Fibonacci, CandleStick Patterns, Support and Resistance

[paxill]

PS Don't most suggest 60% retracements, you seem to have picked the 30 - 50%, just because that's what happened on the chart, taking into account the MA. At the point where the MA was broken upside, would you not have thought the 60% retracement was more likely to occur?

[myforexdna]

as you can see from the charts (EUR/USD) end of sept time frame (daily charts) that the market did go in the downward trend and hit bottom at 10-28-08. Please realize these videos are based on live market conditions unlike most others. While ideally 60% is good text book philosophy, one cannot ignore the 21 day MA. Hence my judgment call to be cautious. Hope this clarifies things a bit better for you

[zeuthuk]

@paxill I disagree buddy, Elliot Wave, Gann Theory and Fibonacci all share a common number for retracement and that number is considered the most important. And I can say its defintley not 60%.

[paxill]

@zeuthuk according to you - do some more research!

[zeuthuk]

@paxill I find your comment very arrogant considering I make a good living from trading. The details I stated are not according to me but what I have read and also been taught by other professional traders in industry. GL with your trading.

[paxill]

@zeuthuk gl to you buddy, ive made a bundle by going against what you and the ordinary follower says. cya!

[paxill]

"Don't know whats going to happen from here", well, what are your indicators suggesting? Revisiting lows, or bottom with reversal in tact? The intra-day reversal on the last candle was the key to going long again IMO, with a nice upward trend channel in tact. Do tell, what did happen?

[myforexdna]

The markets did hit bottom and they had peaked at the time shown and accordingly my trades and analysis did turn out to be correct. Please realize I do this on live charts and hence do not know where the market will head next. I also do not clutter my analysis with a lot of technical indicators and primarily rely on a few important ones. I am planning on creating a series of videos showing my methods at some point when i get the time.

[fxvatsan]

Good combination of tools. Simple and complements each other.

Thanks

fxvatsan

[janbob1]

Nice short video. Look forward to seeing more.

I've only recently started thinking about trading forex and I aim to investigate and learn more before I commit myself to any real action.

I have read a couple of books my Martin Pring and the like and seen a few videos but what would you recomend I learn before I really get going?