I have not been in a few as been away with work as I said the other day
Okay, so I might of asked this question before but need to ask it a bit more clearly as want to know to get my facts straight a bit, as for some reason I am finding it hard to find setups lately.
Do you trade only NY open times?
Do you take into consideration the previous days candles when finding new highs and lows to draw fibs( IF there are any )
When you do find a setup does it include what happened in the London or Asian sessions at all or do you solely trade from one open try and find some setups and go with them or do you take all opens into account for finding a setup?
What would you say you find easier to trade on, as you said before use a timefame then go one timeframe up and down to see what the lines look like?
For instance I want to trade solely on 1hour, so I wait for NY open and then look for tradable setups and go for them and do not use what the previous markets have done or still use them to find a good trend?
I am just trying to get my head around some of the basics as wanting to make my own rules to follow for when trading with fibs, as at the moment I am trying to follow a guideline but need more discipline in place otherwise I dont see my targets getting met at all/
Besides computer acting up, I’m just getting started. I use to trade only NY open/London Close. Monday to Thursday. Now I trade all time frames and Monday NY open to Friday NY close. I’m looking for set ups where I can enter between the 60 or 50% retracement levels, place my stop at 72% level, and where there is a better than average chance, that price will move to my take profits rather than my stop loss. I can not always find what I’m looking for between NY open and London close, so now if I need to look further I can and do.
Yes I do look at what’s happened in Asian and London sessions, as well as scheduled economic events, over night news, and trader sentiment. I have daily profit goals, and I want to hit those goals with the least amount of trades as possible. SO As I said, I’m looking for specific spots for my entry, stop loss and take profits where there is a better chance of my entry point going past the most recent high or low depending if I’m going long or short than there is entering then getting stopped out.
Some time frames will be better suited to you than others. I think all time frames have pro’s and con’s so depending on what you’re trying to achieve and your bias, when you set up your trading rules use time frames to match. Personally I found generally that I get better results when I use the longest time frame suited to my rules, verify on the next lower, and enter 1 or 2 below that. But as I said I know traders who use 2 time frames and even 1.
You need to take as much time as possible so you (not anyone else) have a rock solid understanding of the basics. That time frame is different for everyone and different basics will come to you easier than others. But the constant is a solid solid foundation of the basics. Whether you believe trading is science or art, having solid foundation to start from will help you as you progress up the latter. The better you understand the basics, the better your rules will be, the better your rules are the better your chances of meeting your goals are.
Anyway, like always that’s my opinion and now it’s time to see what’s happening with my computer.
Gp
Looks like it is just you and me on here now, should get some more new traders coming to this thread to be honest, if I have learned so much about fibs I am sure it would be a help to alot of other people
I been doing some reading which is quite interesting though about the whole fib thing.
Do you by any chance use extensions or/and expansions?
I must be honest both look quite good, and I know basically these are to project where price may go, but what are the odds of trying to use for instance only expansions to trade?
I find using extensions being a bit more aggressive though, correct me if I am wrong, I am still on this 100 page ebook which details these things very clearly, just wanted to get some more input on this
This thread has over 3000 views; So I don’t think it’s just me and you. As viewers get more comfortable they will start asking questions that they think are too dumb to ask now, even though they’re not. Only dumb question is the one you don’t ask.
I use only extensions. Personally I don’t think there’s any difference between the two and if there is it’s not enough to matter. Basically retracements give you entry points, extensions and expansions give you exit points.
All Fibonacci anything (retace, extensions, expansions , fans, channels,etc) are based on fibonacci’s sequence of numbers. What ever way you draw your Retracement (up trend or down trend) you draw your extension the same way. Remember to place your fib tool on the nearest SWING high to SWING low or nearest SWING low to SWING high. Some traders make the mistake of drawing from nearest high or low, the candles have to swing. Always no matter which indicator you use, including Fibonacci, confirm with other indicator or indicators, previous support and resistance. The last thing to remember is; Fibonacci like any indicator or price action is a projection not a guarantee and they’re designed to help you to a make decisionm not make the decision for you.
As I have said before, by helping you I’m helping myself, by repeating information it helps to reinforce what you’ve learned. But it only works if traders ask questions. Good Luck
Gp
What I am liking about this ebook I am reading at the moment is the fact they teach you about the ABC to draw retracements etc, It also shows you the many ways to enter and exit trades which I also like though.
I am still in the process of reading as do work during the day so dont have all the time to do it though, but I reread some everyday to get back into it again.
The reason I asked the question before is because I like the way the expansion works, and was wondering if this would of been able to be used as to trading, as sometimes I see a better picture with them then with retracements, although in saying this the more I look at charts the more I get to see where I can use my fib tool.
I wanted to give up a while ago but as they say you wont succeed if you dont want to put in the work though.
Is this some new strategy or technology. Seems to me this has been around for MANY MANY years. I traded on the floor of the exchange before it all went digital. I stood in the Swiss Franc and Japanese Yen pit and placed orders for CMM and DB and others and saw banks taking sides against one another. But the reality is they were mostly hedging and locals took the risk. Regardless, Fib series and technicals were followed so diligently that they became a self fulfilling prophecy. Occurs to me that if you can find what the masses believe and get in on that action you can decipher the psychology of the market (Any market) and make profits in it.
Welcome to the thread, obviously I am in the learning stages of using Fib tools and as many other traders it is just an easy way to find good entry and exits, I am not an expert in this (YET) but if you read through the posts you will find GP being more clued up on this then myself.
Fibs have been around for many years as you can tell, it is just trying to perfect it and finding your own rules for trading where it becomes different and important for each trader.
Any input in this thread is more then welcome obviously
Glad you find it helpful and welcome, as you have seen before we do not (and by we I mean GP who has been helping us alot out here) give away signals to follow although in saying that what you would of seen so far is what we post about possible signals that might trigger or not.
But again welcome and your input can help us and many others
Okay well, a few things from me though, I have now found, I dont push for a trade if a setup is not clear enough for me then I leave it be and move on to the next currency
I also do not trade particularly on one time frame though, I have now gone and basically checked each time frame if I find a good setup on the hour, 4hour, daily or weekly I will set my orders to pending.
Hey Bud I’m still here. I had eye surgery on Friday and just got home from the hospital. There was a slight complication which caused my eye to start swelling, but all is good now. Except I’m not suppose to trade or do much of anything for a couple of weeks. (wife is out, so that’s why I’m on the computer :D) I’ll see how it goes, but after that I’ll be back in full Fibonacci swing.
Gp
ll
Oh dear goodness, I am sorry to hear GP, hope all is well and glad you are okay.
All the best with your recovery though. Hope you are back to normal again very soon and making a full recovery.
Thanks guys. I can’t see this lasting a couple of weeks (at least I hope not). I get the first check up tomorrow, the doctor says he can tell me then if things look good or bad. Seeing how I couldn’t see to much with my left eye the success bar is really low.
Ice you have the right idea. Let the market come to you. If you don’t see what you need to trade . . .simple don’t trade. I have never gone a day without finding a setup to trade. Just be patient and it will come the way you want.
Hey Pip, thanks my wife keeps an eye on me and if she’s not here one of my kids takes over. I already heard about getting to close to my office. I asked her what do you want me to do? My office is in our home, how can I not go near it? She’s not going for it, so I did the manly thing and waited for her to leave.
