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  • #2,281
  • Feb 14, 2008 9:21pm Feb 14, 2008 9:21pm
Bo, where is your intraday fib on cable set now. Since it's been in this uptrend, I've seen it breech the high every day, but not reach the target, so I've been just moving the high higher. My low point is now back on Feb 7. Is that correct, or at some point would we just reset it back to the current intraday levels after a long up move like this?

Bruce
  • #2,282
  • Feb 14, 2008 9:32pm Feb 14, 2008 9:32pm
Quoting brucehvn
Bo, where is your intraday fib on cable set now. Since it's been in this uptrend, I've seen it breech the high every day, but not reach the target, so I've been just moving the high higher. My low point is now back on Feb 7. Is that correct, or at some point would we just reset it back to the current intraday levels after a long up move like this?

Bruce
I have a swing fib pulled from the high of today back to the low of the 7th so I will know the bounce points from this push up since then, but my Intraday is on just the high and low of today. They are reaching their targets its just taking more than 24 hours for them to get there, The trouble its been having is breaking the Retracement fib levels on this push up
Today was a T2 hit from yesterday
  • #2,283
  • Feb 14, 2008 9:40pm Feb 14, 2008 9:40pm
From the Daily chart pull a swing fib from the high of Jan30th to the low of Feb 7th, thats what we stalled at today.
  • #2,284
  • Feb 14, 2008 10:26pm Feb 14, 2008 10:26pm
Quoting Bobokus
I just save a template with all the fibs on it, and just transfer them 1 at a time to another chart or pair...ie each time you view the properties(levels)of a fib it becomes the default. View ones properties(levels) and move it, then view the properties (levels) of another to make it the default and move it...repeating the process until you move all you plan to move or transfer to another chart.
Thanks Bo,
I have really been challenged by all of this fib business....You are starting to finally open my eyes....oh...don't get me wrong I have a L....o.....n.....g way to go yet, but at least I am now moving! Pip, pip, Hooray!
ppm
  • #2,285
  • Feb 15, 2008 3:35am Feb 15, 2008 3:35am
My cable fib map for today - testing Weds resistance now and there's already a close below yesterday's intraday short fib and now testing the longer term retracement pivot.

On watch since Frankfurt/London open...mindful of the potential for a Weds resistance to support switch at these levels. Data expectation later today looks on the bullish side for GBP (IMHO).
Attached Image (click to enlarge)
Click to Enlarge Name: Hrly fibs - 15th Feb (1) 08.GIF Size: 66 KB
  • #2,286
  • Feb 15, 2008 4:21am Feb 15, 2008 4:21am
Quoting ChowClown
My cable fib map for today - testing Weds resistance now and there's already a close below yesterday's intraday short fib and now testing the longer term retracement pivot.

On watch since Frankfurt/London open...mindful of the potential for a Weds resistance to support switch at these levels. Data expectation later today looks on the bullish side for GBP (IMHO).
FXCM analysts say profit taking is what is driving cable down, and they expect it to bounce back up and stay within a range. I am currently down after entering of the GMT 6:00 candle long. My stop is wide to ride out the bounce. I may enter another long if the downward move weakens and starts heading up again. Another rough trade for me this week. I need to get better at this. I'm sweating it out.
  • #2,287
  • Feb 15, 2008 4:24am Feb 15, 2008 4:24am
Quoting ChowClown
My cable fib map for today - testing Weds resistance now and there's already a close below yesterday's intraday short fib and now testing the longer term retracement pivot.

On watch since Frankfurt/London open...mindful of the potential for a Weds resistance to support switch at these levels. Data expectation later today looks on the bullish side for GBP (IMHO).
Btw chowclown, you don't have to take a screenshot to post a chart. Just right click on the chart and then click "save as picture".
  • #2,288
  • Feb 15, 2008 4:40am Feb 15, 2008 4:40am
Quoting Jared
FXCM analysts say profit taking is what is driving cable down, and they expect it to bounce back up and stay within a range. I am currently down after entering of the GMT 6:00 candle long. My stop is wide to ride out the bounce. I may enter another long if the downward move weakens and starts heading up again. Another rough trade for me this week. I need to get better at this. I'm sweating it out.
Market News International is reporting there will be a price fix on EUR/GBP at 11:00 GMT and high demand for that pair is driving GBP/USD down.
  • #2,289
  • Feb 15, 2008 4:42am Feb 15, 2008 4:42am
Quoting Jared
FXCM analysts say profit taking is what is driving cable down, and they expect it to bounce back up and stay within a range. I am currently down after entering of the GMT 6:00 candle long. My stop is wide to ride out the bounce. I may enter another long if the downward move weakens and starts heading up again. Another rough trade for me this week. I need to get better at this. I'm sweating it out.
Yes, longs will be shaking a bit atm. It's moves like this that I have come to enjoy, in terms of sitting on the sidelines, they more often than not offer value to get back in on the more dominant trend....but anything can happen of course.

I've been watching and waiting so far during the UK session, with a view to begin building a long position again, but EUR/GBP is rallying strongly, so my weighting will be on EUR longs rather than GBP...i'll be using small initial stakes on any cable long setups if offered, scaling up should upward momentum return.
  • #2,290
  • Feb 15, 2008 4:46am Feb 15, 2008 4:46am
Quoting Jared
Btw chowclown, you don't have to take a screenshot to post a chart. Just right click on the chart and then click "save as picture".
Thanks.
  • #2,291
  • Feb 15, 2008 7:15am Feb 15, 2008 7:15am
Quoting Jared
FXCM analysts say profit taking is what is driving cable down, and they expect it to bounce back up and stay within a range. I am currently down after entering of the GMT 6:00 candle long. My stop is wide to ride out the bounce. I may enter another long if the downward move weakens and starts heading up again. Another rough trade for me this week. I need to get better at this. I'm sweating it out.
Pull a fib from the low of the 7th to the current high, these are the most likely bounce points
  • #2,292
  • Feb 15, 2008 7:23am Feb 15, 2008 7:23am
Nice Pips today,
Gj : Short @ 212,60, Tp @ 211.00 ,Gu: Short @ 1,9660, Tp @ 1,9620 ,all the Pips with your Fibosrategy.
Thanks,and best regards
  • #2,293
  • Feb 15, 2008 7:44am Feb 15, 2008 7:44am
Quoting Bobokus
Pull a fib from the low of the 7th to the current high, these are the most likely bounce points

It's currently ranging on the long fib. 15 min until TIC data, hopefully it's bad USD.
  • #2,294
  • Feb 15, 2008 7:45am Feb 15, 2008 7:45am
Quoting November
Nice Pips today,
Gj : Short @ 212,60, Tp @ 211.00 ,Gu: Short @ 1,9660, Tp @ 1,9620 ,all the Pips with your Fibosrategy.
Thanks,and best regards

Nice Job !
  • #2,295
  • Feb 15, 2008 7:47am Feb 15, 2008 7:47am
Quoting Jared
It's currently ranging on the long fib. 15 min until TIC data, hopefully it's bad USD.
If it breaks the levels of the fib I just mentioned today this up move is practically over and we'll be looking to sell rally's again as it makes its way to the Retracement fibs tagets.
  • #2,296
  • Feb 15, 2008 9:12am Feb 15, 2008 9:12am
Quoting brucehvn
If you look for my posts in the thread, you will see a script I posted that will allow you to easily put the various fibs on your chart. It allows you to choose the colors and names easily and will do some preliminary placement for you, though you will need to adjust them manually once they are on your chart. It's a timesaver tool.

Or maybe you can just look at the attachments. It's called MT4-Bobokus-Fibos.mq4. My post has the explanation for it though.

Bruce
Thanks Brucehvn, I will do this. Do you have any idea what post # that might be?
ppm
  • #2,297
  • Feb 15, 2008 9:17am Feb 15, 2008 9:17am
Quoting November
Nice Pips today,
Gj : Short @ 212,60, Tp @ 211.00 ,Gu: Short @ 1,9660, Tp @ 1,9620 ,all the Pips with your Fibosrategy.
Thanks,and best regards
Can you please post a screen shot on GJ....how did you short GJ 212.60,
was it from yesterday or today?
GU...I understand, I had the same fib levels showing short 1.9660,
I guess the tp are random, please correct me if I am wrong.

Thanks.
Mukesh
  • #2,298
  • Feb 15, 2008 9:43am Feb 15, 2008 9:43am
gimme those pips short
  • #2,299
  • Edited 9:57am Feb 15, 2008 9:56am | Edited 9:57am
I get so pumped up, just reading this thread....All of you, who have been practicing this technique for a while, are doing so well!
This is so inspiring to me! I look forward to each new day's learning opportunities. I can hardly wait for the day that I will be able to post a chart. Or even better, post some trade results! Your enthusiasm and generous sharing of information are powerful, positive, motivators! Thanks to all of you, and especially Bo for his unselfish dedication!
As I have mentioned before, I have started reading this thread from pp.1 This has been crucial to my understanding. There are however a couple of things that I still need help with;
1) I'm not understanding the "62 envelope" - or how to make it. Not long after the mention of this "envelope", there appeared on his charts a channel of red/blue lines, is this the envelope?
2). What numbers go into the "swing fib" (I've got the "Range"fib; the " Intermediate " fib; & "Daily" fib....is the "Swing" fib the same as any of these, or is seperate? (And then, he also mentions, "Swing 2", how does that fit in?
3). All of these wonderful templates that everyone has supplied, do I drag them into my "Indicators" my "templates"? How do I make them part of my trading platform?
4). I would like to be able to "Highlite" the trading zone, as he has, Any suggestions on this procedure?
Wow, I had a lot more questions, than I thought (Maybe I'm not doing that great after all !:-)
  • #2,300
  • Feb 15, 2008 10:26am Feb 15, 2008 10:26am
Quoting perPIPtual Motion
I get so pumped up, just reading this thread....All of you, who have been practicing this technique for a while, are doing so well!
This is so inspiring to me! I look forward to each new day's learning opportunities. I can hardly wait for the day that I will be able to post a chart. Or even better, post some trade results! Your enthusiasm and generous sharing of information are powerful, positive, motivators! Thanks to all of you, and especially Bo for his unselfish dedication!
As I have mentioned before, I have started reading this thread from pp.1 This has been crucial to my understanding. There are however a couple of things that I still need help with;
1) I'm not understanding the "62 envelope" - or how to make it. Not long after the mention of this "envelope", there appeared on his charts a channel of red/blue lines, is this the envelope?
2). What numbers go into the "swing fib" (I've got the "Range"fib; the " Intermediate " fib; & "Daily" fib....is the "Swing" fib the same as any of these, or is seperate? (And then, he also mentions, "Swing 2", how does that fit in?
3). All of these wonderful templates that everyone has supplied, do I drag them into my "Indicators" my "templates"? How do I make them part of my trading platform?
4). I would like to be able to "Highlite" the trading zone, as he has, Any suggestions on this procedure?
Wow, I had a lot more questions, than I thought (Maybe I'm not doing that great after all !:-)
1. The envelope is a basic indicator found on the MT4 platform..under indicators its located in the oscillator heading, you can set the period anywhere from 50 -100 and get the same effect, the method (Simple), the deviation (0.05).

2 & 3.Ive changed the names of the fibs again since my first attempt to simplify what they were intended for didnt work out so well and confused everyone.
The basic sets you want to start with are 3 Daily fibs and 2 (1hour fibs)
The Daily fib sets are Uptrend,Downtrend and Retracement fibs
The 1 hour sets are the Intraday and the Swing fibs
Yesterday I placed a template for the main 5 pairs I watch with these fibs already set up on them, they go into your Templates folder, once you put them in the folder just open the 1 hour chart with the corresponding template and place it on the chart. You can zoom the chart out to the Daily to see the fibs on the larger Daily waveforms.
The main idea is to trade from the Intraday and Swing fibs on the 1 hour timeframe as price moves or works its way through the Daily fib levels.

4. The highlighted area is just to keep yor attention focused on the inner levels of each fib as this is where you will find the majority of your turning points in price and confirmation of direction. Its the Rectangle drawing tool from the MT4 platform you can add them from the Insert/Shapes/Rectangle from the toolbar or just customise the toolbar and add the rectangle icon to the toolbar.(right click on the dashed lines at the far left of the toolbar)
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