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EURUSD M6E/6E Euro


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EURUSD M6E/6E Euro

  #761 (permalink)
 
stephenszpak's Avatar
 stephenszpak 
Massachusetts (USA)
 
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Silvester17 View Post
when trading currency futures, I believe fibonacci is probably one of the most important tools you can find. not because those are magic numbers, because many traders are watching them. the problem is how to draw them and on what time frame.

I personally only use fib confluence / cluster plus volume for entries and exits. fibs on larger time frame and volume on smaller time frame.

You are using ThinkOrSwim apparently (and NT)? He uses that to draw his levels.
Maybe the drawing tools in NinjaTrader (Fib levels etc.) are good enough.
I haven't really checked that out.

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  #762 (permalink)
 
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 Silvester17 
Columbus, OH
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stephenszpak View Post
You are using ThinkOrSwim apparently (and NT)? He uses that to draw his levels.
Maybe the drawing tools in NinjaTrader (Fib levels etc.) are good enough.
I haven't really checked that out.

I don't think there's a problem with either one. I use it on both platforms.

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  #763 (permalink)
 
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 Massive l 
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stephenszpak View Post
One of his big things, is to go with the trend until it fails. It seems he
uses the Fib levels as a methodical way of determining if a trend has changed.
Though he does more with them than that I believe. (They really worked great
on the charts he showed anyway.)

This guy is pretty good with them too.
Fibonacci Method Live Trading Room | The Fib Doctor

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  #764 (permalink)
 
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 stephenszpak 
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Massive l View Post
This guy is pretty good with them too.
Fibonacci Method Live Trading Room | The Fib Doctor

I briefly looked at his site.

Attachment shows my pathetic attempt to use some Fibonacci. Obviously I have no idea
what I'm doing just yet with that. One problem I have is that sometimes prices stop moving
down or up, and there isn't an obvious support or resistance level there. Maybe Fibonacci can
help in such cases.

The chart (6E recent) shows 5 Fibonacci price levels in each down move (chart created with NinjaTrader).
That's just too many. The price is always at or near one of them.


Well I guess that's enough for a few days.

- Stephen

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  #765 (permalink)
 
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 Private Banker 
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6E finally loosened up here today with a nice wedge break out that took price up to the 3142 high. Market clearly rejected price at these levels which was a low volume area and October's swing low. Very nice short set up there if you didn't catch the move higher. Pretty nice price action today considering we're heading into a relatively low volume period. But given the current events in the markets, we may see nice swings all the way through the holidays.

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  #766 (permalink)
 
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 monpere 
Bala, PA, USA
 
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Private Banker View Post
6E finally loosened up here today with a nice wedge break out that took price up to the 3142 high. Market clearly rejected price at these levels which was a low volume area and October's swing low. Very nice short set up there if you didn't catch the move higher. Pretty nice price action today considering we're heading into a relatively low volume period. But given the current events in the markets, we may see nice swings all the way through the holidays.

I never could wrap my brain around why traders trade such large time frames. This breakout, even if superbly and perfectly executed would probably be about a 3:1 risk/reward trade. I get on average between 5 to15, 3:1 r/r trades everyday on a 3 or 4 range 6E chart. What is the draw of a 15min+ chart for day traders?

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  #767 (permalink)
 
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 Private Banker 
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monpere View Post
I never could wrap my brain around why traders trade such large time frames. This breakout, even if superbly and perfectly executed would probably be about a 3:1 risk/reward trade. I get on average between 5 to15, 3:1 r/r trades everyday on a 3 or 4 range 6E chart. What is the draw of a 15min+ chart for day traders?

I look at larger time frames for overall market structure and boil that down into my intra-day trade set up which is from a smaller time frame. The bigger picture tells a clearer story obviously. By trading just off a small period chart, you're potentially just trading noise so hopefully one would pay attention to the big picture as well.

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  #768 (permalink)
 
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 trendisyourfriend 
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monpere View Post
I never could wrap my brain around why traders trade such large time frames. This breakout, even if superbly and perfectly executed would probably be about a 3:1 risk/reward trade. I get on average between 5 to15, 3:1 r/r trades everyday on a 3 or 4 range 6E chart. What is the draw of a 15min+ chart for day traders?

I personally think it's interesting to look at high/low volume nodes as it gives you an idea where business has been done but when price is moving up or down, you don't know beforehand which node will stop price, it could be the next high volume node, the low volume node above it or further away on the road, who knows ? What were the other factors he (Private Banker) used in his decision process , i have no idea if i simply consider the chart posted.

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  #769 (permalink)
 
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 monpere 
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Private Banker View Post
I look at larger time frames for overall market structure and boil that down into my intra-day trade set up which is from a smaller time frame. The bigger picture tells a clearer story obviously. By trading just off a small period chart, you're potentially just trading noise so hopefully one would pay attention to the big picture as well.

I realize the majority of traders use multiple charts, with one or more higher time frames to get the 'big' picture. I happen not to use higher time frame charts, and don't really care what the overall market is doing. What ever is happening on a higher time frame is also happening on my small trading chart they are the same market. I can somewhat understand trading a higher time frame, and using a smaller time frame to fine tune an entry. But if I am trading small swings in a small time frame, not sure what a larger time frame does for me. Looking at the chart posted there are 6 days of what to me seems like nothing going on this higher time frame chart. Does that mean you are not trading for 6 days until this chart shows something happening on the 7th day? There's probably pure gold inside most of those 15 min bars.

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  #770 (permalink)
 
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 Private Banker 
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monpere View Post
I realize the majority of traders use multiple charts, with one or more higher time frames to get the 'big' picture. I happen not to use higher time frame charts, and don't really care what the overall market is doing. What ever is happening on a higher time frame is also happening on my small trading chart they are the same market. I can somewhat understand trading a higher time frame, and using a smaller time frame to fine tune an entry. But if I am trading small swings in a small time frame, not sure what a larger time frame does for me. Looking at the chart posted there are 6 days of what to me seems like nothing going on this higher time frame chart. Does that mean you are not trading for 6 days until this chart shows something happening on the 7th day? There's probably pure gold inside most of those 15 min bars.

This is funny... Are you even reading what I write here? Yes, the last few days were range bound as clearly evident on the chart shown previously. With that context being observed, I traded those ranges based on my intra-day set up which is off of a smaller periodicity chart. How is this conversation morphing from what happened today in the Euro to a battle of who's trading method is superior? Lol!

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