your fib is exactly where I have mine but there is a higher swing further to the left you could pull from. Don't forget these larger fibs are our guide, we/I plan to look in the 1h charts to look for setups although a 4h could setup if you have the patience to trade it.

MD.
Keep smiling
  • #9
  • Apr 26, 2010 2:55am Apr 26, 2010 2:55am
I must get on with my day job!! BarTstop, get to bed!!

MD.
Keep smiling
  • #10
  • Apr 26, 2010 5:25am Apr 26, 2010 5:25am
Here is my take on EU 4hr. What do you think Bartstop?

K.I.S.S.
Attached Image (click to enlarge)
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  • #11
  • Apr 26, 2010 5:29am Apr 26, 2010 5:29am
I've had another look at that EU 4h chart, I believe it is wrong. There is another pullback in there that is easily missed. This also produces a 61.8 to 50 fib which went straight to target.

Have a look at my new chart. The fib is complete and price has not closed outside of it but price remains inside so I will leave it here for now.

Attached Image (click to enlarge)
Click to Enlarge Name: EU260410.png Size: 12 KB


MD.
Keep smiling
  • #12
  • Apr 26, 2010 5:34am Apr 26, 2010 5:34am
Quoting KissFan
Here is my take on EU 4hr. What do you think Bartstop?

K.I.S.S.
We appear to have both posted at the same time, in my last post I was discussing my own charts.

On your chart, if I was looking for longs, I would have my fib there but going by my own 4h fib looking short I would say price will run into trouble if it reaches 1.3356.

MD.
Keep smiling
  • #13
  • Apr 26, 2010 5:59am Apr 26, 2010 5:59am
Quoting Misterdaz
We appear to have both posted at the same time, in my last post I was discussing my own charts.

On your chart, if I was looking for longs, I would have my fib there but going by my own 4h fib looking short I would say price will run into trouble if it reaches 1.3356.

MD.
I see your point Misterdaz. However, MACD divergence and that last daily bullish bar have me in a long bias for EU. Only time will tell for us.

K.I.S.S.
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  • #14
  • Apr 26, 2010 8:12am Apr 26, 2010 8:12am
When you start with a higher time frame say 4 hour and then go to a 1 hour then a 15 minute do you start pulling your fibs at the 61.8 support for example I fibbed a 60 minute chart and started my 15 minute chart fib pull at the 61.8, the gray shaded circle which on my fibs shows up 38.2, is this right or wrong?
Attached Image (click to enlarge)
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  • #15
  • Apr 26, 2010 8:53am Apr 26, 2010 8:53am
Quoting Checkz
When you start with a higher time frame say 4 hour and then go to a 1 hour then a 15 minute do you start pulling your fibs at the 61.8 support for example I fibbed a 60 minute chart and started my 15 minute chart fib pull at the 61.8, the gray shaded circle which on my fibs shows up 38.2, is this right or wrong?
I don't do what you have mentioned nor do I think BarTstop does BUT! I was looking at this the other day. Thom once referred to something called fib chaining, I wonder if this is what he meant.

Currently I look at say 4h and set my next fib up, I try and find the last major swing, sometimes it is clearer than others which one to use. I drill down to the 1h or 30min and look for setups there. I could pull the fib anywhere where I see a nice swing low or high then look for the rest of the setup. Yes I could end up pulling where the 61.8 falls from the 4h but not deliberately.

MD.
Keep smiling
  • #16
  • Apr 26, 2010 9:20am Apr 26, 2010 9:20am
Quoting Checkz
When you start with a higher time frame say 4 hour and then go to a 1 hour then a 15 minute do you start pulling your fibs at the 61.8 support for example I fibbed a 60 minute chart and started my 15 minute chart fib pull at the 61.8, the gray shaded circle which on my fibs shows up 38.2, is this right or wrong?
Checkz, it doesn't have to line up with the larger fibs lines. Any high/low will work. Is that what you're asking?

Also, I only look for smaller cycles on the 1 hour. Sometimes I will go to 30 or 15 minute charts because they show greater detail but you should be able to spot the setup from the 1 hour. Keep in mind the smaller the cycle the less reliable your fib will be.


Bartstop
  • #17
  • Apr 26, 2010 3:58pm Apr 26, 2010 3:58pm
BarTstop,
Your 4 hr GU fib has already triggered long. If not for that, would either of you had gone long of this fib at the re-pierce ? The retracement got a bit messy .

SK
Attached Image (click to enlarge)
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  • #18
  • Apr 26, 2010 4:03pm Apr 26, 2010 4:03pm
Quoting skong
BarTstop,
Your 4 hr GU fib has already triggered long. If not for that, would either of you had gone long of this fib at the re-pierce ? The retracement got a bit messy .

SK
I have the same 1 hour fib. I'm staying out for now. If we get another respecting pullback I'll probably trade it but right now it looks too sloppy.


Bartstop
  • #19
  • Apr 26, 2010 4:19pm Apr 26, 2010 4:19pm
Quoting skong
BarTstop,
Your 4 hr GU fib has already triggered long. If not for that, would either of you had gone long of this fib at the re-pierce ? The retracement got a bit messy .

SK
Evening. That's a tricky one, I wouldn't know how to approach that yet. I'd stick to my rule of if I'm not sure don't do it.

Bartstop, as discussed I was doing to stick together a few setup charts, are you cool with that?

MD.
Keep smiling
  • #20
  • Apr 26, 2010 4:27pm Apr 26, 2010 4:27pm
Quoting Misterdaz
Evening. That's a tricky one, I wouldn't know how to approach that yet. I'd stick to my rule of if I'm not sure don't do it.

Bartstop, as discussed I was doing to stick together a few setup charts, are you cool with that?

MD.
You can do it, but then I'd have to ban you.

Of course you can post the charts. You don't have to ask permission.


Bartstop
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