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10-27-2009, 02:30 PM
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congrats!!! what time frame do you use to gauge the overall trend? my question now is on drawing fib lines. can they be drawn on any timeframe. for the example above did you draw it in the 5 min timeframe or a larger one and just use it on the five min. timeframe. as for drawing the actual fib line, do you draw it from the previous highs and lows? in the chart below am i doing it right if i wanted to conitinue with a trade on this pair? what precentages do you use. i read somewhere that the most important are the .38, .50 and .61. how did you determine your second exit point? did you use fib lines
can you look at the attached chart. am i drawing the new fib lines correctly? so in order make a trade off of fib lines in theory i would wait till the price bounce off one of lines and take the trade short because the overall trend is short right?
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10-27-2009, 03:33 PM
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Heres how i have it,
we need to connect the high from our last touch to the current standing low. It looks like our 61.8% retrace is currently lining up nicely with our downward trend line.
Walker |
10-27-2009, 06:15 PM
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i just went long on GBP.USD. the trend line and fib line line up like in your previous examples. i actually entered a little late, but i just want to make sure i understand the strategy.
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10-27-2009, 10:43 PM
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Your setup looks ok, and depending on your targets you may me in the money. My only qualm is that price action is making a lower low, so i would hang out and look for a short opportunity.
Walker
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10-30-2009, 11:01 AM
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Join Date: Sep 2009
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any thoughts on the Eur/USD being at the yrnd line and .500 fib line on 4H chart?
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10-30-2009, 02:56 PM
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Can you post a chart of exactly what your looking at ?
Walker
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10-30-2009, 06:14 PM
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Here is my 4H chart on Eur/Usd what are your thoughts?
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11-04-2009, 08:31 AM
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Join Date: Jan 2009
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I hope your trading has been a success this week ! I took a long weekend and went on a trip to Houston. Now its time to get back to the charts !
Depending on where you exited on your four hour chart you may or may not have made some cash. What I see is a channel developing on our 1hr chart. I personally dont favor trading these patterns but we are reaching the top of the channel right about now. Notice how it lines up nicely with our 38.2% fib. My bias would be short but watch your stops, just in case the last high gets blown of the watter.
Walker |
11-05-2009, 01:57 PM
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I have been doing a bit better this week, but have been relying on the FX plus signals lately to make up some of the ground I lost last week. I understand the basics of the three touch system, and fibs, and candle patterns. I am having trouble trying to determine the time frame that is best to use. I seem to either miss the move, or time the entry wrong or something.
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11-05-2009, 02:56 PM
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I think the biggest trick is getting your entry as close to the point where the trendline and the fib meets up. This way you can keep your stops close and have a clear exit strategy as well. Feel free to keep throwing up charts , Id be glad to take a look, here is a triangle setup on usd.cad i have been trading today. Its getting ready to break out !
Walker |
11-06-2009, 10:01 AM
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Any good charts to look at this morning, so much movement I can't seem to find any trends on shorter term?
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11-06-2009, 10:31 AM
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Quote:
Originally Posted by jroseth
Any good charts to look at this morning, so much movement I can't seem to find any trends on shorter term?
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Alot of short term hit and run action going on right now. Your right volatility has definitely increased ! Ill try to post up some 2hr outlooks once the quiz is over .
How is the P/L looking this week ?
Walker |
11-06-2009, 10:55 AM
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$-634.00 so far, but have three trades from FX signals still going +$145.00 currently between the three.
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11-09-2009, 07:58 AM
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Lets see what kind of damage we can do this Week ! Let me know what you are looking at.
Walker
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11-09-2009, 08:49 AM
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Join Date: Sep 2009
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Hoping for A Better Week
Well fortunately my long positions EUR/USD and GBP/USD from last Thursday are $600.00 to the positive and still moving with trailing stops. Now I just have to keep moving in the positive direction this week. Here are a couple of charts I am looking at on 2H GBP/CHF, and USD/JPY. I think I am a litlle late on a short trade GBP/CHF. Yellow lines are my 2H trend lines
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