FOR ONE DAY ONLY!!!

A little something I learnt today, but which could make a massive difference to your trading.

How to do it:

1. Go to Monthly Chart and place horizontal lines at Highs and Lows.
2. Go to Insert and place Fibonacci Time Zone From First High to First Low (As Shown).
3. Draw Trend Lines from Highs/Lows to where Horizontal Lines intersect with Vertical Lines.
4. Where Trend Lines Intersect draw Horizontal Lines. So you end up with something like the next chart.

Note: Not going to put all the trend lines in, this is just to give you an idea. I'll leave the rest to you. You'll notice that where all the lines intersect provide support and resistance.

Charts Provided: Monthly, Weekly and Daily.

A Little Tip and this can make a big difference: When placing Fibonacci Tool on Chart, Take the Fibonacci Trend Line to the Far Right so it ends on the last Horizontal Grid Line. This also provides support and Resistance.

Whenever the New Weekly/Monthly Opens place new Fibonacci Tool on Chart, same with Daily, 4 Hour Etc. Always taking the Fibonacci Trend Line to last Grid Line to the Right.

Dear @Greggy Tony

what are the backtesting and forward testing results of this miracle?

See Charts with Fresh Weekly Fib Retracement. See how the Fibonacci Trend Line Acts As Resistance on 4 Hour Chart. Must have took me a dozen times to get this Fib right and still didn't manage it. Algorithms can get the accuracy, unlike us humans. We'll be second class citizens soon!!!

Hi Vontogr

I wouldn't call it a miracle. I don't need to backtest it because all I'm using is historical data. Look at EURUSD

Weekly EURUSD

.....and again!!!

....with Fib!!!

I'm a bit sceptical as usually :D
If you put a million lines on the chart surely some of them seem to tell the secrets of universe and things... In fact - not.

Prove me wrong and test it!

so many lines, I got lost... 😄 but as long as it works for you, keep pushing for this approach!

I agree, it looks like scribble and it's hard to see through it all, but if you look hard enough there are hidden gems in there!!! Just need to keep looking. Apart from that if you look at the EURUSD chart I'd say that was pretty spot on!!! My advice is this start analysing charts on the Monthly then work backwards. You will also find that where trend lines cross these are resistance and support lines.

My attitude is try everything and anything, because you never know what you will discover. I'm learning all the time and I'm learning something new about technical analysis every other day. It's all about Trial and Error. Not only that I'd be bored to tears relying on some algorithm/robot to do everything for me.

Greggy posted:
I agree, it looks like scribble and it's hard to see through it all, but if you look hard enough there are hidden gems in there!!! Just need to keep looking. Apart from that if you look at the EURUSD chart I'd say that was pretty spot on!!! My advice is this start analysing charts on the Monthly then work backwards. You will also find that where trend lines cross these are resistance and support lines.

My attitude is try everything and anything, because you never know what you will discover. I'm learning all the time and I'm learning something new about technical analysis every other day. It's all about Trial and Error. Not only that I'd be bored to tears relying on some algorithm/robot to do everything for me.

I don't think you will ever get bored in trading! 😄 But maybe you can try playing it a bit more simple with all these lines and indicators. You know, sometimes you don't have enough time to dig too deep as the markets are moving fast.

togr posted:
Dear @Greggy Tony

what are the backtesting and forward testing results of this miracle?

User Greggy wasnt found.

Greggy posted:
A little something I learnt today, but which could make a massive difference to your trading.

How to do it:

1. Go to Monthly Chart and place horizontal lines at Highs and Lows.
2. Go to Insert and place Fibonacci Time Zone From First High to First Low (As Shown).
3. Draw Trend Lines from Highs/Lows to where Horizontal Lines intersect with Vertical Lines.
4. Where Trend Lines Intersect draw Horizontal Lines. So you end up with something like the next chart.

Note: Not going to put all the trend lines in, this is just to give you an idea. I'll leave the rest to you. You'll notice that where all the lines intersect provide support and resistance.

Charts Provided: Monthly, Weekly and Daily.

A Little Tip and this can make a big difference: When placing Fibonacci Tool on Chart, Take the Fibonacci Trend Line to the Far Right so it ends on the last Horizontal Grid Line. This also provides support and Resistance.

Whenever the New Weekly/Monthly Opens place new Fibonacci Tool on Chart, same with Daily, 4 Hour Etc. Always taking the Fibonacci Trend Line to last Grid Line to the Right.

What’s the name of this trading strategy? Is it Price Action trading? How you select your entry and exit point?

Seems more like coincidnce than anything. I bet this wouldnt work for most charts