ok.. i see...
thank you bo...
thank you bo...
What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies
fibonacci trading log 2 replies
Need help Bobokus Fibo template 1 reply
Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies
DislikedYour fib levels are correct
For the longer timeframe fibs (Daily & Intermediate) you dont need the extentions past 2.382/2.618 on the long side and dont need the extentions
-1.382/-1.618 since you most likely are not going to leave those fibs in place that long for them to reach those levels.
For the Intraday and Swing fibs you may want to leave them since price does have the potential sometimes to reach those levels in a days time. Today is a prime example.
Just remember the most important levels on the longer term fibs the 38.2/50 and 61.8 and the most important...sometimes once those levels are breached and the subsequent low or high is broken i will most likely be loking to move them then.
The R1 and S1 levels wont do you much good on the swing fib since the Swing fib is just for following along with price...the R1 level is the midway points between the High to the Long fib level, the S1 level is the midway point from the Low to the Short fib level.I use those 2 levels mostly during trending moves since once they are breached it is a sign of weakness in the trending move and a retracement may be next.As long as price can be maintained above or below the R1 and S1 level that trending move is still pretty stong.
To make things easier you can leave all the levles on all but the Swing fib.
Is that what you asking for ?Ignored
DislikedSo Cable fell 300 pips overnight - I went to bed JUST before that happened. I caught some of it on a pending short order with targets placed, but wish I could have gotten more. Better than a loss still. This is why I want to master longer time frame perspectives asap.
Right now I'm feeling confident about short time frames with small targets so I'm doing that as a primary/fallback plan while I continue to learn.
By time frame I mean fib-wise. Everything is a 1 hour time frame. I think I'm cured of the 5 and 15minute investigations I used to do to supplement 1 hour.Ignored
DislikedJust curious what is your success rate with this strategy? It seems like you might have figured out what Bobokus is trying to explain (I am still learning the basics of it).Ignored
DislikedDid you see the PDFs I posted for October and November on this thread, pages 45, 46, 49? Some are notes showing the entries and exits that would have been taken and there's 2 files with some actual pip counts that could have been achieved following what I outlined.
In October I claim we could take in around 300 pips just trading some swing fib break outs despite some losses that would have wiped out a week's profit. In November there would have been some losses following this approach near the end of the month but even then I think there could have been 400 to 500 pips doing this because the first 2 weeks of the month were trending either up or down and break outs were highly successful. Then some ranging came and showed a bunch of losing short term break outs (I didn't document this, it was after Nov 20 when I created a november-to-date document).
But its' labor intensive to watch and wait all night/day for the proper short term swing bias to align with a break out and execute it, unless you get lucky and it comes at the start of the London session when you first start paying attention for a setup.
So it's more like a scalping approach. I don't believe the break outs I've been using (high or low of the fib levels) are directly translated into the longer term trading where bounces from long/short levels are more closely watched. THat's what I'm going to look into next. But if I can successfully pull in a few hundred pips a month in ranging or trending markets by scalping and sitting at the computer all night to do it, it's a sacrifice I'm willing to make while learning the more practical and possibly more profitable longer term techniques. I'd rather get to a level where I just wait for a setup and set things in play and then not have to sit there until the stars align. I need to have a life - but until then, money is money!
Call it a part time job while taking courses to establish a career.Ignored
Disliked1. How do you determine the bias, whether long or short?
2. How do you define a "significant retracement"?Ignored
DislikedBo,
So are you trading off the daily and intermediate fibs along with scalping with the intraday?Ignored
Disliked
If a candle body had shown up somewhere greater than 61.8% (below swing short) then the bias would change to short and I'd ignore any long entries and only take short entries with the T1 short side target and same Pivot stop.
.Ignored
DislikedSo, are you saying you would need to wait for a new candle to form below the 61.8% level to confirm the change of bias from long to short? If price breaks 61.8% but the candle is still open, you don't take the trade, you just wait and see if a new candle forms below the 61.8% level to take the trade?Ignored
DislikedLast night is an example of how I can extract +32 pips from a ranging day with the swing method.
I found a swing high and low before the real trading session began, and the bias was initially long because the swing high was the most recent placement and the candle body of the next 2 candles were within 61.8%. In the first image there is a short break with a target met but the trade wouldn't have been taken since the bias was still long on the candle before that break out.
On the candle after the target was met, there was a retracement back into the swing area so the move is complete and the swing can be updated as in the second picture with the low pulled to where the target was met. The bias starts out short with the latest swing extreme being a swing low and a following candle body within 61.8% from there. The second candle after swing low will have its body moving beyond 61.8% so the bias would be long then. A reversal occurs as highlighted in the second image and the bodies move back to the short bias side. A significant retracement has occurred without a break out because a candle body has moved from the swing low to at least within the neutral zone (it went beyond the neutral zone in this case) and there was at least a spike across the neutral zone fully. So once the bias has returned to short without a break out, the swing high is pulled down to the highest point in that significant retrace as in the 3rd image.
Just before the swing is updated, the bias was short and this bias would be retained after the swing is updated as long as the latest completed candle body within the new swing is in a location of short bias (it can lay in the neutral zone and be considered short biased). In this case the candle body is physically on the short side so it's ok.
A short break occurs and the 32 T1 pips are taken out of the ranging market.
Nothing else happens for the day.
I don't show it in the images but this happens after the target is met: the same candle that met the target also retraced back to the swing area by the time it closed. The next candle gave a higher low when it closed so there was a point to pull swing low at the bottom peak that was just a T1 target, but once this swing is pulled the swing high is already broken by that same candle that allowed the new low to form, it was a bullish candle starting on the short side and spiking above swing high, triggering a phantom trade that wouldn't have been taken because 1) the bias was short anyway 2) the break out occurred just before the new swing was established (on a single candle that gave a higher low along with a swing high break out at the same time, then allowing swing low to be updated and a swing to begin). In that case I do follow the swing activity as if it were a real trade until it completes and the next few candles stopped it out at the pivot...then nothing occurred and the day was done.
So that's what I'm trying to combine with a longer term approach - in this case T1 gave 32 pips and price retreated - but yesterday it continued down for 300 pips - I need to learn how to account for this possibility and not just take the 32 and run if there is another sign suggesting I could get more out of it.Ignored