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Simple & Consistent Fibbing Method

  • #1,621
  • Jun 25, 2010 10:15am Jun 25, 2010 10:15am
Quoting occamsrazors
I have 3 fibs on that chart. The white is the fibs from yesterdays high and low. The blue is the intra day fib and the yellow is the breach fib. Both the intra day fib and the breach fib are pulled to the same low which is the hammer candle 3 candles before the yellow vertical line. The intra day fib is pulled from high of the day and the breach fib is pulled from the previous high to the current low given by my fractal indicator which is slightly lower than the high... so I am looking for a break or bounce of the 50% breach fib in that instance...got...
We are in bull zone for monthly ( above 61 mo ) and major trend ( above 50 major trend ) and above 38 yearly ( potential to go 50 year for long term )
  • #1,622
  • Jun 25, 2010 10:29am Jun 25, 2010 10:29am
Quoting occamsrazors
ok thx...thats what I would have done if this was the first move of the day (ie low to high). But I started my original intra day fib from high of 4973 and moved it down the low 4855 as things progressed, with the breach following it down, its high moving down to the last swing high with it.

...with you on this - i've recently moved the intraday fib high level to the recent high (4983), the new high of the day.

Now price has started to retrace back up and this is where I am having some confusion. I start pulling the highs of the breach back...
...i too am confused with what Simone does here, so until clarified i use the breach in line with standard 50% retrace entries.
  • #1,623
  • Jun 25, 2010 10:36am Jun 25, 2010 10:36am
Quoting occamsrazors
Actually now I'm confused again, I'm not doing it like Desi says.... Simone's post 1548 shows a breach fib going from the high to previous low in an uptrend, which is how I'm doing it before price reverses... Think I need to get clarity from Simone when she's less busy...
Read post# 1206 (page 81) if that makes it more clear.
  • #1,624
  • Jun 25, 2010 10:37am Jun 25, 2010 10:37am
Quoting a2xm
[edit]: maybe you could watch the video 50% Fib part 2.
Just watched it again and what Simone said for breach fibs was:

In a downtrend, fib from the low that holds to the previous high
in an uptrend, fib from the high that holds to the previous low

But unfortunately there was no example for what happened today where price retraced and the previous high is way back in time and there are other lows in between.... ok my brain hurts and its 1:30am! I'll catch u all next week, hopefully we can sort this out then. Have fun!
  • #1,625
  • Jun 25, 2010 10:44am Jun 25, 2010 10:44am
Quoting desi
Read post# 1206 (page 81) if that makes it more clear.

Mmm that is different to what I heard in the vid just now, but Aswilled is guru number 2 in this thread! ....ah well...we'll sort it next week
  • #1,626
  • Jun 25, 2010 10:46am Jun 25, 2010 10:46am
Quoting occamsrazors
Mmm that is different to what I heard in the vid just now, but Aswilled is guru number 2 in this thread! ....ah well...we'll sort it next week
Cheers Occam, have a good sleep and weekend.
  • #1,627
  • Jun 25, 2010 11:11am Jun 25, 2010 11:11am
Quoting occamsrazors
Just watched it again and what Simone said for breach fibs was:

In a downtrend, fib from the low that holds to the previous high
in an uptrend, fib from the high that holds to the previous low

But unfortunately there was no example for what happened today where price retraced and the previous high is way back in time and there are other lows in between.... ok my brain hurts and its 1:30am! I'll catch u all next week, hopefully we can sort this out then. Have fun!
Get some rest Occam, we'll get the answer when Simone/Aswilled here. Good night then. Sleep soundly
  • #1,628
  • Jun 27, 2010 11:49pm Jun 27, 2010 11:49pm
Quoting simoneg
Certainly has occamsrazors. No worries...just closed out my shorts for the day, will see where we are at tomorrow. I know others have been waiting for it as well so I am downloading them today for editing.
Just a friendly reminder.
  • #1,629
  • Jun 28, 2010 1:35am Jun 28, 2010 1:35am
Two little trades so far... they were both countertrend on H1 so exited both around the T1 -34 level for quick trades

GU was a simple retrace to 50% breach fib and then got M5 hammer short signal and entered next candle

http://i228.photobucket.com/albums/e...gutrade1-1.gif

EU retraced to 50% breach fib (although admit I forgot to update the fib to new low) and was bouncing off trendline for third time so entered at blue ellipse after first black candle

http://i228.photobucket.com/albums/e...eutrade1-1.gif

Hope Simone's around today
  • #1,630
  • Jun 28, 2010 2:55am Jun 28, 2010 2:55am
This is the situation where I am not sure where I am supposed to pull the breach fib to to find the next 50% level. Here I followed what aswilled said in Post 1205. The yellow dotted line signifies 0:00EST USA. I took the high a few candles later and then the low as my intraday fib ie short term trend is down. Price bounced up above the 50% level and then made a new high. So I pulled my breach fib back to the previous high (where trendline starts) to get new breach fib. (Price did bounce off this 50% breach level on a m5 candle and it was retesting the TL break so i went long).

Now I should be looking for the next 50% breach level above price so I pulled it back to Fri's high. PA did go above this level on the previous candles so now I am looking for the previous high again. This is way back on May 5/6. Is this the high we are supposed to use?

I'm not concerned about whether the entry was a good one (probably not, maybe I should have waited one more candle on M5), but whether I'm pulling the breach fib correctly. Any ideas?

http://i228.photobucket.com/albums/e...8gutrade2a.gif
  • #1,631
  • Jun 28, 2010 2:59am Jun 28, 2010 2:59am
Quoting occamsrazors
Two little trades so far... they were both countertrend on H1 so exited both around the T1 -34 level for quick trades

GU was a simple retrace to 50% breach fib and then got M5 hammer short signal and entered next candle

http://i228.photobucket.com/albums/e...gutrade1-1.gif

EU retraced to 50% breach fib (although admit I forgot to update the fib to new low) and was bouncing off trendline for third time so entered at blue ellipse after first black candle

http://i228.photobucket.com/albums/e...eutrade1-1.gif...
Agree... but we are in bull zone for yearly, monthly, weekly and just a little pips below 80.9 daily fibo. Well... we could be ranging for a while until we got a clear trend confirmation.....
  • #1,632
  • Jun 28, 2010 3:25am Jun 28, 2010 3:25am
Quoting iqyusan
Agree... but we are in bull zone for yearly, monthly, weekly and just a little pips below 80.9 daily fibo. Well... we could be ranging for a while until we got a clear trend confirmation.....
Rejected by breach at 5015 and now above 80.9 daily fibo ..... it should close above 80.9 for further bull .....
  • #1,633
  • Jun 28, 2010 3:36am Jun 28, 2010 3:36am
Quoting iqyusan
Rejected by breach at 5015 and now above 80.9 daily fibo ..... it should close above 80.9 for further bull .....

Iqyusan, your daily fib - is that on the high and low of today so far ie from GMT 00:00 or 00:00EST or from Fridays high and low? And can I ask where your breach fib is placed to get a rejected breach at 5015?
  • #1,634
  • Jun 28, 2010 3:41am Jun 28, 2010 3:41am
Quoting occamsrazors
Iqyusan, your daily fib - is that on the high and low of today so far ie from GMT 00:00 or 00:00EST or from Fridays high and low? And can I ask where your breach fib is placed to get a rejected breach at 5015?
hi brother ...

my daily fibo is based on last friday high and low.

And the breach is from ( around number ) : 5058 and 4972 .
  • #1,635
  • Jun 28, 2010 3:50am Jun 28, 2010 3:50am
Quoting iqyusan
We are in bull zone for monthly ( above 61 mo ) and major trend ( above 50 major trend ) and above 38 yearly ( potential to go 50 year for long term )
So what is all that telling you?
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,636
  • Jun 28, 2010 3:51am Jun 28, 2010 3:51am
Quoting iqyusan
hi brother ...

my daily fibo is based on last friday high and low.

And the breach is from ( around number ) : 5058 and 4972 .
Thx...Mmm so it seems you were leaving the breach fib high at the last high of today [Edit:after 00:00 EST]and pulling the low backwards into last Friday to get a low of around 4972 (mmm can't find a low there, i've only got 4964 or 4978 on the M5, maybe its broker diff)? Why did you do that (assuming what I said above is correct )?
  • #1,637
  • Jun 28, 2010 3:55am Jun 28, 2010 3:55am
Quoting ChowClown
...i too am confused with what Simone does here, so until clarified i use the breach in line with standard 50% retrace entries.
Read the book and watch the videos over and over until it becomes clear. Because me and simone will only tell you what's in them materials. Study and practice, and study and practice til you get it.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,638
  • Jun 28, 2010 4:01am Jun 28, 2010 4:01am
Quoting aswilled
So what is all that telling you?
that means bullish bias for me teacher.... but correct me if i'm wrong.... i really understand that i'm newbies still
  • #1,639
  • Jun 28, 2010 4:12am Jun 28, 2010 4:12am
Quoting occamsrazors
This is the situation where I am not sure where I am supposed to pull the breach fib to to find the next 50% level. Here I followed what aswilled said in Post 1205. The yellow dotted line signifies 0:00EST USA. I took the high a few candles later and then the low as my intraday fib ie short term trend is down. Price bounced up above the 50% level and then made a new high. So I pulled my breach fib back to the previous high (where trendline starts) to get new breach fib. (Price did bounce off this 50% breach level on a m5 candle and it was retesting...
You're doing pretty good, but you can't panick. Draw your breaches on the five min chart until you run out of candles. Then go up to a higher tf to get a high/low. You keep using the next to the next high/low until the trend reverses. I guarantee, price will respect all levels of these fibs. But be sure to be watching the key levels, short/long levels, supp/res levels, high/low, and targets on the intraday, daily, weekly, etc fibs. Along with tl and natural s/r. There should be a candle pattern or pa to tell you what to do next.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,640
  • Jun 28, 2010 4:12am Jun 28, 2010 4:12am
Quoting occamsrazors
Thx...Mmm so it seems you were leaving the breach fib high at the last high of today [Edit:after 00:00 EST]and pulling the low backwards into last Friday to get a low of around 4972 (mmm can't find a low there, i've only got 4964 or 4978 on the M5, maybe its broker diff)? Why did you do that (assuming what I said above is correct )?
i did see the high of today after 00 est and low at 5015 also. but i did not take the breach as my entry for bear when we see the next candle (after we got the high ) closing below the breach. I see it re visit today lows again.

I did not take it for bear entry because we're in bull zone, that's it

Then i re draw breach from high of today ( after 00 est ) to 4972 to get breach at 5015 and to get more clear breach level.

May be i'm wrong... but that's what i see brother. Correct me if i'm wrong....
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