Fibonacci Paradise | Page 10 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

Are we living in a fool's paradise? 8 replies

Back From Paradise: Lessons to Learn 19 replies

fibonacci 4 replies

Attachments: Fibonacci Paradise
Exit Attachments

Fibonacci Paradise

  • #181
  • Apr 30, 2010 7:41am Apr 30, 2010 7:41am
I think we need to have the larger fibs drawn and never trade in to one of the lines.

Thom, are you around? What's your take on all this?


Bartstop
  • #182
  • Apr 30, 2010 8:02am Apr 30, 2010 8:02am
Quoting bartstop
I think we need to have the larger fibs drawn and never trade in to one of the lines.

Thom, are you around? What's your take on all this?


Bartstop
I normally only have one PERHAPS two fibs on my chart at anytime. I will set my charts up mayb e plot a daily and trade the hourly mate.. or if it tickles me.. I will just fib an hourly and drop down to 15m for entries.

IMO the wrast muck up that can happen if you trade into a bigger SR line is you get paused or drawndown. This will sound droll but perhaps if you get forex tester and just kind of watch some sped up price like 500-1000 fibs over the weekend you will get a feel for it.

TK
  • #183
  • Apr 30, 2010 8:09am Apr 30, 2010 8:09am
Quoting Misterdaz
You can tell summer is approaching in England, it's raining.

This fib has a 61.8 to 50 going on but what concerns me is the 138 respect.

Attachment

MD.

EDIT: I have actually used thicker fibs lines on this for some reason, if I put them back to normal from this position the 138 has been pierced so I will pull the fib down slightly lower which keeps us looking short and, I end up with the same fib as a certain Mr. BarTstop!

Why in the name of all things holy is there an open short on this fib? This is a long fib with shorts closed out... were you gambling?

The 138 touch closed out shorts on this fib...and there was no other pierce to activate shorts...blimey mate! you might as well just set your money on fire! my two pence.

Tk

TK
  • #184
  • Apr 30, 2010 8:12am Apr 30, 2010 8:12am
Quoting Misterdaz
Have you seen this?

Attachment
Very nice i had been tracking that fib for sometime... you see something like that and well.. head on a north bound train!.

TK
  • #185
  • Apr 30, 2010 8:17am Apr 30, 2010 8:17am
Quoting skong
I just spotted a smaller fib that has completed. However , it's not a set up that you use.

SK
uh yeah that fib is perfection mate.
  • #186
  • Apr 30, 2010 8:52am Apr 30, 2010 8:52am
The usd/cad setup I've posted last night has finally hit its target. The shorter fib that is, the larger fib seems very active as price has been bouncing between its inner fibs all day long. I've read a few posts about chain fibbing or something like that, well that is very appealing to me, as I see it, enter on a shorter fib while letting it run in the hope of hitting the larger fib's target. Or using some sort of money management to take some money off at the short fib and let the rest run...

By the way, thank you to skong for replying to my post. You were right that the time of the day wasn't right to enter...
  • #187
  • Apr 30, 2010 8:55am Apr 30, 2010 8:55am
Quoting ThomKnight
Why in the name of all things holy is there an open short on this fib? This is a long fib with shorts closed out... were you gambling?

The 138 touch closed out shorts on this fib...and there was no other pierce to activate shorts...blimey mate! you might as well just set your money on fire! my two pence.

Tk

TK
Thom thanks for your comments, another puzzle solved for me perhaps. In the post you quoted I had pointed out my concern at the 138 respect, it would now seem a certainty that one should get out at this point. Sometimes lessons are learnt best the hard way, good job that was fake money!

I had originally got into that short on an earlier fib, it wasn't a great setup either and I think I may have had one too many bevvies at the time. The 138 fib in my post I found a day later which coincided with a risk rally after some slightly better Greek news. Plus the S&P decided not to destroy anybody elses reputation yesterday.

Interestinginly the weekly EU setup you mentioned I have been watching since earlier in the year, this was hit to the pip from a weekly perspective, maybe another sign to take your shorts off. I lost mine and my shirt as well.

MD.
Keep smiling
  • #188
  • Apr 30, 2010 8:59am Apr 30, 2010 8:59am
Quoting ThomKnight
I normally only have one PERHAPS two fibs on my chart at anytime. I will set my charts up mayb e plot a daily and trade the hourly mate.. or if it tickles me.. I will just fib an hourly and drop down to 15m for entries.

IMO the wrast muck up that can happen if you trade into a bigger SR line is you get paused or drawndown. This will sound droll but perhaps if you get forex tester and just kind of watch some sped up price like 500-1000 fibs over the weekend you will get a feel for it.

TK
Thom, good morning. How's your Friday?

I'm curious what your thoughts are on this. MD and I have two slightly different idea's on what constitutes a reliable fib.

In my view, we are simply looking for evidence that our fib is correctly highlighting the current fib cycle. The more respect we have and harder the price is rejected off of the fib lines, the more confidence we have in that fib.

MD on the other hand is looking for specific combinations of events for him to gain confidence that his fib is correct.

In your opinion, which is a better way to analyze the price action?


Bartstop
  • #189
  • Apr 30, 2010 9:03am Apr 30, 2010 9:03am
Quoting ThomKnight
Why in the name of all things holy is there an open short on this fib? This is a long fib with shorts closed out... were you gambling?

The 138 touch closed out shorts on this fib...and there was no other pierce to activate shorts...blimey mate! you might as well just set your money on fire! my two pence.

Tk

TK
Thom, I take your posts very seriously but this has tickled me. BarTstop, I did point the 138 out last night mate, we shouldda got out eh, we kinda realised!

MD.
Keep smiling
  • #190
  • Apr 30, 2010 9:41am Apr 30, 2010 9:41am
Quoting Misterdaz
Thom, I take your posts very seriously but this has tickled me. BarTstop, I did point the 138 out last night mate, we shouldda got out eh, we kinda realised!

MD.
Hindsight is always 20/20 isn't it?

I can sure tell summer is comming here in Kansas. Had some severe weather this morning. Marble sized hail stones, wind, rain, lightning, thunder. Gotta love it!

Bartstop
  • #191
  • Apr 30, 2010 9:41am Apr 30, 2010 9:41am
Quoting Misterdaz
Thom thanks for your comments, another puzzle solved for me perhaps. In the post you quoted I had pointed out my concern at the 138 respect, it would now seem a certainty that one should get out at this point. Sometimes lessons are learnt best the hard way, good job that was fake money!

I had originally got into that short on an earlier fib, it wasn't a great setup either and I think I may have had one too many bevvies at the time. The 138 fib in my post I found a day later which coincided with a risk rally after some slightly better Greek news....
what i have found with fibs mate is this...if you are trading them... you ahve to know how to use them to read the market... and they are absolute for me.

I don't pay attention to fundamentals(i stay away at news time unless i am in a larger longer term trade in which case.. i risde it out) or correlated markets...(you can fib the sp hard soft job numbers...housing prices...anything chartable is fibbable and works the same way) I only look at what i am trading and the fib is my framework and what i use to trade.

that doesnt mean shorts are over... just mean at this time they are...until they resume... you have to follow price now.

TK
  • #192
  • Apr 30, 2010 9:45am Apr 30, 2010 9:45am
Quoting Misterdaz
Another one Skong. Checkz, do you see? Small trades up and down the s/r tree?

Attachment

MD.

Edit: Checkz, I've done one of your tricks here, my fib is upside down, apologies.
I see what you are doing but I am doing better using the other method of fibbing. For some odd reason I see these setups better. Gbp/Jpy 60 minute
Attached Image (click to enlarge)
Click to Enlarge Name: New Chart.JPG Size: 76 KB
  • #193
  • Edited 10:19am Apr 30, 2010 10:14am | Edited 10:19am
My next trade set up. Im looking for a bounce upward from the 50 or 38.2 waiting to see what will happen. The yellow box shows what happened when the 1.382 was hit on my daily chart.
Attached Image (click to enlarge)
Click to Enlarge Name: New Chart.JPG Size: 83 KB
  • #194
  • Apr 30, 2010 10:42am Apr 30, 2010 10:42am
Quoting bartstop
Thom, good morning. How's your Friday?

I'm curious what your thoughts are on this. MD and I have two slightly different idea's on what constitutes a reliable fib.

In my view, we are simply looking for evidence that our fib is correctly highlighting the current fib cycle. The more respect we have and harder the price is rejected off of the fib lines, the more confidence we have in that fib.

MD on the other hand is looking for specific combinations of events for him to gain confidence that his fib is correct.

In your opinion, which is a better...

hmm i pull in a few set ways... like mechanically... then... i look to see if that pull is workking via respect mate. also I free form pull (basically hunting) to find cycles sometimes... you can check respect back intime to verify current cycles as well... we can get into that later... as that is more practice and art based... but it works like a charm.

TK
  • #195
  • Edited 1:39pm Apr 30, 2010 12:39pm | Edited 1:39pm
I sometimes wonder if I wouldn't do better sitting in my garden shed with a laptop trading this stuff. I have fundamental information coming at me from all angles in my day job, probably too much information and it's hard to ignore. While it should be respected it can sometimes stop me trading what price is telling me. As for my EU short, that was stupidity, I can't really blame it on anything else.

I have come a long way with stuff though and have seen many trades hit my targets. I'm still a bit rough round the edges though and know there is still a lot to be learnt, mistakes will happen but they can be learnt from.

3 of us here put this thread together because we saw the value in it. We hoped you'd turn up Thom so this couldn't have gone any smoother. I'll sound like a kiss ass but we really appreciate your time and wise words. So please keep up your comments, good or bad, they are well received.

I'm gonna put a bit of time in on Forex Tester this weekend, I gotta get my sea legs back.

MD.
Keep smiling
  • #196
  • Apr 30, 2010 12:42pm Apr 30, 2010 12:42pm
Look at this.

Bartstop
Attached Image(s) (click to enlarge)
Click to Enlarge Name: confused 1.gif Size: 13 KB
Click to Enlarge Name: confused 2.gif Size: 13 KB
  • #197
  • Apr 30, 2010 1:49pm Apr 30, 2010 1:49pm
Your first fib, when viewing from my Iphone would suggest we are heading lower. You're second fib says we may head a bit further north first.
Keep smiling
  • #198
  • Apr 30, 2010 2:14pm Apr 30, 2010 2:14pm
Quoting bartstop
Look at this.

Bartstop
second fib is right.
  • #199
  • Apr 30, 2010 3:39pm Apr 30, 2010 3:39pm
Quoting ThomKnight
uh yeah that fib is perfection mate.
TK,
Thanks . That's good to know. Eagle eye Misterdaz actually pointed that setup to me a while ago.

SK
  • #200
  • Apr 30, 2010 5:44pm Apr 30, 2010 5:44pm
Quoting ThomKnight
second fib is right.
Thom, I've been staring at this fib all afternoon. I can't see why it's invalid? Am I missing something?


Bartstop
Attached Image (click to enlarge)
Click to Enlarge Name: eu 100.gif Size: 21 KB
0 traders viewing now