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  • #11,261
  • Nov 3, 2012 5:33pm Nov 3, 2012 5:33pm
Quoting shahab8b
This is an example for how to use confluence levels:
shahab8b

Thank you very much for great example! It's a beautiful chart.

Pls allow me to ask one more question. On an attached chart, the major trend fibo levels are almost useless after the price starts going down. In this case, would you use a minor trend fibo levels for both selling and buying as long as you recognize confluences? If so, 4 entry points (2 sells and 2 buys) are valid, you think?

Or do you re-draw the major swing fibo? Let's say the bottom @1.25?

Again thank you very much! It helps me a lot get a much better idea about fibo.
Attached Image (click to enlarge)
Click to Enlarge Name: fib4.jpg Size: 226 KB
  • #11,262
  • Nov 4, 2012 6:03pm Nov 4, 2012 6:03pm
Quoting Forexgogo
shahab8b

Thank you very much for great example! It's a beautiful chart.

Pls allow me to ask one more question. On an attached chart, the major trend fibo levels are almost useless after the price starts going down. In this case, would you use a minor trend fibo levels for both selling and buying as long as you recognize confluences? If so, 4 entry points (2 sells and 2 buys) are valid, you think?

Or do you re-draw the major swing fibo? Let's say the bottom @1.25?

Again thank you very much! It helps me a lot get a much better idea about...
1) You are drawing your fibs upside down. 2) You need to recognize that we are not talking about exact science here. If that was the case, all librarians would be billionaires. I am attaching a few chart to give you some perspective.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu a.gif Size: 26 KB
Click to Enlarge Name: eu aa.gif Size: 23 KB
Click to Enlarge Name: gu.gif Size: 27 KB
  • #11,263
  • Nov 4, 2012 6:09pm Nov 4, 2012 6:09pm
AU: short setups on the chart
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au.gif Size: 19 KB
Click to Enlarge Name: au1a.gif Size: 24 KB
  • #11,264
  • Nov 4, 2012 6:24pm Nov 4, 2012 6:24pm
Quoting shahab8b
AU: short setups on the chart
makes sense to me:
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-11-04_19-23_OANDA.jpg Size: 79 KB
" It may mean something. It may mean nothing at all "
  • #11,265
  • Nov 4, 2012 8:21pm Nov 4, 2012 8:21pm
EU: short setup
Attached Image (click to enlarge)
Click to Enlarge Name: eu 2.gif Size: 28 KB
  • #11,266
  • Nov 4, 2012 8:56pm Nov 4, 2012 8:56pm
Quoting shahab8b
EU: short setup
Hey Shahab,
Great charts. Thanks for answering those questions. I couldn't have answered them any better. I've been traveling and just landed an hour or so ago, so I haven't been able to post. I'll get up an running in the morning.
  • #11,267
  • Nov 4, 2012 11:39pm Nov 4, 2012 11:39pm
It's nice all my old pals posting again.
  • #11,268
  • Nov 5, 2012 12:45am Nov 5, 2012 12:45am
i dont want to repost myself all over the place...there are a bunch of setups here.

Quoting shahab8b
EU: short setup
my take on EU:

http://www.forexfactory.com/attachme...0&d=1352075400
" It may mean something. It may mean nothing at all "
  • #11,269
  • Nov 5, 2012 2:07am Nov 5, 2012 2:07am
Quoting shahab8b
1) You are drawing your fibs upside down. 2) You need to recognize that we are not talking about exact science here. If that was the case, all librarians would be billionaires. I am attaching a few chart to give you some perspective.
shahab8b

Thank you very much for great examples!! Now I understand fibos have subjective aspects -- different people may draw it differently (like TLs).

I follow your COT thread, too. I really like your charts
  • #11,270
  • Nov 5, 2012 4:44am Nov 5, 2012 4:44am
Dear my mentors Saxon and shahab8b,
This is my take on EU -- long @ 38, 50, or 61.
If this is not bad, how should I expect to do? For example, should I wait until it comes down to 61 (most confluences Fib, round #, SR...) Or I enter at any points if the PA turns?

Thank you very much in advance!!
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.jpg Size: 209 KB
  • #11,271
  • Nov 5, 2012 5:56am Nov 5, 2012 5:56am
Quoting shahab8b
AU: short setups on the chart
AU: short trade update; the 2nd limit was missed.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au1a.gif Size: 24 KB
Click to Enlarge Name: au2.gif Size: 22 KB
  • #11,272
  • Nov 5, 2012 5:59am Nov 5, 2012 5:59am
Quoting Saxon
Hey Shahab,
Great charts. Thanks for answering those questions. I couldn't have answered them any better. I've been traveling and just landed an hour or so ago, so I haven't been able to post. I'll get up an running in the morning.
You're welcome Saxon!
  • #11,273
  • Nov 5, 2012 6:00am Nov 5, 2012 6:00am
Quoting calderone
It's nice all my old pals posting again.
Yea, it's been a while!
  • #11,274
  • Nov 5, 2012 6:01am Nov 5, 2012 6:01am
Quoting Skynet
i dont want to repost myself all over the place...there are a bunch of setups here.



my take on EU:
Nice chart
  • #11,275
  • Nov 5, 2012 6:04am Nov 5, 2012 6:04am
Quoting Forexgogo
Dear my mentors Saxon and shahab8b,
This is my take on EU -- long @ 38, 50, or 61.
If this is not bad, how should I expect to do? For example, should I wait until it comes down to 61 (most confluences Fib, round #, SR...) Or I enter at any points if the PA turns?

Thank you very much in advance!!
Technically you can. You may want to wait and see the PA at those levels (conservative and textbook approach), or just set set a limit order (more aggressive and also risky)
  • #11,276
  • Nov 5, 2012 7:36am Nov 5, 2012 7:36am
I don't know if it goes up or down.... if going down, fib38 is a good point for long -- SR, 1.5900...
Your thoughts?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu 1.jpg Size: 151 KB
Click to Enlarge Name: gu day.jpg Size: 239 KB
  • #11,277
  • Nov 5, 2012 11:20am Nov 5, 2012 11:20am
Quoting Skynet
makes sense to me:

update. I didnt even get an entry...price didnt retrace all the way to my preferred entry point. oh well.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-11-05_12-19_OANDA.jpg Size: 82 KB
" It may mean something. It may mean nothing at all "
  • #11,278
  • Nov 5, 2012 11:33pm Nov 5, 2012 11:33pm
Quoting Skynet
update. I didnt even get an entry...price didnt retrace all the way to my preferred entry point. oh well.
It happens, sometimes if I have a lot of confluence to back my limit orders-I will set stacks.......some will get hit but not all of them.
  • #11,279
  • Nov 5, 2012 11:40pm Nov 5, 2012 11:40pm
Expecting last short move today, entry 2800, exit or maybe reverse 2760/2750
SDPAFX(dot)com Knowledge-Base
  • #11,280
  • Nov 6, 2012 1:32am Nov 6, 2012 1:32am
Coming down??
Attached Image (click to enlarge)
Click to Enlarge Name: au.jpg Size: 173 KB
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