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Simple & Consistent Fibbing Method

  • #1,641
  • Jun 28, 2010 4:22am Jun 28, 2010 4:22am
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 )?
There is no such thing as accuracy in trading. Everything is done in approximations, just as life. And trading is life patterns. :nerd:
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,642
  • Jun 28, 2010 4:25am Jun 28, 2010 4:25am
Quoting iqyusan
that means bullish bias for me teacher.... but correct me if i'm wrong.... i really understand that i'm newbies still
That's exactly what it means. But does that means we should hit yearly bull targets?
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,643
  • Jun 28, 2010 4:27am Jun 28, 2010 4:27am
Hi Simone, I really like your method. I am going to demo it for a while.

Can anyone tell me what are the intraday fibs for today (28/06/10).
Does anyone out there trade with GMT on their charts?

Thanks
  • #1,644
  • Jun 28, 2010 4:30am Jun 28, 2010 4:30am
Quoting iqyusan
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....
Its ok to be wrong. At least you have direction and a plan. Its better to have the wrong direction than to wonder aimlessly without a plan. Because you can always turn around with the same plan and reach your destination.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,645
  • Jun 28, 2010 4:35am Jun 28, 2010 4:35am
Quoting aswilled
That's exactly what it means. But does that means we should hit yearly bull targets?
hehehheh i don't know .......
  • #1,646
  • Jun 28, 2010 4:37am Jun 28, 2010 4:37am
Quoting aswilled
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.
Thanks aswilled, good to hear. So now we have had higher highs and higher lows since that chart I posted. I moved the intra day fib to the new and and low and the breach fib to the new low. PA is now above the 50% intra day fib. In order to get a breach fib above price I have to go the H4 chart swing high on 6 May at 1.5147 (my fractal indicator gives this high). The next one I will use is 1.5172 on 5 May if PA continues to go long. Is this correct?

http://i228.photobucket.com/albums/e...8breachfib.gif
  • #1,647
  • Jun 28, 2010 4:41am Jun 28, 2010 4:41am
Quoting iqyusan
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....
Oops I think we're pulling in different directions lol. You're puling down backwards in time and I'm pulling up backwards, if u get what I mean!
  • #1,648
  • Jun 28, 2010 4:50am Jun 28, 2010 4:50am
Quoting occamsrazors
Oops I think we're pulling in different directions lol. You're puling down backwards in time and I'm pulling up backwards, if u get what I mean!
..... depend on how your point of view is .....
  • #1,649
  • Jun 28, 2010 4:53am Jun 28, 2010 4:53am
Quoting iqyusan
hehehheh i don't know .......
Good answer. Because you don't know, and neither do I. We just have to stick to the rules day by day and watch what happens. But looking at that yearly, we have the breach, long, resist, and the high to contend with before reaching them targets.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,650
  • Jun 28, 2010 4:56am Jun 28, 2010 4:56am
Quoting aswilled
Good answer. Because you don't know, and neither do I. We just have to stick to the rules day by day and watch what happens. But looking at that yearly, we have the breach, long, resist, and the high to contend with before reaching them targets.
MADAME SIMONEG AND YOU ARE THE BEST TEACHER I'VE EVER SEEN IN THIS FF ....
  • #1,651
  • Jun 28, 2010 5:02am Jun 28, 2010 5:02am
Quoting occamsrazors
Thanks aswilled, good to hear. So now we have had higher highs and higher lows since that chart I posted. I moved the intra day fib to the new and and low and the breach fib to the new low. PA is now above the 50% intra day fib. In order to get a breach fib above price I have to go the H4 chart swing high on 6 May at 1.5147 (my fractal indicator gives this high). The next one I will use is 1.5172 on 5 May if PA continues to go long. Is this correct?

http://i228.photobucket.com/albums/e...8breachfib.gif
Yep. I usually have to goto the 4h to. But what I tell myself is this, 4h fractals are valid at some point, but where does the more valid 5m fractals lie within the 4h candles? So I just choose the high/low of each 4h candle to get a 5m chart breach. :nerd:
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,652
  • Jun 28, 2010 5:08am Jun 28, 2010 5:08am
Quoting iqyusan
MADAME SIMONEG AND YOU ARE THE BEST TEACHER I'VE EVER SEEN IN THIS FF ....
Thanks. But to Jesus be all the glory. That's who is me and Simone's teacher. And he is the one who gives us the words and ability to teach yall.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,653
  • Jun 28, 2010 5:16am Jun 28, 2010 5:16am
Quoting aswilled
Yep. I usually have to goto the 4h to. But what I tell myself is this, 4h fractals are valid at some point, but where does the more valid 5m fractals lie within the 4h candles? So I just choose the high/low of each 4h candle to get a 5m chart breach. :nerd:
Ah yep...good point aswilled.

The thing I've been trying to work out with this method is when we pull the breach fib this way, why is the 50% level important or rather why does it act as S/R? In that example I gave there are lower lows in between the low for the breach fib and the high. Pullling to that high back on May 6 from the intra day low with the lower lows from previous days in between seems weird. I can't get my head around the logic. Why does it work? It wouldn't appear to be a level that other traders are looking at?
  • #1,654
  • Jun 28, 2010 7:54am Jun 28, 2010 7:54am
Quoting Slack
Just a friendly reminder.

Thank you Slack!

I am having trouble downloading the files. Vark where are you? I need your help with this one!!!
Hero Traders Live to see their Accounts Die!
  • #1,655
  • Jun 28, 2010 9:52am Jun 28, 2010 9:52am
80.9 monthly on eyed
  • #1,656
  • Jun 28, 2010 9:58am Jun 28, 2010 9:58am
Quoting iqyusan
80.9 monthly on eyed
I see we are finally there iqyusan. We may be going higher though, closer to 1.5200. Will see, but this level can offer much resistance.
Hero Traders Live to see their Accounts Die!
  • #1,657
  • Jun 28, 2010 10:11am Jun 28, 2010 10:11am
Quoting simoneg
I see we are finally there iqyusan. We may be going higher though, closer to 1.5200. Will see, but this level can offer much resistance.
Hi Simone,

Congrats on your 1001 post
Btw, on a heavy range-bound like today, can we rely on SCFM? I feel it so hard to find the signal. What do you think?
  • #1,658
  • Jun 28, 2010 10:14am Jun 28, 2010 10:14am
Quoting a2xm
Hi Simone,

Congrats on your 1001 post
Btw, on a heavy range-bound like today, can we rely on SCFM? I feel it so hard to find the signal. What do you think?
Thank a2xm! I tend to switch to another pair, when one looks lazy. So unless you are fixed on a specific pair, you can explore that option.
Hero Traders Live to see their Accounts Die!
  • #1,659
  • Edited 10:47am Jun 28, 2010 10:18am | Edited 10:47am
Quoting simoneg
I see we are finally there iqyusan. We may be going higher though, closer to 1.5200. Will see, but this level can offer much resistance.
yap madame... it looks we facing resistant at 510x first .... i choose to take profit +70 here first where there is daily tp#1 also...

[ edit : intraday tp#1 i mean..... sorry ]
  • #1,660
  • Jun 28, 2010 10:19am Jun 28, 2010 10:19am
Quoting iqyusan
yap madame... it looks we facing resistant at 510x first .... i choose to take profit +70 here first where there is daily tp#1 also...
Cool cool! Good Trade!
Hero Traders Live to see their Accounts Die!
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