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Simple Fibonacci Trading

  • #981
  • Mar 12, 2016 2:54am Mar 12, 2016 2:54am
Quoting attilafx
So this really would have been impossible to trade. Anyway, any daredevils that would like to chase the price further up to the 261% from here? Be my guest and good luck, I'll rather wait for price come back and show some clear direction. Buy low sell high. {image}
my eurusd chart; I'm expecting a higher high, but its not really tradeable for me as we have a possible change of behaviour/trend change underway as the impulse moves down have changed to impulse moves up(red arrows)
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  • #982
  • Mar 12, 2016 3:00am Mar 12, 2016 3:00am
Quoting Ren1058
Hi I trade fib this way; I use the 1 hr chart to identify a fib move ie the gold chart attached where AB=CD once I am sure we have a valid retracement and new impulse(yellow circle) I will switch to the 5 to take longs, pyramiding sometimes and using fib tool to identify retracements for entry on the smaller TF. I'm sure this works on other TFs but I use these. keeps me out of bad trades keeps me inline with the trend with a solid profit target {image} {image}
Yeh, the 1-2-3 is very important I found out.

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See the 1-2-3 holding it down now.

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  • #983
  • Mar 12, 2016 3:10am Mar 12, 2016 3:10am
Ren, I would wait for that 1-2-3 so you can keep stops tight on gold

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.

I would look for something like this to go long. Drop down to short timeframe for entry.
This is how it all begins on the 1 minute and can keep your stops nice tight.
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  • #984
  • Mar 12, 2016 3:15am Mar 12, 2016 3:15am
expecting a bounce but gold's had a hell of a run up and may be due a rest on a higher TF. if we recover 1260 I may look for longs on the 5 targeting 1297 ext 1.27
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  • #985
  • Mar 12, 2016 3:21am Mar 12, 2016 3:21am
Quoting attilafx
Ren, I would wait for that 1-2-3 so you can keep stops tight on gold {image}. I would look for something like this to go long. Drop down to short timeframe for entry. This is how it all begins on the 1 minute and can keep your stops nice tight. {image}
Cheers mate we on same wavelength. I don't use trendlines tho as they are just a byproduct of impulse moves and fib retracements imo
  • #986
  • Mar 12, 2016 3:30am Mar 12, 2016 3:30am
I don't use tight stops, if I was to trade this which I wont it would be this;
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  • #987
  • Mar 12, 2016 5:48am Mar 12, 2016 5:48am
Quoting Ren1058
I don't use tight stops, if I was to trade this which I wont it would be this; {image}
Why use the fib from the wick< Why not from body to body?
  • #988
  • Mar 12, 2016 5:52am Mar 12, 2016 5:52am
Some hate it some love it. GBPJPY.

Don't chase the price.

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  • #989
  • Mar 12, 2016 5:56am Mar 12, 2016 5:56am
Quoting attilafx
If you missed the move, don't enter now anymore, cause you can expect a pullback. Remember, limit risk as low as possible. Don't go the same path I did before. Patience. Price will ALWAYS I repeat ALWAYS pull back. {image} And the live trade. {image}
Looks like you're trading Elliottwave fibonacci retracements. Which is absurdly accurate!. Welcome to the club! Nice job!
  • #990
  • Mar 12, 2016 6:15am Mar 12, 2016 6:15am
Quoting Javier79
{quote} Looks like you're trading Elliottwave fibonacci retracements. Which is absurdly accurate!. Welcome to the club! Nice job!
Never heard of elliotwave fibonacci trading. Any good link to read more about it?

AUDCHF 4 hour. It will come back one way or the other. Then have to see for the 1-2-3 to go long all the way up. No longs here.

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  • #991
  • Mar 12, 2016 6:24am Mar 12, 2016 6:24am
Watch advanced Elliottwave Theory the chartist. Is a perfect example.
  • #992
  • Mar 12, 2016 6:38am Mar 12, 2016 6:38am
It is practically what you're doing
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  • #993
  • Mar 12, 2016 7:04am Mar 12, 2016 7:04am
And you can read this book aswel
Attached File(s)
File Type: pdf Elliott-Wave-Basics.pdf   1.0 MB | 17,088 downloads
  • #994
  • Mar 12, 2016 7:21am Mar 12, 2016 7:21am
Quoting attilafx
{quote} Why use the fib from the wick< Why not from body to body?
usually I do
  • #995
  • Mar 12, 2016 7:25am Mar 12, 2016 7:25am
Quoting Javier79
And you can read this book aswel {image}
Thx
  • #996
  • Mar 12, 2016 8:52am Mar 12, 2016 8:52am
Why use the Fib at all, I have always found the Quartile to be far more accurate and predictive. If the price fails to break a Quartile level then it retraces to test the opposite side. Below is a bigger picture of post 961
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  • #997
  • Mar 12, 2016 2:55pm Mar 12, 2016 2:55pm
Quoting Nala66
Why use the Fib at all, I have always found the Quartile to be far more accurate and predictive. If the price fails to break a Quartile level then it retraces to test the opposite side. Below is a bigger picture of post 961 {image}
Interesting.

But will it also work on,lower timeframe??
And how does it work? from 25 to 125 and from 75 to 175 etc?

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  • #998
  • Mar 12, 2016 9:21pm Mar 12, 2016 9:21pm
Hi AtillaFX...There are actually many ways to trade a Quartile and yes they can be applied to all time frames, as we say fractal.
This is your thread so I really don't want to impose here by putting in my bit. I merely wanted to show there are better alternatives than using the FIB which I haven't used for ten years or so.
  • #999
  • Mar 12, 2016 11:15pm Mar 12, 2016 11:15pm
Here is an example of the way I use it.
1) The inference is taken from the 30 min chart i.e. Price finds support above the water line and above the 26 EMA
2) Put Quartile on the last swing high and low on the 5 min to find the potential levels.
3) Make the entry base on the 1 min chart to keep stop at 5 pips. (rarely more)
I only trade this pair. I need to win 100 pips to double my account or lose 75 pips to wipe it out.
Note in the chart below it does not always pan out this simple, sometimes I have to make a couple of entries and sometimes it doesn't run this far in one go.
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  • #1,000
  • Mar 13, 2016 7:08am Mar 13, 2016 7:08am
Quoting Nala66
Hi AtillaFX...There are actually many ways to trade a Quartile and yes they can be applied to all time frames, as we say fractal. This is your thread so I really don't want to impose here by putting in my bit. I merely wanted to show there are better alternatives than using the FIB which I haven't used for ten years or so.
Heh that's no problem. I believe in numbers. Especially in the markets. This quartile thing deviates a bit from Fibonacci but if it is a winning strategy then why would it be a problem at all? All good ideas that have to do with numbers are welcome.

I have checked this quartile number on the British pund and found out that many times if there is a reversal price goes back to 25 max to 18 and then bounces back all the way up to 200. If others can check that to and do some research that would mean you will make a killing in short time.
Here is an example where the swing ends and bounce back to at least 200. Below an example.

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