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  • #1,661
  • Jan 21, 2008 1:06am Jan 21, 2008 1:06am
Hi bo, just a newbie qns, can i ask a if your technique can be applied on a 4hr chart?

Thanks
10 pips a day, keep all my bills away.
  • #1,662
  • Edited 2:39am Jan 21, 2008 2:29am | Edited 2:39am
Nothing was happening for hours so I decided to go to the kitchen...by the time I walked past the laptop in the living room I saw things picking up. So much for the kitchen.

It's at T1 and I'm at break even. It's either going to do the T1 Consolidation Dance and continue on, or get me out safely.

And now it took me out for break even which is fine with me. Probably shouldn't have been in there in the first place. I saw a subtle resistance point (I'll journal it) along the way to T1 that just happened to be my break even point so that's where I put the stop and now it's all up in the air anyway, it looks like it might head long.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,663
  • Jan 21, 2008 9:57am Jan 21, 2008 9:57am
Quoting jonnhl
Hi bo, just a newbie qns, can i ask a if your technique can be applied on a 4hr chart?

Thanks
I dont normally trade from 4hr chart, but i dont see why it wouldnt.
  • #1,664
  • Jan 21, 2008 10:08am Jan 21, 2008 10:08am
This took a long time to finally break, slow night. At first it didnt look good going short with all the fairly equal candles.
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  • #1,665
  • Jan 21, 2008 10:38am Jan 21, 2008 10:38am
I just noticed it's a holiday today. Is that why things are so crazy, or is it Monday, or random chaos, or something else I forget from the text books? It keeps retracing every nudge onward significantly in a downward range like it wants to move down but somebody won't let it.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,666
  • Jan 21, 2008 10:40am Jan 21, 2008 10:40am
Quoting Thexder
I just noticed it's a holiday today. Is that why things are so crazy, or is it Monday, or random chaos, or something else I forget from the text books? It keeps retracing every nudge onward significantly in a downward range like it wants to move down but somebody won't let it.
LOL, yep today is a holiday.
  • #1,667
  • Jan 21, 2008 3:10pm Jan 21, 2008 3:10pm
Quoting Bobokus
This took a long time to finally break, slow night. At first it didnt look good going short with all the fairly equal candles.
Bo I have a question about your chart.

You are showing the swing fib at 15:00 high 1.9621 candle and 17:00 low candle @ 1.9512. It seem you went backwards with your swing fib from start post page 109 post # 1630 the swing fib then was low candle 17:00 1.9512 to high candle 20:00 1.9568 is this right and should I be pulling the swing fib up as the day moves.

Thank you
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  • #1,668
  • Jan 21, 2008 3:45pm Jan 21, 2008 3:45pm
Quoting Forex It
Bo I have a question about your chart.

You are showing the swing fib at 15:00 high 1.9621 candle and 17:00 low candle @ 1.9512. It seem you went backwards with your swing fib from start post page 109 post # 1630 the swing fib then was low candle 17:00 1.9512 to high candle 20:00 1.9568 is this right and should I be pulling the swing fib up as the day moves.

Thank you
Hi Forex IT,
I think what Bo has done is that the more recent chart is the one he actually used to trade off, whereas the earlier chart (which was in his 'New Begining' post) is the one he wanted newcommers to this thread to use - since it had less aggressive target(s).
If you read this thread from post 1, you will see that he was advocating a TP at the 135 level - not the actual Fib level of 138.2. He explained that this was just to make it easier for beginners. In fact when Thexder did his testing for the development of his short term swing trade style, he too used the 135. After which Bo suggested he might like to try with the real Fib levels.

Ian
  • #1,669
  • Jan 21, 2008 8:23pm Jan 21, 2008 8:23pm
Quoting Forex It
Bo I have a question about your chart.

You are showing the swing fib at 15:00 high 1.9621 candle and 17:00 low candle @ 1.9512. It seem you went backwards with your swing fib from start post page 109 post # 1630 the swing fib then was low candle 17:00 1.9512 to high candle 20:00 1.9568 is this right and should I be pulling the swing fib up as the day moves.

Thank you
I think I understand what you mean, when i posted that it was prior to the higher high made during Sunday and what I did was pull the fib back to the next higher high than it was, I wanted to see if the fib levels were rejecting price and that let me know if the low of 1.9512 did give way it extended the targets range from the entry.Remember the Swing fib can be moved at any time to measure any thing you want to see with it.
  • #1,670
  • Jan 21, 2008 8:25pm Jan 21, 2008 8:25pm
Quoting ianf0ster
Hi Forex IT,
I think what Bo has done is that the more recent chart is the one he actually used to trade off, whereas the earlier chart (which was in his 'New Begining' post) is the one he wanted newcommers to this thread to use - since it had less aggressive target(s).
If you read this thread from post 1, you will see that he was advocating a TP at the 135 level - not the actual Fib level of 138.2. He explained that this was just to make it easier for beginners. In fact when Thexder did his testing for the development of his short term swing trade style, he too used the 135. After which Bo suggested he might like to try with the real Fib levels.

Ian
Hey , somebody understood that without asking.I see you've actually done your reading.
  • #1,671
  • Jan 21, 2008 8:35pm Jan 21, 2008 8:35pm
Even though it was a holiday we've seen a pretty good drop today overall in Cable. I went back and added my Retracment fib only since I needed to see where price may be headed today. From the Daily this is the support point we've broken through today was the low of this Fib at 1.9482 and as I write this price looks to wants to work its way back up to test this area.
The target of the Retracement fib is sitting at 1.9364 and it looked like we may hit that when I checked it this afternoon. If this pop up in price continues we will get a Swing to pull a fib across and zero in on a waveform to look for a S&R break from the high and low of it.
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  • #1,672
  • Jan 21, 2008 8:55pm Jan 21, 2008 8:55pm
Quoting Bobokus
I think I understand what you mean, when i posted that it was prior to the higher high made during Sunday and what I did was pull the fib back to the next higher high than it was, I wanted to see if the fib levels were rejecting price and that let me know if the low of 1.9512 did give way it extended the targets range from the entry.Remember the Swing fib can be moved at any time to measure any thing you want to see with it.
I tought that was going to be the case that little head fake sunday. So if I understand right you adjust for that and then use that new swing fib.

I know I read the hole thread about 10 times but that little head fake was giving me a problem. I will remeber that from now on.

Thanks BO
  • #1,673
  • Jan 21, 2008 8:59pm Jan 21, 2008 8:59pm
Quoting Forex It
I tought that was going to be the case that little head fake sunday. So if I understand right you adjust for that and then use that new swing fib.

I know I read the hole thread about 10 times but that little head fake was giving me a problem. I will remeber that from now on.

Thanks BO
Yes the pop up in price Sunday was just a test of resistance, once the sellers were felt there at that point the sentiment went short...why fight it, know what I mean. The buyers turn sellers and ride the runaway train.
  • #1,674
  • Jan 21, 2008 9:33pm Jan 21, 2008 9:33pm
Quoting Bobokus
Yes the pop up in price Sunday was just a test of resistance, once the sellers were felt there at that point the sentiment went short...why fight it, know what I mean. The buyers turn sellers and ride the runaway train.
I know i'm a little slow or maybe I just have read to much into all of this but I think I am starting to get it.

One thing I got to get a better handle on is pulling those fib's where to put them mostly. I beleive if I do get them right then if price stays above 61.8 go long and if it stays below 38.2 go short 50 could go anywhere pivot.

The main point to me seems to get those fib's in the right place. And I think that is my main problem. When I walked through that exercise the other day the one from I beleive april last year it work out just right I just got to work on get those fib's right.

Thank Bo
  • #1,675
  • Jan 21, 2008 9:49pm Jan 21, 2008 9:49pm
HI Bo

Question I put a swing fib on 23:00 candle high and the 01:00 candle low and price right now keeps bouncing off the 50 pivot. I know a little early but just working at it. I did get a little up there on 03:00 candle or do you think I'm getting faked out again.

Oh by the my candles and your do not match up right but I am working through that.

Thanks Bo
  • #1,676
  • Jan 21, 2008 9:57pm Jan 21, 2008 9:57pm
Quoting Forex It
I know i'm a little slow or maybe I just have read to much into all of this but I think I am starting to get it.

One thing I got to get a better handle on is pulling those fib's where to put them mostly. I beleive if I do get them right then if price stays above 61.8 go long and if it stays below 38.2 go short 50 could go anywhere pivot.

The main point to me seems to get those fib's in the right place. And I think that is my main problem. When I walked through that exercise the other day the one from I beleive april last year it work out just right I just got to work on get those fib's right.

Thank Bo
All you need is time and it will come to ya, I can remember a time when I was trying to figure out what the hell you do with a fib tool.
Just dont get to the point you are too zoomed in on price everyone seems to like the little Swing fib the most but the thing is is the weakest of levels, just an aid into the other fibs.
Look more into the overall swings of each day rather than every single wave or movement. Sometimes there is more than one per day.

The exercise was meant to get you into the mind set or the flow the market is in by the time you reach the end of it, when you reach the end you know what direction you were looking for the market to go next. Do it over again when you loose your place.
It has just recently repeated the process of pulling the Retracement fib and we have approached the Targets of this one, if they are reached in the next few days the Retracement comes off the chart and the whole process starts all over again. Its a never ending process the more you see it the easier it gets. For Daily targets it may have already come close enough, its come within 13 pips of a target that was 234 pips away.

For simplicicy and to learn trading basic S&R breaks use the high and lows of the smaller swings (greater than 30 pips high to low though), the Swing fib is good for that and its simple.
Once you get the feel for doing this, what you see me do is the larger scale version of this. Its actually simple, I just started everyone on a 5+ year experience level and had alot of people confused so we need to back up and punt. Master the breaks of these support and resistance areas first the rest will come.
  • #1,677
  • Jan 21, 2008 10:01pm Jan 21, 2008 10:01pm
Quoting Forex It
HI Bo

Question I put a swing fib on 23:00 candle high and the 01:00 candle low and price right now keeps bouncing off the 50 pivot. I know a little early but just working at it. I did get a little up there on 03:00 candle or do you think I'm getting faked out again.

Oh by the my candles and your do not match up right but I am working through that.

Thanks Bo
We are most likely 1 GMT hour off from each other and thats the difference in brokers. but yes that swing i am monitoring as well, the break long from it could send price to test 1.9482 a break short will attempt to break T1 of the Retracement fib 1.9368.
So far support is holding price hinting long, but that can change since its the Asian session. Price falling below the open1.9401 and it takes the hint away.
  • #1,678
  • Jan 21, 2008 10:13pm Jan 21, 2008 10:13pm
Quoting Bobokus
We are most likely 1 GMT hour off from each other and thats the difference in brokers. but yes that swing i am monitoring as well, the break long from it could send price to test 1.9482 a break short will attempt to break T1 of the Retracement fib 1.9368.
So far support is holding price hinting long, but that can change since its the Asian session. Price falling below the open1.9401 and it takes the hint away.
Looks like maybe I finally got on the same page. I will redo that exercise over.

Thanks Bo
  • #1,679
  • Jan 21, 2008 10:29pm Jan 21, 2008 10:29pm
There it went Bo down now it's bouncing off the S1 could this be another fake out do you think those little bump's in price could be what they call stop loss runs. Sure was showing long there now it looks like it's going to hit that target 1.9364.

Thanks Bo
  • #1,680
  • Jan 21, 2008 10:33pm Jan 21, 2008 10:33pm
Quoting Forex It
There it went Bo down now it's bouncing off the S1 could this be another fake out do you think those little bump's in price could be what they call stop loss runs. Sure was showing long there now it looks like it's going to hit that target 1.9364.

Thanks Bo
Be nice to see this next candle open below 1.9380, maybe they get hit T2

And you can take the S1 and R1 levels out of your fib tool, they are only the midway point between short fib level and the low, and midway between long fib and the high.They were just referrence points for me.
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