70 pips in NY session today.
Thank you Bo!
Thank you Bo!
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DislikedHey Bobokus,
After two great weeks and a great beginning of week, I screwed up myself yesterday and today... And I'm behind of 2 weeks ago again
One more time the changing of direction killed me, I've been trading EU the last 3 weeks and I think I got used to see EU failing when testing intraday long when it really did it yesterday, it killed me... Today I opened sell trades in all retracements that EU did and as you and everybody can see on the chars, the result was terrible.
I'd like to ask you, if it's possible for you, to analyse what happened with EU between yesterday and today and when you would stop to sell and wait for buy signal.
thanks a lotIgnored
DislikedIve been trading the euro the past week myself but yesterday and early today showed us something different that we havnt seen much lately and thats support holding for a change, very similar to what we were talking about with cable last night. What we saw today was a test and break of resistance levels.
Go out to your 4 hour chart of the euro and measure the last leg down before it made this push up. Should look something like Chart 1 posted below.
The 2nd chart shows you the same thing but from the 1 hour.
The 3rd chart shows that From the Intraday we have a bounce that could have been a false one but nonethe less its a long signal by price moving down and then previous period highs begin to be broken, and from that point on there was no sign of weakness until Ti from the Intraday is met. If you would have shorted from that point to catch a retracement once previous period lows began to break it would have been a looser by about 24 pips.
If youll notice where The Intraday T1 is in respect to the resistance fib levels are on the 4 hour , once price did retrace after T1 being met price bounces from the levels of the 4 hour fib and makes another run long from there....a double dip day
Were getting alot of fear mongers that are stokeing the fire now to make a quick profit from the refineries being shut down in Texas because of the paltry class 2 hurricane, there are gas stations running out of gas from the panic and the same panic is running through the markets.It will come back to normall once a decent profit is made and they have to tell everyone that the refineries survived the terrible terrible class 2 hurricane....LOL
But anyway the euro is just making a retracemet but eventually everything has to come back to reality.Ignored
DislikedBob.
I did not follow your strategy today and was punished as a result.
As I missed the initial move I thought I will wait until the move gets exhausted and I take the retracement (especially because daily trend is down too) and when I felt that the average daily range is filled, I started to use sell stop when I saw a weakness on price but every time it turned against me .
I was taught this way of trading through a workshop I attended a while ago but unfortunately most of the time I found myself in a counter trend move.
Since I have been following your system I have been trying to forget about that system but it seems to have become a habit which is difficult to shake off.
Do you have any tips or golden rule how I can get rid of these habits and sticking to your system. If I had followed your system and instructions from last night it would have been a very successful trade.Ignored
DislikedRetracements just set up the next movements, the movements are what you want to target not the retracements, you use the retracements into the last movement (Intraday) as a gauge into the next movement. Today there was no retracement only movement in price.Thursday there was movement then retracement, that retracement provided the entry for todays movement. Stop trading the retracements during Intraday they are only setting up the entry's for the next movement.
If that makes sense.
There is a difference in retracements comparing Intraday to say a retracement on the Daily, the difference is that retracements into a trending move from a Daily scale can go many pips, where trading Intraday they are only resetting the pair for the next entry.Ignored
DislikedHI Bo,
Can you please tell me what the T3 & T4 Fibos are and when you would use them......it seems as if sometimes you use them and other times not!?Ignored
DislikedHi Bo,
Thanks for your reply re T3/T4. That makes sense.
1. Also if you feel like giving some examples, could you please embellise on your strategy for market entry when the price action hits one of the three Fibs that make up the entry zone, then reacts in the opposite direction. Do you have any technique to assess whether or not the reversal will hold, or know whether it is just a minor retracement before continuing to the next Fib in its original direction? In other words, if it approaching the Intraday Short, and it reacts by bouncing off of it, do you enter there in case it doesn't extend to the Intraday Pivot....so if it does continue do you exit and wait for another entry signal at another Fibo level?
2. At present I make it that the EUR & AUD are very close to a 4 hr. Swing Short. So, what confirmation would you be waiting for to enter on this long term chart, given the fact that on the 1 hr chart the Wave looks Impulsive and has completed 5 waves? More or less the same question...the only difference is that it is now the 4 hr chart, where stops would probably have to be greater (if you use them!)Ignored
DislikedBo, if we see conflicting fibs at different time frames, is the high time frame the more dominate one, or should we give more weight for price direction ( for scalps ) to the swing fibs. Sometimes I will see support or resistance repected on a higher time frame, but when I pull the swing fib it looks like it has been violated or vice a versa ( support or resistance violated on a higher time frame , but respected on the pulled swing fib ). I would like to be able to make more of a calculated decision instead of just " flipping a coin" so to speak. Thanks a bunch for your insights.Ignored
DislikedLoved the euro last week, it traded almost picture perfect and gave up some very nice moves. There are several ways you can enter. The most risky being to simply identify the market is bearish and place sell limit orders on the Inner levels of your fib, mid level risk is what the next few charts demonstrate which is following behind the market with either a buy or sell stop and letting the reversal of momentum pick you up on its way.The least risky is wait until the levels are tested and candle to open away from the levels after the test or break of the levels.In a trending market they will hit like clockwork in a ranging market youll have to put up with alot of noise and reversals so the method of choice during ranging is scalping until its obvious the ranging pattern has been broken.
The next few charts show the medium risk type entry used on the euro over the last week or so.
In Example 2, I mislabelled the entry candle..its the 00 candle low of the 8th
Its early for me.............Ignored
Dislikedi am here again...question,questions,questions...i am learning anyway...thanks for your effort.you mentioned getting to enter the market 7p.m central time...what is that time in gmt?
happy pips takingIgnored