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Fibonacci Futures Trading Strategies
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Fibonacci Futures Trading Strategies

  #31 (permalink)
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NG Balance Line 01/23/2013

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Last edited by plethora; January 24th, 2013 at 01:43 AM.
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  #32 (permalink)
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Balance Line Bravo

JD,

The Balance Line was extremely helpful this past week. I believe it was on Tuesday and Wednesday that we stayed above the BL in the overnight session which tipped me off to looking for longs during the regular trading hours.

Next week I am going to use a Weekly BL and see how that works out. My calculation for CL is $95.47 for the low on 1/28/13 and a high of $98.24 on 1/30/13 for $96.86 as the weekly BL. NT doesn't show lows and highs the way esignal did, so I'm probably off a tick or so.


Last edited by plethora; February 2nd, 2013 at 10:30 AM.
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  #33 (permalink)
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Don´t forget to draw your fib level to know if market is gaining strength or is going weak, also look for the Prior Week High and Low...this levels will be key this coming week. very good job!!


Cheers.

JD



plethora View Post
JD,

The Balance Line was extremely helpful this past week. I believe it was on Tuesday and Wednesday that we stayed above the BL in the overnight session which tipped me off to looking for longs during the regular trading hours.

Next week I am going to use a Weekly BL and see how that works out. My calculation for CL is $95.47 for the low on 1/28/13 and a high of $98.24 on 1/30/13 for $96.86 as the weekly BL. NT doesn't show lows and highs the way esignal did, so I'm probably off a tick or so.


J Dennis Neeman.
Learning..always learning...
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  #34 (permalink)
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plethora View Post
JD,

The Balance Line was extremely helpful this past week. I believe it was on Tuesday and Wednesday that we stayed above the BL in the overnight session which tipped me off to looking for longs during the regular trading hours.

Next week I am going to use a Weekly BL and see how that works out. My calculation for CL is $95.47 for the low on 1/28/13 and a high of $98.24 on 1/30/13 for $96.86 as the weekly BL. NT doesn't show lows and highs the way esignal did, so I'm probably off a tick or so.

@plethora: The balance line or balance point is mainly used over a daily and a 3-daily period. It is identical with what I call Central Pivot, which is shown by the SessionPivots (daily balance point) and SessionPivotsRolling (N-daily balance point) indicators.

Below is a chart that shows the pivot range. You get the pivot range, if you mirror the central pivot (=balance line) around the main pivot PP. The pivot range is a powerful tool as it shows you

-> whether the prior day has closed above its midrange (DP > CP, consider this as an uptrend)
-> or whether the prior day has closed below its midrange (DP<CP, consider this as a downtrend)
-> ot whether the prior day has closed near its midrange (narrow pivot range, consider this as a balancing day)

With the help of the pivot range you can establish

-> the main areas of support and resistance for the day
-> develop a scenario based on the likely bias

For example:

-> if the pivot range is wide this increases the odds of a balancing day (see Wednesday chart below)
-> if the daily pivot range is above the weekly pivot range (but not too far away which would point to an overextension) try to enter long near the daily pivot range (this would have worked on Monday, Tuesday and Wednesday)
-> if the pivot range is narrow this increases the odds for a larger move, as the pior day / prior week was a balancing day / week (see weekly pivot range below)

The chart below shows daily and weekly pivot ranges for CL 03-13. I have used the Jackson Zones, which are symmetrical pivots with support and resistance zones added to the levels R1, R1, S1 and S2, as those extension zones are based on Fibonacci numbers. After all this is a Fibonacci thread.

I think you will also note that the main pivot is generally more important than the balancing line, but this statement is of course highly subjective.


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  #35 (permalink)
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plethora View Post
Hector, in a downtrend you draw the fib down from the top left to bottom right from the most significant swing high to the most significant swing low; in an uptrend you draw the fib up from the bottom left to upper right from the most significant swing low to the swing high.

Check out some youtubes. It's simple yet powerful.

ETA: Here's a chart to explain:

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Hope I'm not hijacking your thread JD; it's too much fun.

That lower indi is awesome (love ichimoku) did you just overlay the kumo onto macbb? very clever!

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  #36 (permalink)
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plethora View Post
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Yes, I would like to have the ichimoku overlay onto macbb as well, can you tell us how you did this.

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  #37 (permalink)
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Just add the Ichimoku indicator to your chart, but select

-> Panel = 2

-> Scale justification = Left


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  #38 (permalink)
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Fat Tails View Post
Just add the Ichimoku indicator to your chart, but select

-> Panel = 2

-> Scale justification = Left


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Thank you Fat Tails

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