hokshila

Covered my short at 9700 (+12). However, If my observations are correct, though lucky, I got it all wrong. This move down was the p/b from this morning's piercing of Asian box. Tipped me because price held at 618 ret of today's up leg. I drew a fib on the 4 h starting Jan 16th and realized price had been sitting on the 78.6 ret. and this p/b was after crossing the 61.8 of that move. Additionally, all fib levels and today's pp are matching perfectly at different levels. I'm starting to like those fibs on the 4 hour! Hope I got right this time and I'm not just rumbling. See pp and 4h fib detail on the 15 m.

Went short at 9715. Reason: - Confluence of PP and 382 Fib level from pd move broken. - Reversal candles on my 15 min. Don't know if entry was OK because we were near a round number and I was just plain lucky and should have waited to take a p/b after piercing the round number.

Just to make sure I understand how Texxas gets her 35/50% PP: We use yesterday's close price at 17:00 EST. Mine is 1.9682 Using the 82, we calculate the 35/50% to the + and - This is: R1: 1.9711 R2: 1.9723 S1: 1.9653 S2: 1.9641 I'd appreciate if someone could confirm that. Thanks, Hokshila

Torero, thanks for the reply. What I'm trying to do is trapping price inside a channel and see how it reacts inside of it: Buy at lower channel line/ Sell at Top. You are seeing different channels here. The one with the red dots is a Fib channel. I have marked extensions outside the channel to gauge exhaustion. The other one is a Linear regression. On these higher time frames I'm plotting the big swing fibo too. On my lower time frames (15 min) I have the pivot points, Tokyo H/L and pd fibos. I purposely posted those "almost naked" charts for simplicity. Should I also plot pivot points, Tokyo H/L and pd fibos on the higher tf charts too?

This is my 1 hour. Waiting for a p/b to confirm b/o of fib levels?

This is my 4 hours. We can see a range forming. This is what I'd do: Wait and see how this range box develops. If there's a breakout, either North or South, wait for a pullback to validate the b/o.

OK folks, I did do a serious reading yesterday and that's how I understand it: Find set ups (i.e.: reversal exhaustion candle formations) on higher time frames, daily, 4 hours, 1 hour, and plot S&R, pivots and fibs. Fine tune entries with 15 min and 5 min. Right now I'm looking at the pound and that's what I see Let me know if I'm on the right track. Hokshila

Hi everybody, I've just discovered your amazing forum. FX trader too. Buk and Tex, fantastic information on all your posts, really appreciate it. I'm going through all of them till I catch up and can contribute. Torero, kudos to you too! Hokshila