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  • #261
  • Oct 22, 2007 2:12am Oct 22, 2007 2:12am
The next 2 examples continue from this same movement and we reset since we ran into the consolidation period and we dont know which way price is gonna break now. What happens is we do get the bounce but how far can it go are we going to get a false breakout long or do we get continuation short.If you follow along each up and down move with your swing fib and we take the long position once price has broken the high of this consolidation period it reaches T1 and T2 of our swing fibs and stalls leaves long wicks on the top of candles..a good exit signal. we dont know as this is happening that later it continues up so I would have closed out there.Example 10 shows that it does break again but once again stalls at the T1 and T2 of our swing fibs...even though we have broken the Long fib from our Intraday set we see this could be a false breakout and it would be wise to close it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: example9.gif Size: 22 KB
Click to Enlarge Name: example10.gif Size: 22 KB
  • #262
  • Oct 22, 2007 2:15am Oct 22, 2007 2:15am
Quoting Thexder
I like the gradually unfolding lessons from the foundation over time. Surely I would have been confused if I saw this on page 1 but now I understand it completely. Even if someone is reading this thread all in one sitting, seeing our questions and clarities over the weeks provides the same potential level of understanding (accelerated class).

Is this swing high/low breakout something that should only be used when the probability of success is greater (targets have confluence with intraday zone) or is it worth always considering without looking at proximity to intraday zones? I know this very question is a discretionary issue but I guess I'm asking what your experience is with using that?
The exersize was just meant to show the use of the Swing fib and how it compliments the Intraday set...Now think of the Intraday,Intermediate and the Daily fibs in the very same manner we just used the swing fibs....they show the same thing just on a larger scale.
You can use the breakout of the high and low from any set in the same manner, and yes i do in a way use them to help detirmine probability.
  • #263
  • Oct 22, 2007 2:22am Oct 22, 2007 2:22am
I base my trading plan from the Intraday set.I use the swing fibs to execute it and follow my trades. The higher timeframe fibs (Daily and Intermediate) are your overall goals we are just trading our way to them from the 1 hour timeframe so we can trade or look for a possible trade everyday.Its the do you want the 600 pips from a daily chart or the 2400 from the 1 hour chart as we make our way there thing
  • #264
  • Oct 22, 2007 2:23am Oct 22, 2007 2:23am
Quoting Bobokus
Next will price bounce or will it continue to crash.Example 7 and 8 show we are getting another clean break and going short.
On the Entry arrow for the short of the swing, it looks like it was after T2 was broken (not just swing low). That level also corresponds with entering the intraday zone. Which incident generated the decision for a short entry at that point?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #265
  • Oct 22, 2007 2:30am Oct 22, 2007 2:30am
This is another example of a false break that just occured today, notice where T1 and T2 of the swing are.At this point price cannot be maintained above there.We have to wait now until this down leg stops and repull the swing or breaks out short.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: today.gif Size: 24 KB
Click to Enlarge Name: today2.gif Size: 23 KB
  • #266
  • Oct 22, 2007 2:33am Oct 22, 2007 2:33am
Quoting Bobokus
Example 10 shows that it does break again but once again stalls at the T1 and T2 of our swing fibs...even though we have broken the Long fib from our Intraday set we see this could be a false breakout and it would be wise to close it.
In this case the Intraday long level comes before the swing high level. Would you have entered on a break of whichever comes first or break the swing long?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #267
  • Oct 22, 2007 2:34am Oct 22, 2007 2:34am
Quoting Thexder
On the Entry arrow for the short of the swing, it looks like it was after T2 was broken (not just swing low). That level also corresponds with entering the intraday zone. Which incident generated the decision for a short entry at that point?
Normally i would just set a sell stop a couple of pips below it Low(Red)line. Especially after that kinda of rejection. Most likely stopping the trade if it re-enterd that Red line
  • #268
  • Oct 22, 2007 2:37am Oct 22, 2007 2:37am
Quoting Thexder
In this case the Intraday long level comes before the swing high level. Would you have entered on a break of whichever comes first or break the swing long?
If i hadnt gone long from the break of the earlier swing I would have taken the break of the Long fib and followd like on the chart with the swing fib
  • #269
  • Oct 22, 2007 3:20am Oct 22, 2007 3:20am
Quoting niceguy777
Hi Bobokus. Are you aware of the Absolute Fibonacci Framework? I've been looking at your very impressive thread. This could save you a lot of time and effort.
No i havnt see it.
  • #270
  • Oct 22, 2007 4:42am Oct 22, 2007 4:42am
We just busted clean out of the swing low and straight to T2, which makes me ask...should we wait for a 1 hour close and open outside a swing or just take the break when it happens?
Attached Image (click to enlarge)
Click to Enlarge Name: Cable.jpg Size: 39 KB
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #271
  • Oct 22, 2007 5:50am Oct 22, 2007 5:50am
Quoting Bobokus
This is another example of a false break that just occured today, notice where T1 and T2 of the swing are.At this point price cannot be maintained above there.We have to wait now until this down leg stops and repull the swing or breaks out short.
Hi Bo..

In the first picture why did you draw your fib from the high of the 22/10/07 200 candle to the low of the 22/10/07 100 candle? I would have drawn mine from the high of the 21/10/07 200 candle to the low of the 22/10/07 100 candle. Just doesn't look like a place where you would normally draw a fib?
  • #272
  • Oct 22, 2007 6:10am Oct 22, 2007 6:10am
Quoting Bobokus
This is another example of a false break that just occured today, notice where T1 and T2 of the swing are.At this point price cannot be maintained above there.We have to wait now until this down leg stops and repull the swing or breaks out short.

Now after the break short, today we get the Target Hit.
Attached Image (click to enlarge)
Click to Enlarge Name: target hit.gif Size: 23 KB
  • #273
  • Oct 22, 2007 6:15am Oct 22, 2007 6:15am
Quoting Thexder
We just busted clean out of the swing low and straight to T2, which makes me ask...should we wait for a 1 hour close and open outside a swing or just take the break when it happens?
Another example of a clean break the entry is up to the trader,most conservative would be the open of the candle after a break, most aggressive... a sell stop just below the swing fib low.
  • #274
  • Oct 22, 2007 6:19am Oct 22, 2007 6:19am
Quoting Bobokus
Now after the break short, today we get the Target Hit.
Hey Bo,

Where would you have entered the short trade since it moved so fast?
  • #275
  • Oct 22, 2007 6:22am Oct 22, 2007 6:22am
Quoting ozziedave
Hi Bo..

In the first picture why did you draw your fib from the high of the 22/10/07 200 candle to the low of the 22/10/07 100 candle? I would have drawn mine from the high of the 21/10/07 200 candle to the low of the 22/10/07 100 candle. Just doesn't look like a place where you would normally draw a fib?
Do you mean the 2200 candle of 10/21 to 0100 candle of 10/22, it looks like thats what you meant if so I did have mine there i move it as each new up and down swing are created.
  • #276
  • Oct 22, 2007 6:25am Oct 22, 2007 6:25am
Quoting ozziedave
Hey Bo,

Where would you have entered the short trade since it moved so fast?
Click on the chart of post #272 its on there
  • #277
  • Oct 22, 2007 8:31am Oct 22, 2007 8:31am
Hi bobo, do you have bobokusfibo mq4 for Weekly?
  • #278
  • Oct 22, 2007 8:41am Oct 22, 2007 8:41am
Quoting pola70
Hi bobo, do you have bobokusfibo mq4 for Weekly?
No I dont I do everything manually
  • #279
  • Oct 22, 2007 8:53am Oct 22, 2007 8:53am
Quoting Bobokus
No I dont I do everything manually
thanks bro
  • #280
  • Oct 22, 2007 8:55am Oct 22, 2007 8:55am
Hi Bobokus,

The price already reach the bottom low, at 2.2087. What should we do now?
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