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bacoazul
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Postby bacoazul » Thu Mar 25, 2010 1:50 am

This week is unreal, look at that

Image


Now im prepared to take long positions again on
ej and gj acording to my 1H - 5H - 1D charts

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noone22
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Postby noone22 » Thu Mar 25, 2010 2:02 am

MightyOne wrote:I don't agree with the use of Fibonacci in trading, but


MO,
Could you eleborate in little bit more details,
why you don't agree with Fibs usage
and your own way of their correct usage (if any).

I've met Joe DiNapoli, and the guy is doing
really well with Fibs, you know, but I
cannot trade his over-complicated system anyway.

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es/pip
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Postby es/pip » Thu Mar 25, 2010 2:09 am

bacoazul wrote:This week is unreal, look at that

Image


Now im prepared to take long positions again on
ej and gj acording to my 1H - 5H - 1D charts


when you post a chart, can you have it display the upper left side so i can tell what time frames you are showing

thanks
Bend over and assume the position for another 4 years of hope and change.

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bacoazul
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Postby bacoazul » Thu Mar 25, 2010 2:52 am

es/pip wrote:
bacoazul wrote:This week is unreal, look at that

Image


Now im prepared to take long positions again on
ej and gj acording to my 1H - 5H - 1D charts


when you post a chart, can you have it display the upper left side so i can tell what time frames you are showing

thanks


yes es/pip, sorry, those charts was gj and ej on 5m, gj cc 55m and ej cc 45m

and this is what im looking on 1H - 5H charts



Image

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pablo101
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Postby pablo101 » Thu Mar 25, 2010 2:55 am

bacoazul wrote:This week is unreal, look at that

Image


Now im prepared to take long positions again on
ej and gj acording to my 1H - 5H - 1D charts


I see someone who's very profitable this week, nice one.

bacoazul, how are you drawing the grey boxes and do you have a reason for limiting yourself with 5 hour charts? TIA
What line? The line that tells you which way you are trading! - MO

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MightyOne
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Postby MightyOne » Thu Mar 25, 2010 3:17 am

noone22 wrote:
MightyOne wrote:I don't agree with the use of Fibonacci in trading, but


MO,
Could you eleborate in little bit more details,
why you don't agree with Fibs usage
and your own way of their correct usage (if any).

I've met Joe DiNapoli, and the guy is doing
really well with Fibs, you know, but I
cannot trade his over-complicated system anyway.


If you draw enough random lines on the 15m chart then you will find support and resistance everywhere.

As quickly as you can, throw five random horizontal lines on the chart and scroll backwards.
I bet that you will be amazed at how accurately you "called" the S&R levels.

If 0.382 is your first retracement level then you might as well delete every other retracement level below it (you can throw up random lines below 382 and it will not make any difference whatsoever).

If it retraces between:

382 and 500 you are going to say that it bounced off of the 382

500 and 618 you are going to say that it bounced off of the 500

618 and 786 you are going to say that it bounced off of the 618

does it matter which line you found a reversal on?

If 618 matters most then why have the higher retracement lines?

There is nothing magical about Fibonacci retracements!

Price will retrace between 0 and 100% if it is going to return to the high extreme and that is all there is to it.

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bacoazul
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Postby bacoazul » Thu Mar 25, 2010 3:35 am

pablo101 wrote:
bacoazul wrote:This week is unreal, look at that

Image


Now im prepared to take long positions again on
ej and gj acording to my 1H - 5H - 1D charts


I see someone who's very profitable this week, nice one.

bacoazul, how are you drawing the grey boxes and do you have a reason for limiting yourself with 5 hour charts? TIA


Ty pablo, the grey boxes are just rectangles, and i plot
the custom candle werever i see momentum, or what i
consider momentum, then i compare with past momentum
and decide if i let the custom candle that way or changed it.
this time was 5 hours but sometimes is 3, or 10, depends
on what i see in the chart.

Humble
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Postby Humble » Thu Mar 25, 2010 4:01 am

es/pip, if these price boxes help they are off the insert menu>arrows.
The price reflects where ever you line them up with and the size is variable in the properties.

Image
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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bredin
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Postby bredin » Thu Mar 25, 2010 4:03 am

bacoazul,

Whats that cool font in the bottom right of your charts?

G.
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Brookmyre
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Postby Brookmyre » Thu Mar 25, 2010 5:08 am

MO, would you consider pivots in the same light as Fibs?
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