Secret Chart Pattern

[vicentis]

the one that is on youtube and yet not shown

 

FOREX TRADER - learm how to use 72% Fibonacchi

 

must see:

 

[hankt80]

LOL there is hardly any difference in 61.8 and 72% fibo lvl, anyway fibo lvls very often fail, price often doesnt even retrace to those lvls, i agree with scwon, its rip off, impossible to trade only of those lvls and make money in long term - tried it before the standard fibo lvls, many many sl's.

[juicyt]

 

 

Let me know if these work out or are locked.

[⭐ godl1ke]

Hey JT, they're working fine thanks (or at least the first few minutes that I scanned)

 

Cheers

[juicyt]

Thank Yakka too, we both went in on this one..

[Guest FloridaTrader]

 

 

Let me know if these work out or are locked.

 

Second video doesn't work buddy

[juicyt]

Can you take another look? I have played it no issues. If it doesn't work, let me know what is happening so I can check it properly.

[vicentis]

very informative !

 

although the strategy is the level and the level only,

could you post the values of indicators, i cannot see in the video the indicators, is stochs, and rsi?

can you see those indis and settings?

[⭐ yakka]

stochastic: 8:3:3

 

RSi = 21 period

 

yakka

[vicentis]

thanks yakka

[hankt80]

''People have already contacted me regarding the use of Fibonacci retracements and extension levels and how they can maybe assist with entries and exits. I have no problem with this but I cannot give any advice. I think of myself as not an unintelligent person with a flair for maths, English, history, geography, and the sciences, etc. but for the life of me I cannot see how those *****ic numbers can in any way be remotely connected to the currency markets, or any other market for that matter, numeric or brick. Choose your own numbers and they will work just as well, and in most cases better.''

 

From the creator of BG system.

[juicyt]

thats pretty funny.. how old is that Hank?

[Freddie]

''... I cannot see how those *****ic numbers can in any way be remotely connected to the currency markets, ...From the creator of BG system.

 

Fibs, Psycho numbers and pivots are all 'self fulfilling profocies'(wish I could spell that). Oh, left out the S/R lines. All those lines are a possible stopper or a break through...not to the pip. of course but 'around there'.

[juicyt]

Agreed, instead of fibs, use 25, 50 & 75% and then use 125, 150, 175, -25, -50, & -75% and see how well those line up if you place it like a fib,on major swings. Damn, just gave away my next forex book i was going to release on how to determine sup/res to newbies.

[bhargav]

Thank you very much juicyt ..

[Ishtana]

Guys, what's the timeframe for this strategy? Even at 480 resolution, the screen is blurry and I couldn't see the timing. Thanks.

[⭐ yakka]

Any time frame you choose.

 

yakka

[axl]

Plotting Fib retracements

• The Fibonacci retracements are calculated by taking two extreme points

(usually a swing high and swing low) on the price movement and dividing the

vertical distance by the key Fibonacci ratios of

23.6%, 38.2%, 50%, 61.8% and100%.

 

• Once these levels are identified, horizontal lines are drawn and used to identify

possible support and resistance levels.

• The direction of the prior trend is likely to continue once the price has retraced

to any of the ratios.

 

Fib retracements – the 0.786 level Fib retracements – the 0.786 level

• Of all the ratios, the 0.786 level holds a lot of importance.

• This number is the square root of the “golden number” 0.618, and hence acts

as a very strong level of resistance / support.

• When we are looking at a change of trend, it is best to wait for price to break the

fib retracement of 0.786.

• This is the level, from where price has a very high probability of retracement.

• The 0.786 is thus known as the “reversal” fib level.

 

Use of the Fib retracements for Entry & Stop

• For price in an existing trend - when we are looking for a pullback to rejoin

the existing trend.

• In case of an uptrend, we plot the Fib retracement ratios on the previous

existing up trend.

• If the pullback is held within the Fib retracements, and if price does not break

the 0.786 level, then the indication is that price should resume the up move

again.

• So the break of the 23.6 level should be considered to be the entry, with the

stop below the 61.8 level.

• The assumption is that if price has broken the 23.6 level, then it has gathered

sufficient momentum to resume the move in the direction of the existing trend.

• Hence, the probability of price moving back down to the 61.8 level is quite

remote…….which becomes the correct technical level to place the stop.

 

Fib projections –

• The Fibonacci projections are used to determine the expected price targets,

once it has crossed the Fibonacci retracement levels.

• If we are anticipating price to begin an uptrend, we can use the last prominent

down wave to determine the expected upside targets.

• Thus we are projecting the price action forward, using the last prominent

moves.

Ideal situation to use in –

• For estimating the price targets after the pullback is completed. We project the

price action forward, estimating that it will reach the fib levels.

 

Plotting Fib projections – Plotting Fib projections –

• The Fibonacci projection is calculated by taking two extreme points (usually a

swing high and swing low) on the price movement and adding the key

Fibonacci ratios of 1.272%, 1.618%, 2.000% & 261.8%.

• Once price has crossed the levels of the swing high or swing low, the above

mentioned projection levels identify possible support and resistance levels.

• Of all the ratios, the 1.272% & 1.618% levels hold a lot of importance, since they

usually act as very strong levels of resistance / support.

[newbie111]

Thanks for that axl, this is great info being tought. I have an indi that plots the fib levels automatically. Will someone please code it to only show the 0%, 72%, and 100%? Even better if someone can code it to allow the user to set the levels of his choice in the inputs section of the indicator? Your help will be a Million times appreciated.

 

newbie111

 

http://www.4shared.com/rar/BE0hkE8V/AutoFibo.html

[newbie111]

Guys, what's the timeframe for this strategy? Even at 480 resolution, the screen is blurry and I couldn't see the timing. Thanks.

 

He suggests 4h and Daily for this system.

[forex93]

If you are using mt4 you can customize the fib retracement tool to any setting you want.

You place a fib retracement on your chart and then right click anywhere on the chart where it is blank. A list will pop up, click on "objects list". Right click on "fibo" and in the upper right hand corner click on "edit". There you can add or delete any fib number you so desire.

[newbie111]

If you are using mt4 you can customize the fib retracement tool to any setting you want.

You place a fib retracement on your chart and then right click anywhere on the chart where it is blank. A list will pop up, click on "objects list". Right click on "fibo" and in the upper right hand corner click on "edit". There you can add or delete any fib number you so desire.

 

Thanks forex93, that is the method that i'm now using. I only have the 0%, 72%, and 100% , but since the autofibo indi paints the lines automatically, I am hoping someone will modify it to do so automatically with only the 3 levels mentioned above.

Edited March 6, 2013 by newbie111