Fibonacci sequence and charts

I'm shocked, I can't believe it, I've crossed some threshhold where I'm allowed to start a thread, thank you forex gods.

What I propose for this thread is to throw up, and I do mean throw up, some charts with fib scales to view where the price might go. For instance I'd like to show an example here of what I mean with the gbpusd on a daily TF.
Attachment

This might be too long range for many traders, the price basically sat on the 23% for a month, which for scalpers is a great trading opportunity if they are hunting for scalping or short range trading opportunities. Of course that has passed but if I post daily it will become obvious that a pattern is emerging leading to opportunity. Now it appears to be moving out to the downside. The gbpusd appears to range on the daily TF just like the gbpjpy, which makes for huge ranges and great opportunities if you get in at the beginning.
Looking at the eurusd, the price hit the 61% over a month ago, it then proceeded up and returned again smashing through support on the past monday. Is this a fake out, is the market deliberately trying to trick me, if not me then you, if they are, then where is the price going? All of this of course is based on the ridiculous idea that fibonacci scales have anything to do with anything.






So what I'd like to do is post observations like this for all kinds of pairs, if the powers that be will allow it.

In addition to the eurusd charts I thought I'd post this retracement from late april to mid may on the gbpusd showing how the 161% is an effective target if you are looking for an exit point, as imaginary as that might be until it isn't. The price comes down and bounces on the 23% of that fib scale which in my estimation correspond to the 88% mark if measuring from top to bottom. Using the Mt4, I've tried to adjust the fib retracement tool to add 76 and 88% but no luck, I must be missing something.

The first post I wanted to put on this thread was of the gbpusd daily TF, it didn't go through but I still have the pic and will post it later. What I wanted to show was how the price was moving down to the 61% support on the fib scale. Where it was then before the news and after, well here's the after.

50% could also be the target, the next day should tell the tale, it could go into consolidation, or it could head north.

got a nice little ten pip range on the gbpusd waiting to nail the unsuspecting scalper, it could be ending right now

I know this has nothing to do with fibs, but there's two types of trades, one for the range and the other for he breakout.

no the range is still in motion

what is interesting to me is looking at the mometum in the range, heading south the candles are large and full bodied, this of course is on a five minute TF, and heading north they are puny and it takes time to get to the destination, yet it still might breakout to the north as the higher lows for each ascent indicate.

Here's something, too bad you can't do it, I don't think the broker would like it or allow it. If the gbpusd has a really small spread, and I say if because it depends on the broker, time of day, how they're feeling, whatever. You blanket the range with pending orders, up and down, with a three pip reward. The price is bouncing up and down on each trip and will take out your orders as it moves both north and south. The more it takes out, the more you keep adding, or course you can get caught with a lot of placed orders as it breaks out, but if you got into the range at the beginning you can really rack'em up. I've done it on a demo, more than doubled 50Gs in a month, of course it's a demo, so don't be fooled if you try it and it works and then think you can do it with real money.

I guess everybody is familiar with a bollinger tube, for those that aren't I thought I'd show this as the price is going into a tube on the one hr. When the tube occurs more often then not the price will fake you out, moving to one side as if it's breaking out and then reverse with momentum, it works on all time frames. Its' good to be watching, of course if it's happening on one time frame the result maybe different on others as it happens, like say on a four hr, the candle will get bigger and the price range which the bollinger bands demonstrate won't move, it really depends on volatility.


This next one is a sample of what I mean, happened earlier today, the TF is 30min and it's perfect as it moves north and then changes direction for a good run.

So the gbpusd is going into a tube, where's it going if it moves out with momentum. Using the fibs there's two possible destinations, the first one is a correction for this weeks move to the south, the second one is the continuation to the downside.


this second one is on a four hr chart as you can't see it on a 1hr. X marks the spot, ok not the spot as in time frame for the exact candle to hit the retracement level, but rather the level itself......at some wonderful time.....if ever

Welcome to your first thread. Just one request :
Can you maximise your chart by closing the dialogue boxes to the left & below ?

Looking at the NzdUsd, nice little trend there.
So for the first chart I layed out the history as I understand it, and I labeled what I felt were salient points.



According to the fib retracement on the monthly the price will hit .64100 which is the 61%. There is also a smaller retracement from the weekly where the -161% overlaps the 50% line from the monthly retracement and price smashed through that already and is on it's way to 61% with the -261%from the weekly right below, and yes I got carried away with the arrows.


I'd like to finish this off with retracements of the drawdowns from the trend which has been going on for 8 weeks now. The pics are cluttered because I put all the retracements on one pic, sorry, if there's a better way that saves time, let me know. The first one is on the hourly for the last week and a half. One of the retracements shows the price at 61% isn't correct, it's actually 50%, it's the second from the last retracement. The price drops 161% and rises 50 to 61% each before falling, the drops are on the next pic, a 4hr chart showing a descent -161% twice, the first retracement encompasses the second one and the first one is right on while the second one is off by a bit. The last one -261%, of course it's not perfect but it's very close. If this pattern holds then after the current price drop the next rise up should be .66120 or lower, that would be at -161%.

This is the chart that shows the retracements to the upside.

Here's something neat and tidy about the audusd, first chart is of the fib retracement on the monthly, the second is a 4hr with a few retracements. I didn't measure off of the price but used the monthly retracement at the 61% and the -261%. The fibonacci S&/R comes together very nicely, too nicely.

Eurjpy also lines up nicely if you use the monthly retracement, it looks like it's heading down to the 23%.......someday. I'm tweeking them, and the S&R lines up

You need to add a few indicators to your charts...LMAO