EURUSD | Page 54880 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD, USD/CHF

Similar Threads

MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

Attachments: EURUSD
Exit Attachments

EURUSD

  • #1,097,581
  • Mar 18, 2017 2:53pm Mar 18, 2017 2:53pm
[quote=tstivers;9681972]{quote}
Quote
I want to see tried and tested. I want to see logic that I can verify that proves fibs are trustworthy. I can verify support resistance levels very quickly. If I try to draw fibs on my charts, the results are quite random.

Nothing random about fibs if used correctly, Use HH or LL in x amount of bars. to a non random point. Try a HH or LL of the next 2 or 3 candles.
  • #1,097,582
  • Mar 18, 2017 2:54pm Mar 18, 2017 2:54pm
Quoting asgcorp
here's new powerful random number (well almost random) retracement system. nailed most reversal points in EURUSD. Fibonacci all the way! {image}
GU daily. This system made bank on daily nailed the entry perfectly. Going live next week.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 36 KB
  • #1,097,583
  • Mar 18, 2017 2:55pm Mar 18, 2017 2:55pm
Quoting tstivers
{quote} Why not just use 25%, 50% and 75%? I'm willing to bet you'll find that price retraces to that level at times as well. I'm also willing to bet you'll find that when it does, it coincides with a support/resistance level. So again, what are fibs providing that support/resistance levels don't already provide?
Well if you have tried this before you will see not all SR are the same as fib %

edit: that matter
  • #1,097,584
  • Mar 18, 2017 2:56pm Mar 18, 2017 2:56pm
Quoting ill_be_back
{quote}
I dont know what fib levels you use but I am amazed every time with your entry/exit levels even if some dont generate much profit and hit stop loss, you dont risk more than 10 pips if I am not mistaken.

  • #1,097,585
  • Mar 18, 2017 2:58pm Mar 18, 2017 2:58pm
Quoting tstivers
{quote} Why not just use 25%, 50% and 75%? I'm willing to bet you'll find that price retraces to that level at times as well. I'm also willing to bet you'll find that when it does, it coincides with a support/resistance level. So again, what are fibs providing that support/resistance levels don't already provide?
you have named 3... there are many that don't coincide with a s/r level, but if you go back forever on your chart then there is more than likely some sort of support or resistance that coincides... obviously...
  • #1,097,586
  • Mar 18, 2017 3:00pm Mar 18, 2017 3:00pm
Quoting Don96
{quote} you have named 3... there are many that don't coincide with a s/r level, but if you go back forever on your chart then there is more than likely some sort of support or resistance that coincides... obviously...
Actually, I find that every time price hits a fib level exactly, it coincides with a sr level. So.
  • #1,097,587
  • Mar 18, 2017 3:04pm Mar 18, 2017 3:04pm
Quoting tstivers
{quote} Actually, I find that every time price hits a fib level exactly, it coincides with a sr level. So.
How is that when you are randomly plotting them?
  • #1,097,588
  • Mar 18, 2017 3:08pm Mar 18, 2017 3:08pm
RAP BATTLE: Fibonnaci vs Support/Resistance anyone? lmao the most action I've seen on EUR/USD on a Saturday.
  • #1,097,589
  • Mar 18, 2017 3:10pm Mar 18, 2017 3:10pm
Quoting wukatrades
RAP BATTLE: Fibonnaci vs Support/Resistance anyone? lmao the most action I've seen on EUR/USD on a Saturday.
Yeah I should know better than to bring up religion in this thread.
  • #1,097,590
  • Mar 18, 2017 3:12pm Mar 18, 2017 3:12pm
Quoting tstivers
{quote} Why not just use 25%, 50% and 75%? I'm willing to bet you'll find that price retraces to that level at times as well. I'm also willing to bet you'll find that when it does, it coincides with a support/resistance level. So again, what are fibs providing that support/resistance levels don't already provide?
Tsivers look. In a way you are right. If you push hard enough, you will start believing that there are some other levels than classical fib extensions that could provide great entry/exit levels for your trading.

To me all these levels have little meaning if the timing is wrong and/or trade set up is missing.
I began with usual fib levels and coincidentally met some great traders over here who have discovered some other ret levels that generate almost perfect entries. I was fortunate to have them give me a hand during tough very difficult times I have found myself in. Also in the mean time, the more I spoke with them, the more I realised there is no single recipe for success. There is no way I can say I am done and pick now the best entry or exit levels. This is an ongoing process. Some of the things I found out worked great at the beginning of my journey which happen to not work anymore.

If you are not succesfully trading with classic fib levels, it is fine. You should - actually everyone - find your own edge and stick to it. I am doing my best to make 40 pips a day on average for 200 days a year, thats the goal I set, some of us require more or less.

Only thing here is, if you say fib levels are shit and trash one of the most commonly used technique, you need to expect some reaction here since many will not agree with you.

Good luck..
  • #1,097,591
  • Mar 18, 2017 3:14pm Mar 18, 2017 3:14pm
Quoting asgcorp
here's new powerful random number (well almost random) retracement system. nailed most reversal points in EURUSD. Fibonacci all the way! {image}
For every fib # showing a turn in price, draw a line to the left & there's probably also a S/R area that could also be the reason for the turn.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 57 KB
  • #1,097,592
  • Mar 18, 2017 3:16pm Mar 18, 2017 3:16pm
Quoting srt
{quote} For every fib # showing a turn in price, draw a line to the left & there's probably also a S/R area that could also be the reason for the turn. {image}
now you don't believe in random number magic?
  • #1,097,593
  • Mar 18, 2017 3:17pm Mar 18, 2017 3:17pm
Quoting wukatrades
RAP BATTLE: Fibonnaci vs Support/Resistance anyone? lmao the most action I've seen on EUR/USD on a Saturday.
Guys
This discussion is stupid and useless.
No offence.
You are diluting the thread.

And the question sounds like "apples or oranges"?


And to answer, which is my final post this week, Fibo is better (for the future). Then the price bounces about - ergo support level (or resistance) is born. Next Fibo....

GL.
Beware of robber banks (RB), bad advisors.
  • #1,097,594
  • Mar 18, 2017 3:18pm Mar 18, 2017 3:18pm
Quoting Not-KPMG
{quote} Guys This discussion is stupid and useless. No offence. You are diluting the thread. And the question sounds like "apples or oranges"? And to answer, which is my final post this week, Fibo is better (for the future). Then the price bounces about - ergo support level (or resistance) is born. Next Fibo.... GL.
grab a popcorn mate. just enjoy the show.
  • #1,097,595
  • Mar 18, 2017 3:20pm Mar 18, 2017 3:20pm
Quoting asgcorp
{quote} now you don't believe in random number magic?
  • #1,097,596
  • Mar 18, 2017 3:26pm Mar 18, 2017 3:26pm
Quoting Not-KPMG
{quote} And the question sounds like "apples or oranges"? A
LMAO don't even get me started. I can go on forever with that question
  • #1,097,597
  • Mar 18, 2017 3:27pm Mar 18, 2017 3:27pm
Quoting Not-KPMG
{quote} And the question sounds like "apples or oranges"?
difficult, right now its oranges
  • #1,097,598
  • Mar 18, 2017 3:28pm Mar 18, 2017 3:28pm
Quoting Don96
{quote} those names are the ones i watched closely, and now im profitable, not once have i claimed how much i have, ever. evidence ??????????????? those numbers are evidence............... BEFORE THE FACT..... or with entries visible on the charts.................................... you clearly don't know how to use fibs at all here is an example/evidence of probably the most basic fib number there is... {image} {image}
Don my hats off to ya , you my friend are a gunslinger , I know you do all rite ,,, that 50 level is the most basic and most useful besides the 272 and 618 extensions , thats my experience any way ,,,, not knocking any one or telling anyone they are right or wrong or there is only one way yada yada , chicken,,, egg thing ,,, cart before the horse etc etc hope everyone makes a bundle ,,,,, was it the magic fib or the magic neckline yada yada ,,,, same conclusion it went down doesent matter how you come to the conclusion as long as what you concluded was right ,,,,,,,,, just the jpy since it was mentioned,,,,,,,,,,,, I have shown the same things on the eur chart I remember because it bounced from the neckline visible on a 4 or 8 hour chart it has got above the neckline which is now support 1.0712ish it bounced Don was short late thursday us session and couldnt believe it didnt just drop.... Sorry Don I enjoy your gunslinging and once again I know with your tight stops you are doing fine ,,, make a bundle evrybody , last part of a month and a quarter, should be some better moves
Attached Image (click to enlarge)
Click to Enlarge Name: jpy.jpg Size: 387 KB
  • #1,097,599
  • Mar 18, 2017 3:40pm Mar 18, 2017 3:40pm
Not updated but here is said eur chart,,,,,
Attached Image (click to enlarge)
Click to Enlarge Name: EUR from open.jpg Size: 807 KB
  • #1,097,600
  • Edited 4:04pm Mar 18, 2017 3:45pm | Edited 4:04pm
"What do fibs provide that support/resistance levels and chart analysis don't already provide, other than noise?"

Support/Resistance Levels form around Fibs.

Fibs are a measuring tool, not a trading tool.
Want to measure a target? > Fibs
Want to measure a possible level for entry? > Fibs
Want to measure add risk / reduce risk levels? > Fibs
Want to measure your RR? > Fibs
(ok.. and Pivots... and many other things that don't play a role in a traders life but are indispensable for technical analysts.)

You are lookin at a market that moves around a price where it was before and therefor you see where your S/R is and you ask yourself "why Fibs".
Now, start looking up Stocks and other markets which are at levels where they never been before.
Where do you draw your lines now? Guessing?
Try to analyse statistical charts to take them into the decision making process or try to deliver precise technical and mathematical results to your boss, your team, your clients, whatever you do.... After a while if you cant count to 3 but you will for sure know every Fibonacci sequence in existence. I bet you will.

"if I try to draw fibs on my charts, the results are quite random"
Because you don't know how to do it right. You need to learn how to work with the mighty Fib tool and extentions before you make bank.
See, trading is not something that comes over night, and technical analysis with all it's tools is not something that comes over night.
It takes years, in case of technical analysis on a professional level (I am not talking about three lines on a M5 traders chart) it takes more than "years"...
Fibs are an indispendable tool for measuring what otherwise could only be guessed. And now go tell your risk managers and fund managers and your clients to "guess".
Good luck

your problem is still "trying to trade the lines". Currently you try to trade what you expect to happen, instead of trading what actualy does happen.
You said "I want to focus on price action".
Well, DO IT
I'm a technical analyst and even I trade only the price and nothing else. I use Fibs and Pivots as what they are: Tools. Nothing else.
you are not expected to understand this
588 traders viewing now