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08-20-2008, 02:17 AM
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Join Date: Aug 2008
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fibonacci help
How so you use Fibonacci? To be more precise, where do you start it from when you drag it down?
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08-20-2008, 09:09 AM
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the more important question would be in what program you are doing those things..
and aint there a possibility to change those colors lol
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08-20-2008, 02:12 PM
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Quote:
Originally Posted by Blaiserboy
Perhaps the end of the bearish move is near
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I gotta disagree... check out this weekly chart of the GBPUSD. I think that the USD will slow, but will continue, especially as its just passed the 61.8 Fib line. |
08-27-2008, 07:24 PM
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DailyFX Power Course Instructor
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Quote:
Originally Posted by Boosted240sx
How so you use Fibonacci? To be more precise, where do you start it from when you drag it down?
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It depends if you are looking at an uptrend or a downtrend. If there is a strong move up and prices start to fall back, then we would draw our fibs starting from the bottom/start of the move up to the highest point. Fibonacci support lines extend below the high. We anticipate that price will bounce from one of these levels and go higher. Our goal is to buy at one of these support levels with a stop just below. Since these levels are placed on the chart ahead of time, they are forecasting tools to clue us when to rejoin the trend.
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09-07-2008, 07:49 PM
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Current positioning may point to a retracement of recent USD strength which will be treated as an opportunity to add to shorts or enter new sell positions with better risk-reward parameters. Looking at the US Dollar Index, we see a fledgling Bearish Engulfing formation squarely below the 38.2% Fibonacci retracement of the 11/2005 - 03/2008 decline. We will look for a close on the current candle to confirm the Engulfing, but initial positioning points to a near-term reversal across the major pairs (EURUSD included).
Ilya
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Ilya Spivak writes the Candlestick Weekly and Euro Open on DailyFX.com
Last edited by Ilya Spivak; 09-07-2008 at 08:06 PM..
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09-09-2008, 09:26 AM
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Hi Ilya,
I am wondering if you have a target for your Euro short 1.55 position.
Will you trail SL every 500 pips and keep it open until your SL got hit?
Theoretically, at some point we should expect a long period of consolidation (months or years) where EUR USD trades in a certain range. By keeping open the short position in this case will cost the daily interest while the potential gain is capped.
Just curious as to your exit strategy when you have entered the right trade at the right direction. Thanks.
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09-09-2008, 12:19 PM
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USDCHF
This pattern may be indicative of a pending turn south. Best to wait for a confirmation in price action such as a lower high.
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09-09-2008, 01:36 PM
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USDCHF Fib levels
Hello
Here is the daily technical analysis for USDCHF :
The USDCHF advance from 96.47 has reached (and exceeded) the 50% retracement of the decline from 1.2569. The 4th wave of one less degree stretches to 1.1594, which is just above the 61.8% at 1.1453. If the USDCHF is going to roll over, this is the area that it should do so.
And i have one Question about the level ( 1.2569 ) why it is selected as a pivot point !! because i find that there are other 2 more stronger points as a pivot points 1st is (1.3273) and the 2nd is (1.2755) and if we select , and if we apply fib for both 1st and 2nd levels we still need see the price to run about 300 pips ( this area will be matched with 61 for the 1st and slightly above 50% of the second point )!!!
attached here the two pics for franc
regards
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09-09-2008, 02:03 PM
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Quote:
Originally Posted by pip proff
I gotta disagree... check out this weekly chart of the GBPUSD. I think that the USD will slow, but will continue, especially as its just passed the 61.8 Fib line.
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Fer sure you were correctio on that one..!!! |
09-10-2008, 09:33 AM
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Quote:
Originally Posted by back2
You r right about Carney
but can you tell me about the program which you are using?
thx a lot
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I use both Ensign and Metatrader...... if you look on the FXCM site. there is some excellent software there to use. |
09-10-2008, 01:21 PM
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Hi Ilya,
In your Fibonnacci report today you recommendeed going short at 107.13, I would like to know where it would be an ideal position to put the stop loss.
Thanks
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09-12-2008, 07:46 AM
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Quote:
Originally Posted by brad_1199
GBPCHF has formed a beautiful bullish break away gap on the 4 hour chart after the second test of a multi-year support level... The break away gap is identifiable because price was unable to penetrate into the gap area and has now broken out to a new high... ( A Dead Give Away ) .. I'm looking for a rise in price now .. potentailly all the way back to 2.1800 ish to complete a large ABC... Similar to the pattern we have seen play out in USDCHF over the past while.. Which has been basically a vertical thrust...  |
Here is another indicator of the situation...
BTW Brad, I greatly appreciate your posts..... they have great educational value. you work hard at charting.... |
09-12-2008, 12:29 PM
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Quote:
Originally Posted by brad_1199
I track the forex market 24/7... Thanks for the kind words Blaiserboy |
Hopefully you have Sunday afternoon to reload and sharpen your charting pens.....
What is great about your posting is that you cover several pairs and incorporate and blend more than one approach ..... very educational and enlightening.... |
09-12-2008, 03:20 PM
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Thanks
Hi Brad,
Welcome back and thanks for your charts which are timely and accurate. Your commentary is also very simple and easy to understand. Its been a great trading with the help of your charts over last few months.
This weekend you may need good sleep as next week is going to be more volatile. Good Luck
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09-12-2008, 03:42 PM
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Quote:
Originally Posted by SKS
Hi Brad,
Welcome back and thanks for your charts which are timely and accurate. Your commentary is also very simple and easy to understand. Its been a great trading with the help of your charts over last few months.
This weekend you may need good sleep as next week is going to be more volatile. Good Luck
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SKS,
You still got your UDSCHF position that you topk short???
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