correct , hence the smaller fibs , become the larger fibs
- #1,203
- Jul 12, 2010 4:50pm Jul 12, 2010 4:50pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Bartstop asked "But how do you know when to close your trade if price bounces off the 138 every time?"
Bouncing of the 138 is what I am looking for, that is how I am comfortable trading.
Choose a time frame (preferably larger than 1 minute) and take profit "every time" something is going to happen after each touch, it will go up.. or down
in ..tp, in..tp in..tp, then off to the __________ (beach , pool, mountains)
or would that be too much profit?
Exercisefor anybody,not just Bart)
On the move down from 134.62, find targets...
133.51. I actually found this fib last night thinking you use pivots on the back and front swing. Bart and I were toying with this recently. As already mentioned, in this case it overshot on my data about 9 pips. I'm thinking if one is to trade these bounces tight stops are in order, say 10 pips.
133.22 I see and looks a good entry zone. Twice previous support and, resistance when price moved up here. Price rallied 75 points from here.
133.23 yep I see how the fib fits plus we run into the 38 of the larger upswing fib. This also looks a good place to enter.
132.55, the tricky one. I can see this too, pivots hanging around the inners of the short fib.
So initial stops are important, can't be too large. You must look for at least 2:1 or, these bounce so often that the winners far outweigh the losers and you can just grab a few pips.
I've taken a couple of 138 trades myself the last couple of days and one where price retraced all the way back to the 100 line of my fib, you can stick a tight stop on those too.
So you must plan your fibs in advance to line up with the inner targets of your larger fibs I'm guessing.
Anyway, the mist is clearing. I see how you might use those larger fibs as well.
MD.
Keep smiling
- #1,204
- Jul 12, 2010 5:01pm Jul 12, 2010 5:01pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Hey thanks for your comments. I've been sidetracking again and looking at Eggsters stuff. I've clicked what he is doing now, I think.
It seems a bit more gambly to me but looks effective if taken at the right levels. I'm sure it works as well otherwise Eggster wouldn't be wasting his time here so thanks to him for his efforts.
If I pull a straightforward 138 I have this fib setup. Blue was the completed upswing, red the current down.
What was you going to say about Spain?
MD.
It seems a bit more gambly to me but looks effective if taken at the right levels. I'm sure it works as well otherwise Eggster wouldn't be wasting his time here so thanks to him for his efforts.
If I pull a straightforward 138 I have this fib setup. Blue was the completed upswing, red the current down.
What was you going to say about Spain?
MD.
Keep smiling
- #1,207
- Jul 12, 2010 5:30pm Jul 12, 2010 5:30pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Keep smiling
- #1,209
- Jul 12, 2010 5:36pm Jul 12, 2010 5:36pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
This is how I see cable at the moment, not pierced.
MD.
MD.
Keep smiling
- #1,211
- Jul 12, 2010 5:42pm Jul 12, 2010 5:42pm
- Joined Jul 2009 | Status: symbol | 1,549 Posts
Keep smiling
