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  • #2,681
  • Mar 11, 2008 3:52pm Mar 11, 2008 3:52pm
Nice trading day, I come back from my doctors appointment to find my target of 2.0033 hit from 2 short positions. Im now looking to reset from what happens if we get some retrace into todays Intraday levels if not a break of the low will do but that 2.0033 will still be in the way and if it can be ovecome this time we could see 1.9970ish again. If we do get another short condition tonight i would be looking for an exit around 1.9970 unless price action dictates otherwise.
It will take a break of 2.0127 to change my bias and I would wait for a dip after that before entering a long position unless its a quick scalp. Its better to wait for a dip when these type conditions exist since it could be another failure at the highs, if necessary sit the market out untill support either holds or breaks again.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp0311.gif Size: 30 KB
  • #2,682
  • Mar 11, 2008 4:44pm Mar 11, 2008 4:44pm
Quoting Bobokus
Nice trading day, I come back from my doctors appointment to find my target of 2.0033 hit from 2 short positions. .....
Hi Bo,
Its good to hear that somebody is doing well. I am getting rather frustrated myself. I have not had the confidence to trade the intraday or longer term Fibs - just the latest swing and have been losing out overall. This morning (GMT) I fibbed the 22:00 bar and so took the short on the 07:00 bar and got stopped out, then got a little back on the long off the 08:00 bar. Yesterday was a similar story.
I think that perhaps I need to work on bigger swings for the Fibs - or perhaps just the Intraday Fib.

When I looked to see why you had a TP on your short of 2.0033 , I noticed that you have the Down Fib short line there. I don't understand that, I have it at 1.9970 (my Down is from 28th November to the low at 1.9336 on 25th January ). Did I miss something?

Thanks,
Ian
  • #2,683
  • Mar 11, 2008 4:55pm Mar 11, 2008 4:55pm
Quoting ianf0ster
Hi Bo,
Its good to hear that somebody is doing well. I am getting rather frustrated myself. I have not had the confidence to trade the intraday or longer term Fibs - just the latest swing and have been losing out overall. This morning (GMT) I fibbed the 22:00 bar and so took the short on the 07:00 bar and got stopped out, then got a little back on the long off the 08:00 bar. Yesterday was a similar story.
I think that perhaps I need to work on bigger swings for the Fibs - or perhaps just the Intraday Fib.

When I looked to see why you had a TP on your short of 2.0033 , I noticed that you have the Down Fib short line there. I don't understand that, I have it at 1.9970 (my Down is from 28th November to the low at 1.9336 on 25th January ). Did I miss something?

Thanks,
Ian
If your pulling a fib across a single candle on the 1 hour...stop doin that its gonna get ya.
On your Downtrend fib do you have your high back on (Nov 9th) manually set to 2.1160 to the low os 1.9336 ?, If not youll have to set the upper number manually since these MT4 feeds are incorrect on the overall high.
  • #2,684
  • Mar 11, 2008 6:13pm Mar 11, 2008 6:13pm
Quoting Bobokus
Nice trading day, I come back from my doctors appointment to find my target of 2.0033 hit from 2 short positions. Im now looking to reset from what happens if we get some retrace into todays Intraday levels if not a break of the low will do but that 2.0033 will still be in the way and if it can be ovecome this time we could see 1.9970ish again. If we do get another short condition tonight i would be looking for an exit around 1.9970 unless price action dictates otherwise.
It will take a break of 2.0127 to change my bias and I would wait for a dip after that before entering a long position unless its a quick scalp. Its better to wait for a dip when these type conditions exist since it could be another failure at the highs, if necessary sit the market out untill support either holds or breaks again.
Bobokus, when you are on the 1H charts, do you ever trade the intraday or daily fibs based on a bar close on the 1H charts. Or do you move to the 4H or Daily charts when trading those?
  • #2,685
  • Mar 11, 2008 6:28pm Mar 11, 2008 6:28pm
Quoting logiktrader
Bobokus, when you are on the 1H charts, do you ever trade the intraday or daily fibs based on a bar close on the 1H charts. Or do you move to the 4H or Daily charts when trading those?
Its actually the opposite, when I trade Intraday I start with the Daily and 4 hour charts and trade the 1 hour from what I see on the Daily and 4 hour charts. Intraday trading I use the closing and opening of the 1 hour candles.
  • #2,686
  • Mar 11, 2008 6:59pm Mar 11, 2008 6:59pm
Ian,

Here's a look at the DownTrend fib, currently. Hope that helps.

Quoting ianf0ster
Hi Bo,
Its good to hear that somebody is doing well. I am getting rather frustrated myself. I have not had the confidence to trade the intraday or longer term Fibs - just the latest swing and have been losing out overall. This morning (GMT) I fibbed the 22:00 bar and so took the short on the 07:00 bar and got stopped out, then got a little back on the long off the 08:00 bar. Yesterday was a similar story.
I think that perhaps I need to work on bigger swings for the Fibs - or perhaps just the Intraday Fib.

When I looked to see why you had a TP on your short of 2.0033 , I noticed that you have the Down Fib short line there. I don't understand that, I have it at 1.9970 (my Down is from 28th November to the low at 1.9336 on 25th January ). Did I miss something?

Thanks,
Ian
Attached Image (click to enlarge)
Click to Enlarge Name: gu bo.gif Size: 23 KB
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,687
  • Mar 11, 2008 8:00pm Mar 11, 2008 8:00pm
Thanks for the explanation on that. I guess that gives you more opportunities to trade using fib lines from other time frames.

As huge as your contributions have been to this thread, I have been trying to create a script to automatically add 4 fibo lines to the graph. This just makes it easier to add, you will still have to manually move them to the appropriate locations.

Run the script when you open a new chart.

The Daily and Retracement Fibo will show on the Daily Chart
The Daily, Retracement, and Intraday will show on the 4H Chart
The Daily, Retracement, Intraday, and Swing will show on the 1H Chart

It also defaults all of them to Ray, and thicker lines. I am open to feedback and suggestions about this script.
  • #2,688
  • Mar 11, 2008 8:03pm Mar 11, 2008 8:03pm
Attached!!!

Forgot to attach in initial post.
Attached File(s)
File Type: mq4 AddFiboLines.mq4   8 KB | 1,214 downloads
  • #2,689
  • Mar 11, 2008 8:04pm Mar 11, 2008 8:04pm
Quoting galaxymom
Ian,

Here's a look at the DownTrend fib, currently. Hope that helps.

Wow, your chart is very colorful, how about having a vertical line drawn for every Monday on a daily chart? Just an idea.
  • #2,690
  • Mar 11, 2008 8:06pm Mar 11, 2008 8:06pm
Quoting logiktrader
Wow, your chart is very colorful, how about having a vertical line drawn for every Monday on a daily chart? Just an idea.
I think those are just the default "Period Separators" in MT4. Not a manual addition.
Carpe Divitiae
  • #2,691
  • Mar 11, 2008 8:13pm Mar 11, 2008 8:13pm
Quoting fsiltd
I think those are just the default "Period Separators" in MT4. Not a manual addition.
Correct.. I could write a mql4 to have a line on every Monday, however if she finds that to be valuable.
  • #2,692
  • Mar 11, 2008 8:47pm Mar 11, 2008 8:47pm
What do you guys/gals think of this setup.

It is in the swing zone, but just below it is the intraday zone.

Would you go short if the candlestick closed slightly below the short? Would you go long if it broke long.

Feedback appreciated.
Attached Image (click to enlarge)
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  • #2,693
  • Mar 11, 2008 9:17pm Mar 11, 2008 9:17pm
Quoting logiktrader
What do you guys/gals think of this setup.

It is in the swing zone, but just below it is the intraday zone.

Would you go short if the candlestick closed slightly below the short? Would you go long if it broke long.

Feedback appreciated.
Me personally when its reversing this quickly from long condition to short condition without reaching the Intraday targets it raises a red flag I wouldnt trust a long if the Intraday long fib (2.0127) is broken here just for that reason I would wait until the long fib is broken then buy the next bounce or dip after support levels are tested and hold.As everything sits now a rejection from the Intraday levels might work out better since the market has tried to turn short and a rejection from yesterdays Intraday levels will confirm it..in the event we fail to reach the Intraday target on the short we are looking at more ranging. Even if you miss a trade to make sure the market is continuing in the direction you see developing, its no big deal, sometimes the correct move is none at all.
  • #2,694
  • Mar 11, 2008 9:31pm Mar 11, 2008 9:31pm
Something I want to add to Bo's answer - I wait for the next candle to see where price is really going. Often I find that we get a candle that closes below the 32% or the Low/Short, but price reverses - we get railroad track candle formation. Bo's admonishment that it's better to miss a trade than take a loss is so appropriate to this situation. Better to wait and see or wait for the retracement than to jump in blind for a loss.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,695
  • Mar 12, 2008 2:51am Mar 12, 2008 2:51am
Quoting Bobokus
If your pulling a fib across a single candle on the 1 hour...stop doin that its gonna get ya.
On your Downtrend fib do you have your high back on (Nov 9th) manually set to 2.1160 to the low os 1.9336 ?, If not youll have to set the upper number manually since these MT4 feeds are incorrect on the overall high.
Thanks Bo,
I wasn't generally pulling the swing fib on a single candle - just on the latest swing of over 50 pips. It just so happened to match a single candle that time.

Thanks for the reply on the Down Fib, i have now corrected my high.

Ian
  • #2,696
  • Mar 12, 2008 3:46am Mar 12, 2008 3:46am
Several hours of failure at the intraday long and candle bodies looking more down than up, maybe a scalp short is in order.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,697
  • Mar 12, 2008 4:10am Mar 12, 2008 4:10am
Hello,
I think i must av missed a lot.Just coming back from my trip to the world where internet is non-existence.I'll go thru the thread for neccessary update,but in the main time i can do with anything fresh from anybody.
Thanks,
Hiswords.
  • #2,698
  • Mar 12, 2008 4:29am Mar 12, 2008 4:29am
Quoting logiktrader
What do you guys/gals think of this setup.

It is in the swing zone, but just below it is the intraday zone.

Would you go short if the candlestick closed slightly below the short? Would you go long if it broke long.

Feedback appreciated.
The bounce off the 2.0000 level looked very promising.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu1.jpg Size: 206 KB
Click to Enlarge Name: gu2.jpg Size: 206 KB
  • #2,699
  • Mar 12, 2008 4:44am Mar 12, 2008 4:44am
Kathy,anyone,
Please can u help me check this my fib pull on gu this morning.
Thanks,
hiswords.
Attached Image (click to enlarge)
Click to Enlarge Name: gul.gif Size: 24 KB
  • #2,700
  • Mar 12, 2008 2:47pm Mar 12, 2008 2:47pm
Hey Bobokus.. Just a quick thank you for your time and Knowledge. I am rereading yours and Skunnys Thread again to extract even more. (Still hoping for some sort of workshop from you guys!) I have been trading for about 2 years and your information has made me much more consistent.. So thanks for that! Still Waiting for this cable swing breakout to reverse!

p.s.--- Did I notice that some of your charts have Auburn Tiger colors? Grew up in Atlanta! Take care
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