Hero Traders Live to see their Accounts Die!
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DislikedYOU...are the great teacher madame... and i just implement it .......thank for all your kindness to teach all of us here ....
iqyuIgnored
DislikedHey Guru, realized your TP looking like mine at 1.5515. Only 1.5550-60 Monthly resistance a concern.Ignored
Dislikedhi... MAHAGURU
that's around our daily bear TP right ? ....
iqyu
http://www.forexfactory.com/showpost...&postcount=284Ignored
DislikedHey Simone - i found it a bit hard fibbing tonight as the trend seemed a bit unclear? Are you able to indicate what fibs you had on that gave you those entries? I have a daily 38.2 at 1.5708, is that what you were using? Also we have Daily Pivot point at 1.5702 - do you ignore regular pivots, did that not worry you about being potential support?
Where did you have your breach fib drawn?
Longer term looked down but short term 15 min was heading up - how did you interpret it?
Breach is low to prev high in downtrend, and high to prev low...Ignored
DislikedHi Jazznos,
Well from the bigger timeframes, we see the trend right now is down. Looking at the H1 chart we have an AB swing looking for 1.5550, 1.5480, 1.5345 or 1.5245
http://img121.imageshack.us/img121/4489/gu1y.jpg
Then we have lots of converging resistance in support of the trend.
1. Weekly low at 1.5709
2. Monthly high at 1.5720
3. Daily 50% at 1.5717 (This is our breach)
Then going to the daily chart, since we are in pullback or reverse mode of the previous trend we look for target levels on that swing.
http://img576.imageshack.us/img576/6820/gu2r.jpg
Once...Ignored
DislikedHi Simone,
excellent explanation as always, but I have to manage the different broker time to be able to completely follow you: mine is GMT+2 and my platform Metatrader doesn't allow to adjust GMT, it's fixed. So I have to find the start of the day 7 hours later and the same for the end, otherwise there are some difference in the fib levels for example the daily breach for me is 1.5745 (around 30 pips more!). I think that the only solution is to use VT Trader platform for analysis and mine for the orders.
Ignored
DislikedThanks heaps Simone for that explanation, im on my way to bed but will go through in detail tomorrow :-) Lots of pips on offer tonight - hope you caught most of em! :-)Ignored