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  • #2,501
  • Feb 25, 2008 2:46pm Feb 25, 2008 2:46pm
Quoting CindyXXXX
Another tedious question from me!'

Just wondering what charts you guys use... I don't have the option of renaming my fibs - only the numbers - very confusing for Bos' technique!

Are there any good free ones out there?

Any broker that offers Metatrader 4 platform
  • #2,502
  • Feb 25, 2008 4:22pm Feb 25, 2008 4:22pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Bobokus
Any broker that offers Metatrader 4 platform
Metatrader themselves also offer a free demo, no weekend candles though unlike the demo from northfinance - so depends on what you need, i keep both and use NF mostly with MT4 as my backup.
  • #2,503
  • Feb 26, 2008 2:40am Feb 26, 2008 2:40am
Bo,I am fully lured finally to your great fibbing method which has turned to halogen burb to light the tick darkness of fx.
Kindly comment on my illustration:
From my end as shown below if retracement levels hold price will be testing the support level of the uptrend pivot fib and if it is broken downtrend pivot fib will be tested? Am I right to say the down trend bias is strong?Meanwhile, on 1 hr chart the price is ranging in the evelope channel.
Please do pass your comment on my analysis.
I hope to catch up with others who has gotten it through your kind teaching,pple like thex.
Olorunloniemi.
Attached Image(s) (click to enlarge)
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  • #2,504
  • Feb 26, 2008 3:52am Feb 26, 2008 3:52am
anyone going long in a few minutes?
  • #2,505
  • Feb 26, 2008 3:58am Feb 26, 2008 3:58am
This is my current hrly fib map - the intraday fib support/resistance levels containing price for now. I wouldn't be tempted with a long before a clean break of the intraday long fib, above 672.
Attached Image (click to enlarge)
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  • #2,506
  • Edited 4:24am Feb 26, 2008 4:09am | Edited 4:24am
Here's mine currently.
I didnt go long anyway as it didnt match my entry rules

Its up 20 pips now

upload screwed.
currently its sailing its way to T1. Ah well
  • #2,507
  • Feb 26, 2008 4:25am Feb 26, 2008 4:25am
Quoting jicjoc
Here's mine currently.
I didnt go long anyway as it didnt match my entry rules
It matched mine.
+18 locked in.

Straddled 643 to 683 after the failed short break early on, 40 pip exact range, waited for something to stir within it and it started looking long for a few hours.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,508
  • Feb 26, 2008 4:36am Feb 26, 2008 4:36am
Hey

1 -What is the significance of the Daily up/down trend Fib and the Intermediate Fib? I know they track the longer term trends but how do they influence our decisions in the shorter term? What are you looking for in those first 2 fibs?

2 - Do I have this right....

We use 5 Fibs :

Daily up/down trend
Daily up/down trend
Retracement
Intraday
Swing

All with the same settings of:

0.0 Low
1.0 High
.809 R1
.618 Long
.50 Pivot
.382 Short
.191 S1
1.34 T1
1.55 T2
-.34 T1
-.55 T2

Is this right? It's just that on the video about setting up the fibs some of the levels are different?

3 Does this track the price just as well on the other pairs? Or is GBP - USD the best?

Cheers Guys
Cindy
Time hides Nothing
  • #2,509
  • Feb 26, 2008 4:39am Feb 26, 2008 4:39am
Hey thex what price did you enter at?
how did it fit with your entry rules?
I usually enter only after a candle has opened cleanly outside DZ to borrow a skunny term. lol i hope he doesnt go posting pics of me for that!

Anyway, that last candle for me, didnt open outside the DZ so i didnt enter. It was 1 pip inside.
The previous candles before that however "looked" right for me to enter long.

So maybe i should've gone anyway, seeing as it was such a rewarding trade. 65pipTP:25pipSL
Interesting anyway.
Nice trade man!
  • #2,510
  • Feb 26, 2008 5:09am Feb 26, 2008 5:09am
Here's what I did.

First swing I pulled (has to be at least 40 pips) had to be pulled from a high point yesterday down to the place during pre-London where a pull back hourly candle formed, giving a low point behind it to locate the swing low.

A bad short break came, so it was time to then watch for the next setup. In this case there was a 61.8% retracement of my first swing, leaving a new movement range of exactly my requirement of 40 pips minimum, so I fibbed that and watched for something to take shape. I'd be willing to take a long or short break from that new fib since the retracement was significant, and it's always just a scalp mentality for me. So that's where I saw things settle down and start to look strong on the long side.

I trade the break of the fib high or low in my method as it occurs so I had a pending order just above the swing high and it was picked up, then M1 stop trails let me lock in the moves until I got stopped.
Attached Image (click to enlarge)
Click to Enlarge Name: T1.jpg Size: 115 KB
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,511
  • Feb 26, 2008 6:28am Feb 26, 2008 6:28am
Quoting olorunloniem
Bo,I am fully lured finally to your great fibbing method which has turned to halogen burb to light the tick darkness of fx.
Kindly comment on my illustration:
From my end as shown below if retracement levels hold price will be testing the support level of the uptrend pivot fib and if it is broken downtrend pivot fib will be tested? Am I right to say the down trend bias is strong?Meanwhile, on 1 hr chart the price is ranging in the evelope channel.
Please do pass your comment on my analysis.
I hope to catch up with others who has gotten it through your kind teaching,pple like thex.
Olorunloniemi.
The DownTrend is the bias, and we would look for the Retracement Targets to be broken to consider that an UpTrend had begun, (btw, you don't need an UpTrend Fib if you are in a DownTrend). Yes, Price is ranging, and we will be looking for a break of the Retracement Long or the Intraday Short for the channel or Ranging to be broken. There is strong resistance at 1.9720 and strong support at 1.9650. Look for this to continue until some event moves it in one direction or the other.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,512
  • Feb 26, 2008 6:44am Feb 26, 2008 6:44am
Quoting CindyXXXX
Hey

1 -What is the significance of the Daily up/down trend Fib and the Intermediate Fib? I know they track the longer term trends but how do they influence our decisions in the shorter term? What are you looking for in those first 2 fibs?

2 - Do I have this right....

We use 5 Fibs :

Daily up/down trend
Daily up/down trend
Retracement
Intraday
Swing

All with the same settings of:

0.0 Low
1.0 High
.809 R1
.618 Long
.50 Pivot
.382 Short
.191 S1
1.34 T1
1.55 T2
-.34 T1
-.55 T2

Is this right? It's just that on the video about setting up the fibs some of the levels are different?

3 Does this track the price just as well on the other pairs? Or is GBP - USD the best?

Cheers Guys
Cindy
You may drop the R1 and S1 levels if you like, but I like them on my Intraday fib. Change the 1.34 and -.34 to 1.382 and -.382, and the 1.55 and -.55 to 1.618 and -.618, that will bring you current. Bo had used those levels for beginners to get them out of trades a little bit earlier, just because sometimes the feed is a little off and to compensate for the spread. Remember, although Price will hit the target to the pip, you must subtract the spread or you will not get your order closed if you have put in a TP in your order form.

The Larger fibs, the Trend and the Retracement and the Leg, are pulled over large amounts of time and hold a lot of significance. If one sees the Low of one of let's just say the Trend fib, you would be aware that price has returned to the previous low point and one would start watching to see if that low was going to be broken again, and as with all fibs, Price tends to move stronger when a low or high is broken toward it's Targets.

Hope this helped.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,513
  • Feb 26, 2008 6:58am Feb 26, 2008 6:58am
GM,thank you i did wait to see the direction and follow it nicely
  • #2,514
  • Feb 26, 2008 7:19am Feb 26, 2008 7:19am
Quoting CindyXXXX
Hey

1 -What is the significance of the Daily up/down trend Fib and the Intermediate Fib? I know they track the longer term trends but how do they influence our decisions in the shorter term? What are you looking for in those first 2 fibs?

2 - Do I have this right....

We use 5 Fibs :

Daily up/down trend
Daily up/down trend
Retracement
Intraday
Swing

All with the same settings of:

0.0 Low
1.0 High
.809 R1
.618 Long
.50 Pivot
.382 Short
.191 S1
1.34 T1
1.55 T2
-.34 T1
-.55 T2

Is this right? It's just that on the video about setting up the fibs some of the levels are different?

3 Does this track the price just as well on the other pairs? Or is GBP - USD the best?

Cheers Guys
Cindy
I need to edit the first few posts about those levels but yes for the most part they are correct, I just posted those with shorter targets for those new to fibs so they could get an earlier exit.
The names of the fib sets are different because the first names I put on those didnt do a good enough job of describing what each one was used for. They will make more sence once you get to the point I changed the names of them in the thread.
There are 3 fibs on the Daily chart
The Uptrend fib
The Downtrend Fib
The Retracement fib

On the 1 hour chart we use the
Intraday fib
Swing fib

The object is to follow price and trade from the 1 hour timeframe as price makes its way through the fibs drawn on the daily chart.
  • #2,515
  • Feb 26, 2008 7:21am Feb 26, 2008 7:21am
Quoting galaxymom
The DownTrend is the bias, and we would look for the Retracement Targets to be broken to consider that an UpTrend had begun, (btw, you don't need an UpTrend Fib if you are in a DownTrend). Yes, Price is ranging, and we will be looking for a break of the Retracement Long or the Intraday Short for the channel or Ranging to be broken. There is strong resistance at 1.9720 and strong support at 1.9650. Look for this to continue until some event moves it in one direction or the other.
Perfect, counldt have said it better.
If anyone has question and Im not in the thread, Galaxymom can help you she has a very good grasp of this.
  • #2,516
  • Feb 26, 2008 7:24am Feb 26, 2008 7:24am
Quoting Thexder
Here's what I did.

First swing I pulled (has to be at least 40 pips) had to be pulled from a high point yesterday down to the place during pre-London where a pull back hourly candle formed, giving a low point behind it to locate the swing low.

A bad short break came, so it was time to then watch for the next setup. In this case there was a 61.8% retracement of my first swing, leaving a new movement range of exactly my requirement of 40 pips minimum, so I fibbed that and watched for something to take shape. I'd be willing to take a long or short break from that new fib since the retracement was significant, and it's always just a scalp mentality for me. So that's where I saw things settle down and start to look strong on the long side.

I trade the break of the fib high or low in my method as it occurs so I had a pending order just above the swing high and it was picked up, then M1 stop trails let me lock in the moves until I got stopped.

Very nice job Thex....told ya it would come to you if you keep doing what your doing !
You may not realise yet but you are trading better than most 'professionals'
  • #2,517
  • Feb 26, 2008 7:25am Feb 26, 2008 7:25am
Quoting olorunloniem
GM,thank you i did wait to see the direction and follow it nicely

Nice job, your going to catch on pretty quickly then
  • #2,518
  • Feb 26, 2008 7:52am Feb 26, 2008 7:52am
Thanks very much Bo and galaxy mom thats a great help!
Time hides Nothing
  • #2,519
  • Feb 26, 2008 7:59am Feb 26, 2008 7:59am
Quoting jicjoc
anyone going long in a few minutes?
Did you get some of this today ?
  • #2,520
  • Feb 26, 2008 8:00am Feb 26, 2008 8:00am
Quoting ChowClown
This is my current hrly fib map - the intraday fib support/resistance levels containing price for now. I wouldn't be tempted with a long before a clean break of the intraday long fib, above 672.
Great job of following with price and patience before entering !
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