im liking the look of this 2h pin on a small retrace and a close below the RN.
maybe another go at 1.4300 ??
jon
EDIT: damn news...lol
maybe another go at 1.4300 ??
jon
EDIT: damn news...lol
PATIENCE... DISCIPLINE
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHow do i know a significant RN from an Insignificant RN, and whats the difference between RN and BRN? Do pardon me if the question sounds awkward.Ignored
DislikedI took a look at the daily chart on AUD/NZD.
Not a pair which would interest me normally due to the larger spreads but the guys directing the flow on this one are fib fanatics.
Run a fib over the daily - it is driven by fibs.
The third fib has shifted up from the 1.22 low to the 1.26 low.
Price is now at the 38.2%.Ignored
Dislikedsomeone mentioned this level a couple of days ago, (sorry cant remember who )
i will be watching for a pull back to 120 for a possible entry. i like the 50% fib confluence ...
jonIgnored
Dislikedthanx i will bear that in mind.
i dont really like all those fibs though, for me i would look at a fib from the last swing or a fib from the whole move, any more just confuses things for me lol
cheers
jonIgnored
DislikedI'll be watching the same area aswell.
I've not seen fibs used in that way though, they're used to measure a retracement from a swing high/low, not on the reverse side. So I'd imagine that confluence would largely be ignored, but I may be wrong..
SGIgnored
Dislikedhey Sgrb1, i was referring to price breaking the 50% fib retracement level. price will often use the level as support before moving on, and as it lines up pretty well with the PPZ at 120 i personally use it as confluence. You can often see price swing between fib levels as if they are PPZs. check out your charts im sure you will see it.
jonIgnored
DislikedI'll be watching the same area aswell.
I've not seen fibs used in that way though, they're used to measure a retracement from a swing high/low, not on the reverse side. So I'd imagine that confluence would largely be ignored, but I may be wrong..
SGIgnored
DislikedThe chart lines up so nicely with the fibs. If the people down under are conducting their business on this basis it would be silly to ignore them. I agree fibs are an invention but then we come round to the debate on how markets naturally move.
Clearly the Aussies are looking at fibs and BRN's.
1.32 ----> 1.26
1.26 ----> 1.35
1.35 ----> 1.28
1.28 ----> 1.38
1.38 ----> 1.32
1.32 resistance becomes support.
1.32 BRN
1.32...Ignored
DislikedFibs are used for retracement and extension.
Fibonacci Retracement Levels
0.236, 0.382, 0.500, 0.618, 0.764
Fibonacci Extension Levels
0, 0.382, 0.618, 1.000, 1.382, 1.618
Read more: http://www.babypips.com/school/fibon...#ixzz1Kiql5zk0Ignored
DislikedPA bar retracement entry. The left eye in confluence with a RN - a powerful thing.
Can 9550 give in? Anxiously watching . . .
g.Ignored
QuoteDislikedsomeone mentioned this level a couple of days ago, (sorry cant remember who )
i will be watching for a pull back to 120 for a possible entry. i like the 50% fib confluence ...
jon
DislikedNice looking bar, Just don't like the space to the FTA.
Any comments?Ignored