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Daily Chart 3-Candle

  • #481
  • Edited 8:27am Oct 3, 2018 8:13am | Edited 8:27am
Quoting loudoniii
After a bit of an upwards correction yesterday, the Euro (EUR/USD) has now rejected the 4-Hour Best BUY level which I have at 1.15881, and shorted off from the Daily Best SELL level which I have at 1.15799. I got in Short at 1.15809, and it's currently around 1.15609, about 20 +ve PIPs. 4-Hour Best Sell level is coming up just below, at 1.15537 I make it, so we'll see how it reacts there. I've put my Stop Loss down to BE+1 and am just waiting to see what happens when New York opens in just over an hour's time. ISM is out at 14:00 UTC, so I'm hoping...
Hey Paul,

I only have an H4 best sell and 1.15797 my daily best sell is at 1.1570
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  • #482
  • Oct 3, 2018 9:11am Oct 3, 2018 9:11am
Quoting loudoniii
After a bit of an upwards correction yesterday, the Euro (EUR/USD) has now rejected the 4-Hour Best BUY level which I have at 1.15881, and shorted off from the Daily Best SELL level which I have at 1.15799. I got in Short at 1.15809, and it's currently around 1.15609, about 20 +ve PIPs. 4-Hour Best Sell level is coming up just below, at 1.15537 I make it, so we'll see how it reacts there. I've put my Stop Loss down to BE+1 and am just waiting to see what happens when New York opens in just over an hour's time. ISM is out at 14:00 UTC, so I'm hoping...
Immediately after ISM announcement 9 minutes ago, I closed my two trades from earlier.

1. Swissie (USD/CHF) Long closed at 190.2% Fibo level at 0.98939 for a profit of +53.5 PIPs.
2. Euro (EUR/USD) Short closed at 76.4% Fibo level at 1.15276 for a profit of +53.3 PIPs.

So, over 100 PIPs between the two trades, so I'm quite pleased with that.

See Post #471 on Page #24 for details of the setup.

With grateful thanks to simoneg for sharing this super trading setup!!!
  • #483
  • Oct 3, 2018 9:22am Oct 3, 2018 9:22am
Quoting simoneg
{quote} Hey Paul, I only have an H4 best sell and 1.15797 my daily best sell is at 1.1570
Hi Simone

Looking back, you're right, of course - my 4-Hour Best SELL is wrongly marked on the Swing High instead of the Swing Low - my mistake. I have amended my write-up in Post #471 on Page #24, to avoid confusing anyone following the thread.

My Daily Best SELL price is at 1.15799, just a bit above yours.

I'm using MT4 charts from Admiral Markets, so the pricing is probably a little bit different from yours.

Either way, it seemed to work .. was worth a +53.3 PIPs Short!

When marking Best BUY and Best SELL prices, I am using the latest potential Swing Levels, which somtimes have not fully formed yet, so I review them with every new 4-Hour candle ... I assume this is correct protocol?
  • #484
  • Oct 3, 2018 10:51am Oct 3, 2018 10:51am
Quoting loudoniii
{quote}Hi Simone Looking back, you're right, of course - my 4-Hour Best SELL is wrongly marked on the Swing High instead of the Swing Low - my mistake. I have amended my write-up in Post #471 on Page #24, to avoid confusing anyone following the thread. My Daily Best SELL price is at 1.15799, just a bit above yours. I'm using MT4 charts from Admiral Markets, so the pricing is probably a little bit different from yours. Either way, it seemed to work .. was worth a +53.3 PIPs Short! When marking Best BUY and Best SELL prices, I am using the latest...
Nice...yes Paul...that's correct. The most current is better.
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  • #485
  • Oct 3, 2018 11:40am Oct 3, 2018 11:40am
Greetings Simoneg,
When you have some time can you please explain a bit about how to measure/use 190.2% fibo level, with some examples please

Thanks in advance
R
  • #486
  • Oct 3, 2018 1:59pm Oct 3, 2018 1:59pm
Quoting rookie14
Greetings Simoneg, When you have some time can you please explain a bit about how to measure/use 190.2% fibo level, with some examples please Thanks in advance R
Oh dear...please forgive me rookie14. I will do so on the weekend when I have a bit more time.
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  • #487
  • Oct 3, 2018 2:15pm Oct 3, 2018 2:15pm
Not a problem

Thanks and regards
R
  • #488
  • Oct 3, 2018 3:03pm Oct 3, 2018 3:03pm
Quoting rookie14
Not a problem Thanks and regards R
Hi rookie14!

I don't know what charting software you are using.

Whatever it is, you should be able to program in the different Fibo levels you want to use, for example, 50% 76.4%, and so on. If you can include the level 190.2%, it will show you the market's reaction when price reaches the 190.2% Fibo extension level of a previous swing down or up.

For example, in Metatrader 4, you put in the Fibo level 1.902 %$ to show the 190.2% Fibo extension level on your charts, and the relevant price when it hits that level.

Simone is saying that the 190.2% Fibo extension is a significant level at which price tends to react, either shorting off and going lower, or breaking out ("breakout") the level and going even higher - either reaction is significant.

Our job as traders is not to predict either reaction, but simply to observe, and react accordingly whether it goes higher or lower.

The significance of the level is simply that it is a key potential turning point - we just need to watch, and see what happens!

Please be in no doubt, Simone's trading system that she describes here is an absolute treasure!

I hope that this helps - if you have any further questions, feel free to ask.

Best wishes, Paul
  • #489
  • Oct 3, 2018 3:08pm Oct 3, 2018 3:08pm
Thanks Loudoniii

Sorry for being silly, can you or Simone attach some charts examples please
I just want to see A,B, C pattern reaching to 190.2 level

Thanks and regards
R
  • #490
  • Oct 3, 2018 3:18pm Oct 3, 2018 3:18pm
Quoting rookie14
Thanks Loudoniii Sorry for being silly, can you or Simone attach some charts examples please I just want to see A,B, C pattern reaching to 190.2 level Thanks and regards R
No problem, rookie14 - it's a prefectly fair question.

Herewith example of today's action on the Euro, showing how price reacts to the 190.2% Fibo level on the 4-Hour chart.

I made +53.3 PIPs out of this Euro Short trade, but had I stayed in a bit longer, I could have made quite a bit more.
Attached Image
  • #491
  • Oct 3, 2018 4:26pm Oct 3, 2018 4:26pm
Thank you Paul! I had just come online to see if I could squeeze in a quick explanation.

Just to add a bit more to what Paul has stated. My thinking is that the 190.2% Fib extension is a PRIME TARGET. Therefore the trend will continue until "A" 190.2% extension is reached. Whether it be on the Monthly, Weekly, or Daily.

The Daily & Weekly are my key focus. If the 190.2 is not reached on the week that begins a trend, I continue to see the trend in that direction until that target is met.

Take for example the USDCAD chart attached. The Week of Sept 9-14th just achieved its target this week after correcting and them giving that huge sell. Now we are long.

Then let's look at Gold, which reversed right at the weekly BEST SELL after hitting the 190.2.

Finally we have Gold again, correcting/reversing after achieving the 190.2 of this August 15th Daily Fib.

And we are simply fibbing the high/low of the day (daily fib) or week (weekly fib).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eg1.png Size: 135 KB
Click to Enlarge Name: eg2.png Size: 101 KB
Click to Enlarge Name: eg3.png Size: 159 KB
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  • #492
  • Oct 3, 2018 4:34pm Oct 3, 2018 4:34pm
Fast foward to EU today.

We shorted the H4 Best Sell, and continue to short towards the 190.2, which converges with another H4 best sell. This is our likely target. I hope this clears up your questions.

Kind regards.
Attached Image (click to enlarge)
Click to Enlarge Name: EG4.png Size: 140 KB
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  • #493
  • Oct 3, 2018 6:41pm Oct 3, 2018 6:41pm
So nice of Simon and Paul
In my personal opinion the way someone responds is more important then anything else

You guys are super Awesome!!

I am going to do required home work and will be more focus

Thanks a ton again

Best Regards
R
  • #494
  • Oct 4, 2018 5:40pm Oct 4, 2018 5:40pm
I tried to make an indicator for the swing points.
It's a bit different than Hairi's indicator … Please check and post any errors.
Attached Image (click to enlarge)
Click to Enlarge Name: 3cEURUSDH4.png Size: 28 KB
Attached File(s)
File Type: mq4 sm3Candle SwingPoints_v1.mq4   6 KB | 802 downloads
  • #495
  • Oct 4, 2018 6:25pm Oct 4, 2018 6:25pm
Quoting SwingMan
I tried to make an indicator for the swing points. It's a bit different than Hairi's indicator … Please check and post any errors. {image} {file}

Thanks SwingMan! Checking it out. At a glance it seems you took all "ideal" 3 bar setups, correct?
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  • #496
  • Oct 4, 2018 6:49pm Oct 4, 2018 6:49pm
Quoting SwingMan
I tried to make an indicator for the swing points. It's a bit different than Hairi's indicator … Please check and post any errors. {image} {file}
Looks great SwingMan!
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  • #497
  • Oct 4, 2018 7:16pm Oct 4, 2018 7:16pm
Quoting loudoniii
{quote} No problem, rookie14 - it's a prefectly fair question. Herewith example of today's action on the Euro, showing how price reacts to the 190.2% Fibo level on the 4-Hour chart. I made +53.3 PIPs out of this Euro Short trade, but had I stayed in a bit longer, I could have made quite a bit more. {image}
Love the way you r correlating the time frames actions .
Great work .
Cheers
LOVE YOUR GAME WITH A PASSION ,,,,, WORK WITH A VISION ! ! ! ! !
  • #498
  • Oct 4, 2018 7:30pm Oct 4, 2018 7:30pm
Quoting SwingMan
I tried to make an indicator for the swing points. It's a bit different than Hairi's indicator … Please check and post any errors. {image} {file}
Absolutely loving it Swingman! Thanks a million!
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  • #499
  • Oct 4, 2018 10:20pm Oct 4, 2018 10:20pm
Quoting SwingMan
I tried to make an indicator for the swing points. It's a bit different than Hairi's indicator … Please check and post any errors. {image} {file}
Hi, SwingMan,
Nice to meet u,
May be some error at this Indicator,
BUY
if 1st bar closed below than open,
2nd bar closed below than 1st close,
3rd bar closed above than 2nd bar's close,
4th bar closed above than 3rd open,
SELL,
1st bar closed above than open,
2nd bar closed above than 1st close,
3rd bar closed below than 2nd close,
4th bar closed below than 3rd open,
  • #500
  • Oct 5, 2018 4:00am Oct 5, 2018 4:00am
simone,
to help SwingMan and us to understand you correct regarding the best buy/sell levels:
are these levels the same like you mentioned before the "buy/sell rejection levels"?

if SwingMan understands the concept right (and we need to support him as much as possible) he could maybe built an indi for these very interesting S&R-levels, which are (like you mentioned already) powerful. and i think more powerful like pivots we know already from davit.
trading is like dancing, don't think and just listen to the music!
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