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Simple & Consistent Fibbing Method

  • #1,461
  • Jun 18, 2010 7:06am Jun 18, 2010 7:06am
Quoting a2xm
Yes, I also confused here. My choice even on the higher low at 1.4811, since I only analyze the price from 12:00am EST to 03:00am EST. Is it correct?

Another question is on 03:30am the price went up quite fast, what should I do at that moment? Did I have to move the higher point fib to the previous high?

Thanks...
When talking about these fibs you need to use the name of the fib you are talking about. I am not clear whether you are referring to the breach or intraday fib.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,462
  • Jun 18, 2010 7:10am Jun 18, 2010 7:10am
Quoting sepak.orang
from pdf that period of time usually will have good setups.
i think it is not a hard rule.
it can be anytime.

hm... we should wait answers from the gurus
You are right sepak. You can choose any high/low according to the time you are trading. Sometimes I get up like now. I don't choose the midnight and 3 am prices unless at this time one of them is a high or low. I choose the high and low that's present at 8 am.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,463
  • Jun 18, 2010 7:12am Jun 18, 2010 7:12am
Quoting aswilled
Because it is best to choose the lower low or higher high when the lows or highs are that close. as you can see its only a five pip difference.
ok.. got that!
thank you aswilled
  • #1,464
  • Jun 18, 2010 7:33am Jun 18, 2010 7:33am
Quoting aswilled
When talking about these fibs you need to use the name of the fib you are talking about. I am not clear whether you are referring to the breach or intraday fib.
oops sorry, it's the breach
  • #1,465
  • Jun 18, 2010 8:40am Jun 18, 2010 8:40am
this is link to Bobokus fibo scripts for MT4
will make life easier

http://www.forexfactory.com/showpost...postcount=1386
  • #1,466
  • Jun 18, 2010 11:52am Jun 18, 2010 11:52am
As you can see from the last breach I drew, price came back up to test it three times. Giving me three different entries. Thats why it's good to mark each breach point, when you have to move your breach fib, during your trading day.
:nerd:

http://img339.imageshack.us/img339/1940/cmcapture1y.jpg

Uploaded with ImageShack.us
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,467
  • Jun 18, 2010 12:51pm Jun 18, 2010 12:51pm
Quoting aswilled
As you can see from the last breach I drew, price came back up to test it three times. Giving me three different entries. Thats why it's good to mark each breach point, when you have to move your breach fib, during your trading day.
:nerd:

http://img339.imageshack.us/img339/1940/cmcapture1y.jpg

Uploaded with ImageShack.us
Really nice trades aswilled..

I've a question here. Before you take another entry (when the price tested the 50% breach), how can you be so sure it was not going to the opposite direction? Are you waiting for a candle pattern? Or a clean break below the breach is enough?

And then where do you put your SL? I just notice that you use M5 TF, is it better than M15?

Thanks...
  • #1,468
  • Jun 18, 2010 1:08pm Jun 18, 2010 1:08pm
Quoting a2xm
Really nice trades aswilled..

I've a question here. Before you take another entry (when the price tested the 50% breach), how can you be so sure it was not going to the opposite direction? Are you waiting for a candle pattern? Or a clean break below the breach is enough?

And then where do you put your SL? I just notice that you use M5 TF, is it better than M15?

Thanks...
If you notice, price closed and opened under the breach. The close/open confirms a market entry. My sl is placed at closes breach/fib level above/below the breach in question. Good observation on the tf used. I forgot to mention your breaches should be drawn on the 5min chart. You get better set ups and confirmation as to price direction. :nerd:
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,469
  • Jun 18, 2010 1:18pm Jun 18, 2010 1:18pm
Quoting aswilled
As you can see from the last breach I drew, price came back up to test it three times. Giving me three different entries. Thats why it's good to mark each breach point, when you have to move your breach fib, during your trading day.
:nerd:

http://img339.imageshack.us/img339/1940/cmcapture1y.jpg

Uploaded with ImageShack.us

Great aswilled! Excellent Chart and explanation!
Hero Traders Live to see their Accounts Die!
  • #1,470
  • Jun 18, 2010 1:44pm Jun 18, 2010 1:44pm
I'd like to post a sequence of charts for comment re how the swing fibs might have been moved. Would you guys be willing to critique it?
Thanks

Cheers
CanuckCT
  • #1,471
  • Jun 18, 2010 1:45pm Jun 18, 2010 1:45pm
Quoting aswilled
If you notice, price closed and opened under the breach. The close/open confirms a market entry. My sl is placed at closes breach/fib level above/below the breach in question. Good observation on the tf used. I forgot to mention your breaches should be drawn on the 5min chart. You get better set ups and confirmation as to price direction. :nerd:
Thank you aswilled.. next week I'll try it again.. I'm getting more excited now..
  • #1,472
  • Jun 18, 2010 1:53pm Jun 18, 2010 1:53pm
Quoting aswilled
As you can see from the last breach I drew, price came back up to test it three times. Giving me three different entries. Thats why it's good to mark each breach point, when you have to move your breach fib, during your trading day.
:nerd:

http://img339.imageshack.us/img339/1940/cmcapture1y.jpg

Uploaded with ImageShack.us
Hi Aswilled,

Just need some clarification...

When the price has breached the 4844 level, you fib from the current high to a next historical low and find a new support level at 4831.

But once the price has breached the 4831 level, you did not fib from the current high to a new next historical low to find a new next support level.

Instead, you've waited until the price tested at this 4831 support level again (now become resistance) and got chances making 3 profitable entries. how could you anticipate this?

Need to know, why we did not fib to find a new support level once the 4831 has breached? any special rule?

Sorry, I'm not quite clear about when to re-adjust or NOT to re-adjust the breach fib..

Tks!

regards,
d_narrow
  • #1,473
  • Jun 18, 2010 2:16pm Jun 18, 2010 2:16pm
Quoting CanuckCT
I'd like to post a sequence of charts for comment re how the swing fibs might have been moved. Would you guys be willing to critique it?
Thanks

Cheers
CanuckCT
shoot
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,474
  • Jun 18, 2010 2:16pm Jun 18, 2010 2:16pm
Quoting a2xm
Thank you aswilled.. next week I'll try it again.. I'm getting more excited now..
Excitement lets me know that you are ready to print money.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,475
  • Jun 18, 2010 2:53pm Jun 18, 2010 2:53pm
Quoting aswilled
Excitement lets me know that you are ready to print money.
Excited for sure, but not sure if ready to print money. It will take a while to see (what you people see) between those mesh of fibs.
Have a great weekend.
  • #1,476
  • Jun 18, 2010 5:03pm Jun 18, 2010 5:03pm
Quoting d_narrow
Hi Aswilled,

Just need some clarification...

When the price has breached the 4844 level, you fib from the current high to a next historical low and find a new support level at 4831.

But once the price has breached the 4831 level, you did not fib from the current high to a new next historical low to find a new next support level....
I did fib it. I just didn't post each and every step I took. Like I didn't post my up move wins. Every time that fib is breached I move it until it isn't breached any more. Those are the rules to the breach fib. By doing that you will have the bull by the horns.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,477
  • Jun 18, 2010 5:15pm Jun 18, 2010 5:15pm
Quoting desi
Excited for sure, but not sure if ready to print money. It will take a while to see (what you people see) between those mesh of fibs.
Have a great weekend.
It shouldn't take you long or any intermediate/pro trader to get it. Only beginners will have it hard because they haven't learned how to trade yet. You can't do this method without first learning how to trade. I keep repeating this because its true. Once one know how to trade, you then have to understand the rules of each of the four fibs: daily, swing, intraday, and breach. Each one have rules distinct to that fib. Get an understanding of the rules and stick to them. Then and only then will you be able to print money. :nerd:
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,478
  • Edited 10:31am Jun 20, 2010 8:59am | Edited 10:31am
Fib levels work great when you can identify the swing to attach it to. I’m always looking for a swing and regularly attach fib for exits.

I like using on daily and H4 and have often applied a fib intraday for targets for exits. So the simplicity of the exit is already a significant part of my trading.

I have read a bunch of stuff here, and it’s still not clear how to use the 50% breach. Maybe I’m just dense.

So I’m attaching a file for EURJPY for last week. I know it’s with hindsight…the logic of how to apply the fib, for me, is this.
· Must be a decent sized swing….the smaller the swing, the riskier the trade
· Look for swings off prior support and resistance
· Watch for prior day’s high and low and the open for the current day….I’ve excluded those from my charts but I use them live
· Watch the daily and H4 swing fibs for bigger timeframe turning points
· Look for trendlines that result in triangles….those swings often yield great results

I've been selling the markets for so long now, it's been hard to place buy trades over the past few weeks. Perhaps this approach will help me with that issue.

You may choose not to comment on my analysis..and that's OK as well....it may be in the wrong thread. Perhaps it belongs in the Fibonacci Trading thread. But my take is not quite like that either.

Cheers
CanuckCT
Attached File(s)
File Type: doc Doc1.doc   873 KB | 632 downloads
  • #1,479
  • Jun 20, 2010 10:03am Jun 20, 2010 10:03am
Quoting CanuckCT
Fib levels work great when you can identify the swing to attach it to....

Hi ...

This is the good place for us to share each other. And that's very kind for me to know u and learn things from u.

As a newbies in scfm and in forex, i saw that madame simoneg already mentioned how to use this methode in higher time frame ( at least in weekly and daily ) and lower time frame such as for intraday trading ( 15 M ). And what we discussed mostly here is about intraday trading.

Sometimes we forgot that simoneg also described how to trade in higher TF.

***
sorry for my bad english .....
  • #1,480
  • Jun 20, 2010 10:06am Jun 20, 2010 10:06am
Are we in price rejection range ? or we are in bull continuation ? ..
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