Fibonacci Trading - Page 30 - DailyFX Forex Forum

SKS · #**436** (**permalink**) 09-12-2008, 04:09 PM

Hi Pubber,

Yes I am still holding my short position and added more @1.1349. Now I am in comfortable position as its retracing low and monday will try to close my position around 1.1279. The reason is that Gold is to continue going down @650 before major reversal. This will drive USD/CHF higher in coming months.

Thanks

alpine4133 · #**437** (**permalink**) 09-12-2008, 10:26 PM

Quote:

Originally Posted by SKS

Hi Pubber,

Yes I am still holding my short position and added more @1.1349. Now I am in comfortable position as its retracing low and monday will try to close my position around 1.1279. The reason is that Gold is to continue going down @650 before major reversal. This will drive USD/CHF higher in coming months.

Thanks

Why does Gold going down cause this pair to go up? Is it effecting USD or CHF? I'm guess you think it will make USD stronger? But I do not understand how Gold going down will make USD go up? What am I missing?

SKS · #**438** (**permalink**) 09-13-2008, 05:51 PM

Hi Alpine,

SWITZERLAND has largest reserve of Gold so CHF is directly linked with the prices of Gold. Gold prices are in downward channel and USD/CHF is in Upward Channel. I made a miskae as last week I went short on USD/CHF without realising this inverse correlation. Luckliy in coming week I will be able to close my positions with profit as it has long way to go higher until gold has reached $650. I will then jump into shorts again when USD/CHF has formed a Top.

taka666 · #**439** (**permalink**) 09-15-2008, 10:05 AM

I'm new to Fibonacci retracements. I tried plotting it in Metatrader but I think my retracements are not good. I don't know in which chart to plot and which candle to choose as my highest and lowest point? Someone pls help me.....

Gregory McLeod · #**440** (**permalink**) 09-16-2008, 05:15 AM

Quote:

Originally Posted by taka666

I'm new to Fibonacci retracements. I tried plotting it in Metatrader but I think my retracements are not good. I don't know in which chart to plot and which candle to choose as my highest and lowest point? Someone pls help me.....

Could you post a chart so I could see what you are doing? I can show you on a Metatrader chart.

taka666 · #**441** (**permalink**) 09-16-2008, 11:40 AM

here u go.. thanks for ur help..

Gregory McLeod · #**442** (**permalink**) 09-16-2008, 12:49 PM

To draw Fibonacci resistance lines in a down trend, start choose the Fibonacci drawing tools then click the highest point. Drag red line to the lowest point.

Take a look at my example:

brad_1199 · #**443** (**permalink**) 09-17-2008, 03:23 AM

here's a look at the USDJPY weekly chart... We can see price broke out downward from a multi year triangle giving us a downside bias.. Price came back up to retest the outside of the triangle and was rejected back downward.. Price should continue downward...

Looking for price to drop to atleast the 161.8 extension around 86.50 ish

At the price of the daily rolls in this pair, holding short this pair for lengthy periods will deffinately have to be offset with shorter term trades just to cover holding expenses ...

brad_1199 · #**444** (**permalink**) 09-17-2008, 04:11 AM

GBPAUD looks like it might have a temporary top in place... With 5 waves up we should be looking for a correction now...

brad_1199 · #**445** (**permalink**) 09-18-2008, 12:32 AM

NZDJPY price action is back at a prior multi year support area and the 50.0 retracement level off a multi-year rally... I expect a bounce upward from current price levels before we see more downside... Major resistance will be around the 74.00 - 76.00 handle if this bounce gets under way..

On the 8 Hour chart candles say a bottom is in place..

SKS · #**446** (**permalink**) 09-18-2008, 03:16 PM

Hi Brad,

Thanks for your thread on this pair, it worked very well and as usual made excellent profit. Now planning to go short once again on rebound. Cheers

brad_1199 · #**447** (**permalink**) 09-18-2008, 09:28 PM

Quote:

Originally Posted by SKS

Hi Brad,

Thanks for your thread on this pair, it worked very well and as usual made excellent profit. Now planning to go short once again on rebound. Cheers

Now didn't that go just beautifully !

It was that huge shooting star candle with the Long Wick to the upside.. dead give away for a top...

SKS · #**448** (**permalink**) 09-18-2008, 09:31 PM

Hi Brad,

Thanks for your response and as always perfect spotting. Today I am heavily short in Gold as next week is surely down and this will be the start of a new downward trend. Cheers

brad_1199 · #**449** (**permalink**) 09-18-2008, 11:52 PM

Quote:

Originally Posted by SKS

Hi Brad,

Thanks for your response and as always perfect spotting. Today I am heavily short in Gold as next week is surely down and this will be the start of a new downward trend. Cheers

I'm almost certain we've got a decent short entry coming in USDJPY next week...

There is a high at 109.17 which should not be penetrated, however I think price will whip back up to the 109.00 area next week before she starts dropping off in a multi week decline

I've got short entry orders sitting at 108.90 with stops at 109.30 -- 40 PIPS Risk !

Now that's tight risk management !

First Target is 106.00 ( 1 Week Holding Period ) -- 290 Pips Profit

Second Target is 102.50 ( 2 Week Holding Period ) -- 640 Pips Profit

Third Target is 99.00 ( 3 Week Holding Period ) -- 990 Pips Profit

SKS · #**450** (**permalink**) 09-19-2008, 01:48 AM

Hi Brad,

I respect your opinion and just now additing limit order to SELL at 108.89 with no SL as in last 3 months I didn't had even 1 lossing trade. In last two weeks alone I managed to recover the Full Year loss in 2007-08.

I appreciate your help and its much appreciated. Now only good profits I have also learned a lot from your opinions which are without technical jargons. Easy to interpret and follow.

Today I am heavily short in Gold, next week will be able to book profit and by that time USD/JPY will be ready to Short. Cheers