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  • #321
  • Oct 23, 2007 6:48am Oct 23, 2007 6:48am
Hi Bo,

On the attached GBP chart it looks like we have going a 38 fib intraday rejection (green circle). Two candles with wicks that penetrate the 38fib but don't close about that level. Why at that point wouldn't you take a short position? At one point the price would have been well below the swing fib 38 level. Based on the 2 candles in the green circle I thought you would go short there.
Attached Image (click to enlarge)
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  • #322
  • Oct 23, 2007 6:57am Oct 23, 2007 6:57am
Quoting ozziedave
Hi Bo,

On the attached GBP chart it looks like we have going a 38 fib intraday rejection (green circle). Two candles with wicks that penetrate the 38fib but don't close about that level. Why at that point wouldn't you take a short position? At one point the price would have been well below the swing fib 38 level. Based on the 2 candles in the green circle I thought you would go short there.
Its not always a purely mechanical trade, I had been following along all afternoon and into the asian session with the swing fib and we were getting a break from that long at the time i was in a long scalp position but closed it based on the swing fib target levels had been reached.I did concider a short position here but the lower trendline kept holding and price still kept that creeping up momentum.If the trendline had brokem cleanly I probably would have taken a short .I later took 2 long positions that worked out very well.
Its very much like what is happening right now.After i closed the 2 longs price retreated but looks to move up again.
  • #323
  • Oct 23, 2007 7:02am Oct 23, 2007 7:02am
This is very similar to what it did earlier
Attached Image (click to enlarge)
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  • #324
  • Oct 23, 2007 7:08am Oct 23, 2007 7:08am
Trendline contact and T2 of swing fib,Gonna close it here for 30 pips, regardless of what it does from here.US session my provide another opportunity later.
Attached Image (click to enlarge)
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  • #325
  • Oct 23, 2007 7:51am Oct 23, 2007 7:51am
If price can break here again long it should go back to the high of Monday, If it doesnt look for it to retrace some and consolidate until the Asian and London sessions then I look to reset.Im done for now and gotta run...later
Attached Image (click to enlarge)
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  • #326
  • Oct 23, 2007 9:52am Oct 23, 2007 9:52am
Okay bob i am posting this chart just give me the answers to my questions which are on the chart. Reply me back soon mate. The second circle was for do i go short if yes then it failed why?
Thanks.
Regards,
Bksujal
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd.gif Size: 18 KB
  • #327
  • Oct 23, 2007 10:16am Oct 23, 2007 10:16am
Quoting bksujal
Okay bob i am posting this chart just give me the answers to my questions which are on the chart. Reply me back soon mate. The second circle was for do i go short if yes then it failed why?
Thanks.
Regards,
Bksujal
Its hard to detirmine with the difference in our charts, I like having the swing fib in the mix to give me a little more insight to movement potential. My posts 315 and 323 show what my desicions were based on what I saw.In both instances I took long positions. In both stalls there in price the potential to go short was present but me I would have waited on taking a short trade since the lower trendline had been holding through the late US and asian sessions.The momentum was still up.The first stall around the 0300 candle looking back would have been a good scalp but i didnt go with that.If you would have pulled the little swing fib on those movements where price stalled you would see that the swing fib levels were never really threatened and a close below them could not be maintained so a short was out of the question unless that would have occured.
  • #328
  • Oct 23, 2007 11:16am Oct 23, 2007 11:16am
Quoting Bobokus
Its hard to detirmine with the difference in our charts, I like having the swing fib in the mix to give me a little more insight to movement potential. My posts 315 and 323 show what my desicions were based on what I saw.In both instances I took long positions. In both stalls there in price the potential to go short was present but me I would have waited on taking a short trade since the lower trendline had been holding through the late US and asian sessions.The momentum was still up.The first stall around the 0300 candle looking back would have been a good scalp but i didnt go with that.If you would have pulled the little swing fib on those movements where price stalled you would see that the swing fib levels were never really threatened and a close below them could not be maintained so a short was out of the question unless that would have occured.
okay thanks for that quick reply. Can you show me how do i add the swing levels on my chart. I use Fxdd Meta trader. Reply me back soon.
Thanks.
Regards,
Bksujal
  • #329
  • Oct 23, 2007 11:21am Oct 23, 2007 11:21am
Quoting bksujal
okay thanks for that quick reply. Can you show me how do i add the swing levels on my chart. I use Fxdd Meta trader. Reply me back soon.
Thanks.
Regards,
Bksujal
You have to select the fib retracement tool from the tool bar menu at the top of the platform.Then just select where you want it on the chart doesnt matter where at first you can move it around by double clicking on it.And once you have it selected you right click on one of the dots and select(properties) from there you can set the levels you want the fib to display as well as name them in the descriptions slot.The setting are in the previous post#301 has the settings.
  • #330
  • Oct 23, 2007 11:35am Oct 23, 2007 11:35am
Quoting Bobokus
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
Hey tell me one thing i added these:
0.........Low
0.382...Short
0.5......Pivot
0.618...Long
1.0......High
But they are the same levels on the chart which was drawn from the indicator it self. So should i be drawing these levels:
-0.382
-0.618
1.382
1.618
??? But here if i draw that as you earlier said the swing levels are very short term but these would remain the same wouldn't they??? It must change shouldn't?
Reply me back soon.
Thanks.
Regards,
Bksujal
  • #331
  • Oct 23, 2007 11:49am Oct 23, 2007 11:49am
Quoting bksujal
Hey tell me one thing i added these:
0.........Low
0.382...Short
0.5......Pivot
0.618...Long
1.0......High
But they are the same levels on the chart which was drawn from the indicator it self. So should i be drawing these levels:
-0.382
-0.618
1.382
1.618
??? But here if i draw that as you earlier said the swing levels are very short term but these would remain the same wouldn't they??? It must change shouldn't?
Reply me back soon.
Thanks.
Regards,
Bksujal
LOL, your not very familiar with metatrader yet are ya. You dont want the swing fib on the same measurement as the Intraday fib, the swing fib you want on the smaller movements that occur during the trading day, If you go back and look at the charts ive posted earlier youll see where you are gonna want the high and low of the swing fib placed, you want to watch as price travels throught he swing fibs or if it respects them..it will help your trade decisions with what the Intraday fib levels are. Basically a fib within a fib.
  • #332
  • Oct 23, 2007 12:15pm Oct 23, 2007 12:15pm
Quoting Bobokus
LOL, your not very familiar with metatrader yet are ya. You dont want the swing fib on the same measurement as the Intraday fib, the swing fib you want on the smaller movements that occur during the trading day, If you go back and look at the charts ive posted earlier youll see where you are gonna want the high and low of the swing fib placed, you want to watch as price travels throught he swing fibs or if it respects them..it will help your trade decisions with what the Intraday fib levels are. Basically a fib within a fib.
Yeah i know its funny but just tell me should i click on the fib levels(intraday) ? So what should i do to get these levels on the chart? Put some screenshots if you can't explain.
Thanks.
Regards,
Bksujal
  • #333
  • Oct 23, 2007 12:37pm Oct 23, 2007 12:37pm
Okay bob i have sent you a PM please have a look and reply me back soon.
Thanks
Regards,
Bksujal
  • #334
  • Oct 23, 2007 12:42pm Oct 23, 2007 12:42pm
Quoting bksujal
Yeah i know its funny but just tell me should i click on the fib levels(intraday) ? So what should i do to get these levels on the chart? Put some screenshots if you can't explain.
Thanks.
Regards,
Bksujal

Its Ok, everyone on the Forum had to start and had the same problems including me.For now forget the indicator that draws the fibs for ya.Look at the top of the metatrader platform, youll see icons for pointer a couple of line icons and one that has an f in the lower right of the little icon with dotted lines, if you put your mouse curser over the icon it will say Fibonacci Retracement...click on it then move the curser over the chart.You will click and drag from the high of a move to the low of a move when you release ,it will place the fibonacci tool on the chart.To select it so you can change the settings double click on it and you will see 3 little dots apear on the fib tool.Now you can right click on one of the dots and a pop up menu will appear.From the menu select properties and it will take you to where you can set the settings for each line you want the tool to display as well as name each line in the description line.The litte dots on it allow you to plce the tool anywhere on the chart you wish.Once youve got you settings in the tool just drag the top dot to a high and the bottom dot to a low.
  • #335
  • Oct 23, 2007 5:03pm Oct 23, 2007 5:03pm
Quoting bksujal
Yeah i know its funny but just tell me should i click on the fib levels(intraday) ? So what should i do to get these levels on the chart? Put some screenshots if you can't explain.
Thanks.
Regards,
Bksujal
You might find this helpful. It is a simple script that will place all 5 fibs on your chart. You then have to move them or delete as you wish. If you delete one set by mistake just click the script again and it'll add them back.

Place in C:\Program Files\YOUR_MT4_FOLDER\experts\scripts and restart MT4.

Good luck

Lux
Attached File(s)
File Type: mq4 PlaceFibs.mq4   9 KB | 1,850 downloads
MT4 EA, Indicator and Alert Coder Since 2006
  • #336
  • Oct 23, 2007 6:13pm Oct 23, 2007 6:13pm
Quoting luxinterior
You might find this helpful. It is a simple script that will place all 5 fibs on your chart. You then have to move them or delete as you wish. If you delete one set by mistake just click the script again and it'll add them back.

Place in C:\Program Files\YOUR_MT4_FOLDER\experts\scripts and restart MT4.

Good luck

Lux
Thank you Luxinterior !, maybe that can help the ones having trouble with setting up the fibs.
  • #337
  • Oct 23, 2007 6:36pm Oct 23, 2007 6:36pm
Now that it's a new day to prepare for, considering the relatively clean move up from yesterday's bounce off the daily long, do we relocate the current intraday low to the 0:00GMT low at around 2.0305 or keep it at yesterday's 2.0257 region?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #338
  • Oct 23, 2007 6:46pm Oct 23, 2007 6:46pm
Quoting Thexder
Now that it's a new day to prepare for, considering the relatively clean move up from yesterday's bounce off the daily long, do we relocate the current intraday low to the 0:00GMT low at around 2.0305 or keep it at yesterday's 2.0257 region?
Since it has made a steady move up today without any retracement yet Im leaving my low on 2.0257 from yesterday, I may pull it to the low of today if there is a retracement tonight to see which way price will honor the levels at.
  • #339
  • Oct 23, 2007 6:54pm Oct 23, 2007 6:54pm
I would like to see some retracement tonight to get another move to use the swing fib on ,hopefully the asian session tonight will give us one. Looks as if we are gonna start where we left of Friday at.There is also the possibility for ranging now that the 62 envelope was recrossed.
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  • #340
  • Oct 24, 2007 12:03am Oct 24, 2007 12:03am
Since it looks like a high probability of a retrace at least to start out tonight's play, taking a swing short is a good idea and already we have a T1/T2 target met on a swing, poised to head more toward intraday zone. Possible trendline collision.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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