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  • #2,181
  • Feb 8, 2008 3:35pm Feb 8, 2008 3:35pm
Hey Thex two questions

1. You live in Canada?

2. I enjoyed your swing system, read Oct and Nov notes..Have you written anything else on it or updated? If so can you give me the thread etc...

Thanks to you and of course Bo and really all the contributors that have taken my trading to another "galaxy"
(No pun intended MOM)

Learning every day...

I am very very thankful

Greg D


Quoting Thexder
Bo - Another snowy end to the week this week but I made sure I was trading before I went out to shovel a foot off the driveway this time. I learn quick. Today is the bright star of the week for me. Let's all say a prayer we don't give back tomorrow.
  • #2,182
  • Feb 8, 2008 5:57pm Feb 8, 2008 5:57pm
I made some improvements to the Worksheet. Again, make it your own.
Attached File(s)
File Type: doc TRADING PLAN.doc   26 KB | 1,105 downloads
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,183
  • Feb 8, 2008 8:27pm Feb 8, 2008 8:27pm
Quoting eegle
Hey Thex two questions

1. You live in Canada?

2. I enjoyed your swing system, read Oct and Nov notes..Have you written anything else on it or updated? If so can you give me the thread etc...
1. Ontario, GTA area
2. Click my name, view threads started by me and see post 1 of my journal. I have my latest scalping cable document plus a few more now. THe method has been modified from Oct/Nov notes and I think it performs better.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,184
  • Feb 9, 2008 11:26am Feb 9, 2008 11:26am
I am just 1 and half month playing demo in forex, but completly fascinated.
Discovered this forum for a couple of days where I read yours and Skunny's thread(just the beginning, english is not my mother language and I live in Europe)(I read somewhere he is your business partner right?).I was looking for this learning action you both wanted to give but somehow will not take place(is that so?)so I tried to understand the Price action set from my own but it is not easy.After I made 5 fibonnaccis and the 62 SMA envelope over the chart I just dont get the picture.Was it suposed to tell us where price is going to?Do we have to look to the window short and long swing and expect
the price is going that direction?And what about the 62 envelope when price does not touch it as it is now?I'm sorry for all this questions, but I'm just adressing you (or Skunny) because you seemed to me very willingly to help others on this jungle and knowing a lot of this.I'm trying to bring up some patterns on price movements and dont want to relay on others signals to make trades.I read(from Skunny) the price trend changing can be somehow forecasted and that must be fascinating, Can you help me on this?
  • #2,185
  • Feb 9, 2008 4:48pm Feb 9, 2008 4:48pm
Quoting Nuno
I am just 1 and half month playing demo in forex, but completly fascinated.
Discovered this forum for a couple of days where I read yours and Skunny's thread(just the beginning, english is not my mother language and I live in Europe)(I read somewhere he is your business partner right?).I was looking for this learning action you both wanted to give but somehow will not take place(is that so?)so I tried to understand the Price action set from my own but it is not easy.After I made 5 fibonnaccis and the 62 SMA envelope over the chart I just dont get the picture.Was it suposed to tell us where price is going to?Do we have to look to the window short and long swing and expect
the price is going that direction?And what about the 62 envelope when price does not touch it as it is now?I'm sorry for all this questions, but I'm just adressing you (or Skunny) because you seemed to me very willingly to help others on this jungle and knowing a lot of this.I'm trying to bring up some patterns on price movements and dont want to relay on others signals to make trades.I read(from Skunny) the price trend changing can be somehow forecasted and that must be fascinating, Can you help me on this?
Being this new to forex its best to learn Support and Resistance first, and the price action to these levels before trying to follow with methods or indicators. You can learn the flow of the market by using simple support and resistance breaks. There are too many things to try and explaign in a text based thread that I could write several hundred posts on all the things I do and watch for, all I can do is show you the tools the rest is up to you and how bad do you want it. Use the things I am showing in the next 3 charts and start doing manual backtesting...it takes along time to develope your skills as a trader because this is a battlefield of high risk gamblers that have no problems taking every penny in your account.Learning the forex market and the flow of the currency you plan to trade are the first steps.
I posted a chart here to try and help explaign the envelope and what its used for and it may help you to some degree to see the trending moves from the 1 hour timeframe.For now just look for the Support and Resistance breaks and dont worry about all the fibs you see me or others using, its too difficult to follow as a beginner and may discourage you. Just use 1 Fib tool and see if you can get the hang of placing it across these support and resistance zones and trade the breaks in a demo account.
Attached Image(s) (click to enlarge)
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  • #2,186
  • Feb 10, 2008 6:53pm Feb 10, 2008 6:53pm
Bo, I have some questions for you about S/R.

Some people say that a valid swing high or swing low must have at least 2 candles on either side of it which don't make a higher high (swing high) or a lower low (swing low). In other words, if you have a candle you think is a swing high, then there should be at least two candles on either side that have lower highs. Do you agree with that?

Now the other questions are:

Can valid swing highs and lows always be considered points of support/resistance.

Are there other significant areas of support/resistance that are not swing highs and lows?

Bruce
  • #2,187
  • Feb 10, 2008 7:25pm Feb 10, 2008 7:25pm
Quoting brucehvn
Bo, I have some questions for you about S/R.

Some people say that a valid swing high or swing low must have at least 2 candles on either side of it which don't make a higher high (swing high) or a lower low (swing low). In other words, if you have a candle you think is a swing high, then there should be at least two candles on either side that have lower highs. Do you agree with that?

Now the other questions are:

Can valid swing highs and lows always be considered points of support/resistance.

Are there other significant areas of support/resistance that are not swing highs and lows?

Bruce
Nope dont agree,too mechanical in the logic...say a currency moves down 400 pips and you get 2 candles side by side with equal lows then the currency goes up 200 pips, does that mean you cant count either one as a low or support because you cant get 2 candles to the side of either one of them that have higher lows? Sounds like Demark rules for drawing trendlines or something.
Valid highs and lows....Yes
Other significant areas...Yes ,say you have your fib across the high and low of the day price moves to the Inner fib levels and is rejected at the 50 fib or vise versa bounces from the 50 fib....a new support or resistance level is created.
  • #2,188
  • Feb 11, 2008 12:06am Feb 11, 2008 12:06am
Quoting Bobokus
Nope dont agree,too mechanical in the logic...say a currency moves down 400 pips and you get 2 candles side by side with equal lows then the currency goes up 200 pips, does that mean you cant count either one as a low or support because you cant get 2 candles to the side of either one of them that have higher lows? Sounds like Demark rules for drawing trendlines or something.
Valid highs and lows....Yes
Other significant areas...Yes ,say you have your fib across the high and low of the day price moves to the Inner fib levels and is rejected at the 50 fib or vise versa bounces from the 50 fib....a new support or resistance level is created.
Good info, thanks.

Bruce
  • #2,189
  • Feb 11, 2008 3:24am Feb 11, 2008 3:24am
Hi Bo,

Do you mind explaining why the first 3 candles that opened above the long fiib in your example were not valid entries? They looked like it to me, but they would have possibly caused some stop outs due to whipsaw price action.

I circled them in red.
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  • #2,190
  • Feb 11, 2008 4:05am Feb 11, 2008 4:05am
Quoting Jared
Hi Bo,

Do you mind explaining why the first 3 candles that opened above the long fiib in your example were not valid entries? They looked like it to me, but they would have possibly caused some stop outs due to whipsaw price action.

I circled them in red.
Thats just a generic example for the poster that had the questions. The candles you have circled would be traded from a different view the day before, scroll your chart back to that date and draw the fib across the day before that one. Its a generic example of an Intraday fib which is traded the day after, what your seeing on those candles are confirmations from where the Swing fib would be from trading the day before.
  • #2,191
  • Feb 11, 2008 4:40am Feb 11, 2008 4:40am
Hey Bo, I have been using your fib tool alot more now that it has the extra levels and I noticed there is a big gap between T2 and T3. I didn't figure it out until I was reviewing some E.W rules when I noticed for certain rules to apply the it must retrace or extend 100% and it was like a snake just bit me. I can't believe I didn't see it earlier (actually I didn't look that hard)
-1 and 2 are the missing levels between T2 and T3 and they are the 100% levels. 1 and 2 are are the first two fib numbers so they naturally belong there. I did some back testing on it and it does hold support or resistance in some situations and it can help solidify certain E.W rules when taking measurements of waves and movements. I feel like I found a missing piece of a puzzle. Sorry just wanted to share.
Just Trade It
  • #2,192
  • Feb 11, 2008 4:50am Feb 11, 2008 4:50am
Good morning Bo

It make sense that entry in a candle that is consistently over swing long.
Wouldn't it make sense again a long entry 4/5 candles after your exit in your example?
I will try to understand this concept to other markt conditions and Eur/Usd currency.It was pretty clear what you mean.

Thank you

Nuno
  • #2,193
  • Feb 11, 2008 4:53am Feb 11, 2008 4:53am
Quoting Big Wave Rider
Hey Bo, I have been using your fib tool alot more now that it has the extra levels and I noticed there is a big gap between T2 and T3. I didn't figure it out until I was reviewing some E.W rules when I noticed for certain rules to apply the it must retrace or extend 100% and it was like a snake just bit me. I can't believe I didn't see it earlier (actually I didn't look that hard)
-1 and 2 are the missing levels between T2 and T3 and they are the 100% levels. 1 and 2 are are the first two fib numbers so they naturally belong there. I did some back testing on it and it does hold support or resistance in some situations and it can help solidify certain E.W rules when taking measurements of waves and movements. I feel like I found a missing piece of a puzzle. Sorry just wanted to share.
I think 100% extension is also important too
Success is the small sum of efforts, repeated day in and day out.
  • #2,194
  • Feb 11, 2008 5:09am Feb 11, 2008 5:09am
Bobokus, is it a good spot to short cable 1.9533-1.9566? I can't attach picture.
  • #2,195
  • Feb 11, 2008 5:52am Feb 11, 2008 5:52am
Bo

I drew this last Swing, but as I look at it, is this correct?
Attached Image (click to enlarge)
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Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,196
  • Feb 11, 2008 6:19am Feb 11, 2008 6:19am
...have similar fibs pulled, GM.

Although the intraday fib bias is still short (no hourly break of it's long level yet), for smaller move trades i'm biased long, especially as we now have a penetration of Friday's swing high, which to my mind opens up the T1 target @ 9556.

I'll be dropping down to the 15min should price retrace from here to today's 450-480 inner fib levels, to try and spot reversal price action and buy the dip.

Is this a sound enough plan, BO?
Attached Image (click to enlarge)
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  • #2,197
  • Feb 11, 2008 7:18am Feb 11, 2008 7:18am
Quoting Big Wave Rider
Hey Bo, I have been using your fib tool alot more now that it has the extra levels and I noticed there is a big gap between T2 and T3. I didn't figure it out until I was reviewing some E.W rules when I noticed for certain rules to apply the it must retrace or extend 100% and it was like a snake just bit me. I can't believe I didn't see it earlier (actually I didn't look that hard)
-1 and 2 are the missing levels between T2 and T3 and they are the 100% levels. 1 and 2 are are the first two fib numbers so they naturally belong there. I did some back testing on it and it does hold support or resistance in some situations and it can help solidify certain E.W rules when taking measurements of waves and movements. I feel like I found a missing piece of a puzzle. Sorry just wanted to share.
Excellent im glad its helping
  • #2,198
  • Feb 11, 2008 7:25am Feb 11, 2008 7:25am
Quoting Zelenin
Bobokus, is it a good spot to short cable 1.9533-1.9566? I can't attach picture.
It would depend on the price action, at this point I am still selling rallies. If support from today holds that may change to buying dips. I did not take this last short in cable however.
  • #2,199
  • Feb 11, 2008 7:29am Feb 11, 2008 7:29am
Quoting galaxymom
Bo

I drew this last Swing, but as I look at it, is this correct?
Yes to see if Cable finds support now your swing is correct, Pull the low of your Intraday back to the low of thursday and leave the high as it is. Price is still honoring that fib up to this last bounce up after the news last night.
  • #2,200
  • Feb 11, 2008 7:32am Feb 11, 2008 7:32am
Quoting ChowClown
...have similar fibs pulled, GM.

Although the intraday fib bias is still short (no hourly break of it's long level yet), for smaller move trades i'm biased long, especially as we now have a penetration of Friday's swing high, which to my mind opens up the T1 target @ 9556.

I'll be dropping down to the 15min should price retrace from here to today's 450-480 inner fib levels, to try and spot reversal price action and buy the dip.

Is this a sound enough plan, BO?
Sounds good I am looking for support to begin to hold. Wait for price action off the fib drawn off todays movement to comfirm this, if todays support doesnt hold we could be ranging and have to wait for the next day to try again.
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