Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Don't mean to interrupt what is a great thread (which I don't seem to be disciplined enough to follow), but as I venture away from the BS of ES trading (), I am finding TF incredibly responsive to fibs, of both yesterday's price range - using FT's great anaFibsFromPriorDay as well as the current day's fibs, once decent or the bulk of a day's range is in place.
In case you use twitter, TheFibDoctor is a frequent TF seemingly fib trader, with TF trades provided often.
Sure @lolu. Here's what today's chart looks like for me. I usually use a 3-minute for TF. I've seen TF 'more' adherent to some of the levels I'll mention, but today is pretty good, on the whole.
There was an open and move into yesterday's high + R1, which got rejected. Peak volume came in (overwhelmingly sellers?) resulting in the dashed white line. You can then see the move down to the 23.1% of yesterday's PA (hidden behind the bars, in my chart), which was also minor pre-RTH open support. Although there was a reaction up, it ultimately failed as things started to move down. I can't say 38.2% of yest showed any support on the move down, but it did provide resistance once below it. Items like the pivot (PP) especially when they confluence with 50% of yesterday's PA and yesterday's ETH close, are high likelihood areas for support or at least a bounce. I'd say 61.8% of yesterday worked (although I/we like to see pins into that area), and along with ES and other assets, a move up looked to be developing.
By that point, we'd established today's range (which we can only assume), and you can see yesterday's 38.2% provided minor resistance, as did Y-VWAP. As price moves up, note the pause (minor 'battle'?) at the D-Mid point of today's fib/range. A further move up saw 1) R1 and 2) the (dashed) PVP and 3) daily 78.6% provide added resistance, as we then proceeded to (again) 23.1% of yesterday's range + the daily 61.8% provide support, and then the range game develops into the NY afternoon, presumably waiting for "Manipulative Ben" to do his manipulation, err, I mean magic.
P.S. - The right template to use for the levels on my chart is CME US Index Futures ETH.
even though I fail to see the logic behind that. (don't worry I fail in a lot of things). when cme is closed between 16:15 and 16:30 est, tf is still open and trading. sure not much, but still open.
@Silvester17 I am quite/too often out to lunch myself but ... that template provides for hours right up to 4:15pm EST (3:15 CST) and then restarts the day at 4:30pm EST (3:30pm CST). I guess I didn't notice that TF is still trading ... I guess I have to venture over to the CME site to see the hours ... strange, one index trades, another doesn't ... things that make you go hmmm ...
EDIT: Wow ... you learn something every day ... I guess one has to create their own template for these hours ... now to see the difference in the fib levels ... if any ...
Edit 2: @Silvester17 , @lolu I created the right template and thankfully nothing changed in the fib levels. I guess as long as the highs and lows are not created during those weird afterhours (4:30pm est to 8pm), the levels would still be the same.