Went long at 125.85 just above 1hr candle that touched the fib line @125.32 going to put a stop loss at that fib level!

Closed long for another 100+ pips, its hitting a weekly fib @126.99 showing resistance,will look for another long entry will get my 1000pips one way or another hopefully haha!!

Hi Jeff,

Can you please get over this meaningless raap of your broker, you are simply wasting our time in this forum.

May be DailyFx administrator should block your id as you have nothing to contribute to this forum.

Eur/jpy doesnt really have anything in its way down to the 123 area a couple of fib lines in mid 123.Support level @123.98 lookin for a long again wish I played these nice down moves, 123 area should find a nice long though?

Pound is retraceing a almost 1400 pip December down run if it goes above pivot @ 1.5230 going long to first target @ 1.5436 below 1.5113 short to first target @ 1.5024. Still watchin Eur/Jpy lookin at more support or stallin in this drop @120.63 on its way to 61.8 fib @ 119 area eventually this should make for a sweet long.

Dear All,

Does fibo calculation consider no. of points between high & low? Between same points (1.2330 - 1.4719 EURUSD), I get diff points for 38.2, 50 and 61.8 in H8 and D1 charts...????????

here is a 4hr chart of usd/cad. i believe we just broke out of a triangle pattern on the daily chart. the fibonacci lines are from the weekly chart. there is also divergence with the rsi on the 1hr chart. i think since we are near resistance, even though price has broken through it that it will retrace a bit, my guess is to point B or possibly back to support on the triangle. i drew the ab=cd lines on the 4hr chart and they end up at the weekly fibonacci level. we do have some important news coming out for usd during the next 2 days. i think that will either help it break that weekly fibonacci level or bounce off of it. right now the dollar index is staying strong and oil has been dropping if not, then canadian interest rates are coming out on the 20th. on the daily chart of oil using the rsi there is divergence so i believe oil will soon be moving upward. i think the fibonacci level will hold, what does everyone else think?
moe

Attached Thumbnails

 

Hi All,

Looks the Euro about to test a key fib support....if it can't hold 1.2850 then we should see a return to the multi-year lows......Happy trading!!!

Euro/Dollar – The market continues to extend declines off of 1.4720 (18Dec high) making a series of lower tops and lower lows, to just under 1.2900 thus far today. Today’s break below 1.3025 (15Jan low) confirms a fresh lower top now in place by 1.3390 (19Jan high) and opens a test of next key support by 1.2850 which represents the 78.6% fib retracement off of the major 1.2330-1.4720 move. While a full retracement back to and below 1.2330 (28Oct Trend Low) is likely, the 78.6% fib retracement is often the final level to be tested before officially calling for a 100% retracement. As such, look for the latter level to initially buoy additional setbacks with the possibility for a short-term bounce from there. We will use this bounce as an opportunity to sell for a retest of the critical trend lows. Recommendation: SELL @ 1.3100 FOR A 1.2335 OBJECTIVE, STOP @1.3410.

Hi All,

Thought this could be an interesting set up into Friday.....Happy Trading!!!

The recent breakout beyond the former range highs in the 1.2200’s is finally starting to show some signs of exhaustion with the price stalling by 1.2540 on Wednesday ahead of the latest minor pullback. The failure by 1.2540 yesterday almost directly coincides with the 78.6% fib retracement off of the major 1.2970-1.0640 move at 1.2470 and the market has been unable to establish a close above the latter over the past few days. Wednesday’s negative close has been followed by some bearish price action today with the cross now ending a sequence of seven consecutive daily higher lows off of the 1.1750 lows from January 12. Daily stochastics have also topped out above 80 and have just put in a negative cross providing added confirmation for short-term reversal prospects. Look for a break back below 1.2355 (today’s low) to accelerate setbacks and open a fresh drop back towards the former resistance now turned support at 1.2220 (5Jan high). Recommendation: SELL @ 1.2350 FOR A 1.2075 OBJECTIVE, STOP @1.2510.

Heres a look at whats going on with the monthly chart of USDJPY... Price has stalled the decline temporarily this month trying to hold onto the last long term FIB level in the 94.30 area as the crowd continues to hold short gradually pushing price lower away from the FIB level... The monthly close on Friday will most likely yield a close around current prices, then to begin February next week we'll likely see a rally up into the 91.00 - 92.00 area before a further drop... Bears look for opportunity to short in that area... Short stops can be kept above 94.62

Interesting that the pair hasnt been able to close below the 78.6% retrace off of the 87.15-94.60 move. The 78.6% fib comes in at 88.75 and I would only look to turn bearish again on a close below the latter......hope all is well with eveyone...happy trading!!

Hi All.....Euro/Swissy looks like it be breaking out.....it stalled a while back ahead of the historic lows and this stall fell just shy of the 78.6% fib retrace of the major move....now an upside breakout projects a move back towards 1.5600 area another 78.6% fibo.....hope all is well...Happy trading!!!

The cross has finally broken above key neckline resistance at 1.5145 today to confirm an inverse head & shoulders basing pattern. The market had been building a base below the latter since December 2008 and the upside break projects a more significant move over the medium-term back towards the 1.5600 area which coincides with the 78.6% fib retracement off of the 1.5885-1.4650 move. Inability for the cross to extend setbacks after basing out by 1.4650 in mid-January also reaffirms newly adopted bullish outlook with the price stalling just ahead of the October historic lows at 1.4300. Daily studies are starting to look a little stretched so we would be more inclined to look to buy into dips. Strategy: BUY @ 1.5000 FOR A 1.5410 OBJECTIVE, STOP @1.4875.

Hey Joel

SO you have moved here from Thomsons Reuters!!
Anyway good luck with the NEw Job....


Ray

hello, quick question

when u draw fib retraction from a weekly trend.....do u put ur pivot point at the top of the candle body or the candle shadow. thanks!!!