Forex rebates on every trade - win or lose!

Anyone seen recent Tom Hougaard Fibonacci presentation. I've not, but heard some reports it was very good bringing in the extensions, projections and expansions (also Gartley and Butterfly).
50 retracement crossed from the other side on 11/9/06 and close above the open (I know some people say this doesn't exist with 24/7 Forex) so valid entry with stop just below recent low.
Fib signals generally considered stronger when there is a cluster, 2-3 or more close together. IF pound got to 0.618 retracement (1.8520) there would also be 1.62 Projection from 1.9161 nearby so more reason to trade a bit bigger size from there assuming stop loss reasonable but I only calculate these on end of day basis.

[07:29 NEWS: Syrian Security Forces Surround/Seal-off US Embassy -Rtrs] London,
September 12. Matthew.Foster-Smith@Thomson.com

[07:34 USD/CHF: Franc Attempting To Rally On US Embassy News] London, September
12. The safe-haven Swissie is back and the Franc looks bid in the wake of news
that Syrian security forces have surrounded and sealed-off the US embassy.
Newswires report gunfire and clouds of smoke rising from the building but
nothing official as yet. USD/CHF prints 1.2417 with any break below 15 targeting
the figure.
EUR/CHF is also at session lows with the move favouring the CHF looking far more
pronounced. The cross is testing 1.5790 once more and any break below 1.5785
will see the move lower accelerate towards 1.5750.
Matthew.Foster-Smith@Thomson.com


07:44 EUR/USD: Rallying As Dollar Wobbles On Renewed Terror Woes] London,
September 12. News that gunfire has been heard around the US Embassy in Syria
has dented the US Dollar and with renewed terror woes circulating EUR/USD has
been forced to rally. Spot has equaled the late Asian session high at 1.2726 but
it is making a play for a break above 1.2730 should officials confirm such
militant roots. Any break into the 1.2730"s will see spot look for a re-test of
the 1.2740 failure high from yesterday with more sellers tipped to trail into
the 1.2750"s. Matthew.Foster-Smith@Thomson.com

Thanks Hilary.

Hodgins - no I haven't but wouldn't mind seeing it out of interest. I'm not a Fibonacci fan (if you'll forgive the pun) but always interested in learning something new (and I don't have to read a book).

Do you have a link?

Harlosh
I have only heard word of mouth of Tom Hougaard Fibonacci seminar but sounds similar to that taught by
Sandy Jadeja at www.spreadbettingtowin.com
I hate screenwatching and just trade end of day (mostly) so FX figures based around 8PM for better or worse?
6 pattern (up and down)-retracement,extension, projection, expansion, Gartley 222 and butterfly.
Simple criterion for entry and stop (often quite close). Theoretically small losses and big wins?
You may or may not want to pay for course and you may or may not think I am quite mad but I am quite happy to use Fibonacci in this way as I view human behaviour in the financial markets as just an extension of nature's number.

Harlosh, you can find out about fib and how traders use it (and how you can use it) at the interactive broker site. I've just watched it and found it very informative.

http://www.interactivebrokers.com/en/general/education/priorWebinars.php?ib_entity=uk

The date you want is 9 nov 2005. Guys got a pretty auwful voice but the contents good. think you can skip the first 15 mins or so

Well I saw Tom H at a London Traders wotsit when I was entertained by MM for a little while.

He's a great speaker and entertainer and I'm sure that his research is very comprehensive, but I came away thinking that Fibonacci is a load of bunkum. Ashley James would probably disagree though.

:o)

When I say it's bunkum, I mean that I'd rather buy a market because it is actually rising rather than buy it because it's at, say, a 38.2% Fibo retracement and might go up.

There's a big difference imo.

Hodgins, Goforit, Many thanks.

I'm more with Hilary really - I prefer to trade on price rather than something like Fibs and don't want to get too involved in them but am interested enough to do a little reading or watching so thanks for your help.

Hilary,try the above site, the reason I thought it was interesting was the way the guy was showing you how to use it to help you achieve a good way of entering a trade or adding to a position.

Saw tom last year, as you say very entertaining and great speaker.

Not suggesting anyone else's case is wrong but if you trade FULL Fibs with stops just the other side of recent highs/lows and entry criteria is based on open/close but only if it crosses through one or more Fib points back in the appropriate direction then it is almost a form of swing trading.
There are plenty of better and more knowledgeable currency traders on this board than me but as not necessarily a day trader it keeps me away from bigger losses whilst trying to stay with bigger winners. I like it for change of trend (or countertrend within bigger trend) but if it turns out to be a continuation/flag pattern it gets me out without much damage.

hodgins, certainly going to look more closely at fibs, just given me an excellent entry point on cable on the 5 & 10 min charts.

Would that be long around 8736 GFI as a matter of interest?

yea,and just done another one!

gfi....I hope you're right.

Apparently, Blair made a little slip in his TUC speech yesterday suggesting that unemployment figs will be better than expected.

We'll all know in less than 15mins.

I'm not sure what impact that will have on the market if true. Any thoughts anyone?

My take is that if unemployment fig's are good then cable ought to go up but I could be wrong.

That's the theory, Bakko, but the market already reacted to Blair's comments yesterday afternoon so that's probably already in the price and earnings have just come in below concensus.

Notwithstanding, I still see it as a long for the time being.

Me too Hilary but that resistance around 60 then further resistance at 75 area may hold it back today in my view. Hope I'm wrong though.

Thanks Hilary

Yes, H, but it's also getting support from the rising uptrend line in place since Monday afternoon.

One or the other will give soon.