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Well there was also a break up through a descending trendline. The combination of all those things would give an indication of a possibly successful long trade there. All those busy TRIX lines give me a shout of a potential reversal alert vice the whisper that this half deaf old soul might miss a good trade on. Once I see that shout, then I can listen more closely to the TDI, the trendlines and the E-waves and the fib levels.
Ruh ro raggy! lol.....
Oh yeah.......and just like those heavy drugs made the drug culture kids feel good, so does that chart make me feel good. It makes me feel "far out man"! LOLol....
Exactly pennies, and just as some back in the day would say that acid was enlightening, so say I about that chart! LOL!!
Pennies......it's very interesting to me that your Lowry's inverted H&S setup played out nicely with the TRIX (3,0), (4,) upturn from bottom of it's indi window on the 15 minute chart.
I should say that only you could put a nice 5 wave count to that hourly wave down though! LOL I'm still struggling to get comfortable with those 5th wave end calls with or without divergence. I know my chart below is a little busy but it works for me so you'll have to peak through your fingers to look at it if it's too busy for you with wide open eyes. lol
I'd still like to see that chart so I can understand your reason for entry pennies. Congrats though on that 4.3% gainer! That'd make me do the geico piggy WWWWWWEEEE too. lol
Oh and good morning to you btw pennies. It's good for me because I'm not living homeless on the streets in this wicked cold weather here.
Pennies......hey, if you have a couple minutes, could you throw up a chart with fib boxes on the GU pair and show why you took the long position? TIA
Morning SG.......it's sub-zero here in western Colorado and I pity anyone whose home heating system goes out or loses power to their home. No freezing rain here though thankfully.
I've made around 70 pips myself since closing my intital early AJ short and then reentering a new one last night in middle of those two initial first and second bearish 4 hour candles. I could have made more but I chose to close out on the long dip of that 50 pip long 15 minute candle last night. I stayed out overnight and see I didn't miss out on too many pips since closing out. Now I'm trying to get a handle on a good spot for a new short. I could use your input.
So can you look and tell me if I've got your fib boxes set correctly on the 15 minute AJ chart below? I'm needing to know if I started the initial fib set off a or "the" proper wave. I began my top box off essentially a double top on AJ on the daily wave.
Charger.......just catching up on board posts tonight and I wanted to respond to your post and ask that you consider that all pertinent and informative posts are welcomed from any and all by myself. I won't speak for everyone but I can logically assume that others share my feelings since most of us are here attempting to learn to trade and/or share trade opps with each other. Differing personal time constraints and situations prevent ideal real time correspondence a lot of the time and at times we're all looking at different charts with different mind sets from each other so we miss good coordinated trade opps because of these things. But we're all here with a focus on how to trade better. And I seriously doubt that anyone here on this board has made their millions yet trading forex, so I'm going on the assumption that we're all here looking for more knowledge and insight into trading forex. And frankly I'm looking for as much goodwill as can be found too.
So some of us do do give a shit what you post here on the board. lol Whether you're a little lit or not, you have good info to share; obviously years of experience charting and for all we know you just may be close to perfecting your chart setup or the perceptive skill that will enable you to trade at 100% profitable trading as you mentioned earlier. All most of us here are looking for is the education beyond the wiki definitions of charting techs or the teaser crap from too many guys out there who want our hard earned money for sharing their own flawed charting methods on the internet.
I welcomed you before and you are still welcome here drunk or not as far as my input goes. You're welcome to teach, share, and steer us in the right direction when we're off and you can feel free to ask for opinions and info if you want. I'm slow to respond at times because of demands on my time or distractions, and I'm sure that true for others too of course, but I'll respond to your questions either in pm or reply on board.
Oh, and I'm going to learn how to trade off your TRIX overlay indicator chart with or without your help, but I'd like as much fine detail tutoring as you're willing to offer. I figure that if I can get a good understanding of how to trade using SGs fib boxes and pennies TDI setups with as accurate as possible wave counts and a good working knowledge of your chart setup whether you'd call it a pincher setup or something else and apply trendlines, candle patterns and the quad tunnel, I stand as good a chance as possible for finally turning around my trading profits and percentages.
Btw, I've picked up a lot just studying the crossovers and pinches and waves in conjunction with price action while staring at your setup on my MT4 today. But I'm not going into it now. It's early morning and I'm going to bed. Goodnight...
LOL.....I don't feel lucky stargate! lol....
That ought to prompt that 100 pip pop on AJ I'm expecting as I'm short that yen pair right now and was early as usual. Thanks for the mention stargate.
AV......I'm still working on all aspects of trading from charting technicals to money management. It's painfully slow. I'm not losing my butt, but I'm not making out like a broker who makes it difficult to trade with easy gains because of his spread. If there were no spread I'd be killing the forex market. The brokers spread is the speed bump that keeps me from moving at a nice pace on the road to making easy money in this game. The brokers have the spread worked out to a fine science where they really force the average retail trader to have to trade on the larger time frames to be able to rack up any gains consistantly imo. Their gains are immediate and ours are painfully delayed, that is if we're skilled enough to see them at all. The retail trader is really abused by the brokers. I can see why Christ tipped the tables over on the money changers. At least I can see why from my perspective. lol
sdc......here's my weekly chart showing that EG is hitting a prior support line as current resistance (ascending heavy red line). That may stop upward price action.
I have circled in yellow where price action is only 75 odd pips from hitting a weekly fib box 100% line. I'm seeing where that stop the price action dead for an immediate reversal.
You already know where the price is in relation to the upper orange channel line on this current weekly wave up. It's only 30 to 40 pip from that trendline...
And price action has moved up to the quad tunnel which has tightened to a thin set of lines. Maybe SG can tell us what that means in terms of potential reversal in price action..
AVARICIA.......good for you. I'm still under and should have added overnight but my early original entry was too close to last nights price action to risk adding in event it bolted up overnight so I'm still under and waiting it out. Maybe I'll luck out and AJ will turn over before another two weeks pass so that a good pullback can occur before it resumes that wicked uptrend on the daily and weekly chart....
sdcaalan......E/G looks like it's slowing down for a decent pullback based on the last couple shorter daily candles and that top trendline hit on your chart as well as the TDI fast line topping at its upper band. Maybe with pennies help and any input from others we may all have a good short here in the making. I'm still working on the fib box thing with this chart and so far I'm not seeing the candles meeting at the fib channels on any timeframe yet. Could be though that I haven't laid the fib out on the right wave.
I'm holding with 45 pips loss here but as I mentioned, I'm in light so I'm fine with another move up into the next 4 hour fib box if needed. I don't expect I'll have to but so be it if I do. I can make up the losses there.
Misery loves good company and forex has made me miserable for over a year now. I was chugging along making consistant gains when I first started over a year ago and did so for about 5 months but then I became frustrated with the small dollar gains so I increased my risk and it chiseled my account down by nearly 50% in a matter of a months time. I took a break for a couple months and then borrowed more money so that I didn't have to trade with more risk. A couple months ago I started with a fresh $5,000 in my account vice the previous $1,500 and thought that the larger account balance would make it easier for me to avoid the frustration, but since starting again I'm down to $4,805 in my account now thanks to early trades, especially those early trades on the yen pairs. I too am determined not to let this beat me and equally determined to get my money back from trading the yen pairs! It's good to have the motivation and passing of good info on the board from others in the same boat. We all have learning to trade well at heart here on SG's board.
Well pennies........it's 215 close approximate pips to the next upper "enter trend" fib line on the next new fib box on the 4 hour chart. Or it's 150 odd pips to the lower ET fib line. Are you then thinking that we'll see that much upper price movement for your new high?
AJ price stalled, for at least a small pullback, if not impending reversal here near the 88.6 fib on AJ, off the previous high on the 5/15 minute chart of 94.5.
Well.......that's crazy, and it supports what SG was saying about the significance of the fibs. That I guess is why they call fibonci the golden ratio or golden mean.
pileit1.......here's where I started. The chart below zooms in on the wave I began from. And looking back at the zoomed in chart, I'm not sure now that I am wrong. This is one place in the learning process where I got hung up when SG began discussing the setup.....which wave would he have chosen. Sorry for the delayed reply, btw.....had to leave the house for nearly an hour. And now I need to get dinner going....
I just noticed that my second fib set was off by a few pips and that threw all fib sets off above it. After making it right on my MT4 I see the topmost "enter trade" line at 94.20, so price action has broken up 25 pips or so above the enter trade line as far as I can tell.
But, I don't think my starting wave was accurate now either maybe. Back to the drawing board....
Ok, here's my first attempt at a fib setup chart on the 4 hour AJ. I started laying down fibs at a prior swing high/low wave and stacked them to how it appears now on my chart. And I think that my topmost "enter trade" line is in agreement with yours boca. Not sure if I'm right though. I don't like the TRIX bounce off zero line that charger mentioned, but I'm not sure it's going up. Looks like AJ is in a good spot to move up more if it's going to right here though at this triangle pattern on the 5 minute chart.
I take that back, AJ is pushing up against the previous high. No break yet. I was looking at the 5 minute chart when I made my last post.
Thanks boca........I'm still trying to get a fib chart together and am getting hung up on both laying down the fibs and finding the best swing high/low waves on the 4 hour. If I ever get it done I'll post it.
AJ had a breakout topside as I more than half expected. It then moved up since open testing previous high for support and I think you'll be proven right. So do I close for smaller losses or hold for bigger ones......
Pennies......I only see the AJ short current in your "retirement account". So you're not short on either EJ or GJ now I'm guessing.
Pennies......are you actually short now on EJ or GJ or just watching close for a possible short in this price area? And do you have time to post an annotated chart showing your fib channels and what you are thinking on either of those two pairs?
Boca.......I just read your post on the vid board regarding AJ. Feel free to throw up your own fib setup chart. It can't hurt and I promise not to be insulting and critical. Actually, once I get fib tool parameters set and put my first several charts together, I plan on putting one up on occasion to seek confirmation or some well-meaning constructive criticism on my fib layout and interpretation of price action to fib channel.
I look forward to this next vid pennies! Oh and logically, the double resistance fib zone would cause additional liklihood of consolidation, price action hesitation and increased potential for reversal. By my logic anyhow. lol
Oh SG.......I wanted to ask you what your thoughts were of taking a small position at each of the three fib level lines with each new box above or below the prior box and then take profit at the most profitable possible point technically or even have a preset for 10 pips profit on each entry just to be on the safe side. Or will the price sometimes blow through these fibs at times presenting a loss either due to pre-set stops or through continued price action away from those fib lines up or down to the 88.6 fib or 100% or beyond at times?
SG......I'm back and catching up. What you've said makes good sense. I'll have to see it in a couple live charts as pennies trades and posts additional vids on it, but I think I understand what you've outlined here. Thank you for clarifying. And you're right, there is a lot to learn not just with laying out your fib setup and looking for consolidation in the triple fib line setup, but with applying the numerous other technical applications that should maybe be used with your fib setup, like EW counts and candle pattern recognition, etc.
Ok, time to get some things done so I can hopefully be home when pre-market opens. I'll catch up on main board postings as soon as I can. Good afternoon all!
Just finished watching your 2nd Fib Box vid pennies........now the only question that came to mind while watching it was how the 5 minute or 15 minute fib stacks want to coordinate with the 4 hour fib boxes. Do the the smaller and larger time frame fib lines seem to meet up with each other or are you finding that there's a bit of slop in the 4 hour fib chart that the lower time frames help clean up some of that slop. So in other words, the price action may not stall right on a 4 hour fib chart box where it does on say the 5 minute fib chart box. Hope I'm making myself clear there.
I can sure see how identifying EW wave counts on those lower time frames can help find potential pullbacks on price at the three fib lines. And it's nice to know I can make a double parallel trendline as easily as I can the duplicate fib. Thanks for pointing that out as well. Yet another excellent vid pennies!
Pennies or SG.......would one of you throw up a 4 hour fib chart of AUD/JPY since that's the one that a few of us are in currently?
Pennies.......I suppose there's no way to set the fib tool according to SG's three line setup in Alpari without having to totally reset it to be able to layout the 88.6 and fib extensions on the tool, so that once they are reset you have to go in and delete those default and the 88.6 fib lines again is there....
Or in other words.......you can't have two fib tools in the tool/icon bar at top of chart can you?
Thanks estimator.......I just finished copying and pasting all his posts on the subject in a text document to read through from begining through end as I'm undistracted. That'll be at moments through today I hope....lol
Thank you for bringing it to our attention sdc. I was unaware until you posted about it.