You may think you can draw another Fibonacci upward from the Close instead of Downward .But you can not . This range is only done for down reversal if you want to buy .
Learn to walk before you run
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DislikedWhile naysayers are busy whining and copycats are still scratching their heads, the group already made the killing today.
This is my personal exp, others might have made much more.
[10:43:52 AM] fxsense says: No. I am currently concentrating only on NY Close (with 74 pips) Fibs. Like today, I am short from 3775. Close 1/2 position for 25 pips and other half is still running with SL=BE
[12:00:33 PM] fxsense says: remainig position closed at BE. 25 pips so far
[12:35:16 PM] fxsense says: Closed 1/2 position for 25 pips (entered again at 3775)
[12:35:27...Ignored
DislikedHi Fxsense,
Can you please give a little more detail on how you took the trade using Abonacci?
Thanks.Ignored
DislikedThanks. Toally forgot that rule.
But are we still to use 74pips or has it changed for this month?Ignored
DislikedBobi,
Based on your rule set, does the new month reset the 38.2% (yellow) breakout run to 100% rule?
ie, do we need to see two phases + the 38.2% to start taking this trade on a continual basis?
I noticed it worked this morning, seemingly as did the reverse of this. the 61.8% (yellow) break DOWN run to 100%...... though, I don't think this has ever been confirmed as a valid trade.
Regards
LeeIgnored
DislikedWhile naysayers are busy whining and copycats are still scratching their heads, the group already made the killing today.
This is my personal exp, others might have made much more.
[10:43:52 AM] fxsense says: No. I am currently concentrating only on NY Close (with 74 pips) Fibs. Like today, I am short from 3775. Close 1/2 position for 25 pips and other half is still running with SL=BE...Ignored
DislikedI believe that in the Oct template that bobi posted, it 127 pips, not 74.......maybe I'm missing something here.Ignored
DislikedAbonacci Short Trade M15 Date: 04/10/2010
Grey line= Pivot (1.3782)
Red line= Low Break Out 1 (1.3749)
Gold line= Target (1.3701)
Good for +48 pips
eTrader,Ignored
DislikedHi again,
If you want to enter the market in an appropriate time and level , you should take many considerations into account .
Another Fibonacci that can help to identify the reversal is shown in the picture .
Draw a fibonacci from High Reversal line to 38.2% of lower blue fibonacci produced from step2.
(Please refer to Page 1 to learn how to) . This new fibonacci is called Closing Reversal Fibonacci
As closing price is higher than 76.4% of this new fibonacci level so there is a sentiment for the price to be reversed...Ignored