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  • #141
  • Oct 15, 2007 9:49am Oct 15, 2007 9:49am
Hi Bo
Starting from the Intermediate Fib is better for me, so, I hope, for some others also. Although I have been a student of currency trading for almost three years, I have never gotten past the definition and set up of fibs. Spent a lot of time with moving averages, vegas tunnel, etc. Being part time makes it all take longer.
This really is the same as private tutoring. I know you don't want me to say thank you every time I post, but I see the value in your knowledge.
  • #142
  • Oct 15, 2007 9:49am Oct 15, 2007 9:49am
What a great method!

You really cleared things up for me with those last series of posts.
Thanks Bobokus!

Without a SL just waiting for a candle to open an hour away seems a little exposed to me for determining whether to exit or not.

Do you use an initial SL?
If so, is it a pre-determined amount of pips or the next lower Fib line or a price action support area or something else?

thx again!
  • #143
  • Oct 15, 2007 9:54am Oct 15, 2007 9:54am
Quoting TEugene
Hi Bo
Starting from the Intermediate Fib is better for me, so, I hope, for some others also. Although I have been a student of currency trading for almost three years, I have never gotten past the definition and set up of fibs. Spent a lot of time with moving averages, vegas tunnel, etc. Being part time makes it all take longer.
This really is the same as private tutoring. I know you don't want me to say thank you every time I post, but I see the value in your knowledge.

Np, TEugene
  • #144
  • Oct 15, 2007 10:00am Oct 15, 2007 10:00am
Quoting bunjow
What a great method!

You really cleared things up for me with those last series of posts.
Thanks Bobokus!

Without a SL just waiting for a candle to open an hour away seems a little exposed to me for determining whether to exit or not.

Do you use an initial SL?
If so, is it a pre-determined amount of pips or the next lower Fib line or a price action support area or something else?

thx again!
No i rarely ever use a stoploss, I am my own stoploss. A stoploss is just a target for brokers. There are times i will use a trailing stop to get me to break even but i usually turn it off after break even and close the trades manually. For a stoploss i look for support or resistance areas to break going against me and price action.
  • #145
  • Oct 15, 2007 2:27pm Oct 15, 2007 2:27pm
I'm a bit more clear too. I think if I were reading this thread after it'd been around 3months I'd have a few lightbulbs turned on that I'm now getting day by day. It proves there's more to it than following a list of rules, the day by day experience exploits the nuances that need to be overcome with experience and perceptions evolving with experience.

One of today's light bulbs tells me don't do anything with the swing until in a trade, then use it to monitor action along the move.

Another realization may be the most significant thing for us is the previous day's range of motion, to follow it next day into a trade zone to look for break out or to follow it beyond its high/low to continue or reverse that way.

I've been struggling between the previous day's price range vs the previous big move's price range, like yesterday where both fib zones of those ranges were on top of each other, congesting me "can't break high, will hit that other zone, can't break low, the other zone is sitting there". Maybe the observation should have been "Friday's action retraced the previous big down move to its fib trade zone (the high of Friday is the middle of the trade zone) and it didn't leave there so forget that zone on the next day and focus on the smaller retrace movement and break out of that"

I guess that's the issue, when to ignore one trend move, single or multiple days long, and start focusing on trading another trend move, if we leave alone one move after it's broken out, or just when a new day comes...etc.
I think this might have something to do with whether targets have been hit or not...but then again no targets outside the fib zone were hit friday for the previous down move...we just saw a reversal and retrace and decided it's a new up move to work on for Monday. Need to work on that, shifting the focus from previous to new fib zones. Is it black and white just considering the one day range even if the move goes down 5 days in a row? I guess if we take each day-long set of fibs one day at a time along the move, we're trading a continual break above the previous day's high or low in the continued direction. Maybe I answered my own question.

I think I'll go to bed now!
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #146
  • Oct 15, 2007 3:25pm Oct 15, 2007 3:25pm
I couldn't sleep.
I took another look at last Thursday which was part of that big down move. Just looking at Thursday only while setting up for Friday, forgetting the prior down move Wednesday as part of a bigger picture down-move, on Friday the price broke low of Thursday, and coincidentally (or magically) hit the T2 profit before reversing (bouncing off daily long and another fib helping stall at T2 of Thursday's move), and we already covered how that reversal on Friday was expected as things unfolded.

So I think what I'll try doing now is maybe in preparation of a new day, look at those other long term fibs and prepare for any key S/R obstacles, reversal potential points, how they may coincide with current short term intraday targets, and stick to the intraday range of the previous day for where to set up the actual trades, then if I get in, monitor with swing and see if there's warnings to jump out of a wrong move or stalled move.

This may be the intention all along but I'm only seeing it today coming clear thanks to the explanations of last night's trading session. I think I learned much in the last week. I almost feel...prepared...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #147
  • Edited 5:39pm Oct 15, 2007 4:14pm | Edited 5:39pm
Quoting Bobokus
Good to see ya, how's the trading been going
Bo my friend, YOU know you light up my light bulb and i still thank you for this!

To be honest, trading have been a real roller coaster recently, during the summer i went incredibly high to incredibly low ,back to highnest again and back to realist figure now, thanks to my sloppy MM, but i am still trading fibo way.. And this method is the best for me too.

Most wins was done with your method, most lost was done with me scalping.

I also force myself to never modify SL and TP after the trade is decided, i shut the screen and walk away.

I need to study this whole thread, it's growing faster then i can read it.. hehe!

DareDevil for you.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #148
  • Edited 5:48pm Oct 15, 2007 5:37pm | Edited 5:48pm
Controlling the emotions is the real challenge isn't it? Still something i am working on but i fell i am getting there with this matter since as i have been able to build an account from almost scratch in no time... Now using fixed 10% 1:1 risk on any one trade, i feel happy when i win and undifferent when i loose. Now i know that my trader's edge is doing the difference... That is very importent for me to understand by myself.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #149
  • Oct 15, 2007 5:59pm Oct 15, 2007 5:59pm
Great thread Bo;
What you are doing has never been this clear to me before.
Thanks
  • #150
  • Oct 15, 2007 6:40pm Oct 15, 2007 6:40pm
Quoting Thexder
I couldn't sleep.
I took another look at last Thursday which was part of that big down move. Just looking at Thursday only while setting up for Friday, forgetting the prior down move Wednesday as part of a bigger picture down-move, on Friday the price broke low of Thursday, and coincidentally (or magically) hit the T2 profit before reversing (bouncing off daily long and another fib helping stall at T2 of Thursday's move), and we already covered how that reversal on Friday was expected as things unfolded.

So I think what I'll try doing now is maybe in preparation of a new day, look at those other long term fibs and prepare for any key S/R obstacles, reversal potential points, how they may coincide with current short term intraday targets, and stick to the intraday range of the previous day for where to set up the actual trades, then if I get in, monitor with swing and see if there's warnings to jump out of a wrong move or stalled move.

This may be the intention all along but I'm only seeing it today coming clear thanks to the explanations of last night's trading session. I think I learned much in the last week. I almost feel...prepared...
Exactly, Look at the movement from to today to guage the movement for the next day,Just pay attention once price comes into contact from the fib levels of the higher timeframes or larger moves.
  • #151
  • Oct 15, 2007 6:44pm Oct 15, 2007 6:44pm
Quoting GreatYves
Bo my friend, YOU know you light up my light bulb and i still thank you for this!

To be honest, trading have been a real roller coaster recently, during the summer i went incredibly high to incredibly low ,back to highnest again and back to realist figure now, thanks to my sloppy MM, but i am still trading fibo way.. And this method is the best for me too.

Most wins was done with your method, most lost was done with me scalping.

I also force myself to never modify SL and TP after the trade is decided, i shut the screen and walk away.

I need to study this whole thread, it's growing faster then i can read it.. hehe!



DareDevil for you.
DD give the live account a break for a couple of weeks or so. Practice in a demo and stick to the rules, Me i retrade the market over and over again every weekend
  • #152
  • Oct 15, 2007 6:46pm Oct 15, 2007 6:46pm
Quoting bapxyz
Great thread Bo;
What you are doing has never been this clear to me before.
Thanks

Glad i could make it clearer for ya Bap
  • #153
  • Oct 15, 2007 6:54pm Oct 15, 2007 6:54pm
Quoting GreatYves
Controlling the emotions is the real challenge isn't it? Still something i am working on but i fell i am getting there with this matter since as i have been able to build an account from almost scratch in no time... Now using fixed 10% 1:1 risk on any one trade, i feel happy when i win and undifferent when i loose. Now i know that my trader's edge is doing the difference... That is very importent for me to understand by myself.

Yes the mental part is the hardest thing to try and control..especially when you trade with real money vs a demo account, you can learn how with the demo's but once you start pushing that button with real money going up for grabs its a completely different animal.I found that making a plan for the next days trading can be a big help.Partly the reason i make trade calls..i myself will go back and look at them to help keep myself focused on the target and not to give in with small profits or small losses...to wait it out and let my trading plan play out good or bad.As long as nothing unexpected happens during the trade it usually works out and the more this happens the more confidence youll gain in what your doing.Try it ....make a trading plan for the next day write it down and keep going back to look at it during your trading.If everything is as expected with your plan ..stick to it.
  • #154
  • Oct 15, 2007 7:12pm Oct 15, 2007 7:12pm
No big secret as to what we wanna see, a small bounce tonight from the trading zone, If not a break from the short fib...doesnt matter going to go with whichever breaks first or holds. If no bounce or no retracement looking at the break of the high.As i write this price appears to be rolling over for a bounce or dip...buying it as long as the Short fib holds in the trading zone.
Today we have crossed over the 62 envelope yet again indicating to be prepared for ranging also.Maybe this time price can be maintained above it and we can go on another run to test the topside of the range from last week.Another thing of note we have yet to have one of those small range days (70pips or less) in a couple of weeks and that could ruin everyones day too.
Immediate resistance on a break of the high I see 450/475 as a stalling point between todays targets.On a short if we get a correction move we have the low from yesterday 319ish and from the daily chart 259 as support areas.

Looking long on a bounce from 2.0370/2.0390
Targeting 2.0480/2.0508
Take into concideration the previous ranges high for stalling

Long on a break of the high if no dip happens...same target strategy.
---------------------------------------------------------
Short on a a break of 2.0362
Targeting 2.0320/2.0280
Attached Image (click to enlarge)
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  • #155
  • Oct 15, 2007 8:13pm Oct 15, 2007 8:13pm
It work nicely on other pairs too! Check out today NZDUSD action... and look at the spike that just happened... Price dancing in between .382's.. Some heavy price action. I did my day on that retracement.. (recent spike up)!
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #156
  • Oct 15, 2007 8:20pm Oct 15, 2007 8:20pm
Hey Bap and Great, Davo, glad to see you guys here. I've been sooooo tied up with making a few bucks I've been a little scarce.


Money management Money managementMoney managementMoney managementMoney managementMoney managementMoney management.

What a topic, I can't tell you the burn I've felt in the past with choosing a position based on solid technicals and bailing because you find yourself noticing a signal in the opposite direction. Bo you are on the money, put your trade in and stick with it....for better or for worse. It's the only way to be consistent in your trading. Let the system fail from time to time, don'tt let your emotions(second guessing) be the cause of your demise.


Again, great to see all of you here!!!
Robonacci com
  • #157
  • Oct 15, 2007 8:22pm Oct 15, 2007 8:22pm
Quoting GreatYves
It work nicely on other pairs too! Check out today NZDUSD action... and look at the spike that just happened... Price dancing in between .382's.. Some heavy price action. I did my day on that retracement.. (recent spike up)!
I see that ...big move today for NZD.
  • #158
  • Oct 15, 2007 8:23pm Oct 15, 2007 8:23pm
Quoting PowerTrader
Very interesting Bo. Great thread and I think people can improve any method by learning Fibonacci.

Good Luck

PT
Hey PT what's up? Hope all is well with you.
Robonacci com
  • #159
  • Oct 15, 2007 8:31pm Oct 15, 2007 8:31pm
Quoting SKUNNY
Hey Bap and Great, Davo, glad to see you guys here. I've been sooooo tied up with making a few bucks I've been a little scarce.


Money management Money managementMoney managementMoney managementMoney managementMoney managementMoney management.

What a topic, I can't tell you the burn I've felt in the past with choosing a position based on solid technicals and bailing because you find yourself noticing a signal in the opposite direction. Bo you are on the money, put your trade in and stick with it....for better or for worse. It's the only way to be consistent in your trading. Let the system fail from time to time, don'tt let your emotions(second guessing) be the cause of your demise.




Again, great to see all of you here!!!
Yep, I use 3-5% margin rule per trade. Mostly 3%..There is no way to trade in Forex without loosing a trade but Money management can keep you from dumping your account over a few trades. Its one of the reasons i do so much backtesting and re-trading of the market on the off hours. It helps too see if you stick your trading plan your losses can be minimized.
  • #160
  • Oct 15, 2007 10:35pm Oct 15, 2007 10:35pm
A possible extra range fib to consider, the entire two day long move of the past 2 days has a fib trading zone sitting right beneath the current trading zone from yesterday's range, which may help provide resistance if price enters today's trading range and tires to break short of it, it might bounce due to the longer two day range long fib. If price can break short of today's trading zone (and fall into the past 2 day's combined trading zone) then this zone may inhibit today's short from going beyond the current Intraday Low (yesterday's low around 320) so I would target yesterday's low more heavily than yesterday's T1 around 280, expecting a bounce from 320 if it does go that low.

The oval is the past two day's retracement zone, the rectangle is the current intraday zone.
Attached Image (click to enlarge)
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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