i have funded 500$ , what amount should i aim for everyday?

[4xpipcounter]

Fibonacci II

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Let me pause just to let you know I don't use Fibs for my personal trading, but they are still effective. Numerous charts are posted in my thread which shows the pictures of my entire methodology.

Now that we learned how our ratios are derived, it is now time to put them to work. (BTW, if you have a favorite market, I can post a chart on it. I don't want you thinking I'm cherry-picking the markets.)

The chart posted is a daily of the AUD/USD. What the chart is showing is that the pair has switched directions. First it was in an uptrend, and now the downtrend has begun.

Trendlines (TL's) are part of my personal methodology. It was drawn from the recent dip to the most recent swing low in the uptrend. The first thing to look for (I did a series in this forum on TL's.) is when a TL is broken is a longer than usual candle. That determines the fact the trend has changed. We had the break, and the candle is longer than usual, so we now address this pair, as far as the daily chart is concerned, as a downtrend. But, we still need to be aware of supports and resistances (S&R's) along the way.

The pair has just run into the first support zone of any significant consequence. IMO (Anytime it is my opinion, it does not make it an absolute fact.), it is best to use chart S&R's when using Fibs, because they are better served as a confluence with the Fibs. The pair ran into chart along with the .764 Fibo retracement value. The chart S was determined by drawing the line form the swing high on the left, and then it takes us through a very busy looking area on the chart. The chart S, along with the .764 Fibo retracement value form a confluence.

It is always best to have a confluence of S or R, rather than take the Fibos at their naked value. Look what happened to the .382, .500, .618. They just got ripped out. But, once the .764 was hit, it also met up with some chart S that said, "Okay DOWN, you had your fun. Now it is time to stop."

Coming up next is what to expect on the correction, as we now put on our binoculars and look forward. Before reading my next post, I would look ahead just to see what you might be able to see on your own without me getting in the way.

 

[4xpipcounter]

Tavnaz, I really had a lot of fun addressing it. I had to add some comedic lines in there just to lighten things up a little. It got even more fun when she (I assume Vicky is a she. No pun intended if I am wrong.)wanted to mess with my methodology. Ask about it is okay, but don't open up your guns on it. I got cannons waiting.
She hit the nail on the head with the definition, which is exactly why I called it a trifecta. No 3 events get more grand than when the monthly, weekly, and daily are all agreeing.

As far as FA's are concerned, I have some personal biases about them, but they are just that-- personal. This is why I stay out of all FA threads. You hit it. If it works for you, then keep doing it.

I hope Vicky comes back. In the fun, I meant nothing personal at her by it all.

Quite,well said,by Paul.
Yeah,New Guys,do need ample support and guidance,after all,the first thing protecting their neck is information on forums like these.

Not being neutral,on the stances or Verbal arguments taking place here.
But I have got to say,Neither paul had to reply to Vicky,nor Vicky had to be egoistic,in his replies.

No FA trader is better then TA trader,neither is the TA trader better then FA.
Who cares what is TA or FA if the trader makes money.
Saying that a chartist sees patterns everywhere would as easily be insult,equal to insulting an FA trader,who is no better then news trader and/or relies on special kind of information.

Yes ,it is a forum,everyone has a liberty to ask or post any new thread.
But everyone also has liberty to answer or not ,in those posted threads.

From Which i recall,Most if not all of these kinds of threads ,don't get a single reply.
you are doing a good job,Paul,Keep it going,i wish you were here an year and half ago when i started.


Yeah,to the trifecta term,who cares if Paul invented any idiot would have seen,Paul meant,Confluence of three time frames,monthly weekly and daily.
Gotta Go Now.
Regards
Tavnaz

 

[4xpipcounter]

Fibonacci III

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At his point, we don't know for certain if current level is going to hold up before the retracement, or if it will continue to the previous dip at 1.0388. One thing we know by looking at the chart is that if current level is broken, then it will be another very strong move to 1.0388, because there is not a lot of S along the way. We still have to be bale to look forward in order to ascertain an entry that will make us some pips.

I drew 2 sets of Fibo line the red set is from the current area, and then blue set is from 1.0388, the recent dip. The other thing we would look for is the minimum pullback area. A confluence is necessary which will take some of the guess work out of just how far the correction will go.

Look where the candle broken the TL I should have drawn a line there for additional clarity, but that level is 1.0726. That is the minimum correction we should see. The UP TL which was S now becomes R. It will be the maximum for the correction which is currently 1.0751. If the current level contains then the 50% level for the red lines should contain. If it breaks through, then it should be the .618 level for the blue lines.

It should be noted there are exceptions to the rule, and nothing ever plays out absolutely perfectly. Playing by the rules will keep you on the right side of your trades.

In using Fibos, it is also necessary to be able to spot the chart S&'R's, because they will coincide with the Fibos.
Another thing to keep in mind is the current market conditions. Lately, things have been highly volatile, so price movement could be subject to some conditions that belie the essence of this methodology.

 

[Piratetrader]

Firstly thank you very much sir, appreciate it secondly i use to get 2-5 marks in maths out of 100 in school so i am not good with numbers!! when i see the upper chart the only things that comes to my mind is that the uptrend lasted at 1.1070 where you have placed the 100 extension of fibo,!? why did you put it there? do we put 100% extension on the place were the uptrend lasted like till 1.1070?????in using fibo what time of chart should we be using it , like i use 1 hour chart! and looking at the charts it tell me doubt in the mind like how will it help! and about the S and R indicator how to use that? 85 - 15 what does it show sir ! and i would love it if you would show this on eur/usd chart !1

 

[Piratetrader]

secondly sir i would like to know about bonds and yield! like if the italy bond is rising will it strengthen the currency ? and why do yields go up when bonds are in a negative direction!

 

[Piratetrader]

i know this will make your head boil but its just to many confusions that i want to get it cleared! i understood the chart patterns it was easy but all the other indicators except the RSI is pissing me off

 

[4xpipcounter]

The Fibo lines are drawn from the peak to the dip. If price moved all the way back to 1.1070, then it would be a 100% retracement of the DOWN. That is why the peak is 100%, and why you draw the line from the peak to the dip.

It does not matter what TF you use it on. All the rules are the same with regards to drawing the Fibs, and looking for the chart S&R's.

Can you clarify what you mean by the 85-15? I got lost there.

When we talk about chart S&R's, we are not talking about an indicator. WE are talking about a drawing tool. You eye the S&R's by spotting the swing lows and highs, then drawing your line with respect to it. The TL's are drawn from the dip or peak (Depended on which way the trend is headed.) to the 1st swing low or high (That's the rule in drawing them.)

I'll be glad to get to the EUR/USD for you. I got some forecasting requests to take care of and some other things, so I have it on my list. I'll do my best to get to it today. I leave tomorrow on vacation.

Firstly thank you very much sir, appreciate it secondly i use to get 2-5 marks in maths out of 100 in school so i am not good with numbers!! when i see the upper chart the only things that comes to my mind is that the uptrend lasted at 1.1070 where you have placed the 100 extension of fibo,!? why did you put it there? do we put 100% extension on the place were the uptrend lasted like till 1.1070?????in using fibo what time of chart should we be using it , like i use 1 hour chart! and looking at the charts it tell me doubt in the mind like how will it help! and about the S and R indicator how to use that? 85 - 15 what does it show sir ! and i would love it if you would show this on eur/usd chart !1

 

[4xpipcounter]

Any oscillator will do. I did not elaborate on the stochastics and its relevancy, but I'll use the RSI next time.

A boiling head? Naw, it's my hobby along with my living. I love this stuff.

i know this will make your head boil but its just to many confusions that i want to get it cleared! i understood the chart patterns it was easy but all the other indicators except the RSI is off

 

[4xpipcounter]

That would be something you would never have to concern yourself with trading, but I'll give you a brief synopsis. It isall relative to what is being paid for the bond. Let's say the asking rate is $1,100, but the market rate is $1,000. The maturity rate is $1,500 in x amount of years. On $1,100, that would be 36.4% and $1,000 would be 50%.

I'm not a finance major, so for additional clarity, maybe there is a finance guru that can better address that.

With regards to bonds strengthening currencies, that is fundamental data, and I don't touch it with regards to trading.

secondly sir i would like to know about bonds and yield! like if the italy bond is rising will it strengthen the currency ? and why do yields go up when bonds are in a negative direction!

 

[Piratetrader]

The Fibo lines are drawn from the peak to the dip. If price moved all the way back to 1.1070, then it would be a 100% retracement of the DOWN. That is why the peak is 100%, and why you draw the line from the peak to the dip.

It does not matter what TF you use it on. All the rules are the same with regards to drawing the Fibs, and looking for the chart S&R's.

Can you clarify what you mean by the 85-15? I got lost there.

When we talk about chart S&R's, we are not talking about an indicator. WE are talking about a drawing tool. You eye the S&R's by spotting the swing lows and highs, then drawing your line with respect to it. The TL's are drawn from the dip or peak (Depended on which way the trend is headed.) to the 1st swing low or high (That's the rule in drawing them.)

I'll be glad to get to the EUR/USD for you. I got some forecasting requests to take care of and some other things, so I have it on my list. I'll do my best to get to it today. I leave tomorrow on vacation.

by the 85-15 i mean the indicator on your chart on the bottom similar to rsi what is that sir? were u goin on vacation now who will help me ? and is it necessary to draw the Support and resistance(pivot points)? i think that like if a pair breaks a resistance it is not necessary that it will go more up or hit the second resistance as well same goes for the support right? so what is the use for this?ALSO IN FIBO WHICH IS THE MOST IMP retracement level like if i put a fibo retracement from peak to dip ( 100.0 - 0.0) and now as it is going up and crossed the 23.6 extension ! how do you determine if it will go more up or now if it will cross the 38.2 level? and when to enter the trade how ???? i am doing T.A on DEMO ACCOUNT for time being ,secondly here is my account chart image my account in which i am trading i have a buy on eur/usd from 1.4195 TP = 1.205, currently in loss btw made 200 $ profit yesterday because i got greedy