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  • #441
  • Oct 31, 2007 5:55am Oct 31, 2007 5:55am
Hey Bo Jangles,

Do you have a fib system that is more accurate than this one and that will net more pips? Huh, do ya? This move only produced 95 but it took too long (almost 24 hours...come on)..(I know, I know trade the smaller swings) Can you start teaching your 1 minute fib strategy so I don't have to trade all week? I do have other things to do ya know.

Hey Bo, for back testing purposes only you could introduce super signals just to help the noobs pick out the swings. All you have to do is switch time frames down to 15mn to get the shorter pulls (30 pips+). Just a thought, they match up to what your teaching and provide a good training visual .....I think...lol. On my posted chart just using the arrow signals all of them hit TP. With out your system I wouldn't be trading GU at all, just yen.... it is a nice vacation from the beast.

EDITED: sorry should have removed my env, it isn't a 62 so please don't get confused.
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  • #442
  • Oct 31, 2007 6:11am Oct 31, 2007 6:11am
Sorry, after reading my post I may have left the impression that I don't use this on GY but I most certainly do. You just need more info and conformation and large stop losses to make it work consistently.
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  • #443
  • Oct 31, 2007 6:47am Oct 31, 2007 6:47am
Quoting SKUNNY
Hey Bo Jangles,

Do you have a fib system that is more accurate than this one and that will net more pips? Huh, do ya? This move only produced 95 but it took too long (almost 24 hours...come on)..(I know, I know trade the smaller swings) Can you start teaching your 1 minute fib strategy so I don't have to trade all week? I do have other things to do ya know.

Hey Bo, for back testing purposes only you could introduce super signals just to help the noobs pick out the swings. All you have to do is switch time frames down to 15mn to get the shorter pulls (30 pips+). Just a thought, they match up to what your teaching and provide a good training visual .....I think...lol. On my posted chart just using the arrow signals all of them hit TP. With out your system I wouldn't be trading GU at all, just yen.... it is a nice vacation from the beast.

EDITED: sorry should have removed my env, it isn't a 62 so please don't get confused.
Funny arnt ya. Actually we do want to trade from the Intraday set especially once in a trending move,the swing fib just helps to follow along behind the market once your in a trade and can sometimes help give an early entry sign.They also come in pretty handy during ranging conditions. Its not really a system of trading just learning how to use fibs.If anyone wants to use an indicator its ok,I just recommend that your attention should remain with the fibs levels when using a system. Over time secondary Indicators just become redundant and youll find yourself not paying attention to what they tell ya anyway once you get a feel for Fibs.
  • #444
  • Oct 31, 2007 7:01am Oct 31, 2007 7:01am
I hear ya, I was just referring to your "fib system" it is important to point out that a trader should never enter a trade based on one indicator like fibs or stochs or whatever. But, if I trader were to attempt that feat, they could use your interpretation of fibs to be successful.

The super signals aren't an indicator in my book. But, when used reviewing historical data they are an easy way for those just learning how to trade,to see how your system works so well. It is not an indicator from which to trade from on your chart. TO BE SURE.

Now get on with your 1mn strategy
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  • #445
  • Oct 31, 2007 7:14am Oct 31, 2007 7:14am
Quoting SKUNNY
I hear ya, I was just referring to your "fib system" it is important to point out that a trader should never enter a trade based on one indicator like fibs or stochs or whatever. But, if I trader were to attempt that feat, they could use your interpretation of fibs to be successful.

The super signals aren't an indicator in my book. But, when used reviewing historical data they are an easy way for those just learning how to trade,to see how your system works so well. It is not an indicator from which to trade from on your chart. TO BE SURE.

Now get on with your 1mn strategy

LOL, 1 Min chart strategy.Im sure the brokers would love you trading 1 minute.They could change the name of MT4, to say Money Takers 4.
  • #446
  • Oct 31, 2007 8:00am Oct 31, 2007 8:00am
Quoting Bobokus
LOL, 1 Min chart strategy.Im sure the brokers would love you trading 1 minute.They could change the name of MT4, to say Money Takers 4.
Isn't that what MT4 stands for
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  • #447
  • Oct 31, 2007 10:04am Oct 31, 2007 10:04am
Hopefully we'll just bounce around in this swing fibs area untill the news anouncement later today.I took the night off last night thinking we wouldnt get much movement considering the news today. I set my buy and sell stops last night and the buy stop was trigggerd, naturally I set a trailing stop of 20 in case it did get picked up and it did, evidently it went 20 pips and rolled back on the trailing stop for a whopping 0 profit...Oh we'll thats what i get for trading in my sleep. Currently Im just waiting for the news announcement today and staying out till after it comes out.Best advise is to wait until after the dust settles before entering.
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  • #448
  • Oct 31, 2007 11:13am Oct 31, 2007 11:13am
Ill take that and take my profit out here, easy scalp there prior to news...Thank you whoever donated that!
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  • #449
  • Oct 31, 2007 12:03pm Oct 31, 2007 12:03pm
If they back off now after hitting the T1 of yesterdays Intraday fib, Ill reset here now and wait for the news again.If new highs are made Ill just keep pulling my fib up with it for now.
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  • #450
  • Oct 31, 2007 4:43pm Oct 31, 2007 4:43pm
The news picked up my buy stop and ive been sweating this one out all afternoon,ive closed it as soon as it went into profit just to get out of this, ....too late in the day and im not gonna sweat it out through the asian session. Gonna get reset and Ill post my setup later as the day comes to an end.
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  • #451
  • Oct 31, 2007 5:21pm Oct 31, 2007 5:21pm
Hi Bobo...
Your system is doing very well...
but something different when i use it in the demo account and the real account,while in the demo account i can take profit up to 40 pips in one lot/trade, but in the real account i feel less confident that the price will hit TP, so i usually take the profit before the tp was hit... do you have any idea to strengthen my confident??

thanks anyway, your fibo setting helping me much....
  • #452
  • Oct 31, 2007 6:36pm Oct 31, 2007 6:36pm
Hey Skunny, have you gotten any of my e-mails or pm's?
  • #453
  • Oct 31, 2007 8:09pm Oct 31, 2007 8:09pm
Quoting GaPs
Hi Bobo...
Your system is doing very well...
but something different when i use it in the demo account and the real account,while in the demo account i can take profit up to 40 pips in one lot/trade, but in the real account i feel less confident that the price will hit TP, so i usually take the profit before the tp was hit... do you have any idea to strengthen my confident??

thanks anyway, your fibo setting helping me much....
We'll this is along the lines of what I meant about trading Demo and Live are 2 different animals, I think everyone who trades in this business goes through the very same thing when they make the switch from demo to live. What makes a difference to me is experience over time and sticking to trading what you first must become successful with in demo. Most traders I think for the most part when they do switch to live and loose a trade they begin to panic and change what they were doing and look for another tweek or method simply because of the loss...changing what they were trading to start with. Not realizing that they have changed they way they were trading successfully.When you do that you success rate falls even farther adding to the confusion and loss of confidence.
The fear of loss with real money is very powerful and the biggest hurdle to overcome when pulling the trigger.To be successful your going to have to consider the money your trading with as lost..you do not have it anymore.Shrug off losses and move on to the next trade opportunity that comes along. Every trader that is trading live knows exaclty what I mean. You are gonna have losses there is no way around it, I have losses and yes it piss's me off because I hate to loose, but I think back to all the backtesting and forward testing, demo trading accounts I blew out and then the successes Ive had and realize my own advise is to keep at it ...all the proof is in my own history and I am my own best confidence booster...so in my opinion it is experience over time and sticking to what you know is successful over time that is going to make the difference.
  • #454
  • Oct 31, 2007 8:40pm Oct 31, 2007 8:40pm
Lets reiterate here,
The Intraday fib is still the main focus when trading from day to day. The Swing fib is an aid to us in interpreting the action within the Intraday fib.Basically a fib within a fib.Im going to use Sept 28,2007 as an example because it shows something that needs to be practiced. The Intraday fib doesnt always mean just the high and low of the day sometimes it will include a few candles from the previous day or the current day.This is a trade i remember taking because I lost it by not paying attention or trusting what the Swing fib was telling me.I took the break of the Intraday High and it almost immediately turned against me.I had the swing fib pulled like in the example but i didnt believe what it was telling me.
By looking at the fib now pulled on this friday you can see the failure after the break of the high and the bounce later do not match up to the fibs...but do they ?

Continued.....
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  • #455
  • Oct 31, 2007 9:07pm Oct 31, 2007 9:07pm
To me when there is no retracement greater than the 38.2 it sometimes is not significant enough to use and the original direction the currency was in is still pretty strong in that direction, in this case it was still up.Once we do this you can see in the example that it comes a little more clear why price bounced from that area.Now look at the Swing fib ...what I see from that is price has to make it past the T1 and T2 levels to continue farther down.The small move that the swing fib is measuring shows that price can continue but falls short of the Long fib when you look at the T1 and T2. Another key that indicates from that small of a move measured with the Swing fib it will be overextended at that point and just below the T1 and T2 of the Swing fib is...yes the Intraday Long fib...a good indication that if the Swing is correct and price is overextended it will be bouncing soon...if this move is not driven by a major news event or economic condition. Now we are gonna assume we take this bounce off the Intraday fib and Go long on say the 2nd candle after it bounces and since we feel we have entered into a long trending condition that price will reach the target levels of the Intraday fib to at least T1 of the Intraday fib. Now the swing fib is going to help us detirmine when to get out if something goes wrong.
We leave the Intraday fib in place and use the Swing to mesure this down move since price has to prove to us it can get past its levels and T1 and T2 of the Swing fib before our Intraday targets can be reached from the Intraday bounce. In reality what happens is price cannont break the Swing fib levels and tells us over several candles that price is stalling...a sign for us to exit the long position and start over on the next setup and opportunity.

Contrinued.......
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  • #456
  • Oct 31, 2007 9:36pm Oct 31, 2007 9:36pm
Now that day is over and we survived but what now..The Intrday fib now is drawn on this day in place of the swing fib...no swing fib is really necessary yet since we want to watch the asian session to see if we get any moves to pull it on, and because the Intraday fib is already showing us that currently the condition is short until the Intraday's Long fib can be broken. During the asian session we get a short signal when a candle opens below the short fib level of the Intraday fib...now we need the Swing fib to follow along in our trade to watch for possible exits if this goes against us again. Now weve entered Short on the break on the Intraday short fib break and want to see what does the Swing fib tell us about price movement. What I see is that our Short doesnt have much room from where we enter to where the T1 and T2 levels of the Swing fib are but should we close it ?.As a general rule of thumb the market has not turned against us in our trade until the Swing fibs Short,Pivot and Long levels are broken...in this case they are never even tested as the Low of the Swing fib cannont be broken and we get stalling at the the T1 level. This puts us in a situation similar to being between a rock and a hard place..price cant go up and doesnt appear to be able to go lower and here we are short and close to our entry...what do we do. Me i will pull to this stalling point, what this does is pull the swings levels and thus our stop loss closer to price and limiting our loss if it does turn on us here.

Continued....
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  • #457
  • Oct 31, 2007 9:47pm Oct 31, 2007 9:47pm
Once weve pulled the Swing fib to this stall point and pulled our stop loss closer we see price finally breach this area and we can hold the trade. The Swing now shows price overextended at the Low of the Intraday fib and we have our exit with several opportunities to close our short in profit.
With this I just wanted to Reiterate the fact that we look to the Intraday fib first and the Swing fib as an aid in our decisions.I will have it on my chart to follow along with price and use as a breakout area sometimes and I dont want to confuse that with the fact that day to day trading the Intraday is the focus. Especially when the market is in a trending move.Once it is ranging we can focus more on the Swing fib.
Alot of times I will also use the Swing if I have missed my entry from the Intraday and look to the Swing to show me another entry if one comes along.
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  • #458
  • Oct 31, 2007 10:00pm Oct 31, 2007 10:00pm
Looking for a move to pull the Swing on now from this retracement we are getting.Im not considering shorts yet unless 2.0728 is broken. Gonna wait for the Swing though to make any decisions Lower trendline looks sound at this point to show a possible bounce point right around the Intraday Long fib.
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  • #459
  • Nov 1, 2007 12:26am Nov 1, 2007 12:26am
Thank you Bobo...
i understood, i think i must practice more often to build my own confidence, and as you said, the important number is 38,2 50 and 61,8 to be watch closely, and 'vigilant', by the way, i saw in one of your post there is T3 and T4, will you tell us at how many % of Fibs u made it? just wondering....

thank you bobo, keep tell us the best....
  • #460
  • Nov 1, 2007 1:40am Nov 1, 2007 1:40am
How about the situation unfolding right now, on the retrace from yesterday's intraday high down toward the long fib looking for a long bounce, price stalled above the long fib and is now bouncing long (maybe I drew my intraday low in the wrong place yesterday but I used the 0100 candle as a low).

If it had tested the intraday long and bounced we could enter on the current candle in my image, but is it still considered the same if it didn't make it to the 38.2 retrace of intraday? Do we hold out for something else before going long?
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