1HR USD/YEN
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Printable View
Bounce Off The 61% Fib on the 4HR USD/CAD.
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Thus the title, Fibonacci Gone Wild.Quote:
Originally Posted by ;
I believe my charts are light compared to this mess I've seen on many charts on here, not that there isn't a method to their madness.
I apprecieate your view though. It made me laugh.
Well I dont know man, but when you have so many lines crossing your chart you're certain to have price touch a number of them at some moment.
1HR POUND/YEN
https://www.forexforum.co.za/attachments/1518234306.jpg
I failed to say that you can have entry or exit points in the original range before price breaks out of it or if price re-enters as demoned within this 4HR EUR/YEN CHART.
https://www.forexforum.co.za/attachments/1518234302.jpg
The first chart is a daily of the USD/CAD. As you can see, price produced a floor in the end of the mirrored.
The next chart is a 4hr of those USD/CAD. I already have the fibs set up to get a continuance to the downside. As I type, price is creating new, all-time lows. I expect price to bounce off the 76% or 61% fib line at a certain stage if price goes down.
UPDATE: I made a change on the 4hr chart. Before I drew my initial fibs (gloomy), I had been debating whether or not to draw from the low of the candle on the left or by the set of candles to the right. The lows only differ by 5 pips but I still want as much accuracy as you can. I opted to go with the candle on the left side. As soon as I saw that price had made a bounce just above the white 76% fib I decided to redraw the initial fibs employing the low from the set of candles on the best. After making the adjustment, VOILA!! The price made a perfect bounce off the 76% fib, which goes to show you the price will tell you if you're right or wrong.
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I decided to start a thread based around my favorite method of trading: FIBONACCI!!
So, come in and post your trading ideas. This does not negate using trendlines, moving averages, or other indiors. However lines ought to be included in your ideas for a trade.
I have grown quite fond of using fibonacci lines in symmetrical trading. Once I have identified a range, I draw fib lines onto it and move them up to the low or high of the range and await price to reach one of the outlines (or close it) for an entry or exit.
Here is 1 example of the 4hr CAD/JPY: The blue fibs are drawn on the original range and also the white fibs are the copy.
https://www.forexforum.co.za/attachments/1518234293.jpg