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Attachments: Trading the Daily
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Trading the Daily

  • #181
  • Apr 14, 2008 7:34am Apr 14, 2008 7:34am
Closing trade 11 for 8pips ,this is way out of sinc and a mistake I feel to let this run. Going to wait this out now and see what developes in the next few days first and reset once the next opportunity arrises. It would be different if I had set my Buy Stop correctly but I didnt, so before we let ourselves get out of sinc with the Market its the smart move to exit and look to reset.
  • #182
  • Apr 14, 2008 7:40pm Apr 14, 2008 7:40pm
Quoting Bobokus
Closing trade 11 for 8pips ,this is way out of sinc and a mistake I feel to let this run. Going to wait this out now and see what developes in the next few days first and reset once the next opportunity arrises. It would be different if I had set my Buy Stop correctly but I didnt, so before we let ourselves get out of sinc with the Market its the smart move to exit and look to reset.
Could be a D1 pinbar forming depending on what happens today, do pinbars have any place in your trading scheme?

tia
  • #183
  • Apr 14, 2008 9:28pm Apr 14, 2008 9:28pm
Quoting Bobokus
Yes the one mentioned os the same Fibonacci trading thread
Just wondered why the extensions are so different?

Intraday method
0.0 Daily Low
1.0 Daily high
.809 Daily R1
.618 Daily Long
.50 Daily pivot
.382 Daily Short
.191 Daily S1
1.34 Daily Target 1
1.55 Daily Target 2
-.34 Daily Target 1
-.55 Daily Target 2

Daily method
0.000 Low
1.000 High
0.382 Short
0.500 Pivot
0.618 Long
The extensions are:
-0.382 Target 1 -0.618Target 2
1.382 Target 1 1.618Target 2
  • #184
  • Apr 14, 2008 9:52pm Apr 14, 2008 9:52pm
Quoting hyperbolic
Could be a D1 pinbar forming depending on what happens today, do pinbars have any place in your trading scheme?

tia
Certainly the candle formations on the Daily chart actually work sometimes.
  • #185
  • Apr 14, 2008 9:55pm Apr 14, 2008 9:55pm
Quoting hyperbolic
Just wondered why the extensions are so different?

Intraday method
0.0 Daily Low
1.0 Daily high
.809 Daily R1
.618 Daily Long
.50 Daily pivot
.382 Daily Short
.191 Daily S1
1.34 Daily Target 1
1.55 Daily Target 2
-.34 Daily Target 1
-.55 Daily Target 2

Daily method
0.000 Low
1.000 High
0.382 Short
0.500 Pivot
0.618 Long
The extensions are:
-0.382 Target 1 -0.618Target 2
1.382 Target 1 1.618Target 2
Those Intraday levels were meant for begginers to get them out at earlier targets. You can download one of the templates here in this thread or the Fibonacci thread to get the current ones.It was dumb on my part to post those since I dont use all those levels. Trying to make it easier I made it harder.
  • #186
  • Apr 15, 2008 6:55am Apr 15, 2008 6:55am
Quoting Bobokus
Yes the one mentioned os the same Fibonacci trading thread
I find the D1 trading scheme much clearer - probably because you presented as a self-contained document (thanks for the hard work and for sharing BTW).

Any plans to present the intraday in this format? (forums are good for discussion but maybe not so great for teaching..)
  • #187
  • Apr 15, 2008 7:18am Apr 15, 2008 7:18am
Quoting hyperbolic
I find the D1 trading scheme much clearer - probably because you presented as a self-contained document (thanks for the hard work and for sharing BTW).

Any plans to present the intraday in this format? (forums are good for discussion but maybe not so great for teaching..)
Yes, the Daily is much easier to trade, the problem is you have to be prepared for a much larger drawdown and initial stops.
The Intraday is traded basically the very same way just on a much smaller scale and the entrys are gained from the Inner levels instead of waiting for the previous days high and low to break. In a sense the 1 hour Intraday trading is more scalping to me, I see the the 1 hour timeframe the way most look at a 15 min chart.
  • #188
  • Apr 15, 2008 9:51pm Apr 15, 2008 9:51pm
Quoting Bobokus
Yes, the Daily is much easier to trade, the problem is you have to be prepared for a much larger drawdown and initial stops.
Hi

Wonder if you would mind checking the attached. Are retracement fibs, and blue and red trigger lines correct for today?

Also am I understanding this correctly: Previous D1 High plus 8 pips (allowing 3 pip spread) for a long entry trigger or previous D1 Low minus 5 pips for short entry trigger?

Re TP: the method says "As for taking profits I will exit a trade if its extensions are met" - in the screenshot, which extensions are you referring to?

thanks
Attached Image (click to enlarge)
Click to Enlarge Name: 080416 Bo D1.gif Size: 222 KB
  • #189
  • Apr 15, 2008 10:29pm Apr 15, 2008 10:29pm
Quoting hyperbolic
Hi

Wonder if you would mind checking the attached. Are retracement fibs, and blue and red trigger lines correct for today?

Also am I understanding this correctly: Previous D1 High plus 8 pips (allowing 3 pip spread) for a long entry trigger or previous D1 Low minus 5 pips for short entry trigger?

Re TP: the method says "As for taking profits I will exit a trade if its extensions are met" - in the screenshot, which extensions are you referring to?

thanks
It was meant more for the extentions of a smaller fib from each wave or movement. Most likely the trades are going to get stopped, from stop and reverse type exit.
  • #190
  • Apr 16, 2008 12:19am Apr 16, 2008 12:19am
Quoting Bobokus
Closing trade 11 for 8pips ,this is way out of sinc and a mistake I feel to let this run. Going to wait this out now and see what developes in the next few days first and reset once the next opportunity arrises. It would be different if I had set my Buy Stop correctly but I didnt, so before we let ourselves get out of sinc with the Market its the smart move to exit and look to reset.
Hi Bo,
What do you mean by ' reset once the first opportunity arises' ? Do you just mean a new break of a D1 Low or High - in which case you should be back in again on a short (from 1.9658 ?)?

Not sure about how much discretion you use in situations like this.

Thanks,
Ian
  • #191
  • Apr 16, 2008 12:45am Apr 16, 2008 12:45am
Quoting ianf0ster
Hi Bo,
What do you mean by ' reset once the first opportunity arises' ? Do you just mean a new break of a D1 Low or High - in which case you should be back in again on a short (from 1.9658 ?)?

Not sure about how much discretion you use in situations like this.

Thanks,
Ian
I will wait this out a few days before entering again, by my previous short being taken out this early I dont want to find myself entering into a trade thats already halfway over Im waiting for what would have been my original trade from 9700 to complete and will most likely take the next long opportunity or the next short if a retracement occurs, by being taken out like that i feel it will put me out of sinc with the market if I re-enter here. If I miss out here the next few days its OK, another opportunity will arise.
  • #192
  • Apr 16, 2008 12:54am Apr 16, 2008 12:54am
Quoting Bobokus
I will wait this out a few days before entering again, by my previous short being taken out this early I dont want to find myself entering into a trade thats already halfway over Im waiting for what would have been my original trade from 9700 to complete and will most likely take the next long opportunity or the next short if a retracement occurs, by being taken out like that i feel it will put me out of sinc with the market if I re-enter here. If I miss out here the next few days its OK, another opportunity will arise.
Thanks Bo,
So at the moment long on a break of 19763 but ignore the short breaks?

I notice the daily 5,3,3 stochastic is pretty flat at present, which is unusual.

Ian
  • #193
  • Apr 16, 2008 9:51am Apr 16, 2008 9:51am
Quoting ianf0ster
Thanks Bo,
So at the moment long on a break of 19763 but ignore the short breaks?

I notice the daily 5,3,3 stochastic is pretty flat at present, which is unusual.

Ian
Sounds right to me. I am currently long at 1.9763. Stop at 1.9593. Stochs are now pointing up.

38.2% retracement from 3/14 high to yesterday's low is about 1.9900. We'll see what happens there.
  • #194
  • Apr 16, 2008 10:27am Apr 16, 2008 10:27am
Hi Bob and thanks for the great threat!

I'm from Tbilis, Georgia (eastern europe) and relatively new to this business.
There's a lot of georgian traders struggling just to stay in the market, so I thought your strategy could help them achieving this purpose.

I'm thinking about translating and posting this strategy at my blog, but don't want to go against your opinion.

Please let me know if you mind about my decission.

Thanks again and wish you all the best.
  • #195
  • Apr 16, 2008 12:06pm Apr 16, 2008 12:06pm
Quoting ianf0ster
Thanks Bo,
So at the moment long on a break of 19763 but ignore the short breaks?

I notice the daily 5,3,3 stochastic is pretty flat at present, which is unusual.

Ian
Im letting this reversal from one day to the next to be over with, Monitoring from the 1 and 4 hour we are getting a long then a short signal from one day to the next, sometimes in the same day. Once it breaks from this pattern Ill look to enter then, so it may take a couple of days for this to play out, until then its not woth it to try and stay in the market.
  • #196
  • Apr 16, 2008 12:08pm Apr 16, 2008 12:08pm
Quoting pipsqueaks
Sounds right to me. I am currently long at 1.9763. Stop at 1.9593. Stochs are now pointing up.

38.2% retracement from 3/14 high to yesterday's low is about 1.9900. We'll see what happens there.

Ya'll may be correct Im just staying away until i see better conditions.
  • #197
  • Apr 16, 2008 12:09pm Apr 16, 2008 12:09pm
Quoting datogio
Hi Bob and thanks for the great threat!

I'm from Tbilis, Georgia (eastern europe) and relatively new to this business.
There's a lot of georgian traders struggling just to stay in the market, so I thought your strategy could help them achieving this purpose.

I'm thinking about translating and posting this strategy at my blog, but don't want to go against your opinion.

Please let me know if you mind about my decission.

Thanks again and wish you all the best.

Its OK with me, go right ahead.
  • #198
  • Apr 17, 2008 6:04am Apr 17, 2008 6:04am
Hi,

I have been reading through Skunny's and Bo's threads over the past few weeks, as well as playing around with vhands. The work described here is really inspirational and I'm exctied about the potential it offers. I may not post much yet but just thought that as I am lurking around I ought to say hello and thanks!

Cheers,
Tim
  • #199
  • Apr 17, 2008 7:38am Apr 17, 2008 7:38am
Quoting grasslizard
Hi,

I have been reading through Skunny's and Bo's threads over the past few weeks, as well as playing around with vhands. The work described here is really inspirational and I'm exctied about the potential it offers. I may not post much yet but just thought that as I am lurking around I ought to say hello and thanks!

Cheers,
Tim
Welcome to the thread then. Hopefully youll be able to find something here you can apply in your own trading.
  • #200
  • Apr 17, 2008 11:27am Apr 17, 2008 11:27am
Quoting Bobokus
Ya'll may be correct Im just staying away until i see better conditions.
Bo,
Are you still staying out, or planning to revert to the normal daily trade tomorrow?
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