and then price reverses... (see chart 9)
and then price reverses... (see chart 9)
Now I look for either
a) Price levels we reunite to for a bounce (see point B chart 10) or
b) New mini trends form, retrace then get in at the right fib levels to become in the continuation of this trend.
Chart 10 shows a good scalp setup . We can see preceding support at this level on the upward move, and it's the first time (very important!) Price has got back to this degree. Expect a bounce. It was great for approximately 16 pips.
We exit at C the moment price stalls because of what happened at stage A. This price level show previous Support on the upmove but it had been taken out easily at A. This price level is now likely to behave as Resistance next time it's visited (once again, first time back there) - as it did C and I shook the entire scalp.
On chart 11 - price gets to D. ) This is the first 23.6% level 90.80 (see chart 3) I drew and price gets there for the very first time . Sure enough it bounced off for a 25-30 pip move. Price gets to stage E (which appears to be the very first time it returned to level C) and this level once more resists a further up movement. Exit.
Hope that all makes some sense and I would love feedback.
Love the weekend all!!
WG
UPDATE: Ive just noticed that on a number of the charts I've mis-labeled a number of the retracement levels 38.2percent when they had been the 23.6percent level. I expect that isn't confusing. But it'd be a total pain in the *** to return and do them all again now!! As long as they are levels, they are levels so the principle is the same.
thanks for your serie of charts explaining in detail regarding your egy, Willowgal!Originally Posted by ;
My primary question is
when the fibonacci needs only a swing high and a swing low to set up its levels, what is the interest to see the Renko charts? (I mean, M1 chart or M5 chart will probably be OK, also, right? No matter It's candlestick chart, OLHC chart, line chart or perhaps Heikin I chart...)
yours,
Yes that the 1m or 5m charts will be fine too but the Renko charts show that the amounts where there's been a true price'stall' recently - this can be something which can't be seen only looking at a completed candle over state 5 mins. I am looking for very short term trades generally of 10-20 pips using usually a very tight stop - possibly a degree will hold or it will not so 6 or 5 pips will be enough of a stop the majority of the time.Originally Posted by ;
It is just the way I like to check out price and the more you watch it moving around in real-time, the more you get a sense of where it is going next (very short term obviously).
That is why I simply put this is Journals rather than Trading Systems because there aren't any rules, it is only a method of getting a real'feel' for the market.
You begin to notice the formations that form when a degree is going to hold or get removed. I'm still studying but the more I watch the price movement, the more accurate I'm getting at reading whats going to occur. I am trying to get the charts to inform me where they will go at each price level rather than have a'guess' in advance myself.
I see your point, Willowgal!Originally Posted by ;
Actually I've got the same feeling, sometimes I can just feel the price is going to break the previous high or low but the M1 candle stick couldn't show me the specifics of the motion (from the body of one candlestick of M1, there might be many up-down movement within it!) .
Let us follow the tick chart and see if this could give us a real advantage for the short term trading.
By the wayI too, the same trading fashion, I have very tight stoploss (4 pips) on the M1 chart.
yours,
I look forward to some feedback tomorrow once you've some live charts to examine.
Regards,
WG
It's amazing sometimes how much actually'goes ' within a simple 1 second candle!!Originally Posted by ;
I will definitely post some live charts with fib retracement tomorrow!Originally Posted by ;
yours,
Hi, Willowgal!Originally Posted by ;
I've tried with the indior since the market is opened at 22:00 GMT.
Do you mean that the amount of ticks supplied by the indior SHOULD BE different from the amount of candlesticks in the M1 chart? (At the same 1 minute, there could be many ticks down and up during this 1 moment. right?)
It is strange for me now, they corresponds well. Is it because the liquidity of this market is not great (only 1 jump per minute) or I missed some configuration for the indy?
Also, as soon as I change some values in the configuration window of this indy, the historical renko ticks will be vanished and it will start only from another candle following the change of this value.
yours,