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  • #41
  • Oct 10, 2007 3:39am Oct 10, 2007 3:39am
I'm trying to grasp how to enter a trade (ignoring stops and targets, just entering). Once the chart is down to 1 hour and the latest intraday trading range (long/short/pivot) is defined, the goal is to trade a break from the box once price finds its way inside....I think....so I'm wondering how to define a proper break from this "trading range" box since there are all kinds of little spikes up and down from it before there is a valid exit. Is there a way to filter when price does break from the box and it's time to get in?

And if price doesn't return to the intraday box but causes a peak or valley elsewhere, creating the lime swing trading box, is the goal now to trade the break from the lime box, or to wait for price to get back to the intraday box? And same situation, there's spikes all around the box that could cause what appears to be many false trades. I'm sure there' s lots I don't know about how to properly use the system yet so I thought I'd express where most of my confusion lies right now and see if anyone can clarify.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #42
  • Oct 10, 2007 7:02am Oct 10, 2007 7:02am
Quoting Thexder
I'm trying to grasp how to enter a trade (ignoring stops and targets, just entering). Once the chart is down to 1 hour and the latest intraday trading range (long/short/pivot) is defined, the goal is to trade a break from the box once price finds its way inside....I think....so I'm wondering how to define a proper break from this "trading range" box since there are all kinds of little spikes up and down from it before there is a valid exit. Is there a way to filter when price does break from the box and it's time to get in?

And if price doesn't return to the intraday box but causes a peak or valley elsewhere, creating the lime swing trading box, is the goal now to trade the break from the lime box, or to wait for price to get back to the intraday box? And same situation, there's spikes all around the box that could cause what appears to be many false trades. I'm sure there' s lots I don't know about how to properly use the system yet so I thought I'd express where most of my confusion lies right now and see if anyone can clarify.
A clean break would be a candle opening outside of the highlighted trading zone.However there are gonna be times when price just starts to take off very quickly from a news event or soomething to that nature and youll have to make a judgement call then.The highlighted area is based off the Intraday fibs and where we want price to visit before entering..its not the only entry just the optimum. last night I enterd on the break of the high. When price does not retrace past the 23.6 its an indication that the current move still has alot of strength to it. The past 2 days have benn a representation of this very thing. Over time this will become more clear, its also one of the reasons i put in the trade calle for the following day so you have an idea of how to use the sysem...where the entry and exit points will be.
The lime swing fib i use as a price gauge on each waveform to let me know if price can continue in its current direction from bouncing off the long.pivot and short fibs...vise versa if price breaks through them price has the potential to reverse.The extentions of the Lime (swing) fib tell me how far price has the potential to go.
It takes time to develope trading with fibs but they are very rewarding once you are able to see what they are telling you.Over time it will become more clear and why i ask everyone to practice this in a demo account. Eventually just as i found, whenit starts to make sense it will be as if someone has turned a light on and you will see the market in a completely view.
I hope this answers your question and keep asking away there are several im sure how are confused by fibs and are wondering the same things.
  • #43
  • Oct 10, 2007 7:19am Oct 10, 2007 7:19am
Lat night i entered on the break of the high..the first attempt failed at the trendline and rolled back to hit my stoploss for break even. When i dont have alot of faith in the trade i will use a trailing stop to pick up after 15 pips, once it moves me to break even i turn if off the reason is i just want it to move me to break even and not follow price with only 15 pip traing stop. I trade manually and if i am not in front of the CPU i dont trade so i can control the stoploss and the exit.Once i see i am in the correct direction normally i will set a target and just let it run, most trade are over in a 24 hour period, some will last a couple of days.
Once again once price made a shallow retracement i entered again and added 2 buy stops in case price did take off and it did, once i was comfortable with the trades i set in my target at the 2.0440 based on what i saw from price action yesterday and it surpased it.
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  • #44
  • Oct 10, 2007 7:27am Oct 10, 2007 7:27am
Last night was actually a classic example of a target hit once price made the bounce after being rejected the first time from the trendline it went straight to target 1.... its easy to look back now to analyse the previous trade but i feel i acted accordingly and made the right choices since i see what took place after the fact. The blueish fib are the intraday fibs and the primary price for 1 days possible movement range and as you can see it was respected. Price has backed off now but i feel it will continue up still.Doesnt matter I am done with pips in the bank and it can do whatever it wishes now.
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  • #45
  • Oct 10, 2007 7:30am Oct 10, 2007 7:30am
This is now where i would place the swing fib to see if price is continueing up or will fall off and retreat again
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  • #46
  • Oct 10, 2007 10:41am Oct 10, 2007 10:41am
Bo,

Good to see you still around and kicking!!! Very nice post and thanks for all the work that you put into it.
Shootist - Have Pip Shooters Will Travel
  • #47
  • Oct 10, 2007 11:10am Oct 10, 2007 11:10am
Quoting Shootist
Bo,

Good to see you still around and kicking!!! Very nice post and thanks for all the work that you put into it.
Hey and thanks Shootist, just thought id give somethin for free for a change, I remember when i first started and how hard it was to fully understand Fib's wihtout paying for an expensive course...most people just starting dont have it to spend but still need the help.
  • #48
  • Oct 10, 2007 11:26am Oct 10, 2007 11:26am
Quoting Bobokus
This is now where i would place the swing fib to see if price is continueing up or will fall off and retreat again
While looking at this new swing area, would the Intraday lines also need to be redrawn now from the Oct 9 low to the newest high of Oct 10 (where the intraday target level was hit)?

As of right now the price is still stuck within the long/short swing channel and the trading day is done as I would see it (12:21p EST), so I'm still in learning mode, following along without trading, waiting to see where you next move levels and when you place trades. I feel I wouldn't know what to do next with price in this swing area, trade a proper break of it (within proper hours) or just use it as a guide and make decisions based on something else...

This is a lot easier, following a current thread using a method I've been trying to learn, rather than reading 200 posts starting Mid 2006 and seeing everyone revise and change methods and seeing all the new readers confused...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #49
  • Oct 10, 2007 12:17pm Oct 10, 2007 12:17pm
Thank you for sharing so prolifically.

Although a late comer to your Thread, I have been fortunate enough to be trained by Joe DiNapoli and follow Alan Oliver from Australia on a weekly basis for more information from the "pros".

I just want to ask about the fib-levels that you are using as some of them are strictly speaking NOT Fibonacci sequential numbers. Having said that, Alan also uses 127% and 78,6% the latter being discovered in latter years when the Pyramids were measured up.

I will most certainly be part of your group here on a daily basis as I also trade the GBP/USD exclusively and make use of the Fib-levels every single day on all my TFs.

Wishing you success always and looking forward to sharing with you daily.

Best regards.
Hercs
  • #50
  • Oct 10, 2007 12:23pm Oct 10, 2007 12:23pm
This may not be the most desired place to ask but it is an easy question that I couldn't figure out in the MT4 forum so I hope someone can answer.

Since I will need to use more elaborate fib drawing than my existing platform allows I decided to download metatrader for the first time, and I know there's a forum for that but after a brief search I found I wasn't finding any answers (words like Fib are too common).

What I'm wondering is, does everyone have a fancy fib indicator to provide the extra projection levels? It looks like the built in fib tool doesn't draw anything above the 0.0 line so I can't project targets with the default MT4 indicator?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #51
  • Oct 10, 2007 1:07pm Oct 10, 2007 1:07pm
Quoting Thexder
While looking at this new swing area, would the Intraday lines also need to be redrawn now from the Oct 9 low to the newest high of Oct 10 (where the intraday target level was hit)?

As of right now the price is still stuck within the long/short swing channel and the trading day is done as I would see it (12:21p EST), so I'm still in learning mode, following along without trading, waiting to see where you next move levels and when you place trades. I feel I wouldn't know what to do next with price in this swing area, trade a proper break of it (within proper hours) or just use it as a guide and make decisions based on something else...

This is a lot easier, following a current thread using a method I've been trying to learn, rather than reading 200 posts starting Mid 2006 and seeing everyone revise and change methods and seeing all the new readers confused...
Yes your observation is correct, it appears at this time price looks to drop a few pips but it will consolidate here soon , Me personally I would not make another trade today.Your other question about moving the Intraday Fib is also correct...since a target has been met you wanna pull your Intrday fib up now to the new high it has made and the low that it came from, il post my chart to demonstate..now we are in a wait mode most likely till the London session, asian session almost always disappoints.
Once the new day starts we may just pull our Intraday fib on the high and low of today only but we will have to make a judgement call at that time later today.
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  • #52
  • Oct 10, 2007 1:18pm Oct 10, 2007 1:18pm
Quoting Hercs
Thank you for sharing so prolifically.

Although a late comer to your Thread, I have been fortunate enough to be trained by Joe DiNapoli and follow Alan Oliver from Australia on a weekly basis for more information from the "pros".

I just want to ask about the fib-levels that you are using as some of them are strictly speaking NOT Fibonacci sequential numbers. Having said that, Alan also uses 127% and 78,6% the latter being discovered in latter years when the Pyramids were measured up.

I will most certainly be part of your group here on a daily basis as I also trade the GBP/USD exclusively and make use of the Fib-levels every single day on all my TFs.

Wishing you success always and looking forward to sharing with you daily.

Best regards.
Good post...Id like to add that none of the numbers on the Fib tool are actual fib numbers if so your fib tool would have these instead.....
8..13..21..34..55..89..144...the fib levels are merely sums of the fib numbers that over time have proven themselves to be repetitive support and resistance levels. You will come to find alot of fib traders have their own set they use but the core of the basic tool will always be there... to me the 38.2, 50 and 61.8 are the ones that matter the most as i make most of my decisions at those levels.My fib levels that you see that may be out of the ordinary are just what i have discovered to work for me and my style.Hope that answers your question.
  • #53
  • Oct 10, 2007 1:21pm Oct 10, 2007 1:21pm
Quoting Thexder
This may not be the most desired place to ask but it is an easy question that I couldn't figure out in the MT4 forum so I hope someone can answer.

Since I will need to use more elaborate fib drawing than my existing platform allows I decided to download metatrader for the first time, and I know there's a forum for that but after a brief search I found I wasn't finding any answers (words like Fib are too common).

What I'm wondering is, does everyone have a fancy fib indicator to provide the extra projection levels? It looks like the built in fib tool doesn't draw anything above the 0.0 line so I can't project targets with the default MT4 indicator?
Once you place your fib on the chart you select it and right click on one of the dots..you can then edit the levels and add names to each level from there, also adding %$ at the end of the description where you add a name to the fib level will add the price to each fib level line also.
  • #54
  • Oct 10, 2007 1:28pm Oct 10, 2007 1:28pm
Hi Bobo... i'm newbie here...
please tell me how u make decision based on fib numbers?
the meaning of 38.2 50 and 61.8 for your decision?
what about the other numbers?
and btw, can u give a prediction based on this fibo about cable and loonie for Thursday and Friday??

thank you
  • #55
  • Oct 10, 2007 1:44pm Oct 10, 2007 1:44pm
Quoting Bobokus
Once you place your fib on the chart you select it and right click on one of the dots..you can then edit the levels and add names to each level from there, also adding %$ at the end of the description where you add a name to the fib level will add the price to each fib level line also.
That's just what I needed. Thanks. I know it was a primitive question beyond the scope of the thread, I'll try to figure the program out to the best of my ability and use the proper MT forum now that I'm under way. I just needed a head start so I can focus on the trading.

I think I'm all ready to follow along step by step and fill in the blanks I've had all along with the fib usage. One problem I used to have was trying to decide where to draw the previous high and low (on any time range) but it seems to be natural now. I just hope that making the trade decisions while using them will come as naturally.

In a way, if I do get the hang of it, it'll be more rewarding than having a simple ready to go system handed over, because even with the rules laid out and a step by step live mentorship, we still have to learn to use it for ourselves and it will mean more if it works out for us in the end. If I become successful I would like to be able to say I put something into it to make it happen. I don't have to invent my own technique to feel accomplished, in fact if you're just starting out, how can you really invent your own technique?

So I look forward to the future mentor sessions, I'm learning constantly from it already and it's only been about 12 hours of reading.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #56
  • Oct 10, 2007 1:54pm Oct 10, 2007 1:54pm
Quoting GaPs
Hi Bobo... i'm newbie here...
please tell me how u make decision based on fib numbers?
the meaning of 38.2 50 and 61.8 for your decision?
what about the other numbers?
and btw, can u give a prediction based on this fibo about cable and loonie for Thursday and Friday??

thank you
Well thats basically what this thread is for on how i use fibs to trade with.the numbers are basically a percentage of the price movement since the last waveform whether it be up or down, and over time the these fib levels have proven to be common retracement points createing support and resistance levels.the most important being the 38.2...the 50 and the 61.8 % levels.How I trade them depends on alot of factors and you will need to just follow along with the thread to start to understand how it works...price action and knowing a currencies by trading it over time play a big part. what I like to trade is when price visits this area of the 38.2, 50 ,and 61.8...this is the take notice or trading zone..i look for the breakout of this area. Taking into consideration where your longer term fib levels are....is currency trending or ranging...time of day all have their impotance.
most of the time i do make my calls for the following day before they develope...but I don not do this as a recommendation to trade merely show what I will be looking for in the next day and how I plan on trading it.If you scroll back up through the thread you will see my last 2 days worth of calls and how the panned out the next day..
  • #57
  • Oct 10, 2007 1:59pm Oct 10, 2007 1:59pm
Quoting Thexder
That's just what I needed. Thanks. I know it was a primitive question beyond the scope of the thread, I'll try to figure the program out to the best of my ability and use the proper MT forum now that I'm under way. I just needed a head start so I can focus on the trading.

I think I'm all ready to follow along step by step and fill in the blanks I've had all along with the fib usage. One problem I used to have was trying to decide where to draw the previous high and low (on any time range) but it seems to be natural now. I just hope that making the trade decisions while using them will come as naturally.

In a way, if I do get the hang of it, it'll be more rewarding than having a simple ready to go system handed over, because even with the rules laid out and a step by step live mentorship, we still have to learn to use it for ourselves and it will mean more if it works out for us in the end. If I become successful I would like to be able to say I put something into it to make it happen. I don't have to invent my own technique to feel accomplished, in fact if you're just starting out, how can you really invent your own technique?

So I look forward to the future mentor sessions, I'm learning constantly from it already and it's only been about 12 hours of reading.
No problem... this is why i am doing this. Hopefully everyone will learn to improve their trading from this...even me Im sure there is something for me to learn as well.
  • #58
  • Oct 10, 2007 3:27pm Oct 10, 2007 3:27pm
LOL, i just read some of my own posts and seen i cant spell or type for crap...definately not gonna win a spelling bee contest.
  • #59
  • Oct 10, 2007 4:33pm Oct 10, 2007 4:33pm
Perform this exersize with the swing fib on todays GBP/USD 1hour chart:
1. place it from top to bottom from the high of the 0900 candle where it made its high earlier today to the low of the 0400 candle. and observe what happens with price and the fib levels.
2.now swing the low to the low in made on the 1100 candle and observe the candles and fib levels after it.
3 swing the high now to the high of the 1400 candle and observe the candles and fib levels after 1400.
4 Swing the low now to the low of the 1800 candle and observe what has happened since the 1800 candle...

Do you see how price has respected the levels and where it made its reversal of directions at ?
This what you will see me refer to as following the market with the swing fib.The purpose is to find that break away from them or use them once you are in a trade to watch for the market to turn against you.

The market is a Lamborghini and Im giving you the keys to it.
  • #60
  • Oct 10, 2007 5:26pm Oct 10, 2007 5:26pm
Quoting Bobokus
Do you see how price has respected the levels and where it made its reversal of directions at ?
It keeps spiraling in, reversing at any one of the three center fib levels of each new swing, mostly the outer .382 and .618 set, sometimes the 0.5 center.

When a new day is ready to take over the price action, when it's ranged in tight like this, what do we look for in a break? When it's a tight range it's harder to discern a valid break once things start moving again.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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