PS: in case nobody knew (which I doubt it), this may be of interest too, for general culture…
Fibonacci - Wikipedia, the free encyclopedia
Paying my tribute to the genius that was Leonardo dei Bonacci…
Cheers.
Non Farm Payrolls!!
I have 3 trades running that are all in profit and I think that it’s probably best to close them to protect my profits. Any views? The markets I’m on are Gold, FTSE100 and the trade below on USDCHF
EDIT: Stop and next target (TP3) are market in green.
Anybody looking for a shorter term trade, check out USDJPY nice down trend retrace is at 62% level
I took it at nearest swing hi and low on the 1 hour, here it is on 30 minute. If anyone trades this in the short term, keep in mind lots of us data coming out in half an hour
Like I said be careful with usd releases coming out. Great example if you’re new why you should trade around the news announcements until you get a little experience.
Hi gp00053… Absolutely!
I have a long-standing USD/JPY Sell order, which has gone up quite a bit… but it does not
matter because it will come back down, eventually 
Also, you have to look at the news fade… Nobody thinks for a moment that a higher NFP equals
dollar positive, as the unemployment rate, for example, is up… and all this ties in with Taper and rate hike
expectations, etc. In short: it is not a straight relationship, ESPECIALLY in this pair, as it is counterintuitive
to normal USD-positive trends.
But even if the pair does not come back down, I am covered, so all is well.x
My turn “Absolutely…PipMeHappy” :>)
Closed all my open positions and protected my profits, which gives me a 3.5% positive outcome for the week. Spent the afternoon watching my boy compete in a school event and enjoying the fresh air. That’s the flexibility I’m after from becoming a full time trader one day!!!
:):):)
Congrats. I’m going to pick up my new computer and take my wife for lunch. Have A Great Weekend and Best Wishes to all and Continued Success. We’ll get back at it Monday
Gp
Thanks GP - have a great weekend
USDCAD 1 hour Price is at 50% level. Up trend, no event releases for either pair. If continues on up trend, enter at 50 stop loss at 61, 1st take profit zero line, add trailing stop and see if it goes to 2nd 1.1157
I have the same kind of level marked on USDCAD. It’s sunk a bit lower down but looks like it might be starting to build for another go at an upward leg.
I have question for you in relation to Manesh Patel’s video. How much do you pay attention to the 88.6 level? I had 3 winning trades on last week that all seemed to reaact to this. My Trading plan is moving in the direction of entry at 61.8 (with other indicator / PA confirmation) stop at just below 78.6 first target at the 88.6 (or 11.4 level). Would be interested to get your view on this GP?
Not been at my charts today but am planning a full day tomorrow so will hopefully find some opportunities to post up then!!
When I use the expansion tool, I do use the 88.6 level. I use my retracement tool more and a little differently. When price has retraced to 61% level I enter; stop loss is set at 70% level and 1st profit target is set at the zero level. Manesh, Andre Knight, Jarratt Davis as well as a few others have said that if price retraces past the 62% level, most institutional traders count that as a trend reversal not a pullback. So that’s why I set the stop lost at 70% level.
If I have analyzed properly and for the trend to continues, price will go back to at least zero. So have added to levels to my retracement tool past the zero. At the first level, I have an alert that tells me I’m at the 1st profit level. At which point I switch to a trailing stop and do another analysis with the extension tool at which point I am considering the 86% level. When I enter at the 50% level, my stop is at the 60% and depending how choppy the pair that I’m trading, sometimes I place the stop loss at the 70% level. I very seldom enter on the 38% level, cause like Manesh, I’m looking for the bigger pullback. Now of course like everything in the forex, the 38% is not in stone. Last week I entered at the 38% level trading the AudUsd and contrary to my trading rules even took a counter trend trade.
The 88% level again is like most things we do in forex, when it works we feel like a genius, we’re glad we are using it and love Manesh’s 88% level . . .when it doesn’t we feel like fools, can’t believe we used it and don’t like Manesh so much :>) Whatever you decide; just make it consistent.
As far as your trading plan moving direction, I think you’re on the right track. Talk to you later
Gp
Sorry guys I tried to download a swing high lo indicator but for some reason I can’t I will give it a try later
Morning Chaps - is AUDJPY starting to set up on the 240m?
Currently retracing of the recent swing high to between the 50 and the 61.8. Stoch showing oversold and some support from the Daily pivots at the 50 fib (although not a great market structure).
Could find some support on the 200 MA.
Not the best set up but has some potential to develop I would say.
A long way to go but if gold can carry on it’s retrace to the 50 fib then it finds an area that lines up with previous support and resistance at the 1350 level. Added to my watchlist with level on alert!!
Seems there’s a bit more action this morning than there was yesterday. JPY pairs looking particularly busy.
My preference at the moment is for GBPJPY as the pound looks in the strongest trend and has a better Market Structure if price can close above the recent support / resistance line marked on the 240M. There’s also a potential Pin Bar formation on the 60M but we will see what happens with that at 10am.
Any thoughts?
I’ve just marked all these levels manually on my charts - an indicator would be v helpful!!!
Sorry new computer (I’m like Phil on Duck Dynasty; a low tech man, in a high tech world) The indicator is called ZZ_Orlova If you do a search it comes right up, or go to the MQL4 community and you can get it there. There’s a couple others that are the same principle, but I find this one to be most accurate.
I have used it on all time frames. Great for scanning through the currencies. Drag and drop and count the relevant points
Hey again everyone
So since I asked question on here the other day I have been doing research and reading through quite a few ebooks, websites and general stuff people write about Fibs, so now I am kind of seeing how this can all come together with good set ups etc.
So now I have a few questions for everyone…
*gp0053, as per your latest addition on your charts what do you use theis ZZ indicator for, do you use it to help find the highs and lows to draw fib lines on?
*Then also, which time frames does everyone use mainly, I prefer the 1hour but then again the 4 hour also seems a good set up for me but do not get as many trade opportunities on it. your thoughts on this?
*Once you have identified a trend when do you decide to trade after you have drawn fibs on, do you wait for the retrace to the 50% or where does everyone prefer to enter trades, or start looking for set ups so to speak.
*Also do you actually get to trade each currency each day or only once you have identified good trend set ups?
Again for everyone my apologies on asking as many questions it just feels better asking these questions as when you want to know the answer atleast there are people here who actually use this everyday and not like when I read a book and want to have someone elaborate about something and cant.
Goodluck to everyone
If anyone is still awake I might have 2 setups here, please have a look at my charts and see what you think.
Thanks so much in advance