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  • #2,421
  • Feb 20, 2008 1:27pm Feb 20, 2008 1:27pm
Quoting ernesto
Hi,
anybody tried to walk down the decline of GBPUSD on 4h TF? It's really amazing. In parallel to my normal fib trading I will now try to focus on entries within the 4 hour Fib - Trading zone.

Properly this gives more reliable entries and is less time consuming.... we will see...

Has anybody already tried that? Thanks for any hints in advance!
BTW... I was using the 4h timeframe and zoomed it out a lot in MT4...
  • #2,422
  • Feb 20, 2008 4:41pm Feb 20, 2008 4:41pm
Quoting ernesto
Hi,
anybody tried to walk down the decline of GBPUSD on 4h TF? It's really amazing. In parallel to my normal fib trading I will now try to focus on entries within the 4 hour Fib - Trading zone.

Properly this gives more reliable entries and is less time consuming.... we will see...

Has anybody already tried that? Thanks for any hints in advance!
Yes I look at the 4hour, it can help with the bigger picture of things.
  • #2,423
  • Feb 21, 2008 3:29am Feb 21, 2008 3:29am
I was about to post a chart a few hours ago wondering if the last candle was a valid entry long. 9am gmt. Of course it was, mainly because i didnt trade it. It just made intraday T1. Dammit! haha.
Every days a school day eh?

Im still trying to re-read all of this thread. And read skunny's (man thats a whopper) and try figure out what is the difference/similiarities between your two methods.
  • #2,424
  • Feb 21, 2008 3:32am Feb 21, 2008 3:32am
Quoting jicjoc
... and try figure out what is the difference/similiarities between your two methods ...
Same tools.
Different application of those tools.
Carpe Divitiae
  • #2,425
  • Feb 21, 2008 3:51am Feb 21, 2008 3:51am
How they differ is about 400 odd pages of reading though! lol

Im starting to put all of Bo words of wisdom into a sort of rule set if thats possible.
I'll try do the same with skunny's if i can.
The thing is i still really have no idea what skunny does??
  • #2,426
  • Feb 21, 2008 5:42am Feb 21, 2008 5:42am
I missed that trade also, i went to bed about 4 am. I guess its really important if you want to make money to trade the london session. Well it was a good lesson anyway i had it fibbed properly according to Bo..
  • #2,427
  • Feb 21, 2008 5:49am Feb 21, 2008 5:49am
Quoting hharrington
I missed that trade also, i went to bed about 4 am. I guess its really important if you want to make money to trade the london session. Well it was a good lesson anyway i had it fibbed properly according to Bo..
Then as your confidence and psychology grows...
You could set pending orders and still be "trading" the London session, in your sleep.
Now that's sweet dreams!
Carpe Divitiae
  • #2,428
  • Feb 21, 2008 5:53am Feb 21, 2008 5:53am
Do i have my retracement fib in the right place, im showing Retracement long @ 1.9594
  • #2,429
  • Feb 21, 2008 6:01am Feb 21, 2008 6:01am
Quoting hharrington
Do i have my retracement fib in the right place, im showing Retracement long @ 1.9594
I'd ask around in here:
http://www.forexfactory.com/showthread.php?t=71089

They've moved real-time analysis here so we don't clutter Bo's teaching thread.

As to your question, I don't use fibs quite the same way, so don't want to really "suggest" an answer. I just enjoy Bo's analysis.
Personally, I'm adding to existing longs at around 1.9600-1.9609 area which is also based on fibs, but to reiterate, not as taught here.
So you're best bet is the above mentioned thread, which is based on the lessons learned here.
Carpe Divitiae
  • #2,430
  • Feb 21, 2008 6:29am Feb 21, 2008 6:29am
Quoting hharrington
Do i have my retracement fib in the right place, im showing Retracement long @ 1.9594
Here is where your Retracement fib should be, back on the last counter move into this downtrend.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp0221.gif Size: 22 KB
  • #2,431
  • Feb 21, 2008 8:16am Feb 21, 2008 8:16am
Hi Bo: Correct me if I am wrong, but todays move should have been a BUY at around the Intraday Long, which is at 1.9447 area ??
  • #2,432
  • Feb 21, 2008 9:17am Feb 21, 2008 9:17am
Quoting forexpipmaster
Hi Bo: Correct me if I am wrong, but todays move should have been a BUY at around the Intraday Long, which is at 1.9447 area ??
Yes Sir, that would be correct, the entry was on my chart the 0700 candle that opens at 1.9456.
  • #2,433
  • Feb 21, 2008 9:59am Feb 21, 2008 9:59am
Quoting Bobokus
Yes Sir, that would be correct, the entry was on my chart the 0700 candle that opens at 1.9456.
Thanks Bo, it appears to me that this baby, is not finished for today, and might be heading for a nice bounce off of the Retracement Pivot at 1.9647 ??
  • #2,434
  • Feb 21, 2008 10:03am Feb 21, 2008 10:03am
Quoting forexpipmaster
Thanks Bo, it appears to me that this baby, is not finished for today, and might be heading for a nice bounce off of the Retracement Pivot at 1.9647 ??
That's what I'm seeing also.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,435
  • Feb 21, 2008 10:19am Feb 21, 2008 10:19am
Quoting galaxymom
That's what I'm seeing also.
Hi GM, did you manage to get into this Buy today ?? I think you are doing a great job here, and seem to have managed to grasp what Bo is teaching in his thread here.

I still need some fine tuning, but Rome wasn't built in one day either, LOL.
  • #2,436
  • Feb 21, 2008 10:27am Feb 21, 2008 10:27am
Quoting forexpipmaster
Hi GM, did you manage to get into this Buy today ?? I think you are doing a great job here, and seem to have managed to grasp what Bo is teaching in his thread here.

I still need some fine tuning, but Rome wasn't built in one day either, LOL.
I caught a few pips here and there, but I needed to get some sleep, and missed all the bib moves. LOL Time was when I would have been really upset, but it's ok, there's plenty more to be made.

The more you practice the more you will understand and be able to apply it to your trading. Hang in there, time is a wonderful element in the learning process. I think the accompanying thread, once we all get going in there, will help to see where different ones see the set ups, and they will vary, so don't get discouraged.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,437
  • Feb 21, 2008 11:37am Feb 21, 2008 11:37am
Quoting Bobokus
Yes Sir, that would be correct, the entry was on my chart the 0700 candle that opens at 1.9456.
Where would you have put your stop? Just curious because I did it wrong and was stopped out with a spike. I tried tightening the stop just before the news for fear it might reverse and I wanted to lock in pips. Well, I locked those pips in but missed out on 100 more or so.
  • #2,438
  • Feb 21, 2008 12:21pm Feb 21, 2008 12:21pm
Hi, I am unable to pull up some of the gif attachments in the earlier posts (beginning of this thread). Is there a reason?

Thanks.
  • #2,439
  • Feb 21, 2008 12:25pm Feb 21, 2008 12:25pm
Quoting forextrader9
Hi, I am unable to pull up some of the gif attachments in the earlier posts (beginning of this thread). Is there a reason?

Thanks.
Not sure, I just went through a number of pages and didn't have any problems.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,440
  • Feb 21, 2008 1:35pm Feb 21, 2008 1:35pm
Quoting Jared
Where would you have put your stop? Just curious because I did it wrong and was stopped out with a spike. I tried tightening the stop just before the news for fear it might reverse and I wanted to lock in pips. Well, I locked those pips in but missed out on 100 more or so.
This is one way of looking for a way to follow with a stoploss when the currency goes into a strong move like this. The object is as each candle opens pull your stop 5-10 pips below the previous candles low, this type of stop following is only good though when the currency goes into a strong move like it did today.
There 3 more charts next to help illustrate this.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: stoploss1.gif Size: 20 KB
Click to Enlarge Name: stoploss2.gif Size: 20 KB
Click to Enlarge Name: stoploss3.gif Size: 20 KB
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