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  • #2,361
  • Feb 19, 2008 3:04am Feb 19, 2008 3:04am
Quoting jicjoc
has it already bounced off resistance at the intraday short? Or will it still go higher?
This for me is the tricky bit, When to enter?
Bo do you usually wait for a candle to close in the decision zone DZ, and then a candle to open outside DZ?
It's still in a range apparently. I went short at 1.9520 and am + 31 currently. Hopefully volatiliy picks up and it breaks the range to the short side.
  • #2,362
  • Feb 19, 2008 3:27am Feb 19, 2008 3:27am
Quoting jicjoc
has it already bounced off resistance at the intraday short? Or will it still go higher?
This for me is the tricky bit, When to enter?
Bo do you usually wait for a candle to close in the decision zone DZ, and then a candle to open outside DZ?
...i struggle with entries using the 1hr too, but if i'm following what BO has been posting correctly there was a rejection of the intraday short fib (as well as a close lower than a longer timeframe swing fib from last week), so this would have been a valid short area.

However, depending on your style of trading, the range is containing action for the time being - a more conservative trader might be waiting for a break and retest of the upper/lower levels of the range before considering an entry, but those happy to 'scalp' may be buying range lows, selling range highs.
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  • #2,363
  • Feb 19, 2008 3:40am Feb 19, 2008 3:40am
Ladies and gentlemen we may have a breakout.
  • #2,364
  • Feb 19, 2008 3:41am Feb 19, 2008 3:41am
Quoting hiswords
Galaxy mum, I think am beginning to pull the fib's,here is one that i pull this morning and i just hope is not a mess


[IMG]file:///C:/Program%20Files/MetaTrader%20-%20North%20Finance/experts/presets/new212.gif[/IMG]
If you will right click your chart, in the menu is Save as Picture, option. save your chart and name it, then in the reply area, down below the text portion is a Manage Attachements button, click that, Browse/find your chart picture/Upload, it make take a minute or so, when it appears in the Manage Attachment list, close the Browse Window, and then you can click submit when you are finished with your text.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,365
  • Feb 19, 2008 3:43am Feb 19, 2008 3:43am
Quoting Jared
Ladies and gentlemen we may have a breakout.
Hope so, want to ride down to the 410 target, if they'll oblige
  • #2,366
  • Feb 19, 2008 4:05am Feb 19, 2008 4:05am
Quoting Jared
Ladies and gentlemen we may have a breakout.
I would wait until an hourly candle opens below 19475?
Where would you enter? place SL?
  • #2,367
  • Feb 19, 2008 4:17am Feb 19, 2008 4:17am
Would anybody like to talk about where they put their stops using this strategy? I know it depends on the trade but using fibs where is the best place for a stop? This is more important than an entry many times. How do you avoid whipsaws, yet not risk an excessive amount? Too tight of stops produces whipsaws, too wide produces excessive losses on a bad trade. I've had both happen recently and I am trying to gather the best ideas on managing stops.

I know mom mentioned she uses wide stops. Others use tight stops such as following price action on a 1 minute chart. It seems to me that it should be placed where an opposite entry signal occurs. Like Bo said in one of his recent charts, "stop and reverse". Do you mind clarifying this a little more Bo?

The problem with using fib points as stops is sometimes a spike penetrates the fib but the market doesn't keep going that direction. Getting whipsawed is the result sometimes. Whats the best and most objective way to place stops?
  • #2,368
  • Feb 19, 2008 4:20am Feb 19, 2008 4:20am
Quoting jicjoc
I would wait until an hourly candle opens below 19475?
Where would you enter? place SL?
Personally I just had a preset entry order for short at 1.9470. Then I have been monitoring it and following it with the swing fib. As for stops.............whats that? Kidding. Read my other post. I have the same question.
  • #2,369
  • Edited 4:25am Feb 19, 2008 4:23am | Edited 4:25am
Quoting Jared
Would anybody like to talk about where they put their stops using this strategy? I know it depends on the trade but using fibs where is the best place for a stop? This is more important than an entry many times. How do you avoid whipsaws, yet not risk an excessive amount? Too tight of stops produces whipsaws, too wide produces excessive losses on a bad trade. I've had both happen recently and I am trying to gather the best ideas on managing stops.

I know mom mentioned she uses wide stops. Others use tight stops such as following price action on a 1 minute chart. It seems to me that it should be placed where an opposite entry signal occurs. Like Bo said in one of his recent charts, "stop and reverse". Do you mind clarifying this a little more Bo?

The problem with using fib points as stops is sometimes a spike penetrates the fib but the market doesn't keep going that direction. Getting whipsawed is the result sometimes. Whats the best and most objective way to place stops?
I look to the opposite fib level plus 5 to 10 pips for stops. If, like the past few days, when GU is ranging, Looking to the last level that has not been broken and adding pips for a safety of margin seems good to me, and ususally they work, unless there is a major event. Also, the rule stated by Bo is set your stops where you would reverse your trade. So if you enter on the break of the Short then set stop on the other side of the break of the long.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,370
  • Feb 19, 2008 4:54am Feb 19, 2008 4:54am
Quoting Jared
The problem with using fib points as stops is sometimes a spike penetrates the fib but the market doesn't keep going that direction. Getting whipsawed is the result sometimes. Whats the best and most objective way to place stops?
I'm now using mental stops precisely for the reason you highlight. This way i'll only be stopped out when I see a break of the opposite direction fib, rather than a spike/test - takes a bit of getting used to though and of course can only be used if you're screen based. I was using tighter stops and this begun to seriously reduce equity, using the hourly fib method as it stands. Thexder's use of tighter stops (as you mentioned) around the 1min price action is one way to combat this, if you're happy to take quicker scalp type trades.
  • #2,371
  • Feb 19, 2008 5:10am Feb 19, 2008 5:10am
i think now is a perfect entry south
  • #2,372
  • Feb 19, 2008 5:16am Feb 19, 2008 5:16am
ma'am thanks,
Just made +47pips from usdchf today.Hope to use fib's in my trading account soon.
Thanks,
Gbenga
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  • #2,373
  • Feb 19, 2008 5:19am Feb 19, 2008 5:19am
Quoting jicjoc
i think now is a perfect entry south
Agreed. A pending order where the red line is looks good to me. Lets hope we are right.
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  • #2,374
  • Feb 19, 2008 5:21am Feb 19, 2008 5:21am
Quoting jicjoc
i think now is a perfect entry south
I would be cautious still, price has not broken the Intraday low in quite some time. It might happen now, but then again, it might not. I would think we will need NY open for the next kick in the pants to see which way it is going to move.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,375
  • Feb 19, 2008 5:29am Feb 19, 2008 5:29am
Quoting galaxymom
I would be cautious still, price has not broken the Intraday low in quite some time. It might happen now, but then again, it might not. I would think we will need NY open for the next kick in the pants to see which way it is going to move.
Good point. I decided to monitor it at this point. It is testing the short fib again.
  • #2,376
  • Feb 19, 2008 5:30am Feb 19, 2008 5:30am
I'm with GM on this one. As always though, its your individual risk tolerance that counts, hopefully breeding confidence from your own testing and experience.
  • #2,377
  • Feb 19, 2008 5:32am Feb 19, 2008 5:32am
Quoting Jared
Good point. I decided to monitor it at this point. It is testing the short fib again.
Thats why I like pending orders, I only enter if price establishes momentum in the direction I want.
  • #2,378
  • Feb 19, 2008 5:41am Feb 19, 2008 5:41am
oh bollix
another 10 pips and im screwed. royally
  • #2,379
  • Feb 19, 2008 5:50am Feb 19, 2008 5:50am
Ma'am,
This is also my gu fib's,the one av just pulled.
Thanks,
Gbenga.
Please reply my previous post. Thanks
Attached Image (click to enlarge)
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  • #2,380
  • Feb 19, 2008 5:56am Feb 19, 2008 5:56am
lol its kinda funny to look at my lost trade there. I went short at the very lowest point of that up swing. I mean to the pip!!!
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