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  • #2,601
  • Feb 29, 2008 5:28am Feb 29, 2008 5:28am
Quoting CindyXXXX
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
Since its the London session now and not many people are on i'll try to answer your question. I'm sure someone with more experience will give you an improved answer later.

The range fib and the retracement fib are not the same thing and you got it right, the range fiv is used when the market is ranging. The retracement fib would be used when the market is trending and is used to show the retracement of an uptrend or a downtrend, and will be pulled if the low or high is broken.

Check out pages 74 and 75. Make a note of which pages have what information. Thats what I do.
  • #2,602
  • Feb 29, 2008 6:04am Feb 29, 2008 6:04am
Quoting disr
Since its the London session now and not many people are on i'll try to answer your question. I'm sure someone with more experience will give you an improved answer later.

The range fib and the retracement fib are not the same thing and you got it right, the range fiv is used when the market is ranging. The retracement fib would be used when the market is trending and is used to show the retracement of an uptrend or a downtrend, and will be pulled if the low or high is broken.

Check out pages 74 and 75. Make a note of which pages have what information. Thats what I do.
Cool thanks Disr

So is the range fib drawn by taking say the low under the envelope to the high above the envelope and vice versa?
Time hides Nothing
  • #2,603
  • Feb 29, 2008 9:33am Feb 29, 2008 9:33am
Good question logik. One of my problems has been wrt SL area. I am not clear where my SL should be as market whipsaws across the DZ very often. I am very uncomfortable placing a position without any SL, mental stops just don't work for me. I would appreciate any thoughts from Bo or the others on this.

Thanks for this gr8 thread.
  • #2,604
  • Feb 29, 2008 9:54am Feb 29, 2008 9:54am
Quoting forextrader9
Good question logik. One of my problems has been wrt SL area. I am not clear where my SL should be as market whipsaws across the DZ very often. I am very uncomfortable placing a position without any SL, mental stops just don't work for me. I would appreciate any thoughts from Bo or the others on this.

Thanks for this gr8 thread.
I think the answer to this lies with your own risk tolerance/comfort zone. The method is based on hourly opening prices for entries, therefore if we are long from an open above the long DZ level, we would cease to have a long bias should there be an hourly open below the short DZ level - so, a close beyond the opposite DZ level from entry is a logical (but probably not the most efficient) place for initial stops.

You will have noted that everyone uses different trade management and this is personal to them, stemming from extensive testing / live trading.
  • #2,605
  • Feb 29, 2008 11:31am Feb 29, 2008 11:31am
Quoting disr
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
Hi Disr, I am still learning here, so by no means an expert at how Bo trades. But I can see that the 07:00 candle opened up, went down and bounced off of the Intrday Pivot(50% Fib of the previous days move), and at that point was right in the middle of what Bo calls "the trading zone".

So I would say, that it would have been a good buy at a break of the Intraday long at 1.9875, and a good Sell at the Intraday Short. Just my 2 cents worth, hope that helps.
  • #2,606
  • Feb 29, 2008 12:52pm Feb 29, 2008 12:52pm
Quoting disr
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
I drew them like this so the failed short for me was the first fib low break.
The second break gave me +40 from a short.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,607
  • Mar 1, 2008 5:13am Mar 1, 2008 5:13am
I spent a few hours the last couple of days looking over charts with a mid term goal of changing all my trading to weekly / daily charts. It is very promising after adjusting a few of my entry / exit rules. I particularly like the shoulder head shoulder formations or detailed pin bar formations.

Have a look at the typical pullback of a weekly trend on the daily chart. I marked the entries. Still working on the exits but it will be simple bascially taking 50% of position at T1 or test of previous high around the Target:Stoploss ratio of 1:1 then trail remaining using the hi/lo of weekly bar then bringing stop closer if daily candle action indicates it.

Noticed how many bounces off the fibs before finally catching the weekly trend contiunation. Looks like there will proably be a trade every month.

Over the next few weeks I am going to go through the last 5 years of weekly/daily charts for GBP & EUR particularly when there is no weekly trend in place. Looks very promising.

Its funny because I took up trading thinking it won't be like a job but with the 1H I am sometimes drawn to the watch it even when not neccessary - one really needs to go to the daily timeframe to enjoy the freedom in terms of time. I tried just using the 4H but it was missing too much detail in terms of the daily trends - and the 4H had too much detail in terms of the weekly trends - not sure why that is. But the daily pullback movements are perfect in terms of the weekly trend.
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  • #2,608
  • Mar 1, 2008 3:20pm Mar 1, 2008 3:20pm
Here is an article that will help you in fine tuning your entries and exits in your trading. I find that applying fib studies is a compliment to the techniques mentioned in this article.

Very few people will grab a hold of what is presented in this article, but to those who do, i am sure you will find a whole new world will open in regards to your trading. And you will wonder why you have been making trading harder than it is.

Enjoy the article, there are more nuggets of information and webinars presented by the author of this article.

http://www.sfomag.com/articleprintde...?ID=1197477917


http://www.sfomag.com/images/charts/...cus_chart3.jpg
  • #2,609
  • Mar 2, 2008 8:08am Mar 2, 2008 8:08am
Good morning everyone, Ive posted a Daily type method that may help some of those that cannot trade Intraday the link is here
http://www.forexfactory.com/showthread.php?t=72953
  • #2,610
  • Mar 2, 2008 1:08pm Mar 2, 2008 1:08pm
The link you supplied offered a variety of products but I did not see the "Supply and Demand" article that you mentioned. Please direct me to the specific article that you are referring to.

Thanks, Tom
  • #2,611
  • Mar 2, 2008 3:35pm Mar 2, 2008 3:35pm
Hellou Bo,
i have question regarding post 204 - http://www.forexfactory.com/showpost...&postcount=204

How was it managed to close it with profit ? Folowing with lime swings?

Thank You.

Best,
Tom
  • #2,612
  • Mar 2, 2008 5:24pm Mar 2, 2008 5:24pm
Quoting tfflyer
Hellou Bo,
i have question regarding post 204 - http://www.forexfactory.com/showpost...&postcount=204

How was it managed to close it with profit ? Folowing with lime swings?

Thank You.

Best,
Tom
That wasnt a trade, those were just my suggestions for that night during the london session
  • #2,613
  • Mar 2, 2008 9:10pm Mar 2, 2008 9:10pm
Just thought I would share the chart I am looking at and open it up for discussion.

According to my chart, we are at a point where it could break below the Shot and a possible short entry.

Thoughts?
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  • #2,614
  • Mar 3, 2008 1:40am Mar 3, 2008 1:40am
Hellou,
yes, for me it looks like the same.
But lets wait what will say others..


Best,
Tom


Quoting logiktrader
Just thought I would share the chart I am looking at and open it up for discussion.

According to my chart, we are at a point where it could break below the Shot and a possible short entry.

Thoughts?
  • #2,615
  • Mar 3, 2008 3:48pm Mar 3, 2008 3:48pm
Quoting logiktrader
Just thought I would share the chart I am looking at and open it up for discussion.

According to my chart, we are at a point where it could break below the Shot and a possible short entry.

Thoughts?
Your seeing it correctly but price is still finding support and ranging, best play is to wait out the ranging for the High and Low of the past 3 days to break and the direction will be more clear at that point.
Switch modes and play the scalping trades from the Swing fib until the range is broken.
  • #2,616
  • Mar 3, 2008 11:05pm Mar 3, 2008 11:05pm
Hey Bo

Just wondering if you would ever use a Daily range fib for situations like right now on the cable, the Daily action seems to be ranginig but I guess a range fib would be in the same place as the retracement fib is in now anyway...
Time hides Nothing
  • #2,617
  • Mar 3, 2008 11:18pm Mar 3, 2008 11:18pm
Quoting Bobokus
Your seeing it correctly but price is still finding support and ranging, best play is to wait out the ranging for the High and Low of the past 3 days to break and the direction will be more clear at that point.
Switch modes and play the scalping trades from the Swing fib until the range is broken.
You are quite right my friend. Just to give it a shot, I placed an order above the buy and below the short because I was going to go to bed, and what happened..... well it whip-lashed and I got stopped out on both of my trades. I lost 1k in one trade!!

Just kidding, I was only using paper money since I am learning this system, but this was a great learning point for me.

In range trading, fibs are not good for breakouts but good for scalping bounces between the Short and Long... agree?
  • #2,618
  • Mar 3, 2008 11:28pm Mar 3, 2008 11:28pm
Quoting CindyXXXX
Hey Bo

Just wondering if you would ever use a Daily range fib for situations like right now on the cable, the Daily action seems to be ranginig but I guess a range fib would be in the same place as the retracement fib is in now anyway...
In a sense yes, If you wanted to measure the price movement that has crossed over the envelope you can simply use your swing fib to get a look at where the levels would be..the high and low of the range is more obvious.
  • #2,619
  • Mar 3, 2008 11:28pm Mar 3, 2008 11:28pm
Quoting logiktrader
You are quite right my friend. Just to give it a shot, I placed an order above the buy and below the short because I was going to go to bed, and what happened..... well it whip-lashed and I got stopped out on both of my trades. I lost 1k in one trade!!

Just kidding, I was only using paper money since I am learning this system, but this was a great learning point for me.

In range trading, fibs are not good for breakouts but good for scalping bounces between the Short and Long... agree?
All you can do in a ranging market is scalp, and you use the fibs to watch for the break outs.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,620
  • Mar 3, 2008 11:31pm Mar 3, 2008 11:31pm
Quoting logiktrader
You are quite right my friend. Just to give it a shot, I placed an order above the buy and below the short because I was going to go to bed, and what happened..... well it whip-lashed and I got stopped out on both of my trades. I lost 1k in one trade!!

Just kidding, I was only using paper money since I am learning this system, but this was a great learning point for me.

In range trading, fibs are not good for breakouts but good for scalping bounces between the Short and Long... agree?
LOL, Lost 1 k thats all ? Once I see it go into ranging I will use the Swing fib on each waveform and take the profit off its targets, even if I miss holding out on the trade that breaks the range. From there on I will go back into trading the Intraday breaks,bounces and rejections.
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