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Simple & Consistent Fibbing Method

  • #1,541
  • Jun 23, 2010 3:01am Jun 23, 2010 3:01am
Quoting sepak.orang
you are doing good occamsrazors!
it is just me that still dont know how to trade..
need to retrieve back all those old materials from my hdd and learn the basics on how to trade.
and i'll keep watching those 3 vids until it sinks in!

and also keep posting your trades with those explanations.. i thinks it was really helpful
No probs Sepak..not sure if I'm doing it right yet or not, so just don't follow blindly what I do lol. Here's two trades I took today.

First was a loser. I entered early and didn't wait for the break of breach 50% level and paid the price. I put an intraday fib on the move in the Asian session. However it was bouncing off my TL for the third time on the H1 and it seemed to be holding and then I got a doji short. I then checked the next breach 50% fib long to see where that was (orange) and that also seemed to be stopping PA. So I took the short. But price was stopped at the 38.2 level and it went up and closed above the 50% breach level at 4830 where I exited for a small loss. (pls ignore yellow breach fib below - I was seeing if it helped to show if it might go short)

http://i228.photobucket.com/albums/e...3m15trade1.gif

After seeing the open above the 50% breach (I had adjusted to a slighly different high on the chart below) and trendline I then entered long. I exited at the 100% level (white) which is yesterdays high. Happy with that...

http://i228.photobucket.com/albums/e...15trade2-1.gif
  • #1,542
  • Jun 23, 2010 4:48am Jun 23, 2010 4:48am
Quoting occamsrazors
No probs Sepak..not sure if I'm doing it right yet or not, so just don't follow blindly what I do lol. Here's two trades I took today.

First was a loser. I entered early and didn't wait for the break of breach 50% level and paid the price. I put an intraday fib on the move in the Asian session. However it was bouncing off my TL for the third time on the H1 and it seemed to be holding and then I got a doji short. I then checked the next breach 50% fib long to see where that was (orange) and that also seemed to be stopping PA. So I took the short....
congrats, occamsrazors.. really nice trade.. it's still going strong now.
  • #1,543
  • Jun 23, 2010 4:57am Jun 23, 2010 4:57am
Hi .....

For "long" ranger... becarefull around TP#2 daily.... better lock profit. Currently, I see bull is affected strongly by EG movement , and it gonna meet its support in short . just imo ....
  • #1,544
  • Jun 23, 2010 5:10am Jun 23, 2010 5:10am
Quoting iqyusan
Hi .....

For "long" ranger... becarefull around TP#2 daily.... better lock profit. Currently, I see bull is affected strongly by EG movement , and it gonna meet its support in short . just imo ....
Yup, and also nearly hit my next breach 50% fib at 4933. Had to go all the way back to 5 May high to find it!
  • #1,545
  • Jun 23, 2010 5:25am Jun 23, 2010 5:25am
Quoting a2xm
congrats, occamsrazors.. really nice trade.. it's still going strong now.
Thanks A2xm. Yep it did take off after that. It came back to the 50% breach level around 4850, but it didn't hang around there long to get another entry. Just took off in one candle. Maye the M5 might have given an entry. Still working on when to get into the next trade after the first one....
  • #1,546
  • Jun 23, 2010 6:00am Jun 23, 2010 6:00am
Quoting occamsrazors
Thanks A2xm. Yep it did take off after that. It came back to the 50% breach level around 4850, but it didn't hang around there long to get another entry. Just took off in one candle. Maye the M5 might have given an entry. Still working on when to get into the next trade after the first one....
Yeah, aswilled told me to use M5. You could easily see more PA there.

So, you fibbing from LOW 1.48022 to HIGH 1.48341 right? I'm still learning hard here
  • #1,547
  • Edited 6:27am Jun 23, 2010 6:04am | Edited 6:27am
Good Morning All,

Looks like learning is taking place and am very happy for that. The last week in each month is usually hectic for me so I can only pop in.

The GU is trading at some critical levels. Yesterday we bought strong off last month's 50% level and we are now above last month's long level at 1.4904. We could be pushing towards weekly targets in the 1.5000 area so if shorting, short carefully.
Attached Image (click to enlarge)
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  • #1,548
  • Jun 23, 2010 6:16am Jun 23, 2010 6:16am
Interestingly this level (1.4904) was also our last breach entry level. Please see chart below...
Attached Image (click to enlarge)
Click to Enlarge Name: lastbreach.jpg Size: 303 KB
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  • #1,549
  • Jun 23, 2010 6:21am Jun 23, 2010 6:21am
Quoting a2xm
Yeah, aswilled told me to use M5. You could easily see more PA there.

So, you fibbing from LOW 1.48022 to HIGH 1.48341 right? I'm still learning hard here
Aren't we all lol! Yep I was doing it for the intra day fib low to high but I always have my 100% at the high and my zero level at the low so my -34% and -55% targets are always at the bottom

But for the 50% breach fib level that its nearing now at 4933 that I mentioned just before, I moved my low to the 4814 level so as to match the trades that Simone normally takes ie fib the move from 12:00 - 3:00am EST USA, so that level is not from the original 4802 level. Don't think it would make much difference though..
  • #1,550
  • Jun 23, 2010 6:23am Jun 23, 2010 6:23am
The Current H1 AB swing did a 38.2% Retrace which has destinations at 1.4962 and 1.5198. Should it continue to hold, we should look for price to head to these areas.
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  • #1,551
  • Jun 23, 2010 6:39am Jun 23, 2010 6:39am
Quoting occamsrazors
Aren't we all lol! Yep I was doing it for the intra day fib low to high but I always have my 100% at the high and my zero level at the low so my -34% and -55% targets are always at the bottom

But for the 50% breach fib level that its nearing now at 4933 that I mentioned just before, I moved my low to the 4814 level so as to match the trades that Simone normally takes ie fib the move from 12:00 - 3:00am EST USA, so that level is not from the original 4802 level. Don't think it would make much difference though..
Ignore what I said about the 4933, it was calculated from a candle before NY 00:00 so wont match Simone's first fib. Sorry about that...
  • #1,552
  • Edited 8:23am Jun 23, 2010 7:32am | Edited 8:23am
Quoting simoneg
Interestingly this level (1.4904) was also our last breach entry level. Please see chart below...
Woops, I think I'm doing something wrong here and missing something basic . I can't replicate your breach fib (in orange below)... On my chart I have the 00:00 - 3:00am EST time marked with vertical lines. There was a low (4814) and then a high (4877) which occured not long after 3:00 and I placed the intra fib there (blue - this fib now needs to be pulled to the high). If I use this fib I'm not sure how the breach fib you have has a 100% level at 4879. Is your breach fib for a different intra day fib? Why does it start at the level (around 4879) it does?

No rush on an answer Simone if things are hectic

[Edit - put in a new chart as the breach fib wasn't the same as your chart initally]
http://i228.photobucket.com/albums/e...monequery6.gif
  • #1,553
  • Jun 23, 2010 8:47am Jun 23, 2010 8:47am
Quoting occamsrazors
Woops, I think I'm doing something wrong here and missing something basic . I can't replicate your breach fib (in orange below)... On my chart I have the 00:00 - 3:00am EST time marked with vertical lines. There was a low (4814) and then a high (4877) which occured not long after 3:00 and I placed the intra fib there (blue - this fib now needs to be pulled to the high). If I use this fib I'm not sure how the breach fib you have has a 100% level at 4879. Is your breach fib for a different intra day fib? Why does it start at the level (around...
Hi occamsrazors,

The low is at 1.4877 and high at 1.4928.
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  • #1,554
  • Jun 23, 2010 10:21am Jun 23, 2010 10:21am
Quoting simoneg
Hi occamsrazors,

The low is at 1.4878 and high at 1.4928.
Sorry I didn't use the right high on the previous chart.

My brain is still slow to understand the use of the Fib breach here. I see the 4878 level on the M5 chart now. So when it makes a new high in an uptrend I leave the intra day fib low where it is and move the high, and with the breach fib, move it to the new high and pull the low back to the swing low (4878) as per the chart below?

http://i228.photobucket.com/albums/e...monequery7.gif

For some reason I was leaving the fib breach low at the same level as the intra day low and pulling the high back in time to a previous higher high than the latest high and then using the 50% level that that created, which doesn't seem to be correct based on the above chart. All my previous charts are very wrong then....

Could you pls confirm that what I put in the above chart is correct way to do it. Sorry for the hassle. Ok bed time for me, talk to everyone tomorrow...
  • #1,555
  • Jun 23, 2010 10:31am Jun 23, 2010 10:31am
occamsrazors, will answer you in a bit.
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  • #1,556
  • Jun 23, 2010 10:40am Jun 23, 2010 10:40am
Quoting simoneg
occamsrazors, will answer you in a bit.
No rush Simone. Call me Occam, less letters to type
  • #1,557
  • Jun 23, 2010 10:44am Jun 23, 2010 10:44am
Quoting occamsrazors
No rush Simone. Call me Occam, less letters to type

Thank you Occam! Notice how we are here again trying to close above the Monthly Long level at 1.4904, thereabout?
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  • #1,558
  • Jun 23, 2010 10:50am Jun 23, 2010 10:50am
Quoting simoneg
Thank you Occam! Notice how we are here again trying to close above the Monthly Long level at 1.4904, thereabout?
Yep I have the monthly 61.8 level at 4902...
  • #1,559
  • Jun 23, 2010 10:58am Jun 23, 2010 10:58am
Quoting occamsrazors
Yep I have the monthly 61.8 level at 4902...
Cool, failure means nice drop likely.
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  • #1,560
  • Jun 23, 2010 11:00am Jun 23, 2010 11:00am
Simone, its 2:00am here now and my eyes are failing me. Do you mind if I follow up on this with you next time you are available?
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