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DislikedMorning Graeme,
Can I ask when we were trading live last night you kept refering to fib level retraces on 5 min chart. Do you add these levels after the end of each 5 min candle? Or do you just have a rough idea in your head?
Regards,
BenIgnored
DislikedGood morning, Ben
Good question.
All my personal focal interpretation is done on fly. This is from alot of practice.
If I were to set golden rules about fibs
When price retraces:
33% of previous candle - stronger move that will most likely continue
50% of previous candle - evenly matched buying/selling power
66% of previous candle - stronger opposition power
If you look across any pair, any timeframe, you will notice:
Strongest trend will have less than 33% retrace
Stronger trends will have 33% to 50%
Weaker...Ignored
DislikedSo when you look to enter after a 50% retrace do you prefer the price to come back to open before you add another position? Or do you try and get in as it heads back to the open so your entry is on the wick?
Thanks for your time
BenIgnored
DislikedHi Graeme,
Thank you so much. Sorry to clog the thread up but can I ask just one more question? You said that the trend is stronger if the retrace is only to 33% but both You and Joe prefer 50% retest for your entries. I just wondered the reason for this.
Thanks and Regards,
Ben
P.S. I have learnt more in the last week trading the 5 min timeframe than in the previous 8 months of forex. It is hard going at times but I know once I master this then any system I implement will succeed.Ignored
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DislikedHi Graeme,
Perhaps you missed my question. If you already explained this then I apologize for missing it or not remembering.
What am I missing? I would love to trade the Asian session as the time frame is much more convenient for me compared to London.Ignored
DislikedHi Flyer...
Anyone else having trouble downloading this Pdf? I downloaded it once and it tells me it's a corupt file. Tried to download again and I can't get it to download from the host server.
Any suggestions???Ignored