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Simple & Consistent Fibbing Method

  • #1,081
  • Apr 29, 2010 5:44am Apr 29, 2010 5:44am
Good Morning!
The GU has begun buying after selling off for quite a bit. The typical behavior is to return to the resistance of the previous downswing when buying resumes. As such I am looking at 1.5424 as the bigger target for this buy. Pullback can however be anticipated from the current price to as far as 1.5160-1.5140.
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  • #1,082
  • Apr 29, 2010 6:02am Apr 29, 2010 6:02am
need a bounce off 80.9 intraday
  • #1,083
  • Edited 7:15am Apr 29, 2010 6:06am | Edited 7:15am
Dear Simone

A quick question for you please, on rules for adjusting Intraday Fibo.

Assume price is rising and goes up over the current Intraday Fibo 100% level, then retraces back down to the 80.9% level.

Are we saying that we need the body of a 15-min candle to close down over the 80.9% level in order to re-adjust the 100% up to a new Intraday High ?

I assume that a touch of the 80.9% level, or a spike down through the level but no candle body close, is not enough.

Can you please clarify ?

Thanks !

Best wishes

Loudoniii
  • #1,084
  • Apr 29, 2010 6:11am Apr 29, 2010 6:11am
got the bounce, moved SL to BE and I'm out...don't like that PA
  • #1,085
  • Apr 29, 2010 6:11am Apr 29, 2010 6:11am
I reckon we are at the beginning of the 5th Wave.... heading to 1.53100 target area.

What do you think folks?

I hope im right.. Ive gone long
  • #1,086
  • Edited 6:48am Apr 29, 2010 6:25am | Edited 6:48am
Quoting Acedup
I reckon we are at the beginning of the 5th Wave.... heading to 1.53100 target area.

What do you think folks?

I hope im right.. Ive gone long
Dear Acedup

Seems to be stuck just under 5256, the 80.9% Daily Resistance level from yesterday, so personally I'd like to see a close above that level to confirm a continuation long.

I have my next Bull Breach Fibo @ 5260, so a close above that would also be bullish, in my view.

Should become clearer as the US market opens.

Just my thoughts ...

Best wishes

Loudoniii
  • #1,087
  • Apr 29, 2010 6:48am Apr 29, 2010 6:48am
Regarding my thoughts... The volume is lower in this peak than the previous. So may not make it to my target for the short term.

Good call Loudonii... I should wait till US open. I dont have my previous day fibs up... just the weekly. Is the previous day fib significant in this strategy?
  • #1,088
  • Edited 7:13am Apr 29, 2010 6:59am | Edited 7:13am
Quoting Acedup
Regarding my thoughts... The volume is lower in this peak than the previous. So may not make it to my target for the short term.

Good call Loudonii... I should wait till US open. I dont have my previous day fibs up... just the weekly. Is the previous day fib significant in this strategy?
Dear Acedup

The Daily Fibo, based on the previous day's High + Low, is extremely significant in this method, in my experience.

Look at the stalling at the Daily Fibo 80.9% level at 5256 this morning.. still not resolved.

Note also position of the current Bull Breach Fibo, which I've got at 5260, just above that.

All suggests we wait for a close above 5260 and retest before re-entering Long, in my view.

I have the Weekly, Daily and Intraday Fibo's on my charts all the time.

Yesterday's Daily Bull or Bear target zone can become today's target zone.

Let's see how it goes.

Best wishes

Loudoniii

PS: At 08:12 am .... looks like your Long might be OK now !
  • #1,089
  • Apr 29, 2010 7:43am Apr 29, 2010 7:43am
Quoting loudoniii
Dear Simone

A quick question for you please, on rules for adjusting Intraday Fibo.

Assume price is rising and goes up over the current Intraday Fibo 100% level, then retraces back down to the 80.9% level.

Are we saying that we need the body of a 15-min candle to close down over the 80.9% level in order to re-adjust the 100% up to a new Intraday High ?

I assume that a touch of the 80.9% level, or a spike down through the level but no candle body close, is not enough.

Can you please clarify ?

Thanks !

Best wishes

Loudoniii...
Good Morning Loudoniii, sorry for the delay, was in transit to work. Once the High is broken and there is a pullback to the 80.9 or beyond that, the 100% has be be adjusted to the new high. e.g. If you look at this morning's 4:30am high, which was broken to create a new high at 6:00am, followed by a pullback and buy off the 80.9, this would require that we adjust our intraday high to the high of the 6:00am candle. Please let me know if this answers your question. I am arranging a webinar, wanted to do this weekend but the tool I am using limits me to 20 participants. Trying to find something to give at least 40.
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  • #1,090
  • Apr 29, 2010 8:08am Apr 29, 2010 8:08am
Quoting simoneg
Good Morning Loudoniii, sorry for the delay, was in transit to work. Once the High is broken and there is a pullback to the 80.9 or beyond that, the 100% has be be adjusted to the new high. e.g. If you look at this morning's 4:30am high, which was broken to create a new high at 6:00am, followed by a pullback and buy off the 80.9, this would require that we adjust our intraday high to the high of the 6:00am candle. Please let me know if this answers your question. I am arranging a webinar, wanted to do this weekend but the tool I am using limits...
Dear Simone

Thanks for the prompt reply ... it's clear now.

Seminar sounds good - keep up your great work on SCFM !!!

Best wishes

Loudoniii
  • #1,091
  • Apr 29, 2010 8:11am Apr 29, 2010 8:11am
Quoting simoneg
I am arranging a webinar, wanted to do this weekend but the tool I am using limits me to 20 participants. Trying to find something to give at least 40.
Can you record that please? I usually work on weekends and can only watch a recording.
That long trade I setup in the morning hit my target, but it was too much going on, so I decided to bail at BE. Oh, well, better safe than sorry, just like my signature says, i'd rather wish I was in the trade, than wish I was out
Thank you.
I haven't used it, but look at http://www.freebinar.com/ up to 150 participants
  • #1,092
  • Apr 29, 2010 11:15am Apr 29, 2010 11:15am
Quoting Vark
Can you record that please? I usually work on weekends and can only watch a recording.
That long trade I setup in the morning hit my target, but it was too much going on, so I decided to bail at BE. Oh, well, better safe than sorry, just like my signature says, i'd rather wish I was in the trade, than wish I was out
Thank you.
I haven't used it, but look at http://www.freebinar.com/ up to 150 participants
Hi Vark,

I will see if I can get it recorded. Thing is, while playing safe, we assume some risk in trading, so when I see a good setup, I walk away and let it run. In time though. Have my TP at 1.5400-1.5420 on this trade.
Thanks very much for the link, I will check it out, sounds great!
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  • #1,093
  • Apr 29, 2010 11:42am Apr 29, 2010 11:42am
Quoting simoneg
Hi Vark,

I will see if I can get it recorded. Thing is, while playing safe, we assume some risk in trading, so when I see a good setup, I walk away and let it run. In time though. Have my TP at 1.5400-1.5420 on this trade.
Thanks very much for the link, I will check it out, sounds great!

Thats the figure I got when calculating the potential size of the 5th wave.

1.5148 Base of first wave (minus)
1.5251 End of third wave
-------
0.0103
-------
-------


0.0103 x 1.618 = 0.0166


1.5251 End of third wave (PLUS)
+
0.0166
--------
1.5417
--------
--------


lol, after writing this, I just realised you can just use the Fib tool....I surprise myself sometimes
  • #1,094
  • Apr 29, 2010 11:46am Apr 29, 2010 11:46am
Quoting Acedup
Thats the figure I got when calculating the potential size of the 5th wave.

1.5148 Base of first wave (minus)
1.5251 End of third wave
-------
0.0103
-------
-------


0.0103 x 1.618 = 0.0166


1.5251 End of third wave (PLUS)
+
0.0166
--------
1.5417
--------
--------


lol, after writing this, I just realised you can just use the Fib tool....I surprise myself sometimes
Haha...funny Acedup! yes eventually you end up using less tools to get the job done
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  • #1,095
  • Apr 29, 2010 12:09pm Apr 29, 2010 12:09pm
Hi Everyone,

There will be a Webinar this Sunday May 2nd at 3:15pm EST on the SimpleFib Method.
We will be looking at:

  1. Using the 50% Breach Fib
  2. Adjusting Intraday Fibs
  3. Importance of Previous Swings


If you would like to attend, please email [email protected] by 12:00PM EST Saturday May 1st 2010, so that I may send you an invitation.

Best Regards,

Simoneg

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  • #1,096
  • Apr 29, 2010 1:32pm Apr 29, 2010 1:32pm
Quoting simoneg
Hi Vark,

I will see if I can get it recorded. Thing is, while playing safe, we assume some risk in trading, so when I see a good setup, I walk away and let it run. In time though. Have my TP at 1.5400-1.5420 on this trade.
Thanks very much for the link, I will check it out, sounds great!
yes, in time when I have more experience, that will back my analysis up and gives me confidence in the trade setup.
Could you tell me where did you enter and what was your SL for this trade? 100-150 pip target will require at least 50 pips SL to account for volatility of the pair?
Thank you.
  • #1,097
  • Apr 29, 2010 2:51pm Apr 29, 2010 2:51pm
Quoting Vark
yes, in time when I have more experience, that will back my analysis up and gives me confidence in the trade setup.
Could you tell me where did you enter and what was your SL for this trade? 100-150 pip target will require at least 50 pips SL to account for volatility of the pair?
Thank you.
For sure with experience. That stop thing is dependent on the quality of the entry, I rarely use those size stops...30-40 mainly. My entries were at 1.5153 and 1.5239.
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  • #1,098
  • Apr 29, 2010 6:28pm Apr 29, 2010 6:28pm
Quoting simoneg
For sure with experience. That stop thing is dependent on the quality of the entry, I rarely use those size stops...30-40 mainly. My entries were at 1.5153 and 1.5239.
I can definitely use some help in this area. Can you please elaborate a little to give us some guidance if possible?

Do you use a fixed stop level area, i.e., behind a previous fractal, fib level... etc.? Or, maybe just gut feel based on at time market conditions?

Or?
  • #1,099
  • Apr 29, 2010 7:34pm Apr 29, 2010 7:34pm
This webinar is great darling. If you can, try to record it. Away for the week end. Don't know if the hotel will have wireless web. Or if ill be free. But I will request an invite any way.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,100
  • Apr 30, 2010 3:12am Apr 30, 2010 3:12am
I am enroute. Can somebody tell me what price we are at, and if weekly targets were touched.
A. Finesse Williams Making Millions One Pip At A Time!
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