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  • #1,421
  • Jan 14, 2008 7:24am Jan 14, 2008 7:24am
on my chart there has been a small breach below 9581 which is a current swing low the way I update mine...I'm watching for a fall below that...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,422
  • Jan 14, 2008 7:36am Jan 14, 2008 7:36am
There was resistance there earlier on today. It ranged around there, before that long break that you took. It did break below that just now, and interestingly 2 pips below the previous breach 20mins ago. Its still making lower highs and lows on the 1min. I reckon its gonna burst through in the next half hour. We'll see. Its a free trade now for me anyway
  • #1,423
  • Jan 14, 2008 7:39am Jan 14, 2008 7:39am
KAPOW!
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,424
  • Edited 7:40am Jan 14, 2008 7:39am | Edited 7:40am
Boom, there it is...

Damn, you. Beat me to it
  • #1,425
  • Jan 14, 2008 7:43am Jan 14, 2008 7:43am
Free trade agreement in effect.
It gapped down a bit on that blast on my chart so I expect a retracement unless it's that strong to go down again. It almost hit my T1 and now it's lingering.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,426
  • Jan 14, 2008 7:47am Jan 14, 2008 7:47am
My swings are different to yours so, as its gone thorugh my T2 already.
Watch the M1, consistently lower lows and lower highs. As soon as that starts to change i'll start taking profit
  • #1,427
  • Jan 14, 2008 7:49am Jan 14, 2008 7:49am
M1 just closed the gap on the down move so now anything can happen.
My last high on M1 is just under 9600. If it makes a new low the high will change to where it's at now, 9575 and counting.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,428
  • Jan 14, 2008 8:17am Jan 14, 2008 8:17am
I TP at 570.
Im starting to work on a strategy here myself.
Its not rocket science, but seems to work consistently-ish.
I just have to Vhands it later if i get a chance.
There just aint enough hours in the day!
  • #1,429
  • Jan 14, 2008 8:31am Jan 14, 2008 8:31am
There may be a time based association that can be applied as well when a movement seems to be hesitating like the climb back up now. Looking at the few positive peaks up in the consolidation before the down move around 625 to 645, and all the down peaks that came after, they all occurred for about the same time width (20 minutes across the wide part of the waves). Then we were stalled for around an hour without any new major waves - time to give up....
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,430
  • Jan 14, 2008 1:39pm Jan 14, 2008 1:39pm
currently locked above 565. waiting for a break short of that
  • #1,431
  • Jan 14, 2008 1:55pm Jan 14, 2008 1:55pm
And I'd be taking any break of that near next London. Day's done for the past 3 hours.

Looking back on the short that crept back up, if I had stuck with it and rode it instead of breaking even, using the previous M1 peak for a stop, I think the result would have been around the same. It went up not quite to where that safety stop would have been, came back down, formed a double top etc, and allowed bailing at the same break even zone. Just need to learn to trust the method more.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,432
  • Jan 14, 2008 2:10pm Jan 14, 2008 2:10pm
Heya Bo

I've been secretly following AND practicing this thread in silence..I must say, i learned ALOT, tkx for that. Nice excercise and all. Keep the excercise up, I love em. Good to learned from a guy who actualy TRADE what he's saying. Back to vHand.

Maxwells
  • #1,433
  • Jan 14, 2008 2:20pm Jan 14, 2008 2:20pm
Quoting Thexder
And I'd be taking any break of that near next London. Day's done for the past 3 hours.

Looking back on the short that crept back up, if I had stuck with it and rode it instead of breaking even, using the previous M1 peak for a stop, I think the result would have been around the same. It went up not quite to where that safety stop would have been, came back down, formed a double top etc, and allowed bailing at the same break even zone. Just need to learn to trust the method more.

I sold at 557, but there was quite a lot of past resistance around 560 so maybe it didnt have enough strangth to push through that. We'll see

What time zone are you Thex? Do you ever sleep man? lol
  • #1,434
  • Jan 14, 2008 2:24pm Jan 14, 2008 2:24pm
Quoting Bobokus
I know there are alot of traders out there including myself who trade with nothing but Fibs
That's some deep skill I tell ya. Respect dude.
  • #1,435
  • Jan 14, 2008 3:19pm Jan 14, 2008 3:19pm
Quoting jicjoc
What time zone are you Thex? Do you ever sleep man? lol
Eastern, and when I can. Today I slept from around 10am to 2pm. Now I'm waiting for 12-1am again, all refreshed. I have MT4 with 2 monitors in the upstairs office and MT4 on a laptop on the coffee table so I can roam around between trades like a dog on a leash.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,436
  • Jan 14, 2008 3:32pm Jan 14, 2008 3:32pm
Today was good in the respect that I did get in a trade during London session and got some decent pips. I took the long on the open of the 0600 candle it didn’t make it high as I had hoped but still a good trade, had to close it at 1.9639. Then came the 3 spinning top type candles, so I was out until a bounce or break of the high occurred.
It has retraced to the pivot point of the combined move of Friday and today. I am starting my retracement fib and if support holds I will keep pulling it if new highs are made, if it fails at the intraday levels and targets are what I will go by. As it stands now 1.9545 is the cutoff and the door to a deeper fall in price, I felt like we would see 1.9540 once price fell back below its opening price but so far has stalled some and may consolidate. If it holds now and price can rally out of 1.9580/1.9590 again tonight, may get a chance on some scalping moves. If it does rally but falls short at the Intraday/Swing levels of today i will sell the rally.By the looks of the action I thought it could come back and finish pretty close to the open but now it appears it will fall short of that and we will have a daily close lower than the open. Have to wait it out and see.
May have to wait and see what the London session brings since price is still looking somewhat weak.
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  • #1,437
  • Jan 14, 2008 3:35pm Jan 14, 2008 3:35pm
Quoting maxwells
Heya Bo

I've been secretly following AND practicing this thread in silence..I must say, i learned ALOT, tkx for that. Nice excercise and all. Keep the excercise up, I love em. Good to learned from a guy who actualy TRADE what he's saying. Back to vHand.

Maxwells
Your welcome, ill post more exercises as we go.
  • #1,438
  • Jan 14, 2008 3:36pm Jan 14, 2008 3:36pm
Quoting forexmoments
That's some deep skill I tell ya. Respect dude.
It gets easier the more you use it, almost second nature now.At first it is somewhat difficult to grasp but its worth the effort.
  • #1,439
  • Jan 14, 2008 4:35pm Jan 14, 2008 4:35pm
Hello,
the following template including automatic drawing of boxes for Fib Retracement areas might be useful for some of you....

Bye
Attached File(s)
File Type: tpl a_roman-fibbonaci-auto_20080114.tpl   10 KB | 726 downloads
File Type: mq4 Fibo_AutoBox_20080111_RE.mq4   2 KB | 1,139 downloads
  • #1,440
  • Jan 14, 2008 5:08pm Jan 14, 2008 5:08pm
There it goes, damn TP too conservative.

Anyway, Bo, your statement about trading with Fibs only is very true. Id nearly go farther and say nothing is needed only price itself and experience of the pair.

Thex, you have a proper setup there now my man! Are you now a full time trader? Ive been watching your journal and its a great read. Isnt it true what they say, the best way to learn something is to teach it to somebody?
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