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Trading the Daily

  • #201
  • Apr 17, 2008 11:52am Apr 17, 2008 11:52am
Quoting ianf0ster
Bo,
Are you still staying out, or planning to revert to the normal daily trade tomorrow?

Oh yea Ill be back looking for an entry now, Cable has finally shown some support holding now, so we should be able to get back in Cable on the next signal.
  • #202
  • Apr 17, 2008 8:20pm Apr 17, 2008 8:20pm
Quoting Bobokus
Oh yea Ill be back looking for an entry now, Cable has finally shown some support holding now, so we should be able to get back in Cable on the next signal.
Buy Stop @ 19932, SL @ 19691, is this correct?
  • #203
  • Apr 17, 2008 8:57pm Apr 17, 2008 8:57pm
Has anyone looked at Daily trading but off of the 4 hr candle setups?

What I mean is, draw the fib template off of the 4 hr candles. I have given this a look over, and a first glance (which is about all I can give it right now) there are some promising looking price/fib hits. I think this is especially true over the last couple of days. Also if you are trading out of a break of the DZ and not necessarily the 0/100 fibs there were some nice confluences as well. I plan to look at this more closely this weekend by walking the fib tool across the 4 hr chart.

Now I absolutely realize this is Daily trading... heck I was one of the traders encouraging Bo to take on a Daily project. However, if the 4 hr bars are matching up with fibs (I will be looking at it) then why not use them but on an end of day basis, for entry/exits, especially if you are trading on moves breaking the DZ.

Just an unbaked idea that I hope is not half-baked.
  • #204
  • Apr 17, 2008 10:09pm Apr 17, 2008 10:09pm
Quoting Lou
Has anyone looked at Daily trading but off of the 4 hr candle setups?

What I mean is, draw the fib template off of the 4 hr candles. I have given this a look over, and a first glance (which is about all I can give it right now) there are some promising looking price/fib hits. I think this is especially true over the last couple of days. Also if you are trading out of a break of the DZ and not necessarily the 0/100 fibs there were some nice confluences as well. I plan to look at this more closely this weekend by walking the fib tool across the 4 hr chart.

Now I absolutely realize this is Daily trading... heck I was one of the traders encouraging Bo to take on a Daily project. However, if the 4 hr bars are matching up with fibs (I will be looking at it) then why not use them but on an end of day basis, for entry/exits, especially if you are trading on moves breaking the DZ.

Just an unbaked idea that I hope is not half-baked.
Cool, let us know how its going and we may have to implement some of it, this is a developing method thread i just started it with a basic plan.
  • #205
  • Apr 17, 2008 10:13pm Apr 17, 2008 10:13pm
Quoting hyperbolic
Buy Stop @ 19932, SL @ 19691, is this correct?
Yes that would be correct but I feel if we enter now we are entering late, I am waiting to see some pull back in the market on the Daily and we will have a setup again, by stepping back way from the market the end of this week we have taken ourselves out of sinc, but it was a safe move based on what Cable has been doing. Its better too miss trades than to loose them chasing it.The next high from the Daily when price retraces will begin to set things up again.
  • #206
  • Apr 18, 2008 10:59am Apr 18, 2008 10:59am
Quoting Bobokus
Yes that would be correct but I feel if we enter now we are entering late, I am waiting to see some pull back in the market on the Daily and we will have a setup again, by stepping back way from the market the end of this week we have taken ourselves out of sinc, but it was a safe move based on what Cable has been doing. Its better too miss trades than to loose them chasing it.The next high from the Daily when price retraces will begin to set things up again.
Hi Bo.... could you explain this in more detail? What do you mean "out of sync"? When you say you're looking for a pullback on the Daily, you mean a Long setup? The "next high" from the Daily will be today (4/18) high? So then where would the fib be pulled and what will we look for? Thanks in advance.
  • #207
  • Apr 18, 2008 1:19pm Apr 18, 2008 1:19pm
Quoting LePip
Hi Bo.... could you explain this in more detail? What do you mean "out of sync"? When you say you're looking for a pullback on the Daily, you mean a Long setup? The "next high" from the Daily will be today (4/18) high? So then where would the fib be pulled and what will we look for? Thanks in advance.
By stepping away from the market, Ive missed the last opportunity to go long and jumping in on a high break now would be entering too late and possibly at the top of this move, its not worth the risk. Now that we see Cable coming around we will have the chance to enter again once this move up shows a high and retraces when it does it will create new entry points we just have to wait it out now.That way we will have a better chance to enter closer to a bottom or top and back in sinc with the movements.
  • #208
  • Apr 21, 2008 10:56am Apr 21, 2008 10:56am
Ive been entered into the market from a sell stop placed below the low of Sunday 1.9969 with a small risk and stoploss set to 2.0033 by the end of today. Ive been following along behind this push up with a sell stop since the next move would be down and originally looking at this a just a retracement from the movement from last week so ive taken out 80% of the trade at the Retracement pivot level and will let the rest run now. At the end of the day Ill make another analysis then and decide to keep it or not.
Also the indicator isnt tracking like I wanted so it needs some more work.
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  • #209
  • Edited 1:52pm Apr 22, 2008 1:41pm | Edited 1:52pm
Hey Bobokus,

a query if I may: would you say GU hit the upper fib projection at 2.0024 on weekly from two weeks ago and completed cycle?

Thnx

P.S.: Is this thread only for daily and should I put this question elsewhere?
  • #210
  • Apr 22, 2008 2:20pm Apr 22, 2008 2:20pm
Quoting keramikus
Hey Bobokus,

a query if I may: would you say GU hit the upper fib projection at 2.0024 on weekly from two weeks ago and completed cycle?

Thnx

P.S.: Is this thread only for daily and should I put this question elsewhere?
Here is fine. I dont necessarily follow the market in terms of it must complete cycles, conditions can change along with the sentiment sometimes and many fibs will never reach their targets.Its an adapt or die type market.
How are you getting your target of 2.0024, is it a target level or inner level from a larger swing.
  • #211
  • Apr 22, 2008 3:11pm Apr 22, 2008 3:11pm
Here, on GU two weeks ago fib projection on .38 level up was placed, activated last week by piercing and this week it was reached.

What bothers me, low was also activated and, considering the GU relative downtrend, will probably be reached. When will that be, I dunno.
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  • #212
  • Apr 22, 2008 3:23pm Apr 22, 2008 3:23pm
I love to see traders follow their strategy with a passion, this shows me that I am not the only one that have great believe in follow up of trading strategy. Thanks once again for this great concept of yours
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  • #213
  • Apr 22, 2008 5:34pm Apr 22, 2008 5:34pm
Hey Bo PM me skunnys addy for his private forum if he has one please.
Thanks HH
  • #214
  • Apr 22, 2008 6:14pm Apr 22, 2008 6:14pm
Quoting keramikus
Here, on GU two weeks ago fib projection on .38 level up was placed, activated last week by piercing and this week it was reached.

What bothers me, low was also activated and, considering the GU relative downtrend, will probably be reached. When will that be, I dunno.
Ahh I see you use fibs in a different way than I do, your measuring the weekly candles themselves, I never could get wrapped around running fibs tagged to time I like them more on the movements of price regardless of time like the charts below and I use the Support and Resistance levels from those.
I noticed though on my fib tool Ive got my 1st target set to the 138.2 extention and from the same candle as yours my 1st target would be 2.0037 on the same candle.
I also wait for the levels to be broken by a candle open above or below a level instead of penetrated before considering it broken, wicks just say it got that far but could not be maintained at that level just yet.
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  • #215
  • Apr 22, 2008 6:15pm Apr 22, 2008 6:15pm
Quoting rugbygee
I love to see traders follow their strategy with a passion, this shows me that I am not the only one that have great believe in follow up of trading strategy. Thanks once again for this great concept of yours

Your welcome
  • #216
  • Apr 23, 2008 12:20am Apr 23, 2008 12:20am
Hi Bo,
Are you still in trade 12 - the short? You were debating whether to keep it open. Either way please let me let me know your reasoning.

Thanks,
Ian
  • #217
  • Apr 23, 2008 6:37am Apr 23, 2008 6:37am
Quoting ianf0ster
Hi Bo,
Are you still in trade 12 - the short? You were debating whether to keep it open. Either way please let me let me know your reasoning.

Thanks,
Ian
Yes trade 12 is till open, I did move the stop up closer to 2.0006 now so its a small risk for a Daily trade so I will let it run or stop it our now.
  • #218
  • Apr 24, 2008 7:50pm Apr 24, 2008 7:50pm
Ive updated my stop now to yesterdays high of 1.9823, locking in 146pips now and its a free trade once again, all we gotta do now is let her eat !.
Looking at this from the 4 hour our stop is well within reach of a retracement so its time to protect some profits here anyway.
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  • #219
  • Apr 25, 2008 4:13am Apr 25, 2008 4:13am
Quoting Bobokus
Ive updated my stop now to yesterdays high of 1.9823, locking in 146pips now and its a free trade once again, all we gotta do now is let her eat !.
Looking at this from the 4 hour our stop is well within reach of a retracement so its time to protect some profits here anyway.
BO,
WHAT IS RELEVANCE OF OPEN AND CLOSE OF CANDLE AS RELATED TO DAILY TRADING WITH THE FIB.

THANKS
  • #220
  • Apr 25, 2008 9:26am Apr 25, 2008 9:26am
Quoting olorunloniem
BO,
WHAT IS RELEVANCE OF OPEN AND CLOSE OF CANDLE AS RELATED TO DAILY TRADING WITH THE FIB.

THANKS
That defines a break of a level, if a daily candle opens across a level
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