EUR.USD

[arco]

Sounds interesting Peat.

I did warn on the blog yesterday about Euro bearish potential

Eur.Usd #41 – Consolidating. Bearish continuation still looks feasible in the medium/longer term ........... Chikou resistance @ 3218 and Kijun at 3227 are holding up north bound progress.

Also gave Aussie and Kiwi as shorts.

Aud.Usd #42 - Continuation south cautiously feasible in the short term as the action struggles against the daily charts broken minor up-trend line with potential to form a mini 123 on the 4 hour. Chikou below as possible support zone area 9198-9166.

Nzd.Usd #47 – Short term looks slightly bearish on break of Bear Flag (1H chart) with potential for test of Chikou 7241

[peat]

looking back its all so apparent huh. A totally perfect gartley on the Euro Weekly chart here.
And Phaedrus says Fibonacci levels have no value pffft.




I apologise for only doing this in hindsight - one day I'll get it right for the future

I will say that looks like a hammer on this very last candle.

[Phaedrus]

Peat, my Dow thread comments on Fibonacci retracements referred specifically to their application to Indices, in this instance, the Dow. As support for my opinion, I cited the following :- "A recent study by Professor Roy Batchelor and Richard Ramyar found no evidence that Fibonacci numbers work in American stockmarkets. They tested nearly 90 years of history of the Dow Jones Industrial Average (1914-2002) and found no indication that trends tend to reverse at the 61.8% level - or at any other Fibonacci level." http://www.cass.city.ac.uk/media/sto...004_65846.html

It is unfair of you to take my comments totally out of context and then apply them to Forex trading - a completely separate topic and one that I did not so much as mention.

I appreciate that many Forex traders utilise Fibonacci levels but this has nothing to do with the Dow, my opinion as stated, or the findings of the Batchelor/Ramyar paper referred to above. You might like to read this article :- http://www.proshareng.com/articles/s...ws.php?id=1121 The author has no difficulty whatsoever reconciling these two separate viewpoints.

I say that Fibonacci levels don't work with the Dow.
You say that they do work with Forex.......
Where is the argument?

[peat]

ok
I never appreciated that distinction.....I'll follow up in another thread (this one is for Eur$$$ )

[Trader]

Does anyone use Heiken Ashi indicator? If yes, what other indicators could be useful with Heinken Ashi?

[peat]

yes I quite often flick to Heiken Ashi simply to smooth out noise on a chart - it seems to make trends more obvious and can make it a lot more apparent how to count waves.

[Trader]

Thanks Peat. "Count wave" meaning Elliot wave? or 5-3.. How do you time your entry and place your stop loss? Do you look at other indicator to time your entry?

[peat]

yes I count in EW.
entry? ....different ways... a butterfly trigger is something I'm always looking out for. RSI crossovers... candles such as harami/engulfing patterns ... with Heikin Ashi you could just be green sell red at different time frames.
stops go on the other side of historical support/resistance or swing high's/lows

not looking good for the Euro but its well oversold and in fact showing divergence on the daily
I'm gonna try a small cheeky long at 1.22 18 pip stop. -12 already

(later) +30 putting on a 40 pip trailing stop and of to zzz. dont really trust it. not much at risk now.

[peat]

I'm gonna try a small cheeky long at 1.22 18 pip stop. -12 already

(later) +30 putting on a 40 pip trailing stop and of to zzz. dont really trust it. not much at risk now.

Ha! just stopped out in the early phase.... forex can be a bit of bastard sometime (now 1.2344)
still - no loss suffered.

[Trader]

Thanks Pete. Looks like it has touched 50% fib level on monthly chart (1/11/2000 to 01/07/2008). Still looking for a long position