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  • #1,541
  • Jan 17, 2008 3:50am Jan 17, 2008 3:50am
Quoting Thexder
My spread is 5 too. I've been with 2 brokers and both had the same spread on everything.
maybe we could find a broker that GBPUSD spread is less than 5,
5 is so much for 1h time frame.
Success is the small sum of efforts, repeated day in and day out.
  • #1,542
  • Jan 17, 2008 4:00am Jan 17, 2008 4:00am
Quoting Thexder
Based on the candles leaning mostly to the intraday short side as you pointed out, Bo would call this one a scalp swing long, which is how I got myself into this one and now I'm just seeing what happens. I thought I was going to be knocked out for break even at first.
Ok I was thinking right then, discounting the scalp (good job on picking that one out by the way!).
Shootist - Have Pip Shooters Will Travel
  • #1,543
  • Jan 17, 2008 4:18am Jan 17, 2008 4:18am
And looking at it now, all those candles of chaos were trapped in the intraday trade zone (Haven't used that terminology since around page 40 of this thread) and the successful long occurred not only on swing long scalp but on the break out of the intraday long level, so maybe it would be considered a normal valid intraday long trade, executed with the swing.

All I know is despite all my hesitations on taking this one, I heard Bo in my head saying (while chewing a piece of straw) "Don't worry, once it breaks out of the swing high it will most likely go on to at least T1, and even if all this craziness is news related, all that means is the process will be sped up. Support and Resistance either hold or they don't...have another glass...."
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,544
  • Jan 17, 2008 4:18am Jan 17, 2008 4:18am
Quoting Shootist
I didn't take this trade personally because of the close of the 17:00 candle of yesterday below the short fib but it looks to be working out for you!!

what pivot tools and fib tools are u using shootist? look interesting
  • #1,545
  • Jan 17, 2008 4:19am Jan 17, 2008 4:19am
[quote=Rocroy;1806475]Hi Bo,

the reason why your fib missed the target with some pips is that you have started your fib from the previous fib cycle (the last bar of it). So the measure is actually a combination of two fib cycles, which produces slightly false output. If you start the fib from next bar, the target will be met to the pip.

Studied fibs a couple of days now and came to conclusion that it is important to identify fib cycles. If you are able to do that it gives you very accurate results.

Thanks for a nice thread.


hi roc...good to see u! could you give alink to what u were reading about fibs thanks in advance
  • #1,546
  • Edited 5:05am Jan 17, 2008 4:46am | Edited 5:05am
Hi big D

if you click the arrow right after Bobokus in the quote it shows you Bo's chart. That should explain what i mean.

Don't know if fib cycles are discussed or explained anywhere? It is simply price movement up / down and retrace to 50 line. Once the retrace is complete a new fib cycle begins.

R

[quote=dagoods;1806719]
Quoting Rocroy
Hi Bo,

the reason why your fib missed the target with some pips is that you have started your fib from the previous fib cycle (the last bar of it). So the measure is actually a combination of two fib cycles, which produces slightly false output. If you start the fib from next bar, the target will be met to the pip.

Studied fibs a couple of days now and came to conclusion that it is important to identify fib cycles. If you are able to do that it gives you very accurate results.

Thanks for a nice thread.


hi roc...good to see u! could you give alink to what u were reading about fibs thanks in advance
  • #1,547
  • Jan 17, 2008 4:47am Jan 17, 2008 4:47am
Quoting dagoods
what pivot tools and fib tools are u using shootist? look interesting
Its the standard mt4 fibs just added Bo's names on to them.
Shootist - Have Pip Shooters Will Travel
  • #1,548
  • Jan 17, 2008 4:48am Jan 17, 2008 4:48am
Just thought I would post this chart showing the larger 4hr time frame. We have come back to the .382 "short" of the range fib (Bo, have I got the range fib correct?) and have reached the top of a down channel (subjective).

For me this says price should find it hard to move higher as there may way be plenty of sellers at this point. Could be a good shorting area. I guess the daily fibs will gives us our entry.

Any thoughts?
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  • #1,549
  • Jan 17, 2008 7:44am Jan 17, 2008 7:44am
Quoting eegle
Bo thanks for you charts...can you do me a favor that would really help me out...would you mind telling me what particular candle and aproximate price when you entered on your charts...or in the case of the trade you missed where you would have entered on the first trade missed...I would really help me out to understand exactly where you entered the trades...or would have entered the trade..I just want to make sure

thanks

Greg D
In that instance i was looking to enter at 1.9630/1.9640, I believe it was the 0400 candle. I was watching for price to reach the Pivot of the swing from the end of the previous day.
  • #1,550
  • Jan 17, 2008 7:52am Jan 17, 2008 7:52am
Quoting Rocroy
Hi Bo,

the reason why your fib missed the target with some pips is that you have started your fib from the previous fib cycle (the last bar of it). So the measure is actually a combination of two fib cycles, which produces slightly false output. If you start the fib from next bar, the target will be met to the pip.

Studied fibs a couple of days now and came to conclusion that it is important to identify fib cycles. If you are able to do that it gives you very accurate results.

Thanks for a nice thread.

R
I have a different view of fibs and base thier placement off support and resistance points. What you see me use is what I have developed over the years. I use a combination of fibs tagged to time and freehand fibs tagged to price only. Your going to find everyone uses them for a different purpose and see different things from them.
  • #1,551
  • Jan 17, 2008 7:58am Jan 17, 2008 7:58am
Quoting Moxy_UK
Just thought I would post this chart showing the larger 4hr time frame. We have come back to the .382 "short" of the range fib (Bo, have I got the range fib correct?) and have reached the top of a down channel (subjective).

For me this says price should find it hard to move higher as there may way be plenty of sellers at this point. Could be a good shorting area. I guess the daily fibs will gives us our entry.

Any thoughts?
Yes that would be correct, remember the last retracement fib we had on the daily...that was its high point. Dont put too much faith in a channel price could be signalling its about to breakout long as well.
  • #1,552
  • Jan 17, 2008 8:12am Jan 17, 2008 8:12am
Quoting Thexder
And looking at it now, all those candles of chaos were trapped in the intraday trade zone (Haven't used that terminology since around page 40 of this thread) and the successful long occurred not only on swing long scalp but on the break out of the intraday long level, so maybe it would be considered a normal valid intraday long trade, executed with the swing.

All I know is despite all my hesitations on taking this one, I heard Bo in my head saying (while chewing a piece of straw) "Don't worry, once it breaks out of the swing high it will most likely go on to at least T1, and even if all this craziness is news related, all that means is the process will be sped up. Support and Resistance either hold or they don't...have another glass...."
Yes its a valid long entry meant to test 1.9718 for the 3rd time now, im thinkin they will break it this time. If they break it I will be looking for 1.9750/1.9770. If they fail again look for the same ole same ole of the past few days.
  • #1,553
  • Jan 17, 2008 8:15am Jan 17, 2008 8:15am
Quoting Bobokus
Yes its a valid long entry meant to test 1.9718 for the 3rd time now, im thinkin they will break it this time. If they break it I will be looking for 1.9750/1.9770. If they fail again look for the same ole same ole of the past few days.
Guess who just went long for the second time tonight?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,554
  • Jan 17, 2008 8:26am Jan 17, 2008 8:26am
Quoting Thexder
Guess who just went long for the second time tonight?
LOL,.....uuumm Us.Ive been long
3rd times a charm
  • #1,555
  • Edited 8:51am Jan 17, 2008 8:36am | Edited 8:51am
This one's stalling too close between small loss and +15...what to do....

Update: Ok almost at T1, now I'm set for break even and looking for an excuse to just cash out...it's been a good day.
Update: Passed T1, locked in +17 worst case, giving room to grow again and compromising growth vs greed vs fear
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,556
  • Jan 17, 2008 9:03am Jan 17, 2008 9:03am
1.9770 im out now, nice one.
  • #1,557
  • Jan 17, 2008 9:05am Jan 17, 2008 9:05am
I took +30 from it for a total today of 51.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,558
  • Jan 17, 2008 9:10am Jan 17, 2008 9:10am
Where did the 9750 and 9770 targets come from? Or was that mentioned already and I forgot with all the excitement?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,559
  • Jan 17, 2008 9:11am Jan 17, 2008 9:11am
Quoting Thexder
I took +30 from it for a total today of 51.
nice job !!, very we'll played
  • #1,560
  • Jan 17, 2008 9:30am Jan 17, 2008 9:30am
Only problem is now I've been up all night so often that it's 10:30am my time, and I'm overtired so I'll probably be awake like a zombie all day and sleep through Asia. I hope I wake up in time for London Calling.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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