I see the area you are talking about. It was the 50 Fib for the earlier upmove starting at 954GMT. Which then continued upwards until around 1330.
I placed my fib lines from that bottom to the swing high, resulting in a 61.8 fib hit just now.
take a look at my last picture I posted, and it will show you where I drew them.
Could be wrong of course!
thanks for your opinion PPF ,
btw i had the following 1 hr chart on my screenâŚ
Regards
Hi mndua90,
The candle you have marked is actually an up bar so this would not be totally correct. Remember, Weakness is shown in up bars and Strenght is shown in down bars. There might be occasions where we can break this rule (as pete shown earlier) but not this time IMO.
Just getting back home nowâŚdidnât have a trade todayâŚbut had great news, perfect. (for those who know where I went lol).
mndua90, just had a quick look at your charts and I like what I see. 
Now we are getting somewhere in here. 
You guys are going to tear it up in 2012!
Donât tell me! You got to see Santa, hope you had a good time!
Just looking at the chart to see what happened while I was away. A very familiar 5 min pattern played out to say the least lol. I decided to skip the trade. Maybe someone can mark up a chart as I would and post it. Maybe you can also see in this pattern, why I didnât take the trade (although it played out fairly well). And I donât mean the reason I gave before. Show me whatcha got.
Well, this is what I got Pete. This was the only correct entry according to your fib strategy⌠Unfortunately I entered couple losing trades earlier today and so I risked only 0.5% on this one. That way it didnât make up for the losses and today was negative for me. Anyways, here is the chart. Hope itâs okayâŚ
Edit:
(Just a guess)
You didnât take the trade because the push thru was too high in volume, suggesting that all the buying was being absorbed.
And the highest volume was not on the ânew lowâ pinbar.
Banjo⌠do you like⌠read any other posts? Like the one just above you? Sorry but it kinda grindes my gears when people do this⌠:59:
//UPDATE:
Iâm just editing this one, since I wonât be anything valuable :)⌠Thanks for the comments Pete⌠I havenât any decent trades this week so today I kinda looked for ANYTHING⌠I tried to pick the tops couple times and got stopped out. They were probably not correct setups so thatâs why I didnât even post them.
And I know anyone is free to post any analysis they want but it just irritates me when he wonât even mention or compare our two different approaches⌠Banjo Iâm by far not mad at you or anything, Itâs no big deal altho it might look like it. Itâs really not lol⌠So letâs not discuss this further
Ah, sorry I should have made clear that I meant the move down off the highâŚI had to go just as it was setting up.
As far as your postsâŚSagi you can post your losers if youâre having issues, and weâll take a look. Then again, maybe you knew better and they were not proper setupsâŚI dunno.
The long setup you guys posted is correct, but additional risk because it was getting late in the day, and we saw some decent supply at the top. But still, fib zone was a high probability at that pointâŚwell done.
LOL, SagiâŚBanjo is allow to guess too. There is a slight difference in his analysis.
Slight error. You marked push through, but no resistance had formed yet. Remember what I said in the video⌠âOnce price pulls awayâ you have your level.
The candle AFTER ended up giving the supply line that would be pushed through. It was pushed through, but at that point it was into fibâŚand not a good entry obviously.
BTW, some of you might have noticed someone on another forum site who once taught this âpush thruâ setup. For the record I censored, censored so Iâm not ripping anyone off lol. âŚleave it at that.
You wouldnât have taken this trade because of the huge volume on the bar I marked as a battle, because demand overcame supply and price could have tested this supply and went up.
edit: The chart would be a good addition to this post
No problem. I pressed reply then began taking my screenshot, by the time I had uploaded and posted, yours was there. Decided to leave it because we came at it from a different perspective (mine leaving out a key detail, as it were).
Made pips, so doesnât matter anyway, right?
Very true, and I totally missed that.
On another note, I had my fib lines drawn from swing low to high only, and not vice versa. So I saw a perfect bounce upwards from the 61.8, but never saw that the push through had hit a fib.
Iâll make a note to be more cautious and draw the fibs for each move, and definitely study more over the weekend.
Been at it about 3 weeks so far, and this week was the most profitable, so the light is getting brighter.
Thank you for your analysis and taking your time to help others with this.
If you have chart ready to go, please post it by all means, itâs a shame I didnât label mine up at the time otherwise I would be sure to post ity, Iâve not done many charts this week, since Iâve been concentrating on getting the NS/ND indicator working right and I have made one more addition to it, it now highlights the NS/ND candle.
But I know why Pete didnât go for that short yesterday! It was because he went off to see Santa.
But seriously, there was risk to it, there was no confluence, except! There was on the 15m, it was on a nice 61.8, and if I remember after the confirmed No Demand on the 5 min, there was a potential ND on the 15, but it didnât look to hot on the 1Hr though.
Sorry for no chart, but I hate re-analysing stuff, Iâd rather save the brainpower (as little as I have) for today, but then again itâs quite likely to be quiet, and so I probably wonât need it.
NSNDAlert3.mq4.zip (1.61 KB)
I think I just realised the top reason for not going short yesterday - no real distribution to the left!
No real positioning has been done at all either way.
Is this where we now look for 2 or 3 cycles of consistent Acc or Dist to give us an idea of the next direction?
That high volume on the 5m E/U at 08:00-08:05. Thatâs buying coming into the market right?
So a better entry would be with one where the .500/.618 is well above the push thru supply?
Not really, well not in any significance anyway, the close was too near the low and the spread was a bit high, we are in ranging conditions, so you only want to look at setups at the extremities mainly.
No Demand in the middle of a Roll Over on the 5min, could be good for a scalp!
