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  • #927,941
  • Oct 4, 2014 11:53pm Oct 4, 2014 11:53pm
Ukraine is on the brink of a break in the cease fire, another negative for the euro.
  • #927,942
  • Edited 12:15am Oct 5, 2014 12:04am | Edited 12:15am
Quoting thelostpip
Ukraine is on the brink of a break in the cease fire, another negative for the euro.
Why everybody and every new development is trying to bring euro down?....... ees ki ma chod di hai, agamao munara mama euro (It is going sharply down)
The Thief of Wall Street
  • #927,943
  • Oct 5, 2014 12:27am Oct 5, 2014 12:27am
Quoting deylon
Moreover the number of countries that have the EUR as their currency again something that keeps me puzzled is that these countries aren't doing anything about their deprecating EUR. I am not a subject matter expert,still learning and discussing... {image}
They want the currency to depreciate. That will improve exports and decrease imports, improving their economy.
  • #927,944
  • Oct 5, 2014 12:35am Oct 5, 2014 12:35am
Quoting Chicky
{quote} Why everybody and every new development is trying to bring euro down?....... ees ki ma chod di hai, agamao munara mama euro (It is going sharply down)
the ECB said it plans to buy debt included that with a “junk” credit rating from Greece and Cyprus
  • #927,945
  • Oct 5, 2014 12:55am Oct 5, 2014 12:55am
Quoting PatienceFx
{quote} the ECB said it plans to buy debt included that with a “junk” credit rating from Greece and Cyprus
Tere Isq Nachaya
http://tune.pk/video/1575492/supreme...haya-sufi-song
The Thief of Wall Street
  • #927,946
  • Edited 1:18am Oct 5, 2014 1:03am | Edited 1:18am
Quoting PatienceFx
{quote} the ECB said it plans to buy debt included that with a “junk” credit rating from Greece and Cyprus
Tere Isq Nachaya - Sufi Song. (Your love made me dance)

Sufi: Unlike commonly understood, it is an inner mystical dimension, beyond the bounds of religion

Good Quality HD: http://tune.pk/video/1575492/supreme...haya-sufi-song

Poor Quality:
Inserted Video
The Thief of Wall Street
  • #927,947
  • Edited 1:50am Oct 5, 2014 1:27am | Edited 1:50am
Hi guys, got a question since I don't use fibs am not sure what the answer is.... but see diagram attached, if we retrace too 61.8 then move too the extension of 61.8... is that the 161.8 extension the golden ratio in the diagram or is 161.8 a further 100 pips away??? cheers

R
Attached Image (click to enlarge)
Click to Enlarge Name: Fib question.PNG Size: 65 KB
  • #927,948
  • Oct 5, 2014 1:38am Oct 5, 2014 1:38am
Quoting RussJ
Hi guys, got a question since I don't use fibs am not sure what the answer is.... but see diagram above... we retrace too 61.8 then move too the extension of 61.8... is that the 161.8 extension the golden ratio in the diagram or is 161.8 a further 100 pips away??? cheers R
What diagram? The only diagram above is some post with a youtube link by a lunatic.

You don't use the fibs. It is very good thing to do. Never use anything (any tool) in forex. These tools show you what you want to see.
The Thief of Wall Street
  • #927,949
  • Oct 5, 2014 1:50am Oct 5, 2014 1:50am
Quoting Chicky
{quote} What diagram? The only diagram above is some post with a youtube link by a lunatic. You don't use the fibs. It is very good thing to do. Never use anything (any tool) in forex. These tools show you what you want to see.
Chicky never needed to use fibs as the candle support/resistance and timeframe tells me where it should go.

Anyway not sure why there is a youtube link but heres the diagram again..., basically the 61.8 it touches after the retrace should that be 161.8??? or is that 61.8 and 161.8 is further down the chart???
Attached Image (click to enlarge)
Click to Enlarge Name: Fib question.PNG Size: 65 KB
  • #927,950
  • Oct 5, 2014 4:34am Oct 5, 2014 4:34am
Quoting RussJ
{quote} Chicky never needed to use fibs as the candle support/resistance and timeframe tells me where it should go. Anyway not sure why there is a youtube link but heres the diagram again..., basically the 61.8 it touches after the retrace should that be 161.8??? or is that 61.8 and 161.8 is further down the chart??? {image}
great question....but looking left on the chart there has been no significant retracement so far...
Whenever i buy the price goes up & whenever i sell the the price goes down!
  • #927,951
  • Oct 5, 2014 4:48am Oct 5, 2014 4:48am
Quoting deylon
{quote} great question....but looking left on the chart there has been no significant retracement so far...

Deylon I've made the retracement up s per my lines as an example and asked if the extension I've made up is 61.8 or 161.8???
  • #927,952
  • Edited 5:34am Oct 5, 2014 5:14am | Edited 5:34am
Quoting RussJ
Hi guys, got a question since I don't use fibs am not sure what the answer is.... but see diagram attached, if we retrace too 61.8 then move too the extension of 61.8... is that the 161.8 extension the golden ratio in the diagram or is 161.8 a further 100 pips away??? cheers R {image}
Fibs are a great tool, the problem is very few people know how to use them properly, not interested or too lazy to learn how to, so it's better to dismiss them altogether!! I have read studies showing that fibs actually don't work posted by a fellow trader, very bad conducted studies I must say. One of these studies was a statistical inference approach to how often do prices react to certain fib levels. There was no reference whatsoever to confluence of Fibonacci levels in different time frames. Once you learn a little bit like I have, you will realize that market ALWAYS turns at fib levels with NO EXCEPTION, the only question is the time frame in which they occur that becomes relevant.
I am not going to get into details, if you would like, read my posts over last couple of months and you will see where I am coming from.

Now, your question: You are looking at a H2 chart, I don't have that timeframe but I use the H4 and this is what I see. Price completed retracement of 38.2 % at 1.2693 (top of your chart) from last swing down starting at 1.29005 forming a reversal candle before this last drop, this is valid for H1 as well. This type of retracement indicates that trend is so strong that price can't even make it to 50% or 61.8 %, Extension 1.618 of this move 4 Hrs chart will be 1.2484, I hope that answers your question.
Most times the difficulty is to measure the swings from which you will calculate new extensions for forecasting future prices. You will need a system that makes it easier on the eye.
Generally speaking after 61.8 retracement prices very often proceed to extensions being 61.8 Extension the first, which is a minor one and then 1.27 and 1.618. This is exactly what I see on Monthly chart and that's why my forecast is 1.2190 as the next barrier. One of the great advantages of Fibs is that you will never Sell at Extensions avoiding unnecessary risks.
Sorry for making it so long.
Cheers.
We watch the charts from every angle so you don't have to!!
  • #927,953
  • Oct 5, 2014 5:36am Oct 5, 2014 5:36am
Quoting pedro319
{quote} Fibs are a great tool, the problem is very few people know how to use them properly, not interested or too lazy to learn how to, so it's better to dismiss them altogether!! I have read studies showing that fibs actually don't work posted by a fellow trader, very bad conducted studies I must say. One of these studies was a statistical inference approach to how often do prices react to certain fib levels. There was no reference to confluence of Fibonacci levels in different time frames. Once you learn a little bit like I have, you will realize...

Pedro I know how to use Fibs, I don't use them as never needed too but my question no one is answered is simple.. is the 61.8 fib really the 161.8 fib??? I very rare often use fibs but thought my 61.8 fib extension I use... I always thought was the 161.8 even though its drawn as 61.8 on my chart but for some reason I thought that maybe its 61.8 and the 161.8 is 161.8 not 2.618.... And yes I agree with you Euro USD reaches 12204/12163 or 1.2204/12049 based on candles and fractals and structure

But all I am asking is the 61.8 I have drawn retracement then extended to 61.8.. its an example and all I am asking as per diagram is this 61.8 or 161.8 extension???

I don't see price retracing all the way back myself unless it double bottoms tbh, I was expecting 1.2596 too be touched and then 1.2496 but since we are already at 125 then we will get shorted at around 12552 I expect targeting 1.2452 unless we double bottom and make some retracement to back fill some of the move and touch some of the resistances that we fell through.
  • #927,954
  • Oct 5, 2014 6:07am Oct 5, 2014 6:07am
Quoting RussJ
{quote} Pedro I know how to use Fibs, I don't use them as never needed too but my question no one is answered is simple.. is the 61.8 fib really the 161.8 fib??? I very rare often use fibs but thought my 61.8 fib extension I use... I always thought was the 161.8 even though its drawn as 61.8 on my chart but for some reason I thought that maybe its 61.8 and the 161.8 is 161.8 not 2.618.... And yes I agree with you Euro USD reaches 12204/12163 or 1.2204/12049 based on candles and fractals and structure But all I am asking is the 61.8 I have drawn...
According to your diagram the extension 1.618 should be at 1.2378 and the 61.8 Extension at 1.2477, they are not the same thing.
We watch the charts from every angle so you don't have to!!
  • #927,955
  • Oct 5, 2014 6:21am Oct 5, 2014 6:21am
Quoting pedro319
{quote} According to your diagram the extension 1.618 should be at 1.2378 and the 61.8 Extension at 1.2477, they are not the same thing.

1.2477 is the 61.8 retracement... is the 123.77 61.8 extension or 161.8 extension that's what I would like to know??

Thanks
  • #927,956
  • Edited 7:44am Oct 5, 2014 7:07am | Edited 7:44am
Quoting RussJ
{quote} 1.2477 is the 61.8 retracement... is the 123.77 61.8 extension or 161.8 extension that's what I would like to know?? Thanks
1.2377 is 61.8 extension according to your chart.

I would draw them like this on the 4 hrs Chart.

A- 1.29 Top
B- 1.2698 Bottom
C- 1.2575 32.8 Retrace
D- 1.2367 1.618 Extension (of the whole swing from top to bottom)

61.8 Extension of A-B-C at 1.2484
1.618 Extension of A-B same area
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD ABCD 4hrs.png Size: 178 KB
We watch the charts from every angle so you don't have to!!
  • #927,957
  • Oct 5, 2014 7:15am Oct 5, 2014 7:15am
https://www.tradingview.com/v/784WQ4OV/

just 1.24 next
  • #927,958
  • Oct 5, 2014 7:50am Oct 5, 2014 7:50am
sorry to burst your bubble......

Quoting pedro319
{quote} Fibs are a great tool, the problem is very few people know how to use them properly..... Once you learn a little bit like I have, you will realize that market ALWAYS turns at fib levels with NO EXCEPTION, the only question is the time frame in which they occur that becomes relevant. I am not going to get into details,
this statement is frankly wrong.... sure you can always find a fib level at some timeframe that might match up to a turn point but often enough prices can run through an H1 61.8% which is also a Daily 38% and weekly 23% etc etc..... so the implication of what you say is not correct because it is unusable in that context...


Quoting pedro319
{quote} 1.2377 is 61.8 extension according to your chart.
It's 161.8% 61.8 is inside the range always..... take a price range of say 200 - 500 if you tried to take the range 300 and multiply it by 61.8% you would get less than 300 add that to 200 and you get less than 500..... on the other hand multiply it by 1.618 ie: 161.8% and you will an extension of the range....

less than 100% is not an extension...

if he draws the fib the other way up - correct for an extension then it would even show 161.8%
  • #927,959
  • Edited 8:38am Oct 5, 2014 7:57am | Edited 8:38am
Quoting MaxDoom
sorry to burst your bubble...... {quote} this statement is frankly wrong.... sure you can always find a fib level at some timeframe that might match up to a turn point but often enough prices can run through an H1 61.8% which is also a Daily 38% and weekly 23% etc etc..... so the implication of what you say is not correct because it is unusable in that context... {quote} It's 161.8% 61.8 is inside the range always..... take a price range of say 200 - 500 if you tried to take the range 300 and multiply it by 61.8% you would get less than 300 add...
Read my last post.
And yes I can prove that prices ALWAYS turn at Fib levels no matter what you say.
Even better, I invite you to give me an example where this didn't happen and I will just zip it.
Saying that 61.8 is not an extension already shows that you don't know what you are talking about.
We watch the charts from every angle so you don't have to!!
  • #927,960
  • Oct 5, 2014 8:05am Oct 5, 2014 8:05am
Quoting robin2003
https://www.tradingview.com/v/784WQ4OV/ just 1.24 next

Totally agree here. May be even below.
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