lukx zline trading log + cfabian p.35 + adaseb p.48

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bacoazul
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Postby bacoazul » Thu Mar 25, 2010 5:51 am

bredin wrote:bacoazul,

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

G.



The indi is Sp_range the font is "pieces of eight"
:)

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noone22
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Postby noone22 » Thu Mar 25, 2010 7:27 am

MightyOne wrote:
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.


Thanx for answering!
I would be scared to go with random line.
So, what are you saying -
that Fibs are not tradeble
and there is no magic behind them, isn't it?


Couldn't agree with this, because I know whole trading room,
who're trading just Fibs retracement and they're doing
pretty well (if you could afford to pay $500 per month
and couple of grands for TS indi, and stay live
during NY session, which is impossible for me).

Interesting, what they're saying about 0.618 retracement -
that it represents (as golden ratio) some critical level
of "losing" tolerance for traders.
So, it's OK psyhologicaly (for the herd) to lose 50%,
but - no more than 68%.

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pablo101
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Postby pablo101 » Thu Mar 25, 2010 8:20 am

A nice one here
Image
What line? The line that tells you which way you are trading! - MO

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bacoazul
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Postby bacoazul » Thu Mar 25, 2010 8:32 am

This are my last trades, one huge lost on gu, one win on gu to b/e and one win on gj that almost made my day ,plus one tiny win on ej

Image


Still waiting for long the ej again

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Postby pablo101 » Thu Mar 25, 2010 9:12 am

Image
What line? The line that tells you which way you are trading! - MO

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es/pip
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Postby es/pip » Thu Mar 25, 2010 10:45 am

noone22 wrote:
MightyOne wrote:
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.


Thanx for answering!
I would be scared to go with random line.
So, what are you saying -
that Fibs are not tradeble
and there is no magic behind them, isn't it?


Couldn't agree with this, because I know whole trading room,
who're trading just Fibs retracement and they're doing
pretty well (if you could afford to pay $500 per month
and couple of grands for TS indi, and stay live
during NY session, which is impossible for me).

Interesting, what they're saying about 0.618 retracement -
that it represents (as golden ratio) some critical level
of "losing" tolerance for traders.
So, it's OK psyhologicaly (for the herd) to lose 50%,
but - no more than 68%.



I agree that fibs dont matter

look at these charts

what would you rather base decisions on a random % pullback or from ZL, SR and S/D

when fibs "happen" to line up it is usually because of something on the left side of the chart and not a magical fib number

Do people use fibs successfully?

yes--- sometimes

but it is not because fibs are magic----

it is bec they line up with PA on the left side of the chart---

and when they do look to work--- people are like wow!!!! look at that .382 retracement hold-----

but in reality it is because of PA to the left :wink:

Image

Image

Image

Image

Image
Last edited by es/pip on Thu Mar 25, 2010 11:03 am, edited 1 time in total.
Bend over and assume the position for another 4 years of hope and change.

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es/pip
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Postby es/pip » Thu Mar 25, 2010 10:58 am

Image

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

Fxtraveller
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Postby Fxtraveller » Thu Mar 25, 2010 11:18 am

es/pip wrote:Image

Image



Hah, just to show how H4 charts can lie to you. Great trade, but on my H4 chart, because my broker is in EU zone , already wicked that zone =]]

Well, on everybody's H1 chart it should be roughly the same. That place to buy became obsolete to me after yesterday's wicking, but it appears that it held as support.

Fxtraveller
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Postby Fxtraveller » Thu Mar 25, 2010 11:28 am

BULL h4 on GBP USD !

BUT.... 5 consecutive bull candles on H1.

Step 1:
Wait for a retracement down

Step 2: BUY
Attachments
gu h4 buy.gif
gu h4 buy.gif (14.03 KiB) Viewed 849 times
gu h1 buy.gif
gu h1 buy.gif (15.14 KiB) Viewed 849 times

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es/pip
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Postby es/pip » Thu Mar 25, 2010 11:48 am

es/pip wrote:Image

Image



just cant seem to get that 123.25 on the e/j to save my life----- :D


cut it on the m5 dbl top


holding the euro to see if we can ZL those breakout traders
Bend over and assume the position for another 4 years of hope and change.

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