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  • #1,281
  • Jan 9, 2008 7:58pm Jan 9, 2008 7:58pm
Quoting Jared
Ah, thanks. I didn't know.
Np, hes doing an excellent job too, you should check out what he is doing.
  • #1,282
  • Jan 9, 2008 8:32pm Jan 9, 2008 8:32pm
Quoting Bobokus
How did everyone do...good short on GBP.
I slept through the session but looking back, if I had taken a short and managed thereafter using the M1 approach, I think I could have ridden it all the way to the bottom with stop moving and it would have still been in play at 5pm when I did the quick look. It's promising...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,283
  • Jan 9, 2008 8:37pm Jan 9, 2008 8:37pm
Quoting Jared
I'm looking forward to your journal (if you don't mind posting it). Your last one helped me immensely.
I sometimes sit out and miss good trades but when I do accomplish something good I try to post it. I didn't have a lot of posts in the last half of December due to the holiday mess and purposely avoiding trading in that time too but things should get back to normal now. Especially with my recent new confidence in how I'm developing things, I should be more active.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,284
  • Jan 9, 2008 8:38pm Jan 9, 2008 8:38pm
Quoting Bobokus
Np, hes doing an excellent job too, you should check out what he is doing.
What I'm doing is hiding in the shadows and around corners trying to eaves drop on you & skunny so I can crack the code.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,285
  • Jan 9, 2008 8:39pm Jan 9, 2008 8:39pm
Quoting Thexder
I slept through the session but looking back, if I had taken a short and managed thereafter using the M1 approach, I think I could have ridden it all the way to the bottom with stop moving and it would have still been in play at 5pm when I did the quick look. It's promising...
Too much wine again ? LOL
  • #1,286
  • Jan 9, 2008 8:40pm Jan 9, 2008 8:40pm
Quoting Thexder
What I'm doing is hiding in the shadows and around corners trying to eaves drop on you & skunny so I can crack the code.
LOL, have you been listening to us on Skype ?
  • #1,287
  • Jan 9, 2008 9:03pm Jan 9, 2008 9:03pm
Quoting Bobokus
Too much wine again ? LOL
Not this time. Just tired. Needed a day off.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,288
  • Jan 9, 2008 9:03pm Jan 9, 2008 9:03pm
Quoting Bobokus
LOL, have you been listening to us on Skype ?
No but maybe I should be. I've been dragging my heels with getting that installed.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,289
  • Jan 9, 2008 9:27pm Jan 9, 2008 9:27pm
Here the 1 hour template set up for the london session 01-10-08 if anyone wants it without having to set everything up.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp0110.gif Size: 24 KB
Attached File(s)
File Type: tpl 0110template.tpl   11 KB | 445 downloads
  • #1,290
  • Jan 9, 2008 9:55pm Jan 9, 2008 9:55pm
Quoting Bobokus
Here the 1 hour template set up for the london session 01-10-08 if anyone wants it without having to set everything up.
So, are you just waiting for a bigger move out of this consolidation before you place your swing fib? I placed the swing fib on the chart below, is this not a good spot?
Attached Image (click to enlarge)
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  • #1,291
  • Jan 9, 2008 10:07pm Jan 9, 2008 10:07pm
Quoting Jared
So, are you just waiting for a bigger move out of this consolidation before you place your swing fib? I placed the swing fib on the chart below, is this not a good spot?
Yes Id rather wait untill London though, too many false signals during the asian session. Best play is a test and failure in the Intraday levels of yesterday.
And the swing fib is ok there, as a general rule for the swing fib make sure there is at least 30 pips from high to low or it may be too small a waveform to measure but that one is ok its right at the limit.
  • #1,292
  • Jan 9, 2008 10:53pm Jan 9, 2008 10:53pm
Hi Bobokus,
great work you are doing here! Would be great if you could help we with the following questions:

1) How do I change the colourful boxes in your MT4 template... I can't change them if I move the Fibs because they are set as background.

2) Anybody knows whether it's possible that those boxes are drawn automatically, i.e. Fibs are moved manually and boxes are adjusted by MT4...

3) Regarding entries... I guess I understand the general concept. What is not 100% clear to me: Do you sometimes also use the Swing Fib for entry, or always "only" the Intraday Fib? And... regarding the intraday fib... do you only take trades in the / out of the retracement zone or do you also "scalp" when other fibs (e.g. T1 / T2) are reached.

4) Regarding closing positions... Do you always wait for Intraday T2 to be reached or do you close half of the position when T1 is reached?

5) A last one... do you also use kind of Trendlines or other supportive instruments? Or is your whole trading based on fibs?

Sorry for all those questions.... would be great if you could give me a few hints to the right direction... Thanks a lot!
  • #1,293
  • Jan 9, 2008 11:25pm Jan 9, 2008 11:25pm
Quoting ernesto
Hi Bobokus,
great work you are doing here! Would be great if you could help we with the following questions:

1) How do I change the colourful boxes in your MT4 template... I can't change them if I move the Fibs because they are set as background.

2) Anybody knows whether it's possible that those boxes are drawn automatically, i.e. Fibs are moved manually and boxes are adjusted by MT4...

3) Regarding entries... I guess I understand the general concept. What is not 100% clear to me: Do you sometimes also use the Swing Fib for entry, or always "only" the Intraday Fib? And... regarding the intraday fib... do you only take trades in the / out of the retracement zone or do you also "scalp" when other fibs (e.g. T1 / T2) are reached.

4) Regarding closing positions... Do you always wait for Intraday T2 to be reached or do you close half of the position when T1 is reached?

5) A last one... do you also use kind of Trendlines or other supportive instruments? Or is your whole trading based on fibs?

Sorry for all those questions.... would be great if you could give me a few hints to the right direction... Thanks a lot!
The boxes are just rectangular boxes drawn with the mt4 tool, they are there so the fib levels will stand out and keep your attention on the places that matter.They are just colored different to represent the different fibs so they can be destinguished from each other, without them it looks more cluttered.They are moved manually.
There are many different ways to trade them, to me i like to see price test the levels of a fib and trade from there.Scalping is one of the measures i take but its difficult to try and explaign in one post.
As far as targets I will normally exit at T1, if price action dictates i will hold for T2.And i dont scale out, im either in or out.
In some instances I will add to a position, but i very very rarely scale out.
I will use Gann lines instead of trendlines, the thing about trendlines is they can be broken by price moving sideways rendering them useless sometimes.
  • #1,294
  • Jan 10, 2008 12:38am Jan 10, 2008 12:38am
Quoting Bobokus
I will use Gann lines instead of trendlines, the thing about trendlines is they can be broken by price moving sideways rendering them useless sometimes.
Do you know of a good resource to learn Gann lines? A book, perhaps another thread?
  • #1,295
  • Jan 10, 2008 2:42am Jan 10, 2008 2:42am
Quoting Bobokus
Tonight Id like to see a repeat of last night, but a few things are in the way.For price to rally tonight and test the Intraday levels of today its going to have to get past 1.9589 from the Major uptrend (Long) Level.
If it can clear 1.9589, the Short fib level of today is 1.9632, i dont think im going to set a sell limit tonight, ill let price action detirmine my entry.
What i dont like about taking the break of the low is we came very close to 1.9540 the Retracement target today and it still may offer support ,I would have to see that break before i enter a short on the break of the low.
There is some room to try a scalping long if price breaks the 1.9589 level back to the fib levels of the Intraday fib from today so thats another option ill be looking at... a choppy market and i will not take the long scalp.
Regardless we need a small waveform to pull a swing fib no matter which way it decides to break, and definatley once a trade has been entered.
Bo, nice call on the Retracement Fib T1. It is still early in the day, but price respected that support area very well. A great example of how the fibs work. One thing of note... this area was also a fractal low on March 30th '07.

It good how things come together
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  • #1,296
  • Jan 10, 2008 3:24am Jan 10, 2008 3:24am
Quoting Moxy_UK
It is still early in the day,
Early? Its 4 am here! Geez. Maybe I need to move to England so I can stay awake during London session. Currently have swing fib on last 2 candles, looking for a scalp. The problem is, the bias is long and the trend is short. Maybe I'll wait for a better formation than this.
Attached Image (click to enlarge)
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  • #1,297
  • Jan 10, 2008 4:08am Jan 10, 2008 4:08am
Ah, the joys of living in the UK !!

If your going for a scalp, you've got about 2 hours until the UK rate announcement is out.
  • #1,298
  • Jan 10, 2008 4:15am Jan 10, 2008 4:15am
Quoting Jared
Currently have swing fib on last 2 candles, looking for a scalp. The problem is, the bias is long and the trend is short. Maybe I'll wait for a better formation than this.
I just went long on the break out of the congestion and it's up around +30 now but using M1 I'm set to stop out with only around +4 worst case. When I see more support I'll be able to move that up. At least it's free trade now.

I just set up MT4 on my laptop so I can monitor things in front of the TV too. In fact, I went downstairs and downloaded/installed MT4, set up a demo account and when I signed in and opened cable I saw a big spike up - ran upstairs and started managing the trade.

Things seem to make much more sense this week! The info will be journaled when the time comes.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,299
  • Jan 10, 2008 4:23am Jan 10, 2008 4:23am
Quoting Thexder
I just went long on the break out of the congestion and it's up around +30 now but using M1 I'm set to stop out with only around +4 worst case. When I see more support I'll be able to move that up. At least it's free trade now.

I just set up MT4 on my laptop so I can monitor things in front of the TV too. In fact, I went downstairs and downloaded/installed MT4, set up a demo account and when I signed in and opened cable I saw a big spike up - ran upstairs and started managing the trade.

Things seem to make much more sense this week! The info will be journaled when the time comes.
Excellent Thexder !!

Got to love those free trades

I was writing my last reply to this thread when the breakout happened. I noticed it about 30 seconds too late. I'll let this one go may be jump over to GBPJPY
  • #1,300
  • Jan 10, 2008 4:32am Jan 10, 2008 4:32am
M1 just made a new high so I've moved my stop to lock in just over 20 if it bombs out now. So now I can leave the screen and don't have to baby sit it as much. Back to watch re-runs of Magnum P.I. (what else can you do at 5:30am?)
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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