Thread: Fibonacci GONE WILD

1HR USD/YEN

CAD/JPY 4HR

If price ends per week over 120.00 but encounters a pullback before it happening, I'm trying to find a bounce either off the 138% ext. (119.89), 100 percent (119.49), or 76 percent (119.21) fib. All these are great target areas for a short trade if there is sufficient momentum to the downside.

Here is a weekly chart of USD/JPY. Right now, price is at a critical degree of 117.22 which happens to be the 23% fib level. As you can see, it's a major degree in deciding whether this pair will become bullish or bearish. The purple line on the chart represents the 50% fib (117.80) of this move downward from June to August.

UPDATE: I added a 2nd hourly chart. I will search for a bounce off the 23% (116.98) or 0% (116.79) fib lineup to get a continuance to the upside.

If price crosses 117.22 with momentum, then a long commerce will maintain order. To be conservative, an individual could await a retest of the level following the crossing, if it happens. One could also take a trade if there is resistance using a tight stop on the opposite side of it.

Those fib lines are so close together that you're never more than 10 pips from hitting one. I dont' see how that is helpful.

If I could loe the amount for the Fibonacci Abuse Hotline I would turn you.

Originally Posted by ;

If I could get the amount for your Fibonacci Abuse Hotline I would turn you.

Looks like a Liberace version of Fibonocci.

Neat thing about Forex indiors is that there's no wrong way to use/abuse them. (artistic license)

Originally Posted by ;

People fib lines are so close together that you are never more than 10 pips out of hitting one. I dont' see how this is useful.

If I could find the amount for the Fibonacci Abuse Hotline I'd turn you in myself.

That is a great one!!!



Ever heard of scalping? There's something there for the scalper and a term trader. You can be given excellent entry by the fibs. Exit when you choose.

Should you call this abuse, then I shall continue with the misuse, as long as it makes pips.

The one thing in Foreign Exchange that is set in stone is that you either make money or lose money. Everything is up for grabs.

Here is an update on the USD/CAD working with a hourly chart. Price never closed below the 50% fib.

Hey, if you're making pips then I am happy for you. To be honest, the notion of fibs is they're a self-fulling prophecy. However if you using them this way then outside of fibs lie.

Originally Posted by ;

However, if you're the only using these way then your skills lie somewhere out of fibs.

I'm unsure exactly what you meant by that.

I just mean that if you're successful then it's likely due to something other than your current use of fibs. I wish you nothing but the very best on your trading.