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Cable Update (GBPUSD)

  • #254,041
  • Sep 17, 2010 8:39am Sep 17, 2010 8:39am
closed my 1 long for 10+ profit , left 2 running
  • #254,042
  • Sep 17, 2010 8:40am Sep 17, 2010 8:40am
ok closed and second 20 pips for the day , 1 left running , the 8 hours of waiting paid well lol
  • #254,043
  • Sep 17, 2010 8:42am Sep 17, 2010 8:42am
Quoting dil
ok closed and second 20 pips for the , 1 left running , the 8 hours of waiting paid well lol
now if this 4hr can hold as a pin we should break the top
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  • #254,044
  • Sep 17, 2010 8:44am Sep 17, 2010 8:44am
I LV Forex
u know it's fun to me, It's like going to swimming olympic competition and every day u improving your technique and take it in less time

Knowledge has no end
  • #254,045
  • Sep 17, 2010 8:45am Sep 17, 2010 8:45am
Quoting nAVIN2007
impressive to see yur improvement

something has happened at 61.8..looking good

Hi Navin

Can you explain what Cloggie meant about the 61.8 being a momentum fib?
  • #254,046
  • Sep 17, 2010 8:45am Sep 17, 2010 8:45am
Quoting nAVIN2007
now if this 4hr can hold as a pin we should break the top

good good , i like that theres who think like me lol
  • #254,047
  • Sep 17, 2010 8:46am Sep 17, 2010 8:46am
Quoting egkid
I LV Forex
u know it's fun to me, It's like going to swimming olympic competition and every day u improving your technique and take it in less time

Knowledge has no end
when u elimate emotion from it its a piece of cake..to me its a hobby i love forecasting and praying that what i say happens and some can make something from it..it gives a good feeling
  • #254,048
  • Sep 17, 2010 8:52am Sep 17, 2010 8:52am
Quoting nAVIN2007
when u elimate emotion from it its a piece of cake..to me its a hobby i love forecasting and praying that what i say happens and some can make something from it..it gives a good feeling
We traders are going to the heaven either we make money or not in this world
Peace And Quite Is Utterly Malapropos Of My Departure . . .
  • #254,049
  • Edited 9:21am Sep 17, 2010 8:55am | Edited 9:21am
Quoting Delite
Hi Navin

Can you explain what Cloggie meant about the 61.8 being a momentum fib?

yes sure..61.8 is a fib ratio (magic ratio) for whatever reason that fib extension is regarded as one to note..price forms the low..then to high u draw the fib..wait for it to retrace to 61.8..

if there is support or resistance (confluence) u can almost be sure that something will happen hence the term momentum fib

i have posted a chart and in this case its the 50% fib which is cables characteristic to react at this 50 fib (see chart).
A lot of the time u will see this setup playout..
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  • #254,050
  • Sep 17, 2010 8:57am Sep 17, 2010 8:57am
Quoting nAVIN2007
yes sure..61.8 is a fib ratio (magic ratio) for whatever reason that fib extension is regarded as one to note..price forms the low..then to high u draw the fib..wait for it to retrace to 61.8..

if there is support or resistance (confluence) u can almost be sure that something will happen hence the term momentum fib

i have posted a chart and in this case its the 50% fib which is cables characteric to react at this 50 fib (see chart)
Navin

Thanks - I do use fibs, its just I had never heard the term 'momentum fib' before and I thought I must be missing an important nugget of information.

Enjoy the afternoon!
  • #254,051
  • Sep 17, 2010 9:00am Sep 17, 2010 9:00am
Quoting Delite
Navin

Thanks - I do use fibs, its just I had never heard the term 'momentum fib' before and I thought I must be missing an important nugget of information.

Enjoy the afternoon!
nah!! main thing is fib mean nothing unless theres confluence like everything else
  • #254,052
  • Sep 17, 2010 9:02am Sep 17, 2010 9:02am
Quoting Precap2
Good luck, but it might help to look at daily candles a bit
No problem. Stop is my insurance.
  • #254,053
  • Sep 17, 2010 9:05am Sep 17, 2010 9:05am
both gaining strength..at same time..hence the ranging..
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  • #254,054
  • Sep 17, 2010 9:07am Sep 17, 2010 9:07am
The whole fib thing seems open to interpretation, for me, unless price hits a fib or exceeds it only by a few pips then price is not respecting it...as oft mentioned the confluence of potential supp/res factors along with fibs gives the highest probibility opportunities. Also, fibs have to be 'real' / meaningful, meaning you really have to plot them from the ,most obvious swings on 1hr +...backfitting a fib can always be done but it's not a good idea to go looking for them unless you genuinely have them plotted. It's the same with trend lines/channels,...for me a trend line joins 2 or moree fractal swings the emphasis being on fractal and an opposing equidistant channel should join, in the case of an ascending trend line....a swing lo with a swing hi equidistant and parrallel to the trend line...this is my application/understanding anyway.

Just one trader's experience/observations from such....others may be different.

G/L
ex member
  • #254,055
  • Sep 17, 2010 9:09am Sep 17, 2010 9:09am
Quoting nAVIN2007
impressive to see yur improvement

something has happened at 61.8..looking good
But 4hr and daily we may see another big move down.
I know stochs can stay in OB and yet keep moving ,but something to keep an eye on.

I may be wrong .Lets see.

Lets trade as it comes.
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  • #254,056
  • Sep 17, 2010 9:10am Sep 17, 2010 9:10am
At the current 5615 intraday low there is no meaningful fib, the nearest is 61.8% of the 5537-5728 swing up @ 5610.

G/L
ex member
  • #254,057
  • Sep 17, 2010 9:14am Sep 17, 2010 9:14am
Quoting Delite
Navin

Thanks - I do use fibs, its just I had never heard the term 'momentum fib' before and I thought I must be missing an important nugget of information.

Enjoy the afternoon!
Hi. In addition to Navin's description, here is a useful pdf which might be good for you to delve deeper into why fibs act like they do, it won't answer the question on momentum but will hopefully be a good help.

As Cloggie says, the 50 fib is extremely useful to take notice of (on many pairs but especially Gu), a great part of the trader's toolbox.
Attached File(s)
File Type: pdf Jen Matshall - Practical Fibonacci Methode For Forex Trading.pdf   600 KB | 1,583 downloads
  • #254,058
  • Sep 17, 2010 9:14am Sep 17, 2010 9:14am
i see correction before next bull...

then i trade both direction hehhehe

http://www.forexfactory.com/showpost...&postcount=674


iqyu
not euphoria follower
  • #254,059
  • Sep 17, 2010 9:17am Sep 17, 2010 9:17am
Quoting honeybhi
But 4hr and daily we may see another big move down.
I know stochs can stay in OB and yet keep moving ,but something to keep an eye on.

I may be wrong .Lets see.

Lets trade as it comes.
Can you tell me who is good to study here that you learned from? I was reading wormboy's thread. He is great! Who else do you think I should read?

Thankyou!!!
  • #254,060
  • Sep 17, 2010 9:21am Sep 17, 2010 9:21am
Quoting uksnowman
Hi. In addition to Navin's description, here is a useful pdf which might be good for you to delve deeper into why fibs act like they do, it won't answer the question on momentum but will hopefully be a good help.

As Cloggie says, the 50 fib is extremely useful to take notice of (on many pairs but especially Gu), a great part of the trader's toolbox.

Hey, UKsnowman - some light reading for the weekend?!

Seriously, thank you - you can never know too much!
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