We closed @ 1.3453 So the close should be @ 1.3453 and the monthly value is 1.3470
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Are we looking at the current daily candle or previous day? " Please Enter Close of Day " so the daily candle closed @ 1.3429 50% 1.3471... Please comment
Firt of all, I want to thank Bobi for sharing his knowledge of the FX market with us.
I have been silently following this thread for a while now. Like many of you I found this system/method very confusing. So what I did, I went back to the beginning and re-read a few of Bobi's posts. What stuck the second time is his basic principles. If price breaks the 38.2% level of a phase, price should reach the 100%. If you enter a long trade after 38.2% level is broken, you have to keep your stoploss below 61.8% level of the lower phase because price could retrace as far as the 61.8% of this lower phase before reaching the current phase's 100% to complete the cycle.
When you follow the 3 steps to pull the two blue Fibs and the 1 white Fib, what I have found is whereever you see Fib levels of all three coloured Fibs in the same area (Confluence),you find price reversing. The RED circles show what I mean.
I will continue to post as I understand it better.
Are we looking at the current daily candle or previous day? " Please Enter Close of Day " so the daily candle closed @ 1.3429 50% 1.3471... Please comment
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Take the close of NY session as the close of day which is what aebab says to do. 1.3453
Hi, I hope this helps someone regarding finding the New York Closing price :
Major Market Opening & Closing Times :
* Asian Session – from 0:00 GMT to 9:00 GMT
* London Session – from 8:00 GMT to 17:00 GMT
* US Session - from 12:00 GMT to 21:00 GMT
(Just be aware of daylight saving time adjustments)
I trade trough IBFX and the server is set to GMT time. Therefore to find
the US closing price on the 15min chart, I look at the closing price of the 20:45(GMT) candle (this is the candle start time), which was 1.34535.
Contact your broker and ask them to which time the server is set if you cannot determine it from the time on your trade station.
That doesn't make any sense there is a difference of 25 pips between fxpro and forex dot uk.
+ 32 Closing up shop for now [email protected]/ 1.3471 out @23.8/ 1.3437
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If it closes at a different time there will be a different close
aww....
i lost 46pips just now
maybe i have done something wrong....
when cross 38.2 that yellow line,i buy
and i checked breakout rule that broke 50 then it will continue to 100
will it continue go up or it continue go down to next phase 0??
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It is still above 61.8 of new phase so it will continue up to 100 of previous phase. Stoploss should be below 61.8 of new phase. So now would be a good time to take a long trade. Great Risk:Reward ratio
Using the calculator rather than the charts, the Low Break Out at 1.3422 offered an opportunity to sell, as it was below the Pivot of 1.3448. Taking the Second Break Out as a target/resistance, taking profits above this level, 1.3379 could have given you a comfortable 30-40 pips, which is not to be sniffed at.
There will be many other combinations and strategies, but that would be good enough for me.
Using the calculator rather than the charts, the Low Break Out at 1.3422 offered an opportunity to sell, as it was below the Pivot of 1.3448. Taking the Second Break Out as a target/resistance, taking profits above this level, 1.3379 could have given you a comfortable 30-40 pips, which is not to be sniffed at.
There will be many other combinations and strategies, but that would be good enough for me.
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Also going by the calculator, a long would have been put in when it went past 1.3453 which would have been a loss.
