Simple & Consistent Fibbing Method | Page 65 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

SIMPLE EA for a simple method needed!! 2 replies

Simple, Non-subjective, Consistent, Effective 645 replies

ECN && STP && Scalping && Hedging - Broker Review - Oct 2009 24 replies

Simple Method to Scalp & Trade Big 42 replies

Attachments: Simple & Consistent Fibbing Method
Exit Attachments

Simple & Consistent Fibbing Method

  • #1,281
  • Jun 14, 2010 11:30pm Jun 14, 2010 11:30pm
Quoting simoneg
Hi mbtjsmit,

1). Your intraday fib is drawn from the high to the low of the day as at the time that you are at your computer, and not necessarily at 3:00am EST. The 3am is only relevant for persons looking for setups at and after that time.
Hi Simone

You are so kind to spend all this time teaching others. We are blessed.

Thanks for your clarification.

With the intraday fib being drawn the high to the low of the day as at the time that you are at your computer,

IN AN UPTREND FOR EXAMPLE

it is easy to get the high but how far back do we we go to get the low to use. I noticed from examples you do not always use the last low, so how do you determine which low to fib to from the high.

When using the 3am est as per the pdf, we look for the high and low between 12 and 3. But if we are not using this time period, how far back do we go?

Hope that makes sense.
  • #1,282
  • Jun 15, 2010 3:12am Jun 15, 2010 3:12am
Finally Simoneg is back after a well deserved break.
So much to learn. Hope you will be trading live in your chat room.
Thanks and God bless.
  • #1,283
  • Jun 15, 2010 4:40am Jun 15, 2010 4:40am
Quoting mbtjsmit
Hi Simone

You are so kind to spend all this time teaching others. We are blessed.

Thanks for your clarification.

With the intraday fib being drawn the high to the low of the day as at the time that you are at your computer,

IN AN UPTREND FOR EXAMPLE

it is easy to get the high but how far back do we we go to get the low to use. I noticed from examples you do not always use the last low, so how do you determine which low to fib to from the high.

When using the 3am est as per the pdf, we look for the high and low between 12 and 3....
Hi mbtjsmit,

For intraday fibs, you always find the highest high, and lowest low for that specific date and fib from the high to the low. The intraday fib has to do with today's high and low and changes as new lows and highs are created. I am not sure if your last question refers to the breach or intraday fib.
Hero Traders Live to see their Accounts Die!
  • #1,284
  • Jun 15, 2010 5:08am Jun 15, 2010 5:08am
We are currently testing the resistance of last swing from 1.4807 to 1.4680. Should this level hold, we will see price heading toward 1.4520 for daily bear target number one or a little below.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gutoday.jpg Size: 377 KB
Click to Enlarge Name: gu2day2.jpg Size: 405 KB
Hero Traders Live to see their Accounts Die!
  • #1,285
  • Jun 15, 2010 5:16am Jun 15, 2010 5:16am
Short off 1.4782 resistance. Intraday Fib adjusted to new high at 1.4782. Strong close below 1.4728 needed for continued selling.
Hero Traders Live to see their Accounts Die!
  • #1,286
  • Edited 5:56am Jun 15, 2010 5:39am | Edited 5:56am
Shorts closed with failure to close below 1.4730 breach level and bounce off this level. Buying continues...looking for 1.4900 area as per yesterday's analysis. Still watching 1.4782 resistance level.
Hero Traders Live to see their Accounts Die!
  • #1,287
  • Jun 15, 2010 6:26am Jun 15, 2010 6:26am
Quoting simoneg
Shorts closed with failure to close below 1.4730 breach level and bounce off this level. Buying continues...looking for 1.4900 area as per yesterday's analysis. Still watching 1.4782 resistance level.
Likely to close below 1.4730 now.
TP1 = 1.4646 (-34%) TP2 = 1.4624 (-55%)
Am I right?
  • #1,288
  • Jun 15, 2010 6:36am Jun 15, 2010 6:36am
Quoting desi
Likely to close below 1.4730 now.
TP1 = 1.4646 (-34%) TP2 = 1.4624 (-55%)
Am I right?
Hi desi, yes those are the short TP levels, but we have a bullish setup that can allow bouncing off the 38.2 support of today and closing back above 1.4730, so confirmation is required for further shorting. I am biased long for now.
Hero Traders Live to see their Accounts Die!
  • #1,289
  • Jun 15, 2010 6:44am Jun 15, 2010 6:44am
Quoting simoneg
Hi desi, yes those are the short TP levels, but we have a bullish setup that can allow bouncing off the 38.2 support of today and closing back above 1.4730, so confirmation is required for further shorting. I am biased long for now.
Hi Simoneg,
Can you please explain what you mean by bullish setup? And how you come to know this? Thanks.
  • #1,290
  • Jun 15, 2010 8:17am Jun 15, 2010 8:17am
Quoting desi
Hi Simoneg,
Can you please explain what you mean by bullish setup? And how you come to know this? Thanks.
Hi desi,

Sorry for the delayed response, was in transit to work. If you fib the high to low of yesterday, you will see the daily long level (61.8%) at 1.4727. We have not been able to close below this level since buying resumed at 4:15am. This is also just 4 pips away from the 50% breach and is more likely to be used as support in an already bullish market.
Hero Traders Live to see their Accounts Die!
  • #1,291
  • Jun 15, 2010 8:22am Jun 15, 2010 8:22am
The GU is bullish and is heading toward intrday bull targets at1.4816 and 1.4836. The AB swing of 1.4680 to 1.4782, with C retracement to the 61.8% at 1.4715 has targets at 1.4850 and 1.4950(or a little above) respectively. Achieving these targets would allow us to achieve our weekly bull targets at 1.4893 and 1.4971.
Hero Traders Live to see their Accounts Die!
  • #1,292
  • Jun 15, 2010 8:31am Jun 15, 2010 8:31am
We hit resistance at yesterday's high and are now trying to close above our monthly 50% level at 1.4780, which can create strong support for future buying.
Hero Traders Live to see their Accounts Die!
  • #1,293
  • Jun 15, 2010 8:42am Jun 15, 2010 8:42am
Quoting simoneg
Hi desi,

Sorry for the delayed response, was in transit to work. If you fib the high to low of yesterday, you will see the daily long level (61.8%) at 1.4727. We have not been able to close below this level since buying resumed at 4:15am. This is also just 4 pips away from the 50% breach and is more likely to be used as support in an already bullish market.
Thanks a lot. Need lot of learning and practice, simple fibbing method is not that simple after all.
  • #1,294
  • Jun 15, 2010 8:53am Jun 15, 2010 8:53am
Quoting desi
Thanks a lot. Need lot of learning and practice, simple fibbing method is not that simple after all.
You are welcome desi! Take your time, much for us all to learn in dynamic market.
Hero Traders Live to see their Accounts Die!
  • #1,295
  • Jun 15, 2010 9:05am Jun 15, 2010 9:05am
Quoting simoneg
You are welcome desi! Take your time, much for us all to learn in dynamic market.
Hi simoneg,
Are you currently long or waiting for the entry?
  • #1,296
  • Jun 15, 2010 9:09am Jun 15, 2010 9:09am
Quoting desi
Hi simoneg,
Are you currently long or waiting for the entry?
Hi desi, I am currently long from 1.4743, 1.4754 and 1.4764 watching price reaction to 1.4780.
Hero Traders Live to see their Accounts Die!
  • #1,297
  • Jun 15, 2010 9:21am Jun 15, 2010 9:21am
Our new intraday high is now at 1.4708, bull targets now being 1.4850 and 1.4877. Bear targets at 1.4637 and 1.4610.
Hero Traders Live to see their Accounts Die!
  • #1,298
  • Jun 15, 2010 9:57am Jun 15, 2010 9:57am
Closed longs at 1.4818 resistance. Awaiting next setup.
Hero Traders Live to see their Accounts Die!
  • #1,299
  • Jun 15, 2010 10:05am Jun 15, 2010 10:05am
Quoting simoneg
Closed longs at 1.4818 resistance. Awaiting next setup.
  • #1,300
  • Jun 15, 2010 10:09am Jun 15, 2010 10:09am
Quoting desi
Thanks desi! Think I will stop here today. Have a great day!
Hero Traders Live to see their Accounts Die!
0 traders viewing now