Week 48

[torero]

Triangle target reached and taking profits here just as it bounced from 9350. I guess Tokyo wants to close out the weekend with a bang. I'll take it. Have a nice holidays all and see ya monday! Thanks again tex!

[Anna-Maria]

	Quote:	torero
	Not bad for a beginner eh?! :0) I'm hoping the beginner luck will stay!!!

Ohhhh, I think your understanding & appreciation of price action is a few notches higher than a mere beginner!!

Price action is price action is price action...no matter the candidate/instrument class. Like I said prev: Instrument familiarization is obviously key in determining progression, but if a trader has the raw ingredients in his bag, it's merely a case of concocting a new menu with the basic materials

I agree, the higher timeframes certainly offer a clearer view of the landscape. The lower frames, when used in tandem, are helpful in offering maybe a more precise trigger execution.

15m is a happy medium for sure, although I do on occasion drill down to the 5 to take a peek every now & then.

I guess everyone finds their own comfort zones according to the current layout etc. There's no right or wrong - just whatever works for you!

Nice trade to end the week with though huh? Good stuff!!

[Anna-Maria]

I've been asked whether I refer to any of the other Fibs numbers apart from the favored 78.6, which has cropped up in a few graph examples used to illustrate my set-ups/triggers.

Sure, I use them as reference points. Not particularly as triggers or sole means of trade decisions, merely as additional aids to refer to. I like to see how price behaves on or around levels which harbour these % lines, especially if they rest at Big Figures or secondary round numbers (50's).

The "full set" are primarily plotted from the Larger Frames: Weekly/Daily & those levels transferred down to the 240/60m templates which form the basis of my entries, profit paring, compounding & exits.

Some folks like them, others dismiss them as mere coincidences - and I guess if you draw enough lines from the various high-low pressure points at the swing levels, you're bound to get some which "fit"

Which is why I prefer to plot the complete set from extreme levels via the larger timeframe references. Over the years, they've consistantly hit on enough zones of activity for me to at least consider these area's as valid markers on the technical landscape.

I'll generally only eyeball the 78.6 number on the smaller swing zones as it pressures that particular level, but the others sit on my focus frames (60/240m) from the larger levels to offer a secondary confirmer.

If price decides to go on a run, more often than not they'll stall or react to
one or more of the big Fib lines, as is the case with this current Franc trade.

Coincidence?? maybe - but I'm not too bothered either way. I'm not concerned with delving into the why's & wherefor's or wasting my energies on digging deep into the magic of the ratio's....they react often enough for me to observe them. Our folks & their colleagues have used them for years & they're still trading...that'll do for me!

[torero]

Amazing! I think only a few people use 78.6 and 21.4. I was introduced to this # by my mentor and it was very exiciting to watch. But it's true, they don't mean anything unless price action treat it with respect. So it's there but no telling if price action will pay attention to it or not.

A correction is in order, I actually had expected the triangle pattern target at 9250 not 9350. I only set my stop loss when I stepped out for a while. So it was a positive surprise to find it was hitting 9350 and not 9250. I don't expect 2cents runs like this everyday in such a short time. So I'll take it as special christmas present.