Fibonacci Paradise

Still upside down. Lol. Hey Checkz, I did a double take, I thought you said "still bullshit".

Are you winning buddy?

MD.

not yet im but it's because im impatient and try to trade every swing

Thought you would all just take off and leave me on Skunny's thread, wondering where everybody got to.

MD, move went well, thank you. This time I only broke 1 item so the wife was happy.

OK, 24 pages to catch up on, I'll start reading and then get back to the thread.

My current EU chart.



As long as you didn't break your back lifting.

MD.

Edit: The pierce is your target.
Edit: Target taken.

We wouldn't leave you behind, BarTstop did post a link letting everyone know where we are. We have been pushing on with stuff here and are doing quite well. Thom has been around too although he's off on walkabout again somewhere I'm sure he will return at some point. I've been concentrating on following price of late and have been making some very interesting discoveries. I believe I'm getting to the core of how this stuff works.

Anyway Compass you are very welcome here, jokes and piss taking is well recieved. Make sure you point it at that mad yank BarTstop.

MD.

Target rejection on EU.

Boy was I wrong about being Bullish on the Aud/Usd.

Good to have you back!

Boy Skunny sure did know his stuff. AudUsd hit to the pip!

Good to be back Checkz.

Love those laser guided Fib hits.

Checkz, nice chart. I think you're getting the hang of this.



Bartstop

Im trying. It's getting easier for me to see alot of setups now then before. Thanks for the encouragement.

Hope you all had nice weekends. Pissed down here, summers on it's way.

Here's the latest EU chart I'm watching.



MD.

BarTstop. On the theory I have been working on my current fib would be here.

This it until it completes or the 61 moves back.

MD.

This is where I am now.

How are we sitting chaps? Anyone gazing at GY? Looks like a fun move happening now aye?

TK

Have you been off enjoying life?

I haven't traded GY recently due to something I have been experimenting with which requires a tight spread like on EU. I know BarTstop went long GY yesterday and went into amazing drawdown then came back and booked some profits.

I have been trying to use the fibs to follow price and also book trades looking for 3 pips profit only. This worked fantastically well the last 2 days of last week, I had about 20 straight winners if you ignore 2 human error trades. It requires the fib to be placed very accurately on the 61.

It's not easy to explain in words but I've been starting at the beginning of a swing and pulling the fib so that the 61 rests perfectly on the high of the next candle (in a downtrend). I then look to see if the fib has completed. If it has I put the 100 on to where I previously had the 61 and then I put the 61 on the high of the next candle and look from there and so on. If the 61 moves back against me I adjust my fib to fit to that. There's a bit more to it but I won't go into anymore detail yet. To trade I place a buy or sell stop one pip the other side of the 100 and a profit take 3 pips beyond that. In a strong trend this works incredibly well. If you don't get your 3 pips then the problems begin as this is highly risky.

I think we have all been struggling with knowing when to take our profit off the table. I can't think of any standard setup that I have found that has not gone some way into profit even of it turns on me and I end up bailling out.

So a good lesson for us would be how do we gauge how many pips to go for. I know from what I have been experimenting with that 3 pips is ample if you know you are going to get them!

The other lesson would be what would be the best way to follow price?

Questions, questions sorry Thom.

MD.

-When your fib is placed correctly and the 0 or 100 is pierced, it will hit the 138 every time.
So in regards to pips it all depends how you want to play it.

-When following price, your fib needs to be placed so you are in a cycle or in a completed cycle.

Hush.

Worked it all out have you?

I agree with your points. It's more the fact that if you know you are going to win you don't need to wait for the 138 to take your profit, you can place a larger lot size and take a few pips and walk away.

Most of my problem is patience so a quick kill suits me fine.

Thom said something previously about the pierce is your target so maybe a previous pierce is a good level to aim for.

MD.