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  • #1,501
  • Jan 15, 2008 7:01pm Jan 15, 2008 7:01pm
Much more retracment of todays move than expected, which takes me out of the buying dips mode and back into scalping. If the Intraday Fib levels could have held at the pivot things would be different, but they failed as support and price has dropped all the way the test the Short fib level of the Retracement I began pulling day before yesterday.Daily candle actually opens up below this level by a few pips.Another failure to break the Intraday levels tonight and we could see mid 9400's or at least yesterday low again.Just going to have to wait it out again until the London session. Wide margin between the low of yesterday and the Intraday levels of today, price action will rule.
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  • #1,502
  • Jan 15, 2008 7:02pm Jan 15, 2008 7:02pm
Quoting Jared
Thexder is The Man Jr.! Check out his Nov. pdf too as he has created some rules for entry that are very good. I think he is on to something here too trailing price on the 1 min to determine the best exit.
yes, absolutely
Success is the small sum of efforts, repeated day in and day out.
  • #1,503
  • Jan 15, 2008 10:24pm Jan 15, 2008 10:24pm
Quoting Jared
If you start a new thread maybe you could close it at first so nobody can post on it until you've fully explained the whole strategy, that way it won't be filled with repetative questions and jabber. Now that you have been working on this thread for a while, you probably have an idea what kind of questions people have (I've noticed people ask you the same questions over and over) so you can address those at the very beginning.

I vote for starting a new thread but moderating it somehow to keep all of the relevant content easily accessible. The problem with all the threads here on ff is they get too cluttered and reading the thread eventually becomes a daunting task for newcomers, who have to sift through it to find the relevant information.
Thank you

I have to totally agree with you.
  • #1,504
  • Jan 15, 2008 11:07pm Jan 15, 2008 11:07pm
I wont be able to get the new thread going until this weekend but think i can condense it and simplify things to a certain degree.
  • #1,505
  • Jan 15, 2008 11:07pm Jan 15, 2008 11:07pm
Quoting Bobokus
I wont be able to get the new thread going until this weekend but think i can condense it and simplify things to a certain degree.

thank u bo its really appreciated!
  • #1,506
  • Jan 16, 2008 1:20am Jan 16, 2008 1:20am
Quoting Bobokus
I wont be able to get the new thread going until this weekend but think i can condense it and simplify things to a certain degree.
Thank you and awaiting
  • #1,507
  • Jan 16, 2008 7:17am Jan 16, 2008 7:17am
Looks as if we made the correct decision to scalp through last night, there was only 1 decent short trade that came out pretty early during the asain session last night but I missed it. With a fair amount of news coming out of the US this morning price just may get another kick in the pants.I'll sit it out until after the dust settles to see if anything developes.
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  • #1,508
  • Jan 16, 2008 8:59am Jan 16, 2008 8:59am
Anyone get that?
  • #1,509
  • Jan 16, 2008 9:23am Jan 16, 2008 9:23am
I have heard so much about fibonacci, please how can one use it for trading.

Presently, I trade only the news.
  • #1,510
  • Jan 16, 2008 1:43pm Jan 16, 2008 1:43pm
Quoting jicjoc
Anyone get that?
yes - Bo instructed us to pull the fibs yesterday and scalp. I believed the short and the long both might reach 138.2

Did not buy the inner fibs, but entered the breakouts (0 & 100).

DEMO ONLY
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  • #1,511
  • Jan 16, 2008 1:52pm Jan 16, 2008 1:52pm
Quoting PiPr Pro
yes - Bo instructed us to pull the fibs yesterday and scalp. I believed the short and the long both might reach 138.2

Did not buy the inner fibs, but entered the breakouts (0 & 100).

DEMO ONLY
IF this holds I will take the short for a breakout from 9640 scalp to 1.9539. The breakout from the internal fibs has to hold first. I'll be curious to see how Bo plays this one (if at all)
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  • #1,512
  • Jan 16, 2008 2:49pm Jan 16, 2008 2:49pm
Quoting PiPr Pro
IF this holds I will take the short for a breakout from 9640 scalp to 1.9539. The breakout from the internal fibs has to hold first. I'll be curious to see how Bo plays this one (if at all)
At this point in the day im done its too late for my taste even with all the volitility lately its too easy for it to go into consolidation now and I dont like holding them through the asian session.Good thing is if price consolidates here its primed for a break already(being in the Intraday levels), going into London tonight.Im thinkin it may settle around 1.9625 or so for the rest of the day, even if it tries to break i wouldnt take it now.
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  • #1,513
  • Jan 16, 2008 3:03pm Jan 16, 2008 3:03pm
Quoting PiPr Pro
yes - Bo instructed us to pull the fibs yesterday and scalp. I believed the short and the long both might reach 138.2

Did not buy the inner fibs, but entered the breakouts (0 & 100).

DEMO ONLY

Correct I would only be looking for scalping type trades since price could not stay in a clear direction we are most likely going to range and you dont want to aim for Intraday targets in those conditions, the best thing to do is make scalping trades from the fib levels of the previous Intraday and the Retracement fib we began pulling earlier and use the swing fib as a guide though them.What I am looking for tonight is where will the Daily close be in reference to the Retracement fib ?, that will help in a early indication of the next directional trades.There is a fib drawn from the high back on 12/31 to the low and we have tested that 38.2 or short fib level of it 2 days in a row now and both times a rejection, will be intersting to see if that happens again tonight or will it break short first and test the lows. Time will tell and i will be poised for a tactical strike.
  • #1,514
  • Jan 16, 2008 4:18pm Jan 16, 2008 4:18pm
Hi Bo, I should have paid more attention to your Scalp instructions. Lost some pips today by holding out for more than was on offer.

So am I correct in saying now we see price is well and truely ranging, we shouldn't look for the standard fib targets to get hit until we have confirmation that a new trending move has started? Just take what we can get or keep out until a break of the range set of fib confirms we are on the move again?

Cheers,
  • #1,515
  • Jan 16, 2008 4:29pm Jan 16, 2008 4:29pm
Quoting Bobokus
Correct I would only be looking for scalping type trades since price could not stay in a clear direction we are most likely going to range and you dont want to aim for Intraday targets in those conditions, the best thing to do is make scalping trades from the fib levels of the previous Intraday and the Retracement fib we began pulling earlier and use the swing fib as a guide though them.What I am looking for tonight is where will the Daily close be in reference to the Retracement fib ?, that will help in a early indication of the next directional trades.There is a fib drawn from the high back on 12/31 to the low and we have tested that 38.2 or short fib level of it 2 days in a row now and both times a rejection, will be intersting to see if that happens again tonight or will it break short first and test the lows. Time will tell and i will be poised for a tactical strike.
Sounds interesting and I will be taking a look at that too. Could you take a look at the chart for me? Once those signals are given, how convinced would you be that the trade will move your direction enough to get close to your high/low target in a ranging market? Could you comment on where you might have entered on any of the signals you choose? A conservative and an aggressive entry if you don't mind?

Thanks alot Bo!
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PipHunter
  • #1,516
  • Jan 16, 2008 5:03pm Jan 16, 2008 5:03pm
Quoting Moxy_UK
Hi Bo, I should have paid more attention to your Scalp instructions. Lost some pips today by holding out for more than was on offer.

So am I correct in saying now we see price is well and truely ranging, we shouldn't look for the standard fib targets to get hit until we have confirmation that a new trending move has started? Just take what we can get or keep out until a break of the range set of fib confirms we are on the move again?

Cheers,
When we see price begin to honor either support or resitance from the previous days levels we should be good to go after that, then we can start aiming for the Intraday targets again.
  • #1,517
  • Jan 16, 2008 5:25pm Jan 16, 2008 5:25pm
Quoting Pip Hunter
Sounds interesting and I will be taking a look at that too. Could you take a look at the chart for me? Once those signals are given, how convinced would you be that the trade will move your direction enough to get close to your high/low target in a ranging market? Could you comment on where you might have entered on any of the signals you choose? A conservative and an aggressive entry if you don't mind?

Thanks alot Bo!
I would more have been looking to sell a rally and it happened just a little early and i was pre-occupied and missed it.I was looking to sell off the last swing of the yesterday if it failed before reaching the the long fib, it ralley'd to the pivot and failed there that was the short entry for me, which is pretty aggressive kinda.. like what i mentioned in Skunny's thread last night I posted this as I was seeing it late. The next step is to start trailing with a swing fib and make sure price does not breach its long level and go against you... if it had i would have closed it. It didnt so I would have held it. the target would have been a few pips shy of the swings T1 and also previous support around 1.9540. Woulda been a good one if I had been paying attention.Another opportunity arrises after the news event this morning when the high of the swing posted was broken, I wouldnt have entered off the levels since the news event scambeling was still going on But I did take the high break on the next candle opening and ride it to the T1 of that.
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  • #1,518
  • Jan 16, 2008 5:27pm Jan 16, 2008 5:27pm
3rd chart
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  • #1,519
  • Jan 16, 2008 6:30pm Jan 16, 2008 6:30pm
Nice charts and easy to follow your explaination. Thank you. Is it simple whether or not the levels hold or do not hold? Do you expect or really also want to see a reversal or continuation sign from the candles as well? Sorry for so many questions, it's just such great stuff you have to offer and I think things are really coming together. With that said...

You mentioned “if it had of breached the long level”, the long level of the swing fib right? Also, as price starts moving down, the high of the 0300 candle becomes the max retracement you would allow before going to a stop and reverse? Or waiting for a candle to close pass the long level? One more thing, the percentage? Guesstimation?

This is something I've seen... (can you comment on it?)
Price penetrates but pulls back from the high or low level = A mild pull back to regroup and re-try in the near future.
Price breaks thru the high or low level but does not reach the T1 = A strong pull back with signs of never wanting to return!

Again I'm sorry for so many questions at once.
PipHunter
  • #1,520
  • Jan 16, 2008 7:09pm Jan 16, 2008 7:09pm
Quoting Pip Hunter
Nice charts and easy to follow your explaination. Thank you. Is it simple whether or not the levels hold or do not hold? Do you expect or really also want to see a reversal or continuation sign from the candles as well? Sorry for so many questions, it's just such great stuff you have to offer and I think things are really coming together. With that said...

You mentioned “if it had of breached the long level”, the long level of the swing fib right? Also, as price starts moving down, the high of the 0300 candle becomes the max retracement you would allow before going to a stop and reverse? Or waiting for a candle to close pass the long level? One more thing, the percentage? Guesstimation?

This is something I've seen... (can you comment on it?)
Price penetrates but pulls back from the high or low level = A mild pull back to regroup and re-try in the near future.
Price breaks thru the high or low level but does not reach the T1 = A strong pull back with signs of never wanting to return!

Again I'm sorry for so many questions at once.
Correct if it had breached the long fib level of the swing, just like with the larger fibs is a sign of reversal even though small it would be a sign to take profit or loss whichever the case is and start shopping for the next bargain or next opportunity,
As far as percentage of successful times it follows the plan and reaches the target, If so i dont really keep stats or anything but i would guess 60% of the time moreso during trending less so when ranging, (the average of the 2) you just have to learn to switch gears so to speak when the market changes conditions.
When you see price break the low or high and it fails to reach the T1 level its the same sign of a slowdown in momentum and possible reversal. The extentions are the same as the levels inside the 0 and 100 levels they are just the levels projected above and below the the swings measured high and low.Price is just moving from one plane to another.
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