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Fibonacci Paradise

  • #501
  • May 21, 2010 6:53pm May 21, 2010 6:53pm
Quoting bartstop
So let me get this straight. With your 100 anchored at the high and your 0 anchored at the low of the previous swing. As soon as you saw the 61.8 hit, that fib was as good as a fib that has already pierced the 0?


Bartstop
It had already violated the zero yes because it violated recent sr retraced to 61.8 BUT caveat emptor those i use a tight stop on. fitting to 61.8 and taking it at the breach not really.Hence 61.8 to breach is superior for me. I wasn't charting that but when i pulled the 61.8 i always pull back and that was perfect so yes i would have traded that without a thought.


bottom line almost everything I can chart is going to zero, but I havent mastered timing so i have to deal with the tools I have and these are some of the tweaks i have found from mucking around for a few years with these fibs.
TK
  • #502
  • Edited 7:43pm May 21, 2010 6:59pm | Edited 7:43pm
Quoting ThomKnight
It had already violated the zero yes because it violated recent sr retraced to 61.8 BUT caveat emptor those i use a tight stop on. fitting to 61.8 and taking it at the breach not really.Hence 61.8 to breach is superior for me. I wasn't charting that but when i pulled the 61.8 i always pull back and that was perfect so yes i would have traded that without a thought.


bottom line almost everything I can chart is going to zero, but I havent mastered timing so i have to deal with the tools I have and these are some of the tweaks i have found from...
I just pulled this. If I understand you correctly, 1.2996 is in the cards and posibly 1.3321.


Bartstop



EDIT: I just realized I would have to pull back to a swing high for it to be what you were talking about. My mistake.
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  • #503
  • May 22, 2010 3:12am May 22, 2010 3:12am
bar none the easiest pair to trade and a long time favourite for that, Here is my take on EU I could be missing something as always.

I took the W1...then tracked the d1...then zoomed in h1 and now i have my current h1 tgt.I do NOT do this everytime... but I have some free time and if you choose to this is helpful to get in the swing of price.

How would i play this? Just take the h1 tgt on the break of that tl and for rr or stop people i would clearly use the 61.8 as my stop. I would not need to ride this to w1 tgt as there is no inkling it will go there now... it COULD so you might try to ride it there but....really who cares.. In my mind 170 or or 17 lockdown pips are more then enough...beside this could keep and by my charting i think it will shooting up after a retrace BUT say i missed something on that EU chart to 1.29 and i am wrong... trading the now not the future filters that out...If i am absolutely right like i think i am.. well I will get more confirmation to go long by way of price moving in that direction after this completes... since that 1.29 is a bigger fib.. I want to get into it on a smaller train headed that way and would ideally like a respect bounce of the intiating fib telling me that tgt. Overall though.. this goose is cooked.

Setting up a framework like this helps me get into the groove and i recomend everyone spend some pre trade prep time. there is no way on gods green i would leave a trade run during the weekend on h1 so i wouldnt have taken this... and before i resume trading i need to have the market open and move a bit...she knows where she is going and we here do as well... but other traders have to position causing some swings. The mkt is set we just throw it off track temporarily(news) and the case of catastrophy majorly but still temporarily.

TK
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  • #504
  • May 22, 2010 3:19am May 22, 2010 3:19am
Still Thoms favorite move here is something to learn about it...lets say for a lark we wanted to use it on a larger chart of say...oh EU... there is no immediate price to do so...well sure price is static and fibs are as well so we zoom out and use the nearest (lower or higher depending on which way we are going) SR. Voila.

Second chart I zoomed in and tweaked for respect to the yellow area. The red lines are areas I would look for a reversal if one doesnt happen first ion context of our weekly cycle. So if i didnt muck anything up chuckle... my earlier fib tgts of 29 ish are valid and double verifed by this.How do we get there?...follow price.


TK

EDIT: bonuse chart since you chaps are wonky about H4... same fib on h4.. ta da! that respect is no accident or magic. the market is structured. and these sr levels existed since day 0 and will exist until the earth explodes... so will this fib.
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  • #505
  • May 22, 2010 3:53am May 22, 2010 3:53am
this is back pull looking long to resistance... working like a charm on the way down but no go until it works on the way up...i want to see the respect on that upward journey before the pierce as well, 9 times out of 10. it has to work on the way up and on the way down for me in this situation. No respect on the way up in this situation... it is a tracking a NOT a trading fib.


Of note...the 50-100 candle which is a pin on d2..test how often once the 50-100 is breached is goes to the opossing 100/0 doesnt alway breach on to the 138.2 though. The presence of that 50-100 though.. is almost enough for me to validate this fib ...same with a 61.8 to 100. I am bushed let me know if you have any q's thoughts charts of your own etc..


TK
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  • #506
  • May 22, 2010 3:39pm May 22, 2010 3:39pm
Re Post #484.

Evening. Thom when you have time I have a question for you. In post #484 which I fully understood thanks, you made the following point.

"Side note just taking the 61.8 tgt would have led you to be out earlier less thinking."

I had a think about that and thought you must mean take a fib from that point, the 61.8, and find a shorter target. I did that and came up with this. Is it what you meant? The red fib that is thick....like me.

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MD.
Keep smiling
  • #507
  • May 22, 2010 4:44pm May 22, 2010 4:44pm
Nope I just meant the fib I was trading was based on a pull back to resistance validation of the 61.8 after pierce. If i had used that in conjunction with moving the fib back to the entry point opf my trade i had.. it would have looked like this(see chart) and given me a locked massively early 61.8 entry which i could have then also entered again at the breach of the 0/100

Hopefully this makes sense. Basically where my fib verified and using this low instead of where my fib verified... I get into a standard 61.8 mega early with a quicker target. I dont trade or generally fib off of 15 minute but i use it for trade management to get in and get out often. Eventually you can mix and match and use information from one fib with another to do most anything you choose.

The logic here was this: My trading fib had verfied... i entered a TAD early.. but it went to verify... now that target it set would activated and complete a 61.8 move from the low pictured here... hence that 61.8 was already going to trigger and its target valid ( which of course since it was in the spanse of the major target) , but also gave us another entry point..pretty much where i re entered oddly.


TK
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  • #508
  • May 22, 2010 4:50pm May 22, 2010 4:50pm
I dont nor do I know anyone who does... trade EA , but a fib friend told me to take a look at it... and lo and behold.. off of a standard swing fib pull... a gigantic "coinkydink" where it stopped and turned aye?... Chuckle

How do we use this.. obviously look to go long from here for a while. If you ahve friends who do.. pass it on .

TK
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  • #509
  • May 22, 2010 5:15pm May 22, 2010 5:15pm
I understand now. My fib within your fib did work quite nicely though and I would have traded that at the zero break after the 50 respect. The more I read though it would seem I should stop being a chicken and take the break of the 50 candle (or the 38's) with a stop under it.

Thom, so do you have to run a virtual Windows within your Mac in order to run MT4. I have been looking at other chart platforms and so far I haven't found anything better than Metatrader. I suppose I'm used to it.

Whisky time one thinks. Cheers.

MD>
Keep smiling
  • #510
  • May 22, 2010 5:17pm May 22, 2010 5:17pm
Quoting ThomKnight
I dont nor do I know anyone who does... trade EA , but a fib friend told me to take a look at it... and lo and behold.. off of a standard swing fib pull... a gigantic "coinkydink" where it stopped and turned aye?... Chuckle

How do we use this.. obviously look to go long from here for a while. If you ahve friends who do.. pass it on .

TK
We have been looking at it at work. It has a jolly nice trend on it, did have anyway.

MD.
Keep smiling
  • #511
  • May 22, 2010 6:23pm May 22, 2010 6:23pm
Quoting Misterdaz
I understand now. My fib within your fib did work quite nicely though and I would have traded that at the zero break after the 50 respect. The more I read though it would seem I should stop being a chicken and take the break of the 50 candle (or the 38's) with a stop under it.

Thom, so do you have to run a virtual Windows within your Mac in order to run MT4. I have been looking at other chart platforms and so far I haven't found anything better than Metatrader. I suppose I'm used to it.

Whisky time one thinks. Cheers.

MD>
Yes for MT4 and 5 I am running Vmware. I really have grown to love mt4/5 for charting to be honest.
  • #512
  • May 22, 2010 8:59pm May 22, 2010 8:59pm
Nice start for next week methinks for those chaps not man enough to trade GY Chuckle. But it appear we have to the ticks hits on both so... good times indeed..an atleast temporary change is in the air.


TK
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  • #513
  • May 22, 2010 9:31pm May 22, 2010 9:31pm
TK,
I hope you are well. Check your PM.

This was my last trade of the week.

Cheers
SK
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  • #514
  • May 23, 2010 9:40am May 23, 2010 9:40am
Quoting skong
TK,
I hope you are well. Check your PM.

This was my last trade of the week.

Cheers
SK
Decent! Friday trading is dodgy though mate but nice work taking a countertrend trade!
  • #515
  • Edited 10:05am May 23, 2010 9:52am | Edited 10:05am
We obviously have different data but when i am doing what you were doing on friday with the EurYen .. something to test.. when i am pulling 61.8's like that when I have to cross mountains to get an anchor... well this is what I do... test it.


I look for the most immediate higher high in this case.. those two peaks by the check mark...bneither yield anything... so i move up the the rectangle and voila! 61.8 - 50 and then a after pierce rejection of the 0 line! but even with out that respect that would be as high up the mountain as i generally go for those things. Good onya for having the sense to get out before a retrace though. An oddity I have found over time.

Also how beauty is it that mt5 allows for fibs to ray both ways? ta shift clicking!

TK

EDIT i went ot upload a new pic and deleted the old rrroooaaarrr here is the progression pic if you were still countertrending after taking you money at the rectangle... it yields about two 20-30 pip trades.
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  • #516
  • May 23, 2010 10:17am May 23, 2010 10:17am
Gorgeous day in blighty, shame I have a teenager causing real havoc!

Enough of me. Thom I haven't tried MT5, I take it I need to go and find a broker offering it? I suppose I should stop being lazy and go and google it.

MD.
Keep smiling
  • #517
  • May 23, 2010 1:24pm May 23, 2010 1:24pm
Would my blue fib be a good place to draw another fib?
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  • #518
  • May 23, 2010 2:12pm May 23, 2010 2:12pm
Quoting Checkz
Would my blue fib be a good place to draw another fib?
I spose its as good as any but i dont know know what you are trying to accomplish...if you are trying to get a 15 minute set up to trade from open of mkt....well..
  • #519
  • May 23, 2010 2:34pm May 23, 2010 2:34pm
Quoting ThomKnight
I spose its as good as any but i dont know know what you are trying to accomplish...if you are trying to get a 15 minute set up to trade from open of mkt....well..
I was just trying to see if this was a good place to draw a fib if I wanted to trade a smaller range from a smaller timeframe. I was just practing while the market was closed.
  • #520
  • Edited 6:03pm May 23, 2010 5:43pm | Edited 6:03pm
Quoting ThomKnight
We obviously have different data but when i am doing what you were doing on friday with the EurYen .. something to test.. when i am pulling 61.8's like that when I have to cross mountains to get an anchor... well this is what I do... test it.


I look for the most immediate higher high in this case.. those two peaks by the check mark...bneither yield anything... so i move up the the rectangle and voila! 61.8 - 50 and then a after pierce rejection of the...
Thom,
Like MD, I haven't tried mt5 yet.

I have done a couple of trades using the immediate high and they worked .
For this one, I went back further , entered short with 2 lots at the break of the zero. It cost me 230 pips. I think the 61.8 level was also not chosen well. ( Oops. The fib is upside down.)
Had I chosen the immediate high on that one, I would have got out with around 25 pips.

SK
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