nope.. GJ was last night (roughly 8.30pm).. GJ was because of it hit my SL.. it was foolish to set a SL at 50 pips on GJ as it is so volatile.. for EU... lets say its bad luck as my short was right on the money but my SL isn't big ... (50 pips again)

---

Added on September 19, 2008, 10:56 amShort EJ a LITTLE too early.. would have made additional 10 pips.. it hit ur fibo and unable to break out.. we'll c.. heh.. to add to that..it has hit a double top on the 1 hour chart

This post has been edited by kelvin_tan: Sep 19 2008, 11:01 AM

ok ...now im practicing Fibo...im short just now at GJ...take profit at 23.XX...will see what happen...


Attached thumbnail(s)

@normeck
happy pipping my account too small to touch GJ >< i can't bear the losses..

oo good.... wats ur msn o?

i jus start study by today...
my capital has been reduced, therefore, accordin to my plan, i MUST revise my tradin plan again..
T.T


enter position, well, if u r good in candlestick, then use it.. i dunno how to use it, so i'll use chart pattern at smaller TF..


but d problem is, larry pesavento never stated wats d normal fibo it will hit... he jus show patterns which will ignite bulish or bearish moves..

EJ on the way down.... +15 pips now.. set SL to +1pip.. protect my capital first.. do u guys do this actually? because i tend to notice sometimes it hits ur SL and then continues its trend..

---

Added on September 19, 2008, 11:17 am@lowyat82
hei lowyat.. share with me from whatever website ur reading about this harmony trading.. i need more knowledge

This post has been edited by kelvin_tan: Sep 19 2008, 11:17 AM

i mean we can discuss in this forum..

oops EJ triggered my SL.. +10 pips..

lets discuss how to read chart (TA)

from the picture that i have attached....when we just miss the train..what should we do?

1- we open buy with STOP LOST maybe got reversal?
2- we open sell (counter trend)...with STOP LOST cause from the chart it still uptrend...

so..what was "peranan" fibo here?



Attached thumbnail(s)

EJ hit daily pivot and going down down down !!! managed to short at 151.889

---

Added on September 19, 2008, 12:26 pmagain hit SL .. +24 pips

This post has been edited by kelvin_tan: Sep 19 2008, 12:26 PM

NOrmeck, plz post how your fibo is drawn. I cant see how to fibo is drawn bcoz I only manage to see very little portion of your chart.

Normally, When a trend is down. then we saw the trend has signal the reversal. Then we draw the FIBO from the top of the DT to the bottom of the DT. then we'll see how much the price will retrace to, before it continue its DT again.

correct me if im wrong...

TF h4

This post has been edited by normeck: Sep 19 2008, 12:56 PM


Attached thumbnail(s)

One simple case to show. I using FIBO to do trades bcoz it offer a good risk reward. Besides, I didn't take on every retracement, I need price action to tell me what to do next.

DO not blame me for the chart, cause I was not with my mt4. I tried my best to explain jor.

Try post up the larger portion of your chart.

EDIT:
Juz saw your post.
For FIBO, we're not using the current trend to determine, but the previous trend. IF for your case, you should drag from the previous high to the low.

This post has been edited by mphpopular: Sep 19 2008, 01:02 PM


Attached thumbnail(s)

quite volatile market tis week.
Make me lost 4 trades out of 5.Hope i can make better one today.
Hit my SL quite often.

TF H4

i am stopping for today.. i dun wanna burn all my profits d..
@mphpopular.. mayb a better explanation on fibo when u are on ur mt4? coz i'm still unsure am i drawing it right. i only draw it from the swing low to the swing high..

---

Added on September 19, 2008, 12:58 pmoh yes.. another question.. what time frame is suitable to draw the fibo? because drawing it on the monthly chart on mt4 will be taking mayb around 8 years time frame .. isn't that a bit too long? lets say my SL is 50 pips my TP is 85 pips, what time frame would u recommend ?

This post has been edited by kelvin_tan: Sep 19 2008, 12:58 PM

I do it on this way.

DONT FOLLOW THE CHART BLINDLY, for learning purpose only.

---

Added on September 19, 2008, 1:10 pmACtually profesion did tell us that in forex, always the price pattern, FIBO, EW and also those nontime lag tools is more effective in LONGER TF.

A good setup does takes years to form. I nvr go until monthly. THe most I went is into weekly. MOnthly is too far for me, my equity is not enough for it.

Usually for a small TP and SL, i using a 15m chart.
When I use it? During the time after a big UT or DT, then I'll finding out the retracement. BUt I wont trade for the retracement cause is danger to go against the trend. Unless it broke the 100.0 level. Then I'll take that no longer have any retracement, and I'll follow the trend to 127.2 or 161.8.

NOTE:
Must make sure you clear on the market major trend.

@kelvin
Today evening going to SEremban for a trip with frenz, guess only able to touch my mt4 by next week. Paiseh.

And need more profesion on FIBO to teach me also, I still in learning phase as well.

This post has been edited by mphpopular: Sep 19 2008, 01:10 PM


Attached thumbnail(s)

(deleted)

This post has been edited by kelvin_tan: Sep 19 2008, 01:18 PM

hm...just to add a little opinion on fibo. I notice most draw their vertical fibo using a rather small extream high/low. Though it's not to say it's not good, but some times can be rather misleading. Usually, to fully utilise fibo, both vertical and fan, it's best to draw from the true extream high/low, may it be years away. Then, when the gap between each level if it's too great, only look for smaller high/low, usually seen on consolidations. These are prices where people would actually remember, since fibo is about history price.

just my 2 cents

here's how i would draw on GJ, if i would trade on it.



Attached thumbnail(s)

hi there, new to this forex thingy, wanted to ask, is www.fxcm.com trustable?
or any of u can recommend me a trustable and good broker site?

fxcm is rubbish .. their latest "fees" is crazy... trustable broker would be oanda.com .. or u could ask others that use a mt4 broker..