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11/13......EUR/GBP chart

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Covers Linesmen
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Posted: #76
bucknuts,

Nope..does the tool on the charts calculate those pivot fib points?

I can usually EYE where I think I want to enter a trade based on trend lines and bottoms/tops..sometimes I am off (Ive been off like 5 times today for big moves) but Ive done it enough that if the technical indicator looks right and I feel ok with the trade I go with my gut and not look at fib retracement lines.

Tried to go long NZD/JPY at 53.65, missed it by 3 or so, but it could come back down.

Some nasty action today, charts shaping up for long/short entries.  
 
Prospect
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Posted: #77
Buc and Wall
 
      Nice calls today Wall. Your picking this up quick as I knew you would. You guys have a great weekend   be safe  and I will talk to you guys sunday night.
 
                                                  later 1iron
 
 
 
 
 
 
 
 
 
 
 
 
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Posted: #78
Oh and I agree about the daily charts, there is too much going on to trade off a daily chart, it does not show enough, in fact sometimes a 4 hr chart does not either.

When I have been looking at the DMI lines, the 4 hr I mix with the 1 hr and even a 10 minute to see more current activity and to see if I missed an entry point.

I like the 4 hr to see a longer trend but for an entry point I look MUCH closer time wise...1hr, 10 min, 5 minute usually.
 
Covers Linesmen
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Posted: #79
Quote Originally Posted by 1IRON:

Buc and Wall
 
      Nice calls today Wall. Your picking this up quick as I knew you would. You guys have a great weekend   be safe  and I will talk to you guys sunday night.
 
                                                  later 1iron
 
 
 
 
 
 
 
 
 
 
 


Thanks and you as well. Its nice merging into this as it seems you can spot more trends and so far I havent been whipped around too much..picking a good spot and using the analysis tools seems to take SOME of the risk out..thus far.
 
Captain
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Posted: #80
yeah im pretty sure it does..but i dont use it
 
 
 
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Posted: #81
Quote Originally Posted by bucknuts:

yeah im pretty sure it does..but i dont use it
 
 


Interesting..

I just used the tool and it was pretty cool..you pick the spot on the chart and connect to the top or bottom and it draws the fib points based on the two inputs.

I tried on the CAD/JPY 5 minute chart since it is wide and a big move in there and it had pretty good FIB lines and I can see where the pair traded and the activity around the chart based on people using FIB lines to trade. There were attempts at the 67% and 33% areas, lots of bucking and kicking but it failed both times..it didnt stop and fell further.

Fib lines are good when extreme measures are used, not lower level retrace moves..or up moves, at least in my view.
 
Captain
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Posted: #82
i set up fib retracement on EUR/GBP............it shows the pair coming down to at least the .8550s
 
Captain
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Posted: #83
make that the .8450s
 
Covers Linesmen
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Posted: #84
I bet fib retracement reliability isnt very good percentage wise.
 
Veteran
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Posted: #85
wall, how do you use the fib?  im new to most of this, and with using this tool how do you choose which highs and lows to initially mark?
 
Captain
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Posted: #86
I dont know Wall...i went through several charts and set up retracements and it always hit that level....most of the time it happened  within a few blocks on the 4hr and other it would take a few days but it got there.and we are talking hundreds of pips
 
Even if it doesnt close below that mark the blocks always have tails that break that line...i was reading up and i guess most like to use for retracement not projection......ill give it a try even if i dont set my limit according to the Fib ill write it down and see how well it does over the next few weeks......we have our first trial run here with EUR/GBP..... .8450 is the target
 
Captain
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Posted: #87
POP ill let Wall explain i just started messin with this myself and it would be the blind leading the blind here
 
 
Covers Linesmen
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Posted: #88
I will go into it after foots tonite.


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