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  • #281
  • Oct 22, 2007 9:05am Oct 22, 2007 9:05am
Quoting mattrader
Hi Bobokus,

The price already reach the bottom low, at 2.2087. What should we do now?
We do nothing until we get more information from today, we want to watch the consolidation period in the meantime to get our swing fib set up correctly for tonight.
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  • #282
  • Oct 22, 2007 9:07am Oct 22, 2007 9:07am
hey there new to this thread as far as i have learnt in my intermediate course with some broker now what i have learnt is the 61.8% level or the 0.618 level is the most important level. Now what i want to know is that since most of us are short term traders where do we draw the fibonacci lines from what do we take as the low lets say on an hourly chart??? Please help. Reply me back soon.
Regards,
Bksujal
  • #283
  • Oct 22, 2007 9:14am Oct 22, 2007 9:14am
Quoting bksujal
hey there new to this thread as far as i have learnt in my intermediate course with some broker now what i have learnt is the 61.8% level or the 0.618 level is the most important level. Now what i want to know is that since most of us are short term traders where do we draw the fibonacci lines from what do we take as the low lets say on an hourly chart??? Please help. Reply me back soon.
Regards,
Bksujal
You may want to go over the thread from the beginning because there are just too many things we look at when placing the fibs on the chart.Intraday your looking at basically the high and low of the day and sometimes that will include a few candles from the previous day or the following day, look over the charts from the sessions last night and this morning you will see we had to do that on Friday/Sunday.
  • #284
  • Oct 22, 2007 9:24am Oct 22, 2007 9:24am
hey bob thanks for the quick reply. Okay now i dowloaded your fibonacci indicator. As you have mentioned in your earlier post that you trade basically after the london session begins, coz it sets the tone for the day. Now since the fib is drawn automatically which is really cool!!! I wanted to know that as the there is a bullish candle @ intraday long what i mean is that a bull candle is formed and the price closes above the intraday long then we go long and vice-versa for short??? Please reply me back soon.
Regards,
Bksujal


Quoting Bobokus
You may want to go over the thread from the beginning because there are just too many things we look at when placing the fibs on the chart.Intraday your looking at basically the high and low of the day and sometimes that will include a few candles from the previous day or the following day, look over the charts from the sessions last night and this morning you will see we had to do that on Friday/Sunday.
  • #285
  • Oct 22, 2007 9:42am Oct 22, 2007 9:42am
Quoting bksujal
hey bob thanks for the quick reply. Okay now i dowloaded your fibonacci indicator. As you have mentioned in your earlier post that you trade basically after the london session begins, coz it sets the tone for the day. Now since the fib is drawn automatically which is really cool!!! I wanted to know that as the there is a bullish candle @ intraday long what i mean is that a bull candle is formed and the price closes above the intraday long then we go long and vice-versa for short??? Please reply me back soon.
Regards,
Bksujal

To some degree yes , your asking about things weve covered earlier and really should read the whole thread first there are a couple of exersizes in here as you go though it that will help show you how to place the fibs because each individual fib has its own purpose in what it shows us from price movement, as you go through the exersizes and examples youll answer most of your own questions.
The Fib indicator here was made by one of the Coder guru guys here on this forum and it is good for placing the Intraday fib on days that only have a high and low from that day we will draw the fib on. There are too many times though that this is not the case. Me I will always draw them manually, just dont get caught up relying on an indicator, part of learning this is doing your homework and backtesting over and over again. Drawing them yourself is how you will learn over time.
  • #286
  • Oct 22, 2007 10:17am Oct 22, 2007 10:17am
From a Daily standpoint, we finally broke from the flag pattern for about 3 days but now have passed through it again short.We could be going for a ride here !. If this Daily 2.0259 gives way there is room below.
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  • #287
  • Oct 22, 2007 10:43am Oct 22, 2007 10:43am
On a scale of how big of a drop this is so far today...over 1% off the open price. Thats huge !
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  • #288
  • Oct 22, 2007 10:51am Oct 22, 2007 10:51am
Hi Bobokus,

I have draw the intraday set on chart ( using the MT4 Fibo Retrace). If i want to draw for the swing set, I have to change the comment in fibo properties, right?
  • #289
  • Oct 22, 2007 11:03am Oct 22, 2007 11:03am
Quoting Bobokus
No i havnt see it.
Well, what it shows you, is that instead of applying various constructs (Fibs etc.) onto the candlesticks as you go, and trying to figure out where it will go next based on those, there is a framework that the candlesticks move to all the time, that is fractal in nature, and based on the Fibonacci.
The framework is there; we just have to work on our frame of mind.
  • #290
  • Oct 22, 2007 11:09am Oct 22, 2007 11:09am
Hi Bobokus,

I am posting the chart here. Hope it is the same. Well, not quite use to it, have to make set of fibo retracement at one time. I think i well handle it well gradually, just to need practice it more.
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  • #291
  • Oct 22, 2007 11:18am Oct 22, 2007 11:18am
Quoting mattrader
Hi Bobokus,

I have draw the intraday set on chart ( using the MT4 Fibo Retrace). If i want to draw for the swing set, I have to change the comment in fibo properties, right?
Yes, you just dont need all the levels like R1 and S1 on the swing fib
  • #292
  • Oct 22, 2007 11:20am Oct 22, 2007 11:20am
Quoting niceguy777
Well, what it shows you, is that instead of applying various constructs (Fibs etc.) onto the candlesticks as you go, and trying to figure out where it will go next based on those, there is a framework that the candlesticks move to all the time, that is fractal in nature, and based on the Fibonacci.
Ill give it a look and see.Im just set in my ways and dont want to change what works for me.
  • #293
  • Oct 22, 2007 11:24am Oct 22, 2007 11:24am
Quoting mattrader
Hi Bobokus,

I am posting the chart here. Hope it is the same. Well, not quite use to it, have to make set of fibo retracement at one time. I think i well handle it well gradually, just to need practice it more.
From what I can see you've got them programmed correctly.Now you just need some practice with them.
  • #294
  • Oct 22, 2007 11:31am Oct 22, 2007 11:31am
Quoting Bobokus
Ill give it a look and see.Im just set in my ways and dont want to change what works for me.
As they say, 'if it ain't broke, don't fix it.' I'm glad it's working for you.

I just find that even if people have something that works, this makes it better. I got a couple of nice quote on my website the other day:

"After having used the AB FIBS for about 8 months I can truthfully say that they are the best tool in our FX arsenal…"


" This stuff is absolutely incredible! It's like having a GPS Navigation System for the Forex market."


I don't like the Forex Hype that flies around the business, but I'm always pleased to see it working for people.
The framework is there; we just have to work on our frame of mind.
  • #295
  • Oct 22, 2007 11:32am Oct 22, 2007 11:32am
Quoting niceguy777
Well, what it shows you, is that instead of applying various constructs (Fibs etc.) onto the candlesticks as you go, and trying to figure out where it will go next based on those, there is a framework that the candlesticks move to all the time, that is fractal in nature, and based on the Fibonacci.
Ahh I see, We are one in the same with what we see in the market and how it moves. Didnt know any others thought the same way....Sweet
  • #296
  • Oct 22, 2007 11:42am Oct 22, 2007 11:42am
Quoting Bobokus
Ahh I see, We are one in the same with what we see in the market and how it moves. Didnt know any others thought the same way....Sweet
That seemed clear to me when I saw your thread. You aren't using the framework though. That's why I suggested it may be of help. It makes things clearer, and I feel sure you in particular would see the incredible patterns that I see.
The framework is there; we just have to work on our frame of mind.
  • #297
  • Oct 22, 2007 12:12pm Oct 22, 2007 12:12pm
hey bob i went through some of the earlier posts of urs. Do you have an indicator for the swing values??? If yes then can you attach it please. Regards, Bksujal
  • #298
  • Oct 22, 2007 1:05pm Oct 22, 2007 1:05pm
Quoting Bobokus
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.
Using my new found hobby of price action, if we were watching price get closer to the swing low and wondered what kind of risk to take, if you notice the 2 one hour candles (I'm staying in the 1H time frame this time!) before the break, one dropped down to the intraday pivot and retraced within the same candle back above the intraday long, and the following candle continued to retrace before it shot down again to the intraday pivot. I'd consider that a consolidation of that little thrust down and put more aggression into a swing low break since price is ready to make a new move and won't as likely retrace due to the prior down movement. If it does retrace, it shouldn't be too much before we consider the short a bad one and get out with minimal damage on the aggressive entry. If I just saw maybe one long 1 hour candle shoot down and then the next one could break swing low, I'd think more about it first.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #299
  • Oct 22, 2007 1:06pm Oct 22, 2007 1:06pm
Quoting bksujal
hey bob i went through some of the earlier posts of urs. Do you have an indicator for the swing values??? If yes then can you attach it please. Regards, Bksujal
They are the same settings as the other fibs, less the R1 and S1 levels.They arnt really needed with a swing fib since they are mostly very short term.
but they are;
0.........Low
0.382...Short
0.5......Pivot
0.618...Long
1.0......High
the Conservative extentions I recommend are;
-0.34
-0.55
1.34
1.55
The extentions i use are a little more aggressive ;
-0.382
-0.618
1.382
1.618
  • #300
  • Oct 22, 2007 1:10pm Oct 22, 2007 1:10pm
Quoting Thexder
Using my new found hobby of price action, if we were watching price get closer to the swing low and wondered what kind of risk to take, if you notice the 2 one hour candles (I'm staying in the 1H time frame this time!) before the break, one dropped down to the intraday pivot and retraced within the same candle back above the intraday long, and the following candle continued to retrace before it shot down again to the intraday pivot. I'd consider that a consolidation of that little thrust down and put more aggression into a swing low break since price is ready to make a new move and won't as likely retrace due to the prior down movement. If it does retrace, it shouldn't be too much before we consider the short a bad one and get out with minimal damage on the aggressive entry. If I just saw maybe one long 1 hour candle shoot down and then the next one could break swing low, I'd think more about it first.

Very good !,
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