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Trading the Daily

  • #81
  • Mar 13, 2008 4:14am Mar 13, 2008 4:14am
Quoting Bobokus
I have run into some unexpected health issues and may not be around every day to post but i will do what i can as time allows. Until then just follow along based on the rules in a demo and keep backtesting as well. Ive taken another long position from 2.0199, actually cheated a little since i did watch it today and got in a few pips early from the 1 hour chart this morning but the difference is only a few pips. I would look to 410/460 area now that the Downtrend Pivot has been broken by a Daily candle opening above it today, I posted this in the first post as current position. Stop Loss initially of 2.0050.
BO,
I wish u good health. Pls take your time to rest very well.
Mostly sitting infront of the pc everyday cause a kind of fatigue but the good work you are doing will cause angel of healing from God to heal you physically and spiritually.
Your good health matters to us your lovers so I pray for you daily,you an't going to be sick in Jesus name.

Olorunloniemi.
  • #82
  • Mar 13, 2008 8:46am Mar 13, 2008 8:46am
Quoting Bobokus
I have run into some unexpected health issues and may not be around every day to post but i will do what i can as time allows. Until then just follow along based on the rules in a demo and keep backtesting as well. Ive taken another long position from 2.0199, actually cheated a little since i did watch it today and got in a few pips early from the 1 hour chart this morning but the difference is only a few pips. I would look to 410/460 area now that the Downtrend Pivot has been broken by a Daily candle opening above it today, I posted this in the first post as current position. Stop Loss initially of 2.0050.
Bo,
Sorry to hear about your health problems, I wish you the best of health.

I don't follow what you are doing with this 4th entry.
I cannt see where the 2.0199 and 2.0050 figures come from. I presume that the 410/460 target is a conservative one based upon the Down Long Fib line. Is this correct?

Ian
  • #83
  • Mar 13, 2008 9:33am Mar 13, 2008 9:33am
Quoting ianf0ster
Bo,
Sorry to hear about your health problems, I wish you the best of health.

I don't follow what you are doing with this 4th entry.
I cannt see where the 2.0199 and 2.0050 figures come from. I presume that the 410/460 target is a conservative one based upon the Down Long Fib line. Is this correct?

Ian
We'll sitting here yesterday watching it from the 1 hour I cheated and took the break off the 1 hour candles and set my stop above the lowest high marked by the eclipse I just added the 8 pips to the high of it and set a buy stop. Its only a difference of 19 pips from the previous days high so it wont make to much of an impact. I can always subtract the 19 pips from this trade to make it fit the rules which I may do anyway. The 2.0050 stoploss was wednesdays low -5pips. I will update that to 2.0246 today from todays low. The targets of 410 come from the T1 of the Support fib from the high of the 10th back to the low of the 5th with 460 being the Downtrend Long fib level, If price continues to rally and break this level I will scale out at around 80% of this trade.
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  • #84
  • Mar 13, 2008 11:04am Mar 13, 2008 11:04am
Quoting Bobokus
We'll sitting here yesterday watching it from the 1 hour I cheated and took the break off the 1 hour candles and set my stop above the lowest high marked by the eclipse I just added the 8 pips to the high of it and set a buy stop. Its only a difference of 19 pips from the previous days high so it wont make to much of an impact. I can always subtract the 19 pips from this trade to make it fit the rules which I may do anyway. The 2.0050 stoploss was wednesdays low -5pips. I will update that to 2.0246 today from todays low. The targets of 410 come from the T1 of the Support fib from the high of the 10th back to the low of the 5th with 460 being the Downtrend Long fib level, If price continues to rally and break this level I will scale out at around 80% of this trade.
Oh, so you are anticipating. I'd have expected that the initial SL would have been Tuesdays low, rather than anticipating that the then low on Wednesday would be the low for the day.
  • #85
  • Mar 13, 2008 12:07pm Mar 13, 2008 12:07pm
Quoting ianf0ster
Oh, so you are anticipating. I'd have expected that the initial SL would have been Tuesdays low, rather than anticipating that the then low on Wednesday would be the low for the day.

In this case yes I did, I should have just waited, but I made the mistake of sitting here and watching it and the trader in me kinda took over, mild lapse in reasoning.I used yesterdays low since it was already 150pips behind the entry in a strong up move.
  • #86
  • Mar 13, 2008 3:10pm Mar 13, 2008 3:10pm
hello Bo,
I just want u to please take a whole lot of rest.I know u really want to help a lot of people to achieve a lot while trading,but i want u to rest a lot and get urself together.Please rest!!!!!!!!!!
thanks,
hiswords.
  • #87
  • Mar 13, 2008 5:08pm Mar 13, 2008 5:08pm
Hello!

As a newbie (on forum as well as in FX), I have a few questions, I hope you don't mind me asking, since I imagine they might all have been answered somewhere in your other thread.
I decided to start trading the daily, by the reccomendation of some other people on the forum, who say it's better to start on larger time frames.

Anyway, I've set up my chart as instructed.
1. Why and how did you decide to draw an up fib FROM November 2005 ?
2. Do you always take one trade and let it close before you open another one?
3. Why do we use swing fib, if we are trading "daily" ? Is it to get better entry points?
4. When you say in your pdf, that we use the retracement fib :"its purpose is to measure the movements that run counter to the current trend that price is in." So that would be DOWN trend (down trend fib), regardless, that UP trend is "engulfing" this down trend, which we also set up on our charts?

Any help will be appreciated! Thank you guys.

I apologize for spelling mistakes, english is not my native language.
  • #88
  • Mar 13, 2008 7:29pm Mar 13, 2008 7:29pm
Quoting bee24
Hello!

As a newbie (on forum as well as in FX), I have a few questions, I hope you don't mind me asking, since I imagine they might all have been answered somewhere in your other thread.
I decided to start trading the daily, by the reccomendation of some other people on the forum, who say it's better to start on larger time frames.

Anyway, I've set up my chart as instructed.
1. Why and how did you decide to draw an up fib FROM November 2005 ?
2. Do you always take one trade and let it close before you open another one?
3. Why do we use swing fib, if we are trading "daily" ? Is it to get better entry points?
4. When you say in your pdf, that we use the retracement fib :"its purpose is to measure the movements that run counter to the current trend that price is in." So that would be DOWN trend (down trend fib), regardless, that UP trend is "engulfing" this down trend, which we also set up on our charts?

Any help will be appreciated! Thank you guys.

I apologize for spelling mistakes, english is not my native language.
Its NP
1. The uptrend on Cable I am using is more from the Weekly chart thats why it runs back to Nov 2005 since it is still in this uptrend until the Short fib from this is broken over the longer period of time this we see as a downtrend on the Daily is merely a mild correction so far when compared to the bigger picture to the Daily(the Weekly).

2.Yes trading the Daily I am only interested in taking 1 trade at a time, however there will come a time when we can stack trades up in the same direction when long trending moves occur. We will sometimes scale out of trades once target ranges are met so the roll back or retracing cant take profits from us.

3.The Swing fib is a multipurpose tool that can aid during ranging times when we run into waveforms that dont fit into the basic strategy, also just to use as simple support or resistance fibs on each move to track along with price.

4.The retracement fib is drawn on the moves when price rally's or moves up since we have been in the Downtrend on the Daily. Continueing to pull it as new highs are made will show the major support levels to the push up in price in the event price fails and retraces as well as provide the target range when it does continue short. Once price has broken the levels of the Downtrend fib we will start to pull the Uptrend fib again since the market has reversed as this point...then the Retracement fib is used in reverse (pulled across the moves that go short)
  • #89
  • Mar 19, 2008 3:57pm Mar 19, 2008 3:57pm
Hello!

Please don't let this thread be lost. I believe it's a great to have it!
Bobokus, are you on any new trades on daily, but you just didn't post it because there is little response?
What about your health ? Feeling better?

May we anticipate a new video tutorial soon ?

Take care
  • #90
  • Mar 19, 2008 10:35pm Mar 19, 2008 10:35pm
Quoting bee24
Hello!

Please don't let this thread be lost. I believe it's a great to have it!
Bobokus, are you on any new trades on daily, but you just didn't post it because there is little response?
What about your health ? Feeling better?

May we anticipate a new video tutorial soon ?

Take care
Ill get it started back up once I get back on my feet again,I didnt take this last short signal from the break of the low of 17th @1.9937 but it looks as if it would have been another winner as well.
Ill work on making a video in my off time and get it posted at a later date.
  • #91
  • Mar 19, 2008 10:40pm Mar 19, 2008 10:40pm
Quoting bee24
Hello!

Please don't let this thread be lost. I believe it's a great to have it!
Bobokus, are you on any new trades on daily, but you just didn't post it because there is little response?
What about your health ? Feeling better?

May we anticipate a new video tutorial soon ?

Take care
I was going to suggest that we forge ahead and let Bo just catch up!

But lo' here he is posting again.
  • #92
  • Mar 19, 2008 10:44pm Mar 19, 2008 10:44pm
Quoting Bobokus
Ill get it started back up once I get back on my feet again,I didnt take this last short signal from the break of the low of 17th @1.9937 but it looks as if it would have been another winner as well.
Ill work on making a video in my off time and get it posted at a later date.
Take it easy Bo ! Maybe a few of us (including me) should try posting some of our own stuff and give you a rest. We can learn from our mistakes.
  • #93
  • Mar 19, 2008 11:07pm Mar 19, 2008 11:07pm
Quoting Lou
Take it easy Bo ! Maybe a few of us (including me) should try posting some of our own stuff and give you a rest. We can learn from our mistakes.

By all means go ahead and post away, I know it may not seem like it at first but if you post your thoughts and how you plan on trading the next day or days it will help in your own developement. Its kinda like sticking your kneck out a little but the confidence that can be gained from it win or loose is irreplaceable. Especially when you look back after the fact and find out how close you were to the actual movement of price, try this start making trade calls to yourselves and keep a record of them on a paper somewhere and look back later at what you recommended to yourself and how you actually traded it. What you will find is if you trade the plan you set out for yourself and stick to it your success rate will increase.When you dont stick to the rules you set out, your success rate will falter.
  • #94
  • Mar 21, 2008 4:54am Mar 21, 2008 4:54am
I would just like to get a conformation if this is correct.
DBHLC = Double Bar High Lower Close (taken from James16 price action thread, I hope you don't mind)
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  • #95
  • Mar 21, 2008 5:15am Mar 21, 2008 5:15am
Also we have a potentail trade here.
If we get a brake of a hammer's high for 10 pips I will enter a trade, with my stop loss set just 3 pips below previous candle's low.
What do you think ?
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  • #96
  • Mar 21, 2008 6:03am Mar 21, 2008 6:03am
Bee24,

I went short at 9828 . I think there is a down bias. The main thing I notice is that a lot of the candles on my chart are different in terms of h and l compared to what you have.

(would post a chart but have not done so in so long.... please point me to the directions) Thanks.
  • #97
  • Mar 21, 2008 6:21am Mar 21, 2008 6:21am
Hey Lou!

What was the reason you entered a trade there?
The reason your candles vary slightly from mine is probably broker based.
I have my demo account with northfinance.
You post a picture/chart/whatever by clicking a paper-clip icon, then under
"Upload File from your Computer" you click "choose" and then "upload".
  • #98
  • Mar 22, 2008 10:14pm Mar 22, 2008 10:14pm
Quoting bee24
I would just like to get a conformation if this is correct.
DBHLC = Double Bar High Lower Close (taken from James16 price action thread, I hope you don't mind)
I dont mind at all Bee, learning price action and candle formations are all part of trading in its truest sense and advisable to everyone to pick some of it up.
Your correct in your entry short and the placement of your stop loss. Me personally I see we have a very close to a pin bar that closed high on the candle thursday but fridays candle was no help since it was a holiday and low volume, but I feel we may see some retracement to test resistance levels before the next direction becomes clear.The Retracement fib pivot level was tested Friday but with not enough behind it to drive it, Cable needs another kick in the pants now to get it moving and I would look to the upcoming news events to anticipate where they may try to push it next. I havnt had a chance to go over next weeks news events yet but I would look to see if the forecasts are positive US or GBP as price will normally move to the forecast before the release of the news (buy the rumor sell the fact) and we will know as price makes a few waveforms as the week gets under way as to the direction the majority of market movers feel price should be and we can ride their coatails when we see it.
For support price has come to rest on the Retracement Short fib level and the high last week failed to break the Downtrend Pivot level when viewed from the Weekly chart so we have a possible range formed from those 2 points.
A break Of the Retracement Short fib level and we could see the bottom fall out of Cable again next week, if it holds through the middle of the week we should see Cable retrace some and try to maintain support from a technical standpoint.
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  • #99
  • Mar 24, 2008 12:05am Mar 24, 2008 12:05am
Quoting bee24
Hey Lou!

What was the reason you entered a trade there?
The reason your candles vary slightly from mine is probably broker based.
I have my demo account with northfinance.
You post a picture/chart/whatever by clicking a paper-clip icon, then under
"Upload File from your Computer" you click "choose" and then "upload".
Hey bee24,

I thought there was a downward bias. (See Thexder's list of pdf files and look at the one called Fib Breakouts for November .... or something close to that. It is a very good study about this whole fib system). Thexder writes quite well.

There was actually a downward bias, but I didnt get in at a good level. My broker had widened spreads. Actually was in and out of this snail of a down move a couple of times. Didnt have any losing trades but made only a few pips. Thought there might be a good move down when I saw the E/U take a dive.... but not so... . Decided not to put on an overnight trade.
  • #100
  • Mar 25, 2008 7:23am Mar 25, 2008 7:23am
Ive taken the break of Sunday's High and moved my stop loss to the low of today already since i wont be able to monitor this any and it will be a small loss if hit, currently price is only 50 or so pips from the entry so its very possible the stop can be hit on a retrace today, if not Ill be in a good position on a run to test resistance levels again. Resistance levels are 1.9990/2.0065/2.0143 as measured from this last move down in price on the Daily chart, also 2.0033 from the Downtrend fib will be in the mix.Ive updated the first post and posted the current chart here.
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