Disliked{quote} Use two lines to mark upper and lower end of the zone Use rectangle to color the zone if you want. You only need it for the current day. If you can access your account with Metatrader (or similar), DO IT.Ignored
- #1,097,562
- Mar 18, 2017 9:46am Mar 18, 2017 9:46am
- Joined Feb 2014 | Status: trading bank levels | 8,143 Posts
- #1,097,563
- Mar 18, 2017 9:47am Mar 18, 2017 9:47am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
{quote} Yeah. Impatience is my biggest downfall currently. I realized that after this week. This week was a massive learning experience for me lol. Only cost me around $7 though so a pretty cheap learning experience. I don't use fibs as I believe they're more of a self-fulfilling prophecy and don't hold any actual value beyond the fact that lots of traders use them. But the big money doesn't use them, and you want to be following the big money, because they're the ones who actually make the price move. In fact, I don't use any indicators...
they are not. They help you with the zones. Once you got them right they are very precise.
Fibs are not an indicator. Fibs are mathematics applied to nature and can be found in everything.
There is a reason why your forearm is exactly the size of your foot.
(take yor foot off your forearm please, you look funny
)There is a reason why the size of the branches of a tree are in perfect relation with it's trunk and it's roots.
Fibs explain nature. Markets are Humans. Humans are nature.
And they are extremely precise if used right.
BUT: I repeat myself because it is so important: The CANDLES must fit to the picture you paint. Trade the candles, not the lines!
"and you want to be following the big money, because they're the ones who actually make the price move."
You are definatly on the right track. But it's a bit simplistic.
Don't overthink too much. Focus on the Candles and keep it there. The Lines/Fibs/Pivots/MA's whatever you use only paint a framework.
The candles is what you really need to focus on. Once you understand these, you become profitable.
Oh, and don't focus on the money. Money is not important for your trading. Money will come, don't worry about it.
Losing is part of the business and the "hitrate" of the best in the world is much closer to the 50% than you think.
Don't get distracted by money, or stats. Just keep it simple, learn the candles, and keep going.
edit:
and stay away from the EUR/USD. It's a terrible setup for beginners. We don't call a tight sidewards phase a "slaughterhouse" for nothing
look at other markets. The Yen pairs are very interesting these days. Also the GBP pairs. Don't fall in love with a single market.
you are not expected to understand this
- #1,097,564
- Mar 18, 2017 9:51am Mar 18, 2017 9:51am
- Joined Dec 2015 | Status: Trader | 7,803 Posts
{quote} Yeah. Impatience is my biggest downfall currently. I realized that after this week. This week was a massive learning experience for me lol. Only cost me around $7 though so a pretty cheap learning experience. I don't use fibs as I believe they're more of a self-fulfilling prophecy and don't hold any actual value beyond the fact that lots of traders use them. But the big money doesn't use them, and you want to be following the big money, because they're the ones who actually make the price move. In fact, I don't use any indicators beyond...
how would you know if the big boys use them? you aren't a big boy so wouldn't know, as i dont either.
i picked a short on UJ at 115.15 and it dropped 250 pips... 250 pip move doesn't come from retail movement
and volume isn't accurately available for forex... you need to convert it from futures... this is something almost every big boy does use however
and the idiot above posting about fibs, shows how much he knows, acts like he controls the market yet does understand basic principles, shows how many dumb ass people are around these threads lol
- #1,097,565
- Edited 10:20am Mar 18, 2017 10:07am | Edited 10:20am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
the "big boys" who actualy are big enough to move the markets (because they physicaly cause moneyflow) don't use Fibs at all.
Their technical analysts do use them all the time.
These "big boys" don't actualy trade like we do. They trade orderbooks and moneyflows. It's a completely different world.
Example: to deliver a proper technical analysis on one Major, I need to look at all Majors and multiple Minors and even some exotics, plus countless statistics, to understand where the money currently flows to. I don't need to know the "why", that's the Fundamentalists job. I just see it, confirm it, whatever.
Fundamentalists "know" it first. I (techie) see it first.
If you look at the YEN pairs, you see the -technical- reason why the EUR/USD does not move the last two days.
Their technical analysts do use them all the time.
These "big boys" don't actualy trade like we do. They trade orderbooks and moneyflows. It's a completely different world.
Example: to deliver a proper technical analysis on one Major, I need to look at all Majors and multiple Minors and even some exotics, plus countless statistics, to understand where the money currently flows to. I don't need to know the "why", that's the Fundamentalists job. I just see it, confirm it, whatever.
Fundamentalists "know" it first. I (techie) see it first.
If you look at the YEN pairs, you see the -technical- reason why the EUR/USD does not move the last two days.
you are not expected to understand this
- #1,097,567
- Mar 18, 2017 10:37am Mar 18, 2017 10:37am
- Joined Sep 2011 | Status: Trader | 6,363 Posts
{quote} lol, i use fibs all the time on pretty much everything, if you learn how to use them properly you'll find that they are one of the best tools in the game how would you know if the big boys use them? you aren't a big boy so wouldn't know, as i dont either. i picked a short on UJ at 115.15 and it dropped 250 pips... 250 pip move doesn't come from retail movement and volume isn't accurately available for forex... you need to convert it from futures... this...
A good trader follows his rules, but great trader knows when to break them
- #1,097,569
- Edited 11:25am Mar 18, 2017 11:07am | Edited 11:25am
{quote} lol, i use fibs all the time on pretty much everything, if you learn how to use them properly you'll find that they are one of the best tools in the game how would you know if the big boys use them? you aren't a big boy so wouldn't know, as i dont either. i picked a short on UJ at 115.15 and it dropped 250 pips... 250 pip move doesn't come from retail movement and volume isn't accurately available for forex... you need to convert it from futures... this is something almost every big boy does use however
I don't rely on volume being accurate. It's just an added piece of information. If I see volume spiking and price moving rapidly, then I know the move is supported by volume. If the move is supported by volume, in my experience, it's safe for me to get in on the move if I see it early enough. Every time I've got in on a trade like this, it has made me a nice profit for very minimal risk. Those are actually my best trades. And that is something I can verify with facts, not magic numbers.
The fact you call me an idiot does nothing to support your claims, either. If you need to use insults to further your argument, there's a very good chance it's invalid. And as someone who portrays themselves as a successful trader, I would think you would have better control over your emotions.
- #1,097,570
- Mar 18, 2017 11:16am Mar 18, 2017 11:16am
- Joined Apr 2011 | Status: survivor | 4,131 Posts
- #1,097,571
- Mar 18, 2017 11:29am Mar 18, 2017 11:29am
What an interesting thread!
This is why so many traders are confused, varying opinions of how the market is moved, but no SOLID proof or what I like to call FACTS.
Well let's clear some things up.
1. Market is not moved by any man sitting behind their work station "trading".
The following picture demonstrates this very well. If you can click your mouse so precisely to reproduce this type of candle formation let me know, NASA is missing a robot. 
You are trading against a "robot".
This is why so many traders are confused, varying opinions of how the market is moved, but no SOLID proof or what I like to call FACTS.
Well let's clear some things up.
1. Market is not moved by any man sitting behind their work station "trading".
The following picture demonstrates this very well. If you can click your mouse so precisely to reproduce this type of candle formation let me know, NASA is missing a robot.
- #1,097,572
- Mar 18, 2017 11:43am Mar 18, 2017 11:43am
- Joined Oct 2007 | Status: Sniper | 14,770 Posts
{quote} and the idiot above posting about fibs, shows how much he knows, acts like he controls the market yet does understand basic principles, shows how many dumb ass people are around these threads lol
gee... you really crack me up dude... you really do.
best luck to you mate.
- #1,097,574
- Edited 12:16pm Mar 18, 2017 12:05pm | Edited 12:16pm
- Joined Dec 2015 | Status: Trader | 7,803 Posts
{quote} I don't claim to know anything. But I can use simple logic to figure out that applying a random mathematical formula to trading that has no verifiable basis is about as useful as flipping a coin to decide whether or not to long or short. If fib levels are valid, it is because so many people use them that it has become a self-fulfilling prophecy. And if the fib levels are in fact support and resistance levels, well I can find those support and resistance levels by looking at price history. So why do I need to use hocus pocus when I can...
also, even if every single retail trader in the world traded exactly the same level fib, they still may not be successful as they wouldn't move the market a pip, so ask yourself this, how is it that me, and many others produce accurate levels to trade... Gator, Pharm0r, Edy, Connors, Ill be back just to name a few... there are many who use them...
you have a long way to go so instead of arguing with people who trade successfully when you evidently don't, the best piece of advice is to go and do some research lol
and in the post before, i wasn't calling you an idiot... LOL
{quote} lmfao...
{quote} I don't claim to know anything. But I can use simple logic to figure out that applying a random mathematical formula to trading that has no verifiable basis is about as useful as flipping a coin to decide whether or not to long or short. If fib levels are valid, it is because so many people use them that it has become a self-fulfilling prophecy. And if the fib levels are in fact support and resistance levels, well I can find those support and resistance levels by looking at price history. So why do I need to use hocus pocus when I can use...
- #1,097,578
- Mar 18, 2017 12:50pm Mar 18, 2017 12:50pm
- Joined Dec 2015 | Status: Trader | 2,405 Posts
What is a fib? 
- #1,097,580
- Mar 18, 2017 12:51pm Mar 18, 2017 12:51pm
- Joined Feb 2014 | Status: trading bank levels | 8,143 Posts
here's new powerful random number (well almost random) retracement system. nailed most reversal points in EURUSD.
Fibonacci all the way!
Fibonacci all the way!
