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  • #1,301
  • Jan 10, 2008 5:17am Jan 10, 2008 5:17am
Thanks, this helps a lot.

Unfortunately somehow I can't change those rectangular boxes. They are not clickable on the chart. hmmm.... any hint?

Without going too much into detail... when scalping - do you always wait till the Retracement Fibs of the Swing-Fib show a trade? Or do you jump in at support/resistance points with tight (psychological) stop loss without Swing Fib usage?

Regarding Gann Lines - any hint for resources we could read? Do you use Gann Grid / Fan or Gann Lines only? Sorry - I know this is not related to the thread - just want to somehow personally improve my current Fib-Strategy and decrease my false entries.

Thanks

Quoting Bobokus
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.
  • #1,302
  • Edited 5:48am Jan 10, 2008 5:25am | Edited 5:48am
Quoting Jared
Do you know of a good resource to learn Gann lines? A book, perhaps another thread?
Not really, pretty much self taught with those just like I am with Fibonacci.
I had looked at them in the past but never spent much time with them and my buddy Skunny sat down and figured out a way to make use of them.
  • #1,303
  • Jan 10, 2008 5:34am Jan 10, 2008 5:34am
Quoting ernesto
Thanks, this helps a lot.

Unfortunately somehow I can't change those rectangular boxes. They are not clickable on the chart. hmmm.... any hint?

Without going too much into detail... when scalping - do you always wait till the Retracement Fibs of the Swing-Fib show a trade? Or do you jump in at support/resistance points with tight (psychological) stop loss without Swing Fib usage?

Regarding Gann Lines - any hint for resources we could read? Do you use Gann Grid / Fan or Gann Lines only? Sorry - I know this is not related to the thread - just want to somehow personally improve my current Fib-Strategy and decrease my false entries.

Thanks
To activate the boxes double click one of the corners.
Theres way too many things to try and go over about scalping in just one post, but the swing fib would be the instrument of choice.
As for the Gann, i only use the Gann lines but i dont know of any resource to learn from.Skunny actually came up with a way to make a practical use out of them. We basically use them in place of trendlines.
  • #1,304
  • Edited 6:28am Jan 10, 2008 6:17am | Edited 6:28am
Hi Bo

Now that price went up to the 1.9658 intraday 50 pivot can you tell me what you look for now.

Just got a problem with the longer time frames.

Sorry Bo a long night i'm not sure if I understand my own question.

Thanks Bo
  • #1,305
  • Jan 10, 2008 6:39am Jan 10, 2008 6:39am
Quoting Forex It
Hi Bo

Now that price went up to the 1.9658 intraday 50 pivot can you tell me what you look for now.

Just got a problem with the longer time frames.

Sorry Bo a long night i'm not sure if I understand my own question.

Thanks Bo
Its ok
I will wait this out.I was short before the news but it rolled back and took me out at BE, now its watch the price action and wait for the dust to settle before entering again.
  • #1,306
  • Jan 10, 2008 6:56am Jan 10, 2008 6:56am
Ive updated now since the Retracement target has been met, ill replace it with a line drawn where the T2 of it was and clear my chart some.Ill start repulling it when we get the next one.We will see the 61.8 of the previous days begin to break before that happens though.
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  • #1,307
  • Jan 10, 2008 7:00am Jan 10, 2008 7:00am
I,have a questions from your nice tripmagnet.tpl.
Wow can i transfer the fibotool to the other charts?
Best regards
  • #1,308
  • Jan 10, 2008 7:09am Jan 10, 2008 7:09am
Quoting November
I,have a questions from your nice tripmagnet.tpl.
Wow can i transfer the fibotool to the other charts?
Best regards
Sure you can just activate the fib and view the fib levels from the properties tab, once you view them it will become your default fib and you can transfer it to another chart
  • #1,309
  • Jan 10, 2008 7:15am Jan 10, 2008 7:15am
Ok im done with Cable for the day, let em battle it out and ill hit it again tomorrow. Too much indecision now. Its back close to its open price now so its a 50/50 shot from here, odds arnt good enough for me.
  • #1,310
  • Jan 10, 2008 7:21am Jan 10, 2008 7:21am
Thanks from your answer.
Best regards
  • #1,311
  • Jan 10, 2008 7:26am Jan 10, 2008 7:26am
Me to Bo

Someone must of pulled a plug or something or more folks got out of the boat then went in something sure happened.

Good night

Thanks Bo
  • #1,312
  • Jan 10, 2008 7:37am Jan 10, 2008 7:37am
Quoting Forex It
Me to Bo

Someone must of pulled a plug or something or more folks got out of the boat then went in something sure happened.

Good night

Thanks Bo
BOE interest rate statement, they decided to hold rates.Which in turn drove cable to test resistance and at this point it has held.
  • #1,313
  • Jan 10, 2008 8:16am Jan 10, 2008 8:16am
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.
How did you decide when it was an actual break out though?
I usually wait for the current candle to close, and then the next candle to break the high of the breakout candle. But by that time a lot of the move is over usually.
So how do you decide?

How much did you end up with in total from that move?
  • #1,314
  • Jan 10, 2008 11:45am Jan 10, 2008 11:45am
You all know the nifty %$ that you use at the naming of each fib level.
Well is there any quick way to get the same string at the start of each fib.

Say i wanted each fib level to start with a string called "Up swing".
Could i somehow set a variable that would repeat that at the start of every fib level?

I'll prob just code up an indie that will do it. It will accept 3 or 4 inputs, a swing high and low double, a colour for the fibs, and a string to prefix all the levels with.

Anyone know of something already done?
Thanks!
  • #1,315
  • Jan 10, 2008 12:02pm Jan 10, 2008 12:02pm
Quoting jicjoc
You all know the nifty %$ that you use at the naming of each fib level.
Well is there any quick way to get the same string at the start of each fib.

Say i wanted each fib level to start with a string called "Up swing".
Could i somehow set a variable that would repeat that at the start of every fib level?

I'll prob just code up an indie that will do it. It will accept 3 or 4 inputs, a swing high and low double, a colour for the fibs, and a string to prefix all the levels with.

Anyone know of something already done?
Thanks!
Dont know of one thats been done yet.
  • #1,316
  • Jan 10, 2008 12:21pm Jan 10, 2008 12:21pm
Quoting Bobokus
Its ok
I will wait this out.I was short before the news but it rolled back and took me out at BE, now its watch the price action and wait for the dust to settle before entering again.
Hey Bo can I ask at what price you entered? I am assuming somewhere along the length of the 10:00 candle but would like to get a better idea of where. And can you tell if you waited for something more than just the bounce off the pivot to enter?
PipHunter
  • #1,317
  • Jan 10, 2008 12:31pm Jan 10, 2008 12:31pm
Bo, I want to make sure I have this right. This was a successful trade, but I am still struggling with where to place the Swing Fib. Success can be accental. I placed my Long trade just when the candle exited the Intraday trading range (Orange Horizontal Lines). I set my Stop Loss for 1.4688, which was just below the pivot point. I did not set a Take Profit point until the candle closed. When it closed, I put the Swing Fib in from the candle close to the Intraday Low and set my Take profit to 1.4799, which was half way between T1 and T2. I have attached my chart. PLease provide feedback either way. Like I said, this was a nice 89 pip profit, but I've had successes before and fouind out later that I was just lucky.

Thanks,
Tim
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  • #1,318
  • Jan 10, 2008 12:31pm Jan 10, 2008 12:31pm
Quoting Pip Hunter
Hey Bo can I ask at what price you entered? I am assuming somewhere along the length of the 10:00 candle but would like to get a better idea of where. And can you tell if you waited for something more than just the bounce off the pivot to enter?
I missed the long scalp from just simply sleeping too long to get my buy stop put in. I took the open of the 1100 candle short and it went for 25 pips or so and rolled back on me for BE, i havnt entered anything else today.
  • #1,319
  • Jan 10, 2008 12:38pm Jan 10, 2008 12:38pm
Quoting ciscoguy
Bo, I want to make sure I have this right. This was a successful trade, but I am still struggling with where to place the Swing Fib. Success can be accental. I placed my Long trade just when the candle exited the Intraday trading range (Orange Horizontal Lines). I set my Stop Loss for 1.4688, which was just below the pivot point. I did not set a Take Profit point until the candle closed. When it closed, I put the Swing Fib in from the candle close to the Intraday Low and set my Take profit to 1.4799, which was half way between T1 and T2. I have attached my chart. PLease provide feedback either way. Like I said, this was a nice 89 pip profit, but I've had successes before and fouind out later that I was just lucky.

Thanks,
Tim
Once the Intraday targets have been met you simply start pulling the Intraday fib on the move of today and measure whatever you get for retracment off the high today with the swing. And swap ends with them, using that fib template they are drawn top to bottom always.
The intraday measures the move over the coarse of the day to project into the next day, the swing fib just gives a heads up to price movement witin the Intraday.
  • #1,320
  • Jan 10, 2008 12:39pm Jan 10, 2008 12:39pm
Hi Bo..........
Robonacci com
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