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  • #2,581
  • Feb 27, 2008 11:10pm Feb 27, 2008 11:10pm
Quoting Lou
If there is anyone who is trading a set and forget approach (due to time constraints, job etc) I would like to chat with you.

Please PM me.

Thanks.

Lou
Lou,

Why not just discuss here? Even Bo mentioned that intraday trading is very taxing so I don't think he will mind.

I am going to start looking over more weekly & daily charts and Bo has indicated he will post some info in this matter over the weekend - I am looking forward to it.

Do you have some specific ideas? My entries are very conservative currently on the 1H and going through some daily charts I would need to be more aggressive.

Here is what I am thinking so far:

1. Identify weekly trend
2. Fib the last weekly trend swing
3. Enter trades on pullback bounces in conjunction with a price action pattern around the weekly swing fib levels.
4. Simple plan to take profit of half position and trail remaining anticipating resuming of previous trend.

I need more chart time to get used to the movements.
  • #2,582
  • Feb 27, 2008 11:10pm Feb 27, 2008 11:10pm
Just another observation. Not sure how valid it is or just a co-incidence

I fibbed the last leg of down move and the price hit the T2 pretty much precisely before retracing.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp_usd_fib.gif Size: 23 KB
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,583
  • Feb 27, 2008 11:11pm Feb 27, 2008 11:11pm
Quoting logiktrader
This is a general question to those who trade this system or any hourly bar chart system.

Like many of you, I unfortunately have to attend to my full time job and other commitments that I have. For those of you who are like me, do you try to save time by only coming on the computer at the top of the hour to see where the previous bar closed and update the fibo lines. Would this work in your opinion, or what advice do you have to those who are time strapped but still want to trade.
I think a clue to your predicament was already left here by Bo.
I'll be corrected if I'm wrong surely, but think about what was said here:
Quote
I think of it this way...The Intraday and swing fibs are just showing you the moves price is making as it makes it way to the Daily fib levels.
You have the tools.
Now it is just experience/confidence that will allow you to use them to your needs.
Carpe Divitiae
  • #2,584
  • Feb 27, 2008 11:13pm Feb 27, 2008 11:13pm
Quoting logiktrader
do you try to save time by only coming on the computer at the top of the hour to see where the previous bar closed and update the fibo lines. Would this work in your opinion, or what advice do you have to those who are time strapped but still want to trade.
The way I trade, sometimes I can check just before each new hour only if I am in the process of pulling a new fib and I can't yet pull it because maybe there isn't a big enough swing range to make use of, and that can only be updated on each new candle so I get to do other things and check in later.

But once a fib is pulled and I'm waiting for a break, I have to be there constantly to monitor it and move the stops when it breaks out.

If a trade ends, I might get to do the hourly check in again while I wait for a new fib range to pull to, if there isn't a suitable one already.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,585
  • Edited 11:32pm Feb 27, 2008 11:25pm | Edited 11:32pm
Quoting Bobokus
Actually I am working on that, I would love to be able to teach this as a career the opportunity just isnt there yet..but soon hopefully. The 18 hour days im putting in are ruining my health.
Just want to say thanks again for your sacrifice to help others like us. If you think of helping us like donating to charity (to help forex students), I would say your contribution is far more valuable than money. You can donate your money to all kinds of charities with really little benefit in the big picture. When you donate your time and teach others it is far more valualble and will have a compound effect on those you teach, their families and friends as well down the road, since you are teaching knowledge that can change lives.

I must admit that I was pretty skeptical when I first was recommended to your thread but I have been following it ever since and am a firm believer in your methods. Every time I see how consistently price reacts to fibs I am amazed. I now grasp how to trade with fibs (to a certain extent, always learning though). Now if I could just master price action and stop management........... those are my biggest roadblocks in my path of consistent success.

Another thing, take a break Bo before you get burnt out and we loose you entirely!! I just got back today from a short vacation in Savannah (if anyone hasn't tried Paula Deen's restaurant they need to). It helps to take your mind off it a while.
  • #2,586
  • Feb 27, 2008 11:37pm Feb 27, 2008 11:37pm
Quoting Jared
When you donate your time and teach others it is far more valualble and will have a compound effect on those you teach, their families and friends as well down the road, since you are teaching knowledge that can change lives.
Like Oprah's gift of kindness or whatever it was where she does a nice thing for someone and the chain reaction begins. Threads like this inspire me to pass on what I've learned (whether lessons learned or actual techniques) because of the intentions of the originator being a part of the learning process and source of inspiration, while a different environment may foster a more savage breed of take what you can and hide it at all cost (I'm still bitter about that).
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,587
  • Feb 28, 2008 1:18am Feb 28, 2008 1:18am
Quoting Lou
If there is anyone who is trading a set and forget approach (due to time constraints, job etc) I would like to chat with you.
Thanks.

Lou
Lou.... and Bo, after reading how your health is suffering from 18 hour days it kinda made me feel sad and I think this system has promise. The owner of this thread has..... from memory, 240 wins and 6 losses, he places limit orders above/below certain support/resistance areas and leaves them to be hit, with 30 pip SL and 20 pip TP on most pairs he trades.

The thread is 46 pages so not too bad if you want to go through it all. Unfortunately all the negative posters drove him away.

Anyway go over and have a look ....... The description of the system is on this page:
http://www.forexfactory.com/showthre...=59460&page=17

Maybe we could all work together at trading this system ?

Dean.
perception is reality
  • #2,588
  • Feb 28, 2008 5:26am Feb 28, 2008 5:26am
Can Someone please tell me where to find V hands ?
Time hides Nothing
  • #2,589
  • Feb 28, 2008 6:35am Feb 28, 2008 6:35am
  •  Trader#0000
  • | Status: Unregistered Trader
I think this is all the files you will need
Attached File(s)
File Type: mq4 vHandsTrade.mq4   72 KB | 734 downloads
File Type: mq4 vHistory.mq4   < 1 KB | 565 downloads
File Type: mq4 VisualTestingTools.mq4   26 KB | 669 downloads
File Type: mq4 vTerminal.mq4   < 1 KB | 642 downloads
File Type: pdf Testing Visualization.pdf   888 KB | 1,087 downloads
File Type: pdf Testing Visualization_Trade History.pdf   722 KB | 856 downloads
File Type: pdf vTerminal.pdf   923 KB | 1,055 downloads
  • #2,590
  • Feb 28, 2008 6:45am Feb 28, 2008 6:45am
Quoting CindyXXXX
Can Someone please tell me where to find V hands ?
For an explanation, go here http://www.forexfactory.com/showthread.php?t=60849. GM posted this link some pages back
  • #2,591
  • Feb 28, 2008 7:19am Feb 28, 2008 7:19am
Thanks guys
Time hides Nothing
  • #2,592
  • Feb 28, 2008 7:38am Feb 28, 2008 7:38am
Quoting logiktrader
This is a general question to those who trade this system or any hourly bar chart system.

Like many of you, I unfortunately have to attend to my full time job and other commitments that I have. For those of you who are like me, do you try to save time by only coming on the computer at the top of the hour to see where the previous bar closed and update the fibo lines. Would this work in your opinion, or what advice do you have to those who are time strapped but still want to trade.
Yes sometimes its a good thing to just check at the top of each hour, the reasoning is sometimes a candle will appear to be going against you in a trade and cause a panic type move to close it, only to find out it wicks back and the trade continues as you had planned.
  • #2,593
  • Feb 28, 2008 7:40am Feb 28, 2008 7:40am
Quoting TradeStar
Just another observation. Not sure how valid it is or just a co-incidence

I fibbed the last leg of down move and the price hit the T2 pretty much precisely before retracing.
Good observation...thats what you should be doing, your following the Daily movements on the daily the same way we follow price on the 1 hour with the Swing fib.
  • #2,594
  • Feb 28, 2008 7:43am Feb 28, 2008 7:43am
Quoting Jared
Just want to say thanks again for your sacrifice to help others like us. If you think of helping us like donating to charity (to help forex students), I would say your contribution is far more valuable than money. You can donate your money to all kinds of charities with really little benefit in the big picture. When you donate your time and teach others it is far more valualble and will have a compound effect on those you teach, their families and friends as well down the road, since you are teaching knowledge that can change lives.

I must admit that I was pretty skeptical when I first was recommended to your thread but I have been following it ever since and am a firm believer in your methods. Every time I see how consistently price reacts to fibs I am amazed. I now grasp how to trade with fibs (to a certain extent, always learning though). Now if I could just master price action and stop management........... those are my biggest roadblocks in my path of consistent success.

Another thing, take a break Bo before you get burnt out and we loose you entirely!! I just got back today from a short vacation in Savannah (if anyone hasn't tried Paula Deen's restaurant they need to). It helps to take your mind off it a while.

I am going to have to take a break after this weekend I may be scarce for a few days next week.
  • #2,595
  • Feb 28, 2008 8:43pm Feb 28, 2008 8:43pm
Quoting maxster
Lou,

Why not just discuss here? Even Bo mentioned that intraday trading is very taxing so I don't think he will mind.

I am going to start looking over more weekly & daily charts and Bo has indicated he will post some info in this matter over the weekend - I am looking forward to it.

Do you have some specific ideas? My entries are very conservative currently on the 1H and going through some daily charts I would need to be more aggressive.

Here is what I am thinking so far:

1. Identify weekly trend
2. Fib the last weekly trend swing
3. Enter trades on pullback bounces in conjunction with a price action pattern around the weekly swing fib levels.
4. Simple plan to take profit of half position and trail remaining anticipating resuming of previous trend.

I need more chart time to get used to the movements.
Maxter,

I look forward to discussing this. Note that I will be planning off of VT trader charts and trading on Oanda. Thus no mt4. Other considerations: trailing stops not available. Plus I will need to set a target during the Asian session for opportunities in the London session, and or set up just prior to the NY session for trades running to the opening of Sydney. These orders will have to run for 7 and 10 hrs respectively. No opportunity to interface with charts.

I need to learn more about the tendencies of price as it reacts at the various fib levels.

Obviously this will be quite interesting.

Lou
  • #2,596
  • Feb 28, 2008 11:05pm Feb 28, 2008 11:05pm
What TP and SL strategies are working for those who are trading this method?

Place TP and SL in respect to fibo lines, if so, which ones? When going short, do you shoot for the Low, T1, or T2?

What about SL? If you are going short, do you place slightly above the long fibo level?
  • #2,597
  • Feb 29, 2008 1:54am Feb 29, 2008 1:54am
Hey Bo,

Would you have stayed out on this candle or gone ahead with the long? I was watching it and I wanted to go in long but it didn't follow the rules so I didn't go ahead with it. Missed out on a whole load of pips
Attached Image (click to enlarge)
Click to Enlarge Name: gu290208.gif Size: 15 KB
  • #2,598
  • Feb 29, 2008 2:11am Feb 29, 2008 2:11am
I missed it too because of my own rules (after a failed short the break out leading to that short was less than 40 pips so I'm looking for a brand new setup). Now that the next hourly candle has opened below that big one (a pull back) I have a fib across that big candle.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,599
  • Feb 29, 2008 2:27am Feb 29, 2008 2:27am
Quoting Thexder
I missed it too because of my own rules (after a failed short the break out leading to that short was less than 40 pips so I'm looking for a brand new setup). Now that the next hourly candle has opened below that big one (a pull back) I have a fib across that big candle.
Did you draw your fibs like this? Also, I don't really understand what you mean by (after a failed short the break out leading to that short was less than 40 pips..). Do you think you could explain? Thanks in advance
Attached Image (click to enlarge)
Click to Enlarge Name: gu290208b.gif Size: 18 KB
  • #2,600
  • Feb 29, 2008 5:07am Feb 29, 2008 5:07am
Hey guys

is the range fib and the retracement fib the same thing ?

Or is the range fib used when the market is ranging (crossing the envelope) and the retracement fib used once the market is trending again?

I'm sure this is answered somewhere but I'm only up to p.g 17 of this thread as I'm following it from the start with my charts...

Cheers
Time hides Nothing
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