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  • #3,101
  • Apr 17, 2008 1:13pm Apr 17, 2008 1:13pm
Forgot a fibb on daily chart....

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  • #3,102
  • Apr 17, 2008 1:19pm Apr 17, 2008 1:19pm
Quoting FxChi
This one I feel is pretty straightforward.

Daily - testing a downward tl, and retracement pivot. It has broken 1.9741 area, which had been holding as resistance (was previous sup). If it closes above 1.9866 I'd say that's a really strong bull move. and could signal a move to retracement long fib. (as i'm writing this price looks to be retreating a little)

4 hr - price has broken resistance and closed above retracement pivot. I've pulled in a support fib to see if these levels will hold.

1 hr - right now I only have a support fib pulled. I'm waiting for a retracement to pull in resistance fib and see if these levels hold. If these do not hold that would by my signal to go long. My Targets would be based on the low of today to the high of today. I don't have a fib pulled there right now, but I will depending on what happens.

I would prefer shorting cable, but it really depends on how she reacts to the 1 hr resistance fib when I can pull it and price action. If cable holds above 1.9866 I'd think she'd try to get to 1.9991.

By the way, about an hour ago I would've shorted with the double tops and price breaking the low of the second hourly candle, but I didn't play it b/c I'm waiting for Euro session.

Please let me know if there's anything I should change regarding fibs/analysis etc.
Nope your good, you want to see if there is any retracement today or tonight and that support levels from todays Intraday do hold, if it does we could see Cable try and make a push higher.Since there was some retracement Wednesday I wook look more to the support levels of just todays movement for an Intraday. Patience, dont jump the retracements since this could be a strong move and if it is , it can break the high before retracing to the inner levels. We just follow along taking the dips until support either fails to hold or price fails at a previous high(not making its target range from day to day.
  • #3,103
  • Apr 17, 2008 1:22pm Apr 17, 2008 1:22pm
This is with everything on it


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  • #3,104
  • Apr 17, 2008 1:26pm Apr 17, 2008 1:26pm
would it bee a good idea and take it as a short until the intraday fibb levels?
Since price hit its extension it also hitting a 38.2 fibb level from the daily chart?
  • #3,105
  • Apr 17, 2008 1:35pm Apr 17, 2008 1:35pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Well what can I say about the beast except wow, over 350 pips today! lol The below analysis is strictly based on the charts and doesn't include g/u and u/j analysis.

Daily - up against the uptrend long level and has broken my resistance pivot level. Looks like price wants to test 205.79 area which is my Resistance Break fib. This area looks like it will be tough to break North IMO because of all the past support now turned resistance. Additionally, my 50 SMA had been acting as pretty good resistance thus far. I don't think it will have a significant drop though. Notice that last time before g/j dropped it tested resistance 3 times. To me, this is only the 2nd time, so I'd expect price to retreat and test it again at a later time (this would be 3rd touch) and then we could have a significant fall.

4 hr - Resistance break level is still intact, and price has closed above swing long. The major uptrend long level can be seen on the chart and should provide additional resistance. I've pulled support levels in to make sure price breaks these. I would think that if a candle makes a new lower low than previous candle up against the uptrend pivot, that's a pretty good sign of a move down. (the 3rd chart below is zoomed)

1 hr - I had a resistance fib that clearly broke so I've removed from chart. I've pulled a support fib and will pull resistance fibs with a retrace. I'm looking for the resistance to hold as I'm biased towards shorting at this area with uptrend long fib very close to price. What I'd be looking for is similar to 4 hr in that a candle makes a new lower low than previous candle.

In order for me to take a trade I'd be looking for my G/U and U/J resistance fibs to be holding and then I'd play G/J.

Hope everyone could follow along with what I just said. lol Let me know if I should change fib swings, add anything, etc. Constructive criticism is appreciated as I'm trying to improve.

Thanks!
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"Wishful thinking dies hard." Igor T.
  • #3,106
  • Apr 17, 2008 1:41pm Apr 17, 2008 1:41pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
Nope your good, you want to see if there is any retracement today or tonight and that support levels from todays Intraday do hold, if it does we could see Cable try and make a push higher.Since there was some retracement Wednesday I wook look more to the support levels of just todays movement for an Intraday. Patience, dont jump the retracements since this could be a strong move and if it is , it can break the high before retracing to the inner levels. We just follow along taking the dips until support either fails to hold or price fails at a previous high(not making its target range from day to day.
Thanks Bo. Please let me know about U/J and G/J.
"Wishful thinking dies hard." Igor T.
  • #3,107
  • Apr 17, 2008 2:09pm Apr 17, 2008 2:09pm
I am short in gbp/usd Since we have resistance from a major fibb on daily also price hit its extension from yesterdaqy swing I am shorting from price 9905 what do you guys think....price should come and test intraday 38.2 and that the place i will close my short on 38.2 intraday fib green one...

red rectangle is my limit area

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  • #3,108
  • Apr 17, 2008 2:24pm Apr 17, 2008 2:24pm
Quoting Bobokus
Nope your good, you want to see if there is any retracement today or tonight and that support levels from todays Intraday do hold, if it does we could see Cable try and make a push higher.Since there was some retracement Wednesday I wook look more to the support levels of just todays movement for an Intraday. Patience, dont jump the retracements since this could be a strong move and if it is , it can break the high before retracing to the inner levels. We just follow along taking the dips until support either fails to hold or price fails at a previous high(not making its target range from day to day.
Hi Bo... been following since late January, but new to posting on the thread. Thanks for all of your great explanations to everyone.

I hope you can clarify what I'm sure is a very basic question, but one with which I continue to struggle. When you say "see if support levels hold", I see the intraday fib on the chart posted for this example is pulled across 2 days. What should be the position of the fib to determine whether support is holding? When you say "hold" or "break", from which levels? At what point would you consider a good entry? Could you give an example both long and short? Thanks in advance.
  • #3,109
  • Apr 17, 2008 2:36pm Apr 17, 2008 2:36pm
Quoting LePip
Hi Bo... been following since late January, but new to posting on the thread. Thanks for all of your great explanations to everyone.

I hope you can clarify what I'm sure is a very basic question, but one with which I continue to struggle. When you say "see if support levels hold", I see the intraday fib on the chart posted for this example is pulled across 2 days. What should be the position of the fib to determine whether support is holding? When you say "hold" or "break", from which levels? At what point would you consider a good entry? Could you give an example both long and short? Thanks in advance.
My intrady fibb...is the green one ....swing fibb is the blue one....
  • #3,110
  • Apr 17, 2008 2:38pm Apr 17, 2008 2:38pm
I am in the meeting room now....

Room name...BOBOKUS&JETS211990
  • #3,111
  • Apr 17, 2008 2:44pm Apr 17, 2008 2:44pm
I don't use fibs exclusively and only pull them up when I what to confirm a support or resistance level. But i find that they help me a great deal in deciding whether I am ready to entery or exit a trade or to tighten up my stops. Take it for what it is worth. Thanks
  • #3,112
  • Apr 17, 2008 4:57pm Apr 17, 2008 4:57pm
GBP/USD still holding my short position from price 9905
limit 38.2 fibb from intraday fibb...
  • #3,113
  • Apr 17, 2008 5:32pm Apr 17, 2008 5:32pm
If any if you guys whna to come to the meeting room and start talking about the currencies I am in there now...


Room name is=BOBOKUS&JETS211990
  • #3,114
  • Apr 17, 2008 5:45pm Apr 17, 2008 5:45pm
Hi ya Jets ,I would agree we could have a retrace here back to 9800 area but right now just see consolidation .I would be wary of shorting without a signal as that daily bar looks so damn blue and we have just broke a daily falling wedge.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #3,115
  • Apr 17, 2008 5:49pm Apr 17, 2008 5:49pm
Oh heres my daily,
Love what you guys do here by the way.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #3,116
  • Apr 17, 2008 6:05pm Apr 17, 2008 6:05pm
First of all I want to thank to Bo and everybody that are really teaching and helping some others.

I'm usually trading using fibo and since a few days ago I fount this strategy and I think that It's so great.

I've some questions in order to clarify some doubts:

The order to plot all Fibo will be:

  1. In Weekly: "Up Move" & "Down Move"
  2. In Daily: "Retracement"
  3. In Hourly: "Intraday" (HI&LO previous day) & "Swing" (this will be moved at any new change during the current session)


It's thats Ok or I miss something, please I'll appreciate a lot if you can answer.

Again thanks for share this great system

PS. Last night I meet to the only chat, was so good. For me is difficult because English isn't my mother language and it¡s hard to understand everything, but it's a very good idea to do that. Congratulations

  • #3,117
  • Apr 17, 2008 6:15pm Apr 17, 2008 6:15pm
Sorry, I forgot to ask something...

I'm really confused about the "names" of a different fibo,

 

  1. "UpTrend" it's the same that "Up Move" and "Resistance" ???
  2. "Down Trend" = "Down Move" = "Support" ???


I saw in a different pictures attached different names and I don't understand very clear who's each one.

Thanks again

  • #3,118
  • Apr 17, 2008 7:36pm Apr 17, 2008 7:36pm
We have GALAXYMOM is in here!!!!!!!!

You guys do not whant to miss that.The meeting will be help now since she is here.....This amazing guys!!!
  • #3,119
  • Apr 17, 2008 8:42pm Apr 17, 2008 8:42pm
Quoting Bull
Sorry, I forgot to ask something...

I'm really confused about the "names" of a different fibo,

  1. "UpTrend" it's the same that "Up Move" and "Resistance" ???
  2. "Down Trend" = "Down Move" = "Support" ???

I saw in a different pictures attached different names and I don't understand very clear who's each one.

Thanks again

There are basically 3 Daily fibs we are watching, we use them to track the trends we see in each currency to give us a heads up on its movement, what you want to know are the current (UpTrend), the current (Downtrend) and the current (Retracement) into whichever the last trend is. These are the 3 Daily fib tools we use, I changed the names to try and help it make more sense.
From what we see on the Daily chart now we can use either the 4 hour and the 1 hour chart to trade price as it makes its way through these Daily fibs, those are the Intraday and the Swing. Sometimes you will see us refer to those as the current support or resistance moves price is in when viewed from the 1 hour chart.
When you do see us refer to a support or resistance fib, that simply means that if price is moving up and you place a fib on it your placing a support fib. If you place your fib on a price movement going down your placing a resistance fib. They simply show the support and resistance levels to price and the projected amount price can travel (target range) from its levels before the process repeats itself.
  • #3,120
  • Apr 17, 2008 8:44pm Apr 17, 2008 8:44pm
Quoting Bones
Hi ya Jets ,I would agree we could have a retrace here back to 9800 area but right now just see consolidation .I would be wary of shorting without a signal as that daily bar looks so damn blue and we have just broke a daily falling wedge.
I would have to agree with that, its best to be in a wait and see mode...let them show their hand before reacting.
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