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  • #927,961
  • Oct 5, 2014 8:06am Oct 5, 2014 8:06am
Quoting pedro319
{quote} 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 {image}

Pedro what I am saying.. forget the chart.. its an example... but is the 61.8 extension really 1.618????

Where I have 61.8 at 123.78 ish.... should that be 161.8???? I count it as 161.8 but recently I've asked myself is it the 161.8.

I know I have it labeled at 61.8 but I'm asking is it the 161.8?? if so I should change labels

Thanks
  • #927,962
  • Oct 5, 2014 8:12am Oct 5, 2014 8:12am
can someone look at these fib levels and let me know if they are correct...
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDmH4fib.png Size: 56 KB
Whenever i buy the price goes up & whenever i sell the the price goes down!
  • #927,963
  • Oct 5, 2014 8:14am Oct 5, 2014 8:14am
Quoting RussJ
{quote} Pedro what I am saying.. forget the chart.. its an example... but is the 61.8 extension really 1.618???? Where I have 61.8 at 123.78 ish.... should that be 161.8???? I count it as 161.8 but recently I've asked myself is it the 161.8. I know I have it labeled at 61.8 but I'm asking is it the 161.8?? if so I should change labels Thanks

Pedro no problem... I got it.. the 61.8 is the 161.8... ( I always used it as that if I ever use fibs) but never labeled it and only recently questioned it but can see now your using my 61.8 that I use as 161.8 as 161.8 sorry for the confusion
  • #927,964
  • Oct 5, 2014 8:15am Oct 5, 2014 8:15am
Quoting deylon
can someone look at these fib levels and let me know if they are correct... {image}
Aint got no idea but I will tell you that every one will offer some retracement as their near swing points/structure
  • #927,965
  • Oct 5, 2014 8:21am Oct 5, 2014 8:21am
Quoting deylon
can someone look at these fib levels and let me know if they are correct... {image}
There is nothing wrong but imo price has already created a new swing and that is the one I will be using.
Check here if you would like:
Quoting pedro319
{quote} 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 {image}
We watch the charts from every angle so you don't have to!!
  • #927,966
  • Oct 5, 2014 8:22am Oct 5, 2014 8:22am
Max and Pedro

You are both correct so no need to argue here:

Price will be determined by which Resistance on which timeframe it hit... for example if it hit a Weekly Bottom Candle (Resistance) and we are in an upturned then it hit 4 hour Top of candle support as price is falling .. the 4 hour would offer some support and price would lift but not to new highs and would inevitable give way as that would not be the candle to continue the uptrend.... as higher timeframe rules over the minor timeframes.... so applying that to fibs works the same way.... if the fib has just been hit on a higher timeframe then gets supported on a weaker fib on weaker timeframe it would give way s you have suggested but Pedro would also be correct as it would offer some support and lift a little to the timeframe it should lift too but not breaking the major one it got rejected off... price will only lift higher when the timeframe and candle is correct and this can be the same rule of thumb with fibs...

So you are both correct - no one is wrong... I've just evaluated and explained both your answers lol

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...
  • #927,967
  • Oct 5, 2014 8:48am Oct 5, 2014 8:48am
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...

guys anyway, maybe people misinterpreted what I was asking.. see chart and swing down... once we pass the bottom of the initial swing up as in the retrace do we then go into ... 138.3 ext; 150 ext; 161.8 etc or are they 38.2, 50 and 61.8 ext see chart explains....

Point 1 or Point 2 is the 161.8 ext of the swing... obviously I cannot change the 61.8 too 161.8 and that's whats got me wondering although I've always traded with candles and support and resistance but if use fibs I have always used the first point 61.8 as the 161.8 and the 161.8 as the 2.618... hope you understand... why its funny as most I assume are using my 61.8 as the 161.8 as I am guessing as I worked out Pedro is but the bottom is where I'm intending and where pedro is attending is actually the 161.8 obviously I have used candles and patterns and basically support and resistance to get there but the fib 161.8 says there as well... but maybe 161.8 is actually the 261.8
Attached Image (click to enlarge)
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  • #927,968
  • Oct 5, 2014 9:06am Oct 5, 2014 9:06am
Quoting RussJ
{quote} guys anyway, maybe people misinterpreted what I was asking.. see chart and swing down... once we pass the bottom of the initial swing up as in the retrace do we then go into ... 138.3 ext; 150 ext; 161.8 etc or are they 38.2, 50 and 61.8 ext see chart explains.... Point 1 or Point 2 is the 161.8 ext of the swing... obviously I cannot change the 61.8 too 161.8 and that's whats got me wondering although I've always traded with candles and support and resistance but if use fibs I have always used the first point 61.8 as the 161.8 and the 161.8...
I won't confuse it anymore. lol
Those levels are the same on my chart, the 1.618 is 1.618.
The only difference and why we couldn't understand each other is the construction of the swings.
The other confusion was the 61.8 minor extension of ABC... but let's leave it for now.
We watch the charts from every angle so you don't have to!!
  • #927,969
  • Oct 5, 2014 9:19am Oct 5, 2014 9:19am
Quoting pedro319
{quote} I won't confuse it anymore. lol Those levels are the same on my chart, the 1.618 is 1.618. The only difference and why we couldn't understand each other is the construction of the swings. The other confusion was the 61.8 minor extension of ABC... but let's leave it for now.

Pedro, many thanks, that makes sense now.... I use candles but sometimes I play with fibs and I was using the 61.8 as the 161.8 lol
  • #927,970
  • Oct 5, 2014 9:30am Oct 5, 2014 9:30am
Quoting RussJ
{quote} Pedro, many thanks, that makes sense now.... I use candles but sometimes I play with fibs and I was using the 61.8 as the 161.8 lol
No problem.
Check this one.
That is a minor 61.8 Extension of a major ABCD Monthly chart, to calculate it you need a triangle (ABC) and extension tool.
http://www.forexfactory.com/showthre...27#post7779427
We watch the charts from every angle so you don't have to!!
  • #927,971
  • Oct 5, 2014 9:45am Oct 5, 2014 9:45am
Quoting deylon
can someone look at these fib levels and let me know if they are correct... {image}
I think the major principle applied in that graph was not fibonnaci levels but another theory named Murraymath based in octaves and price action.
  • #927,972
  • Oct 5, 2014 9:56am Oct 5, 2014 9:56am
Quoting pedro319
{quote} No problem. Check this one. That is a minor 61.8 Extension of a major ABCD Monthly chart, to calculate it you need a triangle (ABC) and extension tool. http://www.forexfactory.com/showthre...27#post7779427

Well just been watching some videos and my 61.8 according to the video's is the 161.8 ext!!!! lol!!! will check out in a moment
  • #927,973
  • Oct 5, 2014 9:58am Oct 5, 2014 9:58am
Quoting pedro319
{quote} 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.

saying that 61.8 is an extension level just shows that you don't.....

it's not difficult 100% = range

if you extend the range then it becomes greater than 100%

so an extension level is always greater than 100%

so it is referred to as 161.8% not 61.8%

61.8% is internal to the range.........................

just shows that you don't know what you are talking about.... this is very basic knowledge in fib trading

and yes I see that you now altered your post
  • #927,974
  • Oct 5, 2014 9:58am Oct 5, 2014 9:58am
Quoting pedro319
{quote} EURUSD Everything remains the same, until I see reversal patterns or reversal candles (major tfs) my bias is short and next target not so far now. 3 Black Crows pattern confirmed after last month's close. {image}

I'd be short way before the 3 black candles.. would be short at C.. on hourly reversal candles as I would have identified C as the reversal then waited for a signal.... there's 2 many pips wasted if you are waiting for the 3 black candles but everyone has their own style and as long as its a winner doesn't matter :0
  • #927,975
  • Oct 5, 2014 10:00am Oct 5, 2014 10:00am
Quoting RussJ
{quote} I'd be short way before the 3 black candles.. would be short at C.. on hourly reversal candles as I would have identified C as the reversal then waited for a signal.... there's 2 many pips wasted if you are waiting for the 3 black candles but everyone has their own style and as long as its a winner doesn't matter :0
I wasn't waiting for that to enter a trade!! lool
That is just to find new targets. I wanted you to check the extension not the pattern.
We watch the charts from every angle so you don't have to!!
  • #927,976
  • Oct 5, 2014 10:02am Oct 5, 2014 10:02am
Quoting MaxDoom
{quote} saying that 61.8 is an extension level just shows that you don't..... it's not difficult 100% = range if you extend the range then it becomes greater than 100% so an extension level is always greater than 100% so it is referred to as 161.8% not 61.8% 61.8% is internal to the range......................... just shows that you don't know what you are talking about.... this is very basic knowledge in fib trading and yes I see that you now altered your post
Check that, and let's just leave it then.
http://www.forexfibonacci.com/calcul...cci_levels/04/
We watch the charts from every angle so you don't have to!!
  • #927,977
  • Oct 5, 2014 10:08am Oct 5, 2014 10:08am
Quoting RussJ
{quote} Well just been watching some videos and my 61.8 according to the video's is the 161.8 ext!!!! lol!!! will check out in a moment
here you go Russ it's not difficult when things are correctly referred .....

regards
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  • #927,978
  • Oct 5, 2014 10:14am Oct 5, 2014 10:14am
Quoting pedro319
{quote} Check that, and let's just leave it then. http://www.forexfibonacci.com/calcul...cci_levels/04/
nice crap site well done, now go look at all the other sites on fibs....

it's basic maths 0.618% of something cannot be greater than the something.....

and just look at all the fib tools that put them on a chart in MT, ninja, tradestation etc. they all call it 1.618% not 61.8% for an extension... I wonder why they do that - they must be f* stupid or something


so lets leave it at that
  • #927,979
  • Oct 5, 2014 10:17am Oct 5, 2014 10:17am
Quoting MaxDoom
{quote} nice crap site well done, now go look at all the other sites on fibs.... it's basic maths 0.618% of something cannot be greater than the something..... and just look at all the fib tools that put them on a chart in MT, ninja, tradestation etc. they all call it 1.618% not 61.8% for an extension... I wonder why they do that - they must be f* stupid or something so lets leave it at that
With this one you can do your own calculations, I can give you the formulas as well. And, no, 61.8 Extension is not the same as 1.618 extension. I am not expecting you to say that you were ignorant and now you have learned something new.
http://www.babypips.com/tools/forex-calculators/
We watch the charts from every angle so you don't have to!!
  • #927,980
  • Oct 5, 2014 10:49am Oct 5, 2014 10:49am
extension is 1.618% , retracement is 61.8%. simple
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