Fibonacci Trading - Page 25

Gregory McLeod · #**361** (**permalink**) 07-07-2008, 02:34 PM

These Fibonacci levels are potential 'hidden' support where price can rebound and move higher. We next look for reversal candlestick patterns at one of these levels as well as a change in price direction before entering. Afterwards, we place a stop a few pips below the level of support that held up price. Our first target is the old high. Our next target is Fibonacci extension target.

See the attached chart.

To learn more about trading with Fibonacci, enroll in our Advanced Day Trading Course:
http://www.fxcm.com/advanced-course-information.jsp

alfa10 · #**362** (**permalink**) 07-08-2008, 03:03 AM

Brad1199,
Very convincing approach. I like it because you are conforming your analyses by using different indicators.

alfa10 · #**363** (**permalink**) 07-09-2008, 03:14 AM

Hey Brad 1199. Anything interesting today?

SKS · #**364** (**permalink**) 07-09-2008, 04:41 AM

Hi Brad, Excellent analysis for AUD/JPY this morning as I made good profit on this pair already. Can you pls also review EUR/CHF as this is at a critical support right now. Cheers

tom64 · #**365** (**permalink**) 07-09-2008, 01:33 PM

The AUDCHF is about to meet support now will it break through or bounce back? I'm thinking it will break the support but I'll place the trade 100 pips after the fact.

alfa10 · #**366** (**permalink**) 07-10-2008, 02:31 AM

Hey Brad 1199,
Can you suggest something to read on the Fibonacci method, or any good website as well?

Ilya Spivak · #**367** (**permalink**) 07-15-2008, 07:37 PM

As we suggested in the latest edition of the Fibonacci weekly, NZDUSD has rallied to resistance at the top of the downward channel that has marked price action since mid-March. Resistance is reinforced by the 38.2% fibonacci retracement of the 03/14-06/13 decline at 0.7736. We will look for signs of a reversal here to initiate a short.

Further updates forthcoming prior to entry signal. The complete Fibonacci weekly report can be found here:

http://www.dailyfx.com/story/special...103229846.html

Ilya

Ilya Spivak · #**368** (**permalink**) 07-17-2008, 02:17 AM

The Canadian dollar has been guided upward against the Yen in a neatly-defined channel since mid-March. Yesterday's price action yielded a Hammer candlestick directly at the channel's lower boundary. Support is reinforced by the 38.2% Fibonacci retracement of the 12/27/07-03/20 down move at 103.76, suggesting a bullish reversal is likely forthcoming. Look for confirmation in a bullish close on Thursday (7/17) candle to go long.

Strategy: Long CADJPY near 104.30-50 on Hammer confirmation, set stop-loss at 103.37 below recent wick low, target at 106.95.

SKS · #**369** (**permalink**) 07-17-2008, 04:23 AM

Hi Ilya,

CAD/JPY is looking good and will go long very shortly. Also any updates for NZD/USD as I am from New Zealand and things are much worst at ground than what appears in media lile falling prices of property, increased no of mortgage sales, rising fuel and power prices, inceased credit card debt (Thanks NZ's lowest saving rate in the world), strong dollar, closure of local companies to shift production in ASIA etc. Thanks

SKS · #**370** (**permalink**) 07-17-2008, 07:25 AM

Hi Ilya, Thanks for the lead on CAD/JPY as always excellent recommendation. Looking forward to another lead in these tough trading conditions. Regards

Gregory McLeod · #**371** (**permalink**) 07-17-2008, 08:00 PM

With the sharp move up past the psychologically strong 1.6000 figure rejected, EUR/USD has retraced back to the 1.5773 area the 61.8% Fibonacci support of the 1.5610 Low -1.6036 high swing.

Taking a few days and some 300 pips to recover, EUR/USD looks poised for a run back at the old high of 1.6036 and on to the 127% extension of 1.6140. We could see the Euro make a run at the 1.6282-300 area.

Picking tops is a risky proposition as currency trends tend to last many months and years with only minor retracements in between. As traders, to keep the odds in our favor, we look to trade in the direction of the dominant daily trend. In the case of the EUR/USD, it is up.

See the attached chart:

Gregory McLeod · #**372** (**permalink**) 07-21-2008, 05:00 PM

The USD/JPY looks like a bull flag. Price bouncing from a 38.2% Fibonacci level is bullish.

The Stochastic is confirming this possibility.
See the attached diagram:

guptara · #**373** (**permalink**) 07-22-2008, 01:39 AM

I am not sure how accurate is Fib level in terms of placing a trade. I find them more to be a target indicator, the point where the trades can be closed.

Guilder · #**374** (**permalink**) 07-22-2008, 08:48 AM

Anybody around who has some Fib levels in EUR JPY?
I read about various prices, should 170 break.
171,50 173 175 180 even...
Ofcourse it depends on your horizon, but I was wondering what Fib has to say about that.
Thanks in advance.

Ilya Spivak · #**375** (**permalink**) 07-23-2008, 02:13 AM

Writing in this week's Fibonacci Weekly report, we noted that:

"Current positioning suggests a Rising Wedge formation formed since the breakdown of the long-term bullish run at the initial 1.60 test. This pattern suggests that bullish momentum is contracting and favors a bearish reversal. We will remain flat for the time being as we wait for a downside break to validate this scenario. A move lower sees initial support at 1.5757, the 38.2% Fib retracement level."

The pair has now broken below the wedge, stopping right at the 38.2% level. A break here sees the next significant support at the intersection of the 61.8% fib and the long-term bullish trend line near 1.5580-90.

The complete Fibonacci Weekly can be found here: http://www.dailyfx.com/story/special...705006837.html