Fib Retracement Trading...

[hypnos63]

also my chart was drawn on the 29th around 1200 GMT on the 30 min chart.
so, while the 1 hr chart shows a down trend, that is not what i was seeing since i did not know then that i had to look at the 1 hr chart.

[Sweet Pip]

Originally Posted by hypnos63

hi

my chart was upside down because i was chrting from a low to a high point or so i thought. how are the fibs drawn?

Sounds like you need to go back to school Babypips school of Fib Retracement can be found here (theres even a video): Fibonacci Retracement - 3rd Grade: Fibonacci - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

When drawing a down trend fib, click on the last swing high, and drag down to (or click on depending on software) the last swing low. Do the opposite for an up trend.

[hypnos63]

Originally Posted by Sweet Pip

Sounds like you need to go back to school Babypips school of Fib Retracement can be found here (theres even a video): Fibonacci Retracement - 3rd Grade: Fibonacci - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

When drawing a down trend fib, click on the last swing high, and drag down to (or click on depending on software) the last swing low. Do the opposite for an up trend.

thanks. back to school it is.

[daedalus]

Originally Posted by hypnos63

unfortunately for me, my chart shows the 62 EMA ABOVE THE 78 EMA, signalling an uptrend.

http://md6.it-finance.com/MDV6/showi...962939&print=1

the 78EMA is turquoise, the 62 kind of pink

i don't know how these descrepancies occur but there you go. also do we look at the particular higher frame candle governing the time we choose to enter the trade?

Its important to remember not to get too caught up in the MA values... they are just guidelines. I said first and foremost we need to respect price action. Did that chart make a higher high? Or a Lower Low? No and No. That chart doesn't have a trend and thats why regardless of the MA values you should stick on the sidelines.

[hypnos63]

hi

i'm using MT4 alpari. thefib extension button there won't let me do the fib extension example on metatrader4 is there a another way to plot the extension?

i keep getting a pyramid, not the upward extension shown in the babypips example.

please don't say find another platform

[Sweet Pip]

I'm at work and don't have MT4 in from of me but I think if you look under the Chart menu (I cant recall exactly which one) but the correct one will also list options like channels, lines, trends etc, if you highlight Fibs, it will give you several more fib drawing tools.

I'll check for sure in a few hours when I get home unless someone else can check first.

[Sweet Pip]

Originally Posted by hypnos63

hi

i'm using MT4 alpari. thefib extension button there won't let me do the fib extension example on metatrader4 is there a another way to plot the extension?

i keep getting a pyramid, not the upward extension shown in the babypips example.

please don't say find another platform

The "pyramid" you get is correct for the Fib Extension. With MT4 You will have to adjust the 2nd line of the "pyramid" to touch the retracement low or high...not to just accept where it puts it.

What I think is happening is that the extension grid is appearing above the viewing area of your chart where you can't see it. If you shrink your chart it will appear. To the right of your screen, where the prices are listed, your mouse pointer will display a bi-directional arrow..click and drag down and your chart will compress horizontally and you will see the extension grid lines on your chart.

Different platforms do the same things differently, or not at all, or more than others. MT4 doesn't seem to come with a Pivot Points tool so I had to hunt around for one.

You just have to play and get to know it.

[hypnos63]

yes i had o have the pivots downloaded as a custome indicator from somewhere else.

re: the fibs: i found the extension button, but it really won't do the retracements the way its done in the baby pips example. i keep trying and trying. i mean does anyone else use this MT4?

[tonymand]

Originally Posted by hypnos63

yes i had o have the pivots downloaded as a custome indicator from somewhere else.

re: the fibs: i found the extension button, but it really won't do the retracements the way its done in the baby pips example. i keep trying and trying. i mean does anyone else use this MT4?

This is the MT4 fib extension - what is your problem with that?

[Sweet Pip]

ok, now I'm confused again

In my MT4, it isn't called "Extention" ...I have an "Expansion"...same thing?

Below is how my fibs look...first is retracement, 2nd is expansion.

So tonymand, it looks like you drew an uptrend fib...so why do the grid lines go down ...aren't they supposed to go up?