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Simple & Consistent Fibbing Method

  • #1,581
  • Jun 24, 2010 4:27am Jun 24, 2010 4:27am
Quoting kien27
i just entered a long trade at 1.4956 am i right?for GU

You're right but the retracement is lethal as I have in GBP/CHF.Stopped out at 20 pips but now i reenter the position. Hope more pips to come.


N
  • #1,582
  • Jun 24, 2010 4:29am Jun 24, 2010 4:29am
Quoting kien27
hey occam, can you please correct me?
Yup that logic looks good, fibs are the same as mine...got retest of 50% as you say. I got in long a few candles later on the M5 when it closed above the 61.8 intra day fib level again..lets see where this thing goes
  • #1,583
  • Jun 24, 2010 5:28am Jun 24, 2010 5:28am
1.5000 is proving a hard nut to crack...
  • #1,584
  • Jun 24, 2010 5:45am Jun 24, 2010 5:45am
Quoting occamsrazors
1.5000 is proving a hard nut to crack...
This week's T1 too...
  • #1,585
  • Jun 24, 2010 5:48am Jun 24, 2010 5:48am
Quoting ChowClown
This week's T1 too...
Yep! Had 3 goes at it so far, wonder if thats it...
  • #1,586
  • Jun 24, 2010 5:54am Jun 24, 2010 5:54am
Quoting occamsrazors
Yep! Had 3 goes at it so far, wonder if thats it...
..waiting for the chop to settle now ready for the next leg....whatever direction that may be.
  • #1,587
  • Jun 24, 2010 6:03am Jun 24, 2010 6:03am
The GU is buying off the intraday short level (38.2) and yesterday's resistance(80.9) and could be looking for the Monthly Resistance at 1.5112. As the small abc swing in the chart below, has targets of d1 - which is this week's Bull Target #2 and d2 which takes us above the Monthly resistance. D1 could be our take profit level for BULLS this week. Resistance at 1.4997, our 12am Open Price is holding so far and needs to be broken for further buying to take place.
Attached Image (click to enlarge)
Click to Enlarge Name: GUbullish.jpg Size: 406 KB
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  • #1,588
  • Jun 24, 2010 6:15am Jun 24, 2010 6:15am
im just wondering with the current setup how do you draw the fib B? from the current high to the last low right? so it's now the same as the Fib A? then wouldn't that setup be a short set up? but your implying long trades?
  • #1,589
  • Jun 24, 2010 6:17am Jun 24, 2010 6:17am
Quoting kien27
im just wondering with the current setup are you now looking for long trades or short trades?
Hi kien27, I am currently long off today's intraday short level, watching current levels for possibility of shorting since one of the week's bull targets was achieved. We have no other confirmation for shorting just yet.
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  • #1,590
  • Jun 24, 2010 6:31am Jun 24, 2010 6:31am
Quote
Hi kien27, I am currently long off today's intraday short level, watching current levels for possibility of shorting since one of the week's bull targets was achieved. We have no other confirmation for shorting just yet.

So techincally we should be looking at the general trend from the higher time frame and using Bookus fibs (Fib C) , then taking the daily fib (FIB A) watching the levels then until both are confirming a general direction , then we use Fib B for entry. is that correct??
  • #1,591
  • Jun 24, 2010 6:33am Jun 24, 2010 6:33am
Quoting kien27
So techincally we should be looking at the general trend from the higher time frame and using Bookus fibs (Fib C) , then taking the daily fib (FIB A) watching the levels then until both are confirming a general direction , then we use Fib B for entry. is that correct??
Hi kien, correct except that we use more than Fib B for entry, primary entries are with breaches. But I still have and eye on the general trend before trading against it.
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  • #1,592
  • Jun 24, 2010 6:37am Jun 24, 2010 6:37am
facing psichology level such as 1.5000 is very difficult for me. but i see this in daily TF......
Attached Image (click to enlarge)
Click to Enlarge Name: major_daily_24 june.JPG Size: 64 KB
  • #1,593
  • Jun 24, 2010 6:41am Jun 24, 2010 6:41am
See the PA kien and remember that we can overshoot targets.
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  • #1,594
  • Jun 24, 2010 6:45am Jun 24, 2010 6:45am
Quote
Hi kien, correct except that we use more than Fib B for entry, primary entries are with breaches. But I still have and eye on the general trend before trading against it.

do you take trades of the intraday fib if the 50 level gets breached? are you planning to make any live trade videos? cause that will be great i really enjoy learning this method.
  • #1,595
  • Jun 24, 2010 6:49am Jun 24, 2010 6:49am
Quoting kien27
do you take trades of the intraday fib if the 50 level gets breached? are you planning to make any live trade videos? cause that will be great i really enjoy learning this method.
Yes I do. I hope to be able to do that soon. Glad to hear that you do kien
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  • #1,596
  • Jun 24, 2010 7:05am Jun 24, 2010 7:05am
great cant wait for ur vids
  • #1,597
  • Edited 8:28am Jun 24, 2010 7:31am | Edited 8:28am
Quote
Originally Posted by kien27
do you take trades of the intraday fib if the 50 level gets breached? are you planning to make any live trade videos? cause that will be great i really enjoy learning this method.

Quoting simoneg
Yes I do. I hope to be able to do that soon. Glad to hear that you do kien
Wow.. I love this too.. Can't wait to see this happened Simoneg..
  • #1,598
  • Edited 3:57am Jun 25, 2010 3:38am | Edited 3:57am
Here's a setup I took earlier (M5 chart). Candle before the vertical line retraced nearly to the 50% breach fib and closed below the 19.1% daily fib (white) and was also a hammer. It was also retesting the trendline break. Entered short on yellow line candle. Was fairly confident of it hitting the Daily T1 -34% level (white) as that was well within the averge daily range, which it eventually did...

http://i228.photobucket.com/albums/e...25gutrade1.gif
  • #1,599
  • Jun 25, 2010 4:26am Jun 25, 2010 4:26am
Quoting occamsrazors
Here's a setup I took earlier (M5 chart). Candle before the vertical line retraced nearly to the 50% breach fib and closed below the 19.1% daily fib (white) and was also a hammer. It was also retesting the trendline break. Entered short on yellow line candle. Was fairly confident of it hitting the Daily T1 -34% level (white) as that was well within the averge daily range, which it eventually did...

http://i228.photobucket.com/albums/e...25gutrade1.gif
Bravo occam..! as usual, nice analysis and trade..
why did you pick that low? why not the previous low at 1.4915?
  • #1,600
  • Jun 25, 2010 4:36am Jun 25, 2010 4:36am
Hi Simone

A question about stop losses. If we keep expanding our intra day fib each time it makes a new high or new low and keep putting our stop loss behind the 38.2 or 61.8 level, doesn't the size of the stop loss keep increasing?. Here's an example from today. First chart shows my initial intra day fib (blue). The entry here would give a stop of around 28 pips if it is behind the 61.8 level

http://i228.photobucket.com/albums/e...topschart4.gif

Later PA has made a new low, we expand the intra day fib to the new low and adjust the breach fib to the new low and last swing low (yellow). Say in this example PA did hit the breach fib 50% and we entered at the green line, where would you put your stop (ignoring other fibs on other TFs for the moment). If it goes behind the intraday 61.8 fib level it will be around a 45 pip stop, the next trade after a new low would be bigger again. The stop will keep getting bigger as the daily range expands.

Would you still put your stop behind the 61.8 level for the trade on the chart below or would you use a closer level, say the 50% or even 38.2 intra day level?

http://i228.photobucket.com/albums/e...topschart3.gif
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