11/13......EUR/GBP chart

bucknuts,

Nope..does the tool on the charts calculate those pivot fib points?

I can usually EYE where I think I want to enter a trade based on trend lines and bottoms/tops..sometimes I am off (Ive been off like 5 times today for big moves) but Ive done it enough that if the technical indicator looks right and I feel ok with the trade I go with my gut and not look at fib retracement lines.

Tried to go long NZD/JPY at 53.65, missed it by 3 or so, but it could come back down.

Some nasty action today, charts shaping up for long/short entries.  

Oh and I agree about the daily charts, there is too much going on to trade off a daily chart, it does not show enough, in fact sometimes a 4 hr chart does not either.

When I have been looking at the DMI lines, the 4 hr I mix with the 1 hr and even a 10 minute to see more current activity and to see if I missed an entry point.

I like the 4 hr to see a longer trend but for an entry point I look MUCH closer time wise...1hr, 10 min, 5 minute usually.

Thanks and you as well. Its nice merging into this as it seems you can spot more trends and so far I havent been whipped around too much..picking a good spot and using the analysis tools seems to take SOME of the risk out..thus far.

Interesting..

I just used the tool and it was pretty cool..you pick the spot on the chart and connect to the top or bottom and it draws the fib points based on the two inputs.

I tried on the CAD/JPY 5 minute chart since it is wide and a big move in there and it had pretty good FIB lines and I can see where the pair traded and the activity around the chart based on people using FIB lines to trade. There were attempts at the 67% and 33% areas, lots of bucking and kicking but it failed both times..it didnt stop and fell further.

Fib lines are good when extreme measures are used, not lower level retrace moves..or up moves, at least in my view.

I bet fib retracement reliability isnt very good percentage wise.

I will go into it after foots tonite.