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  • #1,681
  • Jan 21, 2008 10:36pm Jan 21, 2008 10:36pm
Sorry Bo

I know your working here. Now should I if I was going to short on this would I place the order at 38.2 or the 0 low. What would have been best.

Thanks Bo
  • #1,682
  • Jan 21, 2008 10:39pm Jan 21, 2008 10:39pm
Quoting Bobokus
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.
Thank GOD they were giving me a problem also which ones do I keep them on if any.

Thanks Bo
  • #1,683
  • Jan 21, 2008 10:42pm Jan 21, 2008 10:42pm
Quoting Forex It
Sorry Bo

I know your working here. Now should I if I was going to short on this would I place the order at 38.2 or the 0 low. What would have been best.

Thanks Bo
I would wait and see if this low breaks first (a candle open below it), unless it jumps 50 pips below it, if it does just let it go and wait for the next one.
Were really close to a take profit point ...so patience on this one.
  • #1,684
  • Jan 21, 2008 10:43pm Jan 21, 2008 10:43pm
Quoting Forex It
Thank GOD they were giving me a problem also which ones do I keep them on if any.

Thanks Bo
Just get rid of the S1 and R1 levels on all of them, they just add to the difficulty.
  • #1,685
  • Jan 21, 2008 10:54pm Jan 21, 2008 10:54pm
Quoting Bobokus
Just get rid of the S1 and R1 levels on all of them, they just add to the difficulty.
Thank Bo

That really clears my charts up. Ok hold till it breaks the low.

Looking like it has a shot at opening below 1.9380

Thanks Bo
  • #1,686
  • Jan 21, 2008 11:26pm Jan 21, 2008 11:26pm
Just thinking out loud here Bo.

Now would the 38.2 become resistance on this swing down.

And if it was to break above and hold above the 61.8 that would then become support.

Thanks Bo
  • #1,687
  • Jan 21, 2008 11:55pm Jan 21, 2008 11:55pm
Quoting Forex It
Just thinking out loud here Bo.

Now would the 38.2 become resistance on this swing down.

And if it was to break above and hold above the 61.8 that would then become support.

Thanks Bo
Yep that would be correct
  • #1,688
  • Edited 2:10am Jan 22, 2008 1:37am | Edited 2:10am
This is starting to look very much like last night, a bunch of downside hammering and LARGE inter-swing retracements, very volatile and spikey.

Edit: Although just after I said that, it started looking more Thexy. Maybe....can it be tamed?
Edit: Now she's movin. Worst case I break even.
Edit: Now it's starting to do the funky chicken....
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,689
  • Jan 22, 2008 1:41am Jan 22, 2008 1:41am
Bo,

Cable just hit the retracement target 9364.

How would you trade this? Would you trade the bounce on open of next bar?

Thanks.
  • #1,690
  • Edited 3:18am Jan 22, 2008 2:24am | Edited 3:18am
Now I'm at break even point in a long trade....but I'm up around +30 at the moment. I have a feeling I'll end up break even for the night though.

Make that +11 if I get kicked out of it...
It's making higher lows and upper resistance with one slight pierce of resistance so far. OH there she goes....I'm up +48, no, +57...but still set for +11 worst case.

And here comes the funky chicken to the down side....hold....HOLD......
Stabilizing but still uncertain...
Now new highs... +64 +72! +81...what's going on???? Bo you never told me it could be like this some day!

I set myself to get out with +65 now if it fails. I'm not stupid.

And now I'm set for +71, and still not stupid.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,691
  • Jan 22, 2008 2:44am Jan 22, 2008 2:44am
Quoting Thexder
Now I'm at break even point in a long trade....but I'm up around +30 at the moment. I have a feeling I'll end up break even for the night though.

Make that +11 if I get kicked out of it...
It's making higher lows and upper resistance with one slight pierce of resistance so far. OH there she goes....I'm up +48, no, +57...but still set for +11 worst case.

And here comes the funky chicken to the down side....hold....HOLD......
I just started reading this thread a few days ago.

And I watch how price action interacted with the fibs levels - very interesting.

How did you trade this?

Thanks.
  • #1,692
  • Jan 22, 2008 2:48am Jan 22, 2008 2:48am
Quoting maxster
How did you trade this?
When the dust settles I'll post it in my journal. Click my name and view threads started by me to find my journey to freedom.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,693
  • Jan 22, 2008 5:04am Jan 22, 2008 5:04am
Quoting maxster
How did you trade this?
The dust has settled and I've updated the trade notes in the journal.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,694
  • Jan 22, 2008 6:23am Jan 22, 2008 6:23am
hi Bo,

I just have a question about when you mentioned in one of your post that you scale down and add the
fib(s) for:

1) monthly chart: high to low of the previous candle.
2) weekly chart: high to low of the previous candle.
etc...

My question is let's say we have our fib in place for the weekly chart for the previous week's candle (called candle A). Now in our current week let's say we have broken the low of "Candle A" and reached our T1 of "Candle A".

Do you:

A) keep that fib in place until our current week's candle closes with a new high and low?

B) Re-adjust the fib after T1 has been hit?

I hope question doesn't sound confusing..

Thanks Again
  • #1,695
  • Jan 22, 2008 6:43am Jan 22, 2008 6:43am
Quoting maxster
Bo,

Cable just hit the retracement target 9364.

How would you trade this? Would you trade the bounce on open of next bar?

Thanks.
For the most part it would depend on where the candle opens, as weak as cable has been lately its wise to wait a few candles and see if once it makes a move up or something does support from a new fib pulled on it hold up price with its levels. In short I would wait until support holds after a bounce from this area.
  • #1,696
  • Jan 22, 2008 6:45am Jan 22, 2008 6:45am
Quoting Thexder
Now I'm at break even point in a long trade....but I'm up around +30 at the moment. I have a feeling I'll end up break even for the night though.

Make that +11 if I get kicked out of it...
It's making higher lows and upper resistance with one slight pierce of resistance so far. OH there she goes....I'm up +48, no, +57...but still set for +11 worst case.

And here comes the funky chicken to the down side....hold....HOLD......
Stabilizing but still uncertain...
Now new highs... +64 +72! +81...what's going on???? Bo you never told me it could be like this some day!

I set myself to get out with +65 now if it fails. I'm not stupid.

And now I'm set for +71, and still not stupid.
LOL, I guess some buyers decided cable was at a bargain price
  • #1,697
  • Jan 22, 2008 6:51am Jan 22, 2008 6:51am
Quoting trader1234
hi Bo,

I just have a question about when you mentioned in one of your post that you scale down and add the
fib(s) for:

1) monthly chart: high to low of the previous candle.
2) weekly chart: high to low of the previous candle.
etc...

My question is let's say we have our fib in place for the weekly chart for the previous week's candle (called candle A). Now in our current week let's say we have broken the low of "Candle A" and reached our T1 of "Candle A".

Do you:

A) keep that fib in place until our current week's candle closes with a new high and low?

B) Re-adjust the fib after T1 has been hit?

I hope question doesn't sound confusing..

Thanks Again
Placed on a certain time frame like that you would want to leave them in place until the next month or week rolls around. You would be looking to make sure after reaching a target and price begins to move in the other direction does the low hold again and send price back towards the targets...or does price continue back past the low and test the levels again. If they were to hold at any one of those points the market will most likely stay short a break back through its levels and you counld be seeing it reversal of direction from the weekly standpoint.
  • #1,698
  • Jan 22, 2008 6:53am Jan 22, 2008 6:53am
Quoting Bobokus
LOL, I guess some buyers decided cable was at a bargain price
Yeah, I'm one of them...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,699
  • Jan 22, 2008 6:58am Jan 22, 2008 6:58am
Quoting Thexder
Yeah, I'm one of them...
Got a piece of a good one too, huh
  • #1,700
  • Jan 22, 2008 7:10am Jan 22, 2008 7:10am
Quoting Bobokus
Got a piece of a good one too, huh
I wanted chicken and that one was too funky to pass up.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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