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Simple & Consistent Fibbing Method

  • #1,301
  • Jun 15, 2010 10:18am Jun 15, 2010 10:18am
Quoting simoneg
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.
I fibbed low (1.4681) to intraday high (1.4816) and targets are 1.4862 and 1.4890. Why are they different from yours and what am I doing wrong? Still trying to learn, no trading yet.
You too have a great day.
  • #1,302
  • Jun 15, 2010 10:21am Jun 15, 2010 10:21am
Quoting desi
I fibbed low (1.4681) to intraday high (1.4816) and targets are 1.4862 and 1.4890. Why are they different from yours and what am I doing wrong? Still trying to learn, no trading yet.
Hi Desi,

1.4807 is the last high from which we had a pullback, so we cannot adjust our intraday fibs until those targerts are achieved or until we have a new high and pullback from that high.
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  • #1,303
  • Jun 15, 2010 10:25am Jun 15, 2010 10:25am
Quoting simoneg
Hi Desi,

1.4807 is the last high from which we had a pullback, so we cannot adjust our intraday fibs until those targerts are achieved or until we have a new high and pullback from that high.
Hi simone.
Thanks. Pullback to 80.9, right?
  • #1,304
  • Jun 15, 2010 10:26am Jun 15, 2010 10:26am
Quoting desi
Hi simone.
Thanks. Pullback to 80.9, right?
Correct, or beyond.
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  • #1,305
  • Jun 15, 2010 10:32am Jun 15, 2010 10:32am
Quoting simoneg
Correct, or beyond.
Last quetion for today, won't bother you anymore for today only
When you say pullback, should the candle close below 80.9?
  • #1,306
  • Jun 15, 2010 10:42am Jun 15, 2010 10:42am
Quoting desi
Last quetion for today, won't bother you anymore for today only
When you say pullback, should the candle close below 80.9?
Not a problem at all desi, a close above will likely mean continued buying. Below, suggests threat of selling to begin.
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  • #1,307
  • Jun 15, 2010 10:47am Jun 15, 2010 10:47am
Currently 1.4805, is a nice level to look to go long.
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  • #1,308
  • Jun 15, 2010 11:00am Jun 15, 2010 11:00am
Quoting simoneg
Currently 1.4805, is a nice level to look to go long.
But it is already at 1.4825
You mean I can put limit order at 1.4805?
Also my 50% breach fib is from 1.4808 and previous low (fractal level) 1.4715. Does that tally with your chart.
Thanks a lot.
  • #1,309
  • Jun 15, 2010 11:03am Jun 15, 2010 11:03am
Quoting desi
But it is already at 1.4825
You mean I can put limit order at 1.4805?
Also my 50% breach fib is from 1.4808 and previous low (fractal level) 1.4715. Does that tally with your chart.
Thanks a lot.

Seems you got my post late desi. But yes that is where the breach is at now.
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  • #1,310
  • Jun 15, 2010 11:10am Jun 15, 2010 11:10am
1.4850 is a crucial resistance level, so if you are not already long, hold still.

1.4850 is the short level (38.2%) of the last upward swing on the GU Weekly chart. That is 1.7035 to 1.3504.
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  • #1,311
  • Jun 15, 2010 12:19pm Jun 15, 2010 12:19pm
Quoting simoneg
1.4850 is a crucial resistance level, so if you are not already long, hold still.

1.4850 is the short level (38.2%) of the last upward swing on the GU Weekly chart. That is 1.7035 to 1.3504.
Thanks simone, I am getting it slowly and steadily.
Hope to see you tomorrow at 3:00 EST.
  • #1,312
  • Jun 15, 2010 12:52pm Jun 15, 2010 12:52pm
Quoting desi
Thanks simone, I am getting it slowly and steadily.
Hope to see you tomorrow at 3:00 EST.

Great desi! See you tomorrow.
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  • #1,313
  • Jun 15, 2010 2:37pm Jun 15, 2010 2:37pm
Quoting desi
Thanks a lot. Need lot of learning and practice, simple fibbing method is not that simple after all.
Trading is not simple. But this is the easiest, simplest form of trading you are going to get that will produce consistant profits
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  • #1,314
  • Edited 4:02pm Jun 15, 2010 3:48pm | Edited 4:02pm
Quoting aswilled
Trading is not simple. But this is the easiest, simplest form of trading you are going to get that will produce consistant profits
Thanks aswilled. I now know how to draw and shift the fibs, but just don't seem to understand when to enter.
It reminds me of your post# 1206 (page 81) where you nicely explained in a short para about the fibs, if you can do the same for the entries that will be great.
  • #1,315
  • Jun 15, 2010 5:08pm Jun 15, 2010 5:08pm
Thanks to Desi for asking and Simone and aswilled for answering!

Im still getting the hang of it too, so Simone your ongoing step by step commentary on the market and what we do as it progresses is especially helpful :-)
  • #1,316
  • Jun 15, 2010 5:26pm Jun 15, 2010 5:26pm
Quoting Jazznos
Thanks to Desi for asking and Simone and aswilled for answering!

Im still getting the hang of it too, so Simone your ongoing step by step commentary on the market and what we do as it progresses is especially helpful :-)
Thanks Jazznos!
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  • #1,317
  • Jun 15, 2010 6:57pm Jun 15, 2010 6:57pm
Quoting Jazznos
Thanks to Desi for asking and Simone and aswilled for answering!

Im still getting the hang of it too, so Simone your ongoing step by step commentary on the market and what we do as it progresses is especially helpful :-)
Welcome, we are all here to learn and good thing is that Simone is a natural teacher.
  • #1,318
  • Jun 15, 2010 7:47pm Jun 15, 2010 7:47pm
Simoneg

The comments as things are happening is such a help.

I too am battling with the entries.

Example for the last trade.

The high and low for the 3am time period was 1.4768 and 1.4695.

When price broke the 50% breach of 1.47422 and then pulled back to the 61.8% level on the intraday fib at 1.4755. I would have gone long.

This would have been a mistake an a loss.

Then when the price broke the 50% breach going short and then pulled back to the 38.2% level on the intraday fib at 1.4722 I would have gone short.

AGAIN this would have been another loss.

After this I would not have taken the final trade as I was sure that the market was ranging at this stage. And this final move was the winning one.

AAAAAAGHHH!!

Just shows that I have a lot to learn still and to have someone who has got it right, give up their time to give us a running commentary as well as the reasons for the decisions made is unbelievable.

Thanks so much.
  • #1,319
  • Jun 15, 2010 9:18pm Jun 15, 2010 9:18pm
Quoting mbtjsmit
Simoneg

The comments as things are happening is such a help.

I too am battling with the entries.

Example for the last trade.

The high and low for the 3am time period was 1.4768 and 1.4695.

When price broke the 50%...
No prob mbtjsmit! Lets see if we can review a given day in the week to verify setups and entries. Will post this review on a Saturday, between aswilled and myself.
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  • #1,320
  • Jun 15, 2010 9:29pm Jun 15, 2010 9:29pm
Quoting simoneg
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.

As per our previous analysis, interim target of the AB swing 1.4680 to 1.4782 achieved its first target today. It is therefore reasonable to expect pullback here and bullish continuation towards 1.4950 or a little higher. Please see chart below confirming AB swing.
Attached Image (click to enlarge)
Click to Enlarge Name: guJune16outlook.jpg Size: 344 KB
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