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  • #101
  • Oct 12, 2007 8:10am Oct 12, 2007 8:10am
So since the intraday long and short are right at the envelope (river, lol couldnt resist) I am thinking there will probably be some ranging there coupled with it being friday are you looking for an entry? Just wondering what you where thinking.
Shootist - Have Pip Shooters Will Travel
  • #102
  • Oct 12, 2007 8:13am Oct 12, 2007 8:13am
Quoting Shootist
So since the intraday long and short are right at the envelope (river, lol couldnt resist) I am thinking there will probably be some ranging there coupled with it being friday are you looking for an entry? Just wondering what you where thinking.

Ive already taken 3 long positions based on just the price action...looking at the fibs Im thinkin 2.0365 ish and may get out of them there, or the first sign of reversal.
  • #103
  • Oct 12, 2007 8:28am Oct 12, 2007 8:28am
Does vhands let you switch between time frames like this ie daily an hourly charts without messing up? (looking to play with this some more over the weekend)
Shootist - Have Pip Shooters Will Travel
  • #104
  • Oct 12, 2007 8:32am Oct 12, 2007 8:32am
Quoting Shootist
Does vhands let you switch between time frames like this ie daily an hourly charts without messing up? (looking to play with this some more over the weekend)

I dont think it can.
  • #105
  • Oct 12, 2007 8:36am Oct 12, 2007 8:36am
The retreat in price now has closed all 3 trades on me at 2.0332..Oh well still got some good pips from it.No more trades today for me.
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  • #106
  • Oct 12, 2007 12:48pm Oct 12, 2007 12:48pm
Quoting TEugene
Hi Bobokus
Thanks again.
I am studying and learning. It helps so much to have the permanent written record and take one post at a time with the chart until I understand each detail.
Please make Skunny stay away with those gann lines. I don't want to have to learn them too!
Just kidding...HELLO SKUNNY!!!
Best of trading to you both.
I live at ORI.
LOL.....Too funny. Didn't mean to scare ya. I would never complicate a very easy system with "extras" on someone else's thread (even Bo's. My thought would be to start my own thread on Gann line projections, but help answer some questions on the fib system here to help out a bit. Hope trading is treat'n ya well TE. Talk to you soon.
Robonacci com
  • #107
  • Oct 12, 2007 1:41pm Oct 12, 2007 1:41pm
Quoting Bobokus
Looks as if our targets of 260/240 were dead on
Those were Daily Long and Intraday T2 levels. Were those specifically targeted before we knew where the price was going to reach, and what was the reasoning for those 2 targets in this case? That's another problem of mine, not knowing what targets to pick out of 5 or 6 "support" fib lines where price is running toward.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #108
  • Oct 12, 2007 4:13pm Oct 12, 2007 4:13pm
Quoting Thexder
Those were Daily Long and Intraday T2 levels. Were those specifically targeted before we knew where the price was going to reach, and what was the reasoning for those 2 targets in this case? That's another problem of mine, not knowing what targets to pick out of 5 or 6 "support" fib lines where price is running toward.
Youve touched on something I havnt covered and didnt realise it..Selecting targets. Normally in a trending move you will look to target the extensions from the Intraday fib.When we are ranging like we have been this week you can still target the extensions of the Intraday fib but most times price will not reach those unless you are in a move that has the potential to trend, an example of this was thursday this week we got continuation from the move down on wednesday and the T1 and T2 levels were hit almost to the pip.The move down from thursday into friday continued down as well so we could target the T1 and T2 of the Intraday fib again and also what i used in my projection from thurday into today, it just turns out to be our T1 from thursdays move aligned with the Daily Long fib. but T2 of thursdays Intraday was below there...which one carried more weight today..the Intraday T2 or the Daily Long fib.....the answer is the Daily long fib.Another thing to note is if you look you will see the candle bodies cound not be maintained below this level only wicks...indicating it wasnt gonna give and price is going to back away now. The best way to tell the move was continueing down was each waveform as it tried to rally would come back down and make new lower lows. During the ranging periods you dont get this and why you want to use what you see happening with the candles and your swing fib.
The other fib levels we have in the background from the daily and the intermediate set give us turning points when we are trading out way in between them...the most important from those 2 sets being the 38.2, the 50 and the 61.8 levels , when we come across those you better pay attention to them they carry more weight than the Range,Intraday fibs since they are from the longer term view.
Ive renamed the 38.2 the 50 and 61.8 levels to Short ,the Pivot and Long...the reason is if price is above the long fib...I consider the market long, if price is below the Short fib i concider the market short....especially from the longer term fibs.
Today was an example of that...Cable is still considered in a Long position even though it has been moving down for 3 days...the longer term view always rules over the short term.
The way I trade is...I am trading the Daily chart but I am doing this from the 1 hour timeframe.
The reason is ,if you see where price is headed from the daily chart the goal may be 600 pips away if you go long on this from the daily chart you get the 600 pips in say a 2-3 week period. if you trade this same trade from the 1 hour timeframe you can trade each waveform it makes as it gets there and make the 2400 pips in the same amount of time...which do you prefer...me I am greedy Im goin for the 2400.
I guess i got a little off subject but if that doesnt answer you question let me know and ill make another stab at it.
  • #109
  • Oct 12, 2007 5:00pm Oct 12, 2007 5:00pm
That answers the question perfectly about how to set targets. I have another question, price reversed after T2 today, so that T2 was a new "intraday low" point - during today's reversal when we are looking for a retracement, do we extend the intraday low to the new low and look to retrace that entire intraday down move, or do we still keep only yesterday's intraday low until today has run out?
I would tend to feel we should extend the intraday low because the entire move is up for retracement but I thought I'd ask.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #110
  • Oct 12, 2007 5:10pm Oct 12, 2007 5:10pm
am reading through your thread. looks great... thanks for the info and work on this.

how long have you been trading this system?
are you a full time FX trader?
i'll try to keep up with all the info.
thanks again
dak
  • #111
  • Oct 12, 2007 5:15pm Oct 12, 2007 5:15pm
Quoting Thexder
That answers the question perfectly about how to set targets. I have another question, price reversed after T2 today, so that T2 was a new "intraday low" point - during today's reversal when we are looking for a retracement, do we extend the intraday low to the new low and look to retrace that entire intraday down move, or do we still keep only yesterday's intraday low until today has run out?
I would tend to feel we should extend the intraday low because the entire move is up for retracement but I thought I'd ask.
I will leave mine until the day is over for reference and pull the swing fib around if need be.
  • #112
  • Oct 12, 2007 5:26pm Oct 12, 2007 5:26pm
Quoting dakrusha
am reading through your thread. looks great... thanks for the info and work on this.

how long have you been trading this system?
are you a full time FX trader?
i'll try to keep up with all the info.
thanks again
dak
I have developed this over the past 4-5 years, using fib's on and off thoughout that time period.I never really got it until about a year ago and its like a light has been turned on. Im not yet full time trading as i feel i need to be debt free first to get over the mental part of trading. Very very soon I will be fulltime.I do teach it now as well as private tutoring but not gonna go there as its against the rules here on this Forum and im not gonna rock the boat.Im just here to share some of what Fibs can offer to newer traders at the beginning of their trading career instead of after they have emptied their accounts method hopping. If I would have learned the basics of trading first I would be retired already.
  • #113
  • Edited 5:30pm Oct 12, 2007 5:29pm | Edited 5:30pm
Quoting Thexder
That answers the question perfectly about how to set targets. I have another question, price reversed after T2 today, so that T2 was a new "intraday low" point - during today's reversal when we are looking for a retracement, do we extend the intraday low to the new low and look to retrace that entire intraday down move, or do we still keep only yesterday's intraday low until today has run out?
I would tend to feel we should extend the intraday low because the entire move is up for retracement but I thought I'd ask.

As too the second part of your question...pull the range fib across the last couple of days thats more of what we have it for rather than the Intraday we need it across what happens on a daily basis.The intraday fib will be pulled across only what happened today.
  • #114
  • Oct 12, 2007 7:14pm Oct 12, 2007 7:14pm
I'm going through the thread from the beginning again now that it's the weekend and I have time, and I'm setting up all the fibs on my chart and maybe I'll have some questions now in retrospect, such as:

Does the trend for an intermediate fib have to be the same direction as the daily trend or can it be opposite trend direction if a set of new successive highs/lows against the daily trend indicate a counter trend forming within the daily trend price range (Who's on first?)

Also, after looking at today's daily chart, is it time to draw a new intermediate trend fib? I think this was mentioned today but I am not sure if that was the same fib being discussed.

One other question on that, to draw a new intermediate fib, does a new intermediate trend have to surpass the 0 or 100 level of the previous intermediate trend to be valid?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #115
  • Oct 12, 2007 8:02pm Oct 12, 2007 8:02pm
Quoting Thexder
I'm going through the thread from the beginning again now that it's the weekend and I have time, and I'm setting up all the fibs on my chart and maybe I'll have some questions now in retrospect, such as:

Does the trend for an intermediate fib have to be the same direction as the daily trend or can it be opposite trend direction if a set of new successive highs/lows against the daily trend indicate a counter trend forming within the daily trend price range (Who's on first?)

Also, after looking at today's daily chart, is it time to draw a new intermediate trend fib? I think this was mentioned today but I am not sure if that was the same fib being discussed.

One other question on that, to draw a new intermediate fib, does a new intermediate trend have to surpass the 0 or 100 level of the previous intermediate trend to be valid?
The intermediate can be in either direction wether it was from a down move or up regardless of the direction from your daily.
The intermermediate fib can be moved now. but the reason i have left mine are for the projections from that fib that i am watching ...it is showing the direction from a bounce off the Short fib that is targeting 2.0638 again, this last trend we made up (9/18/07 to 10/0107) is from this bounce and is still running, we have just been ranging around the high of it.As far as when to move it yes after the 100 or 0 level has been broken as a general rule it can be redrawn...unless you are watching its extensions
  • #116
  • Oct 12, 2007 8:52pm Oct 12, 2007 8:52pm
One thing I couldn't figure out was how to draw the MA envelope in MT4. Is it built in somewhere by default?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #117
  • Oct 12, 2007 8:55pm Oct 12, 2007 8:55pm
Quoting Thexder
One thing I couldn't figure out was how to draw the MA envelope in MT4. Is it built in somewhere by default?
click on the indicators button at the top, then Oscillators (should be the sub menu there)
  • #118
  • Oct 12, 2007 10:28pm Oct 12, 2007 10:28pm
Idon't know how I missed that, I was looking in there before, I guess I'm rushing around too much. I think my chart is all set up now, ready for next week.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #119
  • Oct 12, 2007 11:03pm Oct 12, 2007 11:03pm
I'm now trying to make sure I know when to redraw new fibs for the various types. I think Daily and Swing are easy, and we've elaborated on intraday and intermediate, but now I realized I don't know when to update a Range.

Do we wait for a break from the range fibs (and what levels) and then wait for a new envelope crossing setup?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #120
  • Oct 13, 2007 12:26am Oct 13, 2007 12:26am
Quoting Thexder
I'm now trying to make sure I know when to redraw new fibs for the various types. I think Daily and Swing are easy, and we've elaborated on intraday and intermediate, but now I realized I don't know when to update a Range.

Do we wait for a break from the range fibs (and what levels) and then wait for a new envelope crossing setup?
What we want from the Range set of fibs is to give us a set of fibs that the price will bounce around in during a ranging period, in this case it would be from the high of wednesday to the low we made on friday. The explanation for this is back at the beginning i think but it goes like this..the 62 envelope is our trend identification as long as the price stays to one side of the envelope we are trending in that direction, as the price crosses through it the trending move has ended and we will most likely go into ranging, this set of fibs we use at the highest and lowest point of that crossing to give us the operating range price will bounce around in during the ranging period..If it breaks from this set (range set) we are likely to go into trending move again.It will also give us an idea of where we are in the ranging period...the top, bottom or whatever. I dont normally base a trade off it or use it for exits its more a reference for ranging.Basically using the 62 envelope and this set together as 1 tool.
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