Re; I need help in identifying OVERALL Trend Direction

[Maverick27]

Hi,

I'm testing a simple FX system & i need expert advice on how to identify OVERALL TREND DIRECTION which will in turn help me effectively draw Fib. Retracement & Extension Levels.

I use simple Fib. rules for Entry & Exit. I enter when price shows reversals around KEY Fib. Retracement Levels & set profit @ Fib. Ext. levels - that's ALL.
I use HOULRY chart to confirm trend direction & i trade on 15 min charts.

I'm quite confused to know when TREND is changing direction as i always trade with the trend.

Attachment 1 - Shows Overall trend for GBPUSD on Houlry Chart. Note how trend direction is changing from DOWN to UP

Attachment 2 - Shows where i've placed Fib. Ret./Ext @ Points A, B & C

My question is, now that TREND DIRECTION i.e GOING UP as shown on HOURLY CHART, what will be my NEW Fib. Retracement Levels on 15 min chart ?

Thanks

FibMaster's Fibonacci Training Videos

[FibMaster]

Originally Posted by Maverick27

Hi,

I'm testing a simple FX system & i need expert advice on how to identify OVERALL TREND DIRECTION which will in turn help me effectively draw Fib. Retracement & Extension Levels.

I use simple Fib. rules for Entry & Exit. I enter when price shows reversals around KEY Fib. Retracement Levels & set profit @ Fib. Ext. levels - that's ALL.
I use HOULRY chart to confirm trend direction & i trade on 15 min charts.

I'm quite confused to know when TREND is changing direction as i always trade with the trend.

Attachment 1 - Shows Overall trend for GBPUSD on Houlry Chart. Note how trend direction is changing from DOWN to UP

Attachment 2 - Shows where i've placed Fib. Ret./Ext @ Points A, B & C

My question is, now that TREND DIRECTION i.e GOING UP as shown on HOURLY CHART, what will be my NEW Fib. Retracement Levels on 15 min chart ?

Thanks - Maverick27

There is a good chance that I don't understand your question. You retracements and expansions look good as you have drawn them. Let me know if you need clarification, perhaps give me a more detailed question?

It does appear that you are using just the very basic Fibonacci techniques though. You would benefit greatly by studying my video seminars. Some Fibonacci levels are much stronger than others, and most of then can actually be ignored. This will make a significant difference to your trading.

-Neal.

FibMaster's Fibonacci Training Videos

[Jonas]

There is no overall trend. Price charts are somewhat fractal, meaning that the trend depends on the time frame you select.

The trend can be down if you look intradaily, up if you look at the price development the last week, down in the last month, and up the last year.....