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  • #3,161
  • Apr 22, 2008 9:13pm Apr 22, 2008 9:13pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Yeah the charts definitely help. Thanks. I can pretty much picture the way price was acting around those levels thanks to all the backtesting.

Bobokus + Vhands = x =

Sorry. Just having a bit of fun guys!
"Wishful thinking dies hard." Igor T.
  • #3,162
  • Apr 22, 2008 9:16pm Apr 22, 2008 9:16pm
Quoting jets211990
I see what you mean resitance holds then take it based on time and see how its moves on the way down as it impacts the support...

What i would like to know is on your 3 post the first picture looked to me like a valid short...would the candles formations of the counter fibb make you close the short and swap...

And same goes for the 3 picture of that post would it be a valid long until you see price rejected the counter fibb to that move...?

Thanks in advance Bud
You not worried about time

In the first few examples what you see happening is first you would have been looking for a bounce from the Intraday levels but only after a test, if there was no test you would look to go long at the break of the high. The high is never tested again and the only push up is rejected from the resistance levels of the swing, taking the short from the swing would be a scalp because your still looking to go long on a bounce, what happens is your scalp turns into a trade because the Support levels begin to break down and you never get the indication its going to bounce, you simply follow it down and sell on every rejection from the resistance levels until they break down and you start looking to reverse the process. Simple trading with the trend.
  • #3,163
  • Apr 22, 2008 11:27pm Apr 22, 2008 11:27pm
Let me ask you a questions was that a valid long since support was holding and should we move are blue fibb...also the red fibb was a swing fibb was that a good decision to use or no...and we already hit our intrday targets from green fibb...let me know what you think?Are we using to many fibbs...since i had a counter fibb to the red one byt i dont whant to clutter...?

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  • #3,164
  • Apr 23, 2008 6:55am Apr 23, 2008 6:55am
Quoting jets211990
Let me ask you a questions was that a valid long since support was holding and should we move are blue fibb...also the red fibb was a swing fibb was that a good decision to use or no...and we already hit our intrday targets from green fibb...let me know what you think?Are we using to many fibbs...since i had a counter fibb to the red one byt i dont whant to clutter...?

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Try this ,look for 1 trade from each day...and not every day will there be a trade. you had already taken the trade for that day earlier which has met its target range and now your entering another long and overexposing your account to the market. and take the fib tool off that you see has its target range met.
  • #3,165
  • Apr 23, 2008 8:24am Apr 23, 2008 8:24am
Quoting Bobokus
Your overcomplicating things a great deal, your too zoomed into price and not watching what is going on, follow along from chart to chart here and see if you can spot entry's. The Intraday and Swing are nothing more than (1 is showing support and the other showing resistance levels ) closest to price. For the example we'll just use support and resistance in place of your Intraday and Swing these first 2 charts represent that.
hey bo i whanted to know if you can show me other examples of how you would place that blue fibb in other times...sometimes i see a lot of place that swing can be place on but i can't tell thanks...
  • #3,166
  • Apr 23, 2008 9:42am Apr 23, 2008 9:42am
Quoting Bobokus
You not worried about time

In the first few examples what you see happening is first you would have been looking for a bounce from the Intraday levels but only after a test, if there was no test you would look to go long at the break of the high. The high is never tested again and the only push up is rejected from the resistance levels of the swing, taking the short from the swing would be a scalp because your still looking to go long on a bounce, what happens is your scalp turns into a trade because the Support levels begin to break down and you never get the indication its going to bounce, you simply follow it down and sell on every rejection from the resistance levels until they break down and you start looking to reverse the process. Simple trading with the trend.
Hey Bo,

Thanks for the examples. When you say that your scalp turns into a trade, do you keep the scalp open and trail it behind swing points to see how fra it goes, or are you closing it out at swing targets or intraday fibs supports as price moves down. This is a classic case of letting the winners run and getting the full potential out of the market.
Just wondered what you do in these situations, ie do you grab your pips as you are expecting a bounce from one of those intraday levels, and reenter on more swing failures, or move stop to break even once price has broke down the next level and then trail?

Look forward to your answer,
Steve
  • #3,167
  • Apr 23, 2008 9:48am Apr 23, 2008 9:48am
Quoting jets211990
hey bo i whanted to know if you can show me other examples of how you would place that blue fibb in other times...sometimes i see a lot of place that swing can be place on but i can't tell thanks...
Stop using the swing at all and just use the Intraday, your confusing yourself placing the swing on every single movement. Only use the swing when you think the trade is going against you. Your still focusing too much on every single movement.
  • #3,168
  • Apr 23, 2008 9:53am Apr 23, 2008 9:53am
Quoting steveshutts
Hey Bo,

Thanks for the examples. When you say that your scalp turns into a trade, do you keep the scalp open and trail it behind swing points to see how fra it goes, or are you closing it out at swing targets or intraday fibs supports as price moves down. This is a classic case of letting the winners run and getting the full potential out of the market.
Just wondered what you do in these situations, ie do you grab your pips as you are expecting a bounce from one of those intraday levels, and reenter on more swing failures, or move stop to break even once price has broke down the next level and then trail?

Look forward to your answer,
Steve
Alot of times I will force the market to close my trades in situations like this by simply following behind support and resistance points that I feel the market is turning around at instead of just exiting at any givin point....make them close you out by proving your trade is ending and the market could be turning. Ride em till they take you off their back.
  • #3,169
  • Apr 23, 2008 9:20pm Apr 23, 2008 9:20pm
Vhand training is being hold anyone is welcome to joing...

www.tradingrooms.com

room name is=BOBOKUS&JETS211990
  • #3,170
  • Apr 23, 2008 11:35pm Apr 23, 2008 11:35pm
Its still being held anyone welcome to joing...
  • #3,171
  • Apr 24, 2008 1:30am Apr 24, 2008 1:30am
Is this a short trade since price was not able to retrace to our intrday levels?

And would the intrday level be our target or the orange fibbs?

Thanks in advance bo

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  • #3,172
  • Apr 24, 2008 1:55am Apr 24, 2008 1:55am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I would say the orange fib is safer. We have daily support at 1.9741 and news coming up at 4:30 AM. And all the reversals we've been having lately are making me cautious. As of right now, the daily support fib level is being respected. We'll see how this holds up.

EDIT: Yeah that last "pinbar" (the one that closed @ 3 AM EST) candle definitely showing some bullish strength. It'd be really nice if we had a nice range developing back up to 1.9990/2.000 at the top of daily fib levels. Just have to be patient and wait to see what the market tells us.
"Wishful thinking dies hard." Igor T.
  • #3,173
  • Apr 24, 2008 3:51am Apr 24, 2008 3:51am
Just a quick question, I have read in this thread and also in Skunny's thread that after awhile you don't really take note of Fundies(maybe NFP)so my question is days like today when we have afew morning news from Europe and Uk and it mess up with your Fibs and chart and shoot past T1, do move your Intraday Fibs to the new low/high or do you use your swing fibs to follow PA, maybe I have just answered my own.

Would just like to know your thoughts on this. Cheers
  • #3,174
  • Apr 24, 2008 3:59am Apr 24, 2008 3:59am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
And we also have another medium impact news coming up in about 1 hr. The way cable is acting, sure looks like it wants to go up. Do you wait until after the news to place a trade?

P.S. Zerosum, I'm not sure if I did it correctly, but I just moved my intraday fib to the high of 1.9830 and pulled to the new low @ 1.9709. I figure it missed T1 by a few pips but I'll count it. Hope that was the correct move.
"Wishful thinking dies hard." Igor T.
  • #3,175
  • Apr 24, 2008 5:39am Apr 24, 2008 5:39am
Im really a dummy Bo, i deleted your PM about skunnys fibbers addy. Would you please send it again.

HH
  • #3,176
  • Apr 24, 2008 5:53am Apr 24, 2008 5:53am
Nevermind Bo,,,,i found it...Im really not a computer person..

Thanks for all your help, and i really enjoy your site.

Herman
  • #3,177
  • Edited 7:23am Apr 24, 2008 7:11am | Edited 7:23am
Quoting zerosum
Just a quick question, I have read in this thread and also in Skunny's thread that after awhile you don't really take note of Fundies(maybe NFP)so my question is days like today when we have afew morning news from Europe and Uk and it mess up with your Fibs and chart and shoot past T1, do move your Intraday Fibs to the new low/high or do you use your swing fibs to follow PA, maybe I have just answered my own.

Would just like to know your thoughts on this. Cheers
I look at the news events for the upcoming week to get an idea of where they are trying to push the market to but I dont trade the news the day of the release, price is still going to break support and resistance levels or it isnt. When those days that come out where the actuals are way off from the forcasts you simply look to the larger timeframe levels. Once a target range has been met its already shown you what you wanted so you can remove and look for the movement to measure then

I look at it more like this. Fundamentals give you market direction..technicals give you entry's and exits.
  • #3,178
  • Apr 24, 2008 7:14am Apr 24, 2008 7:14am
Quoting hharrington
Nevermind Bo,,,,i found it...Im really not a computer person..

Thanks for all your help, and i really enjoy your site.

Herman
LOL, np. My site isnt actually up yet, one day ill finish it and get it running though.
  • #3,179
  • Apr 24, 2008 7:19am Apr 24, 2008 7:19am
Quoting jets211990
Is this a short trade since price was not able to retrace to our intrday levels?

And would the intrday level be our target or the orange fibbs?

Thanks in advance bo

Attachment
Yes that was a valid short, and FxChi is right just be careful because of the recent price action over the past few days. Now is where you want to use your swing to see if it will turn against your short.
  • #3,180
  • Edited 8:12am Apr 24, 2008 8:05am | Edited 8:12am
Quoting FxChi
And we also have another medium impact news coming up in about 1 hr. The way cable is acting, sure looks like it wants to go up. Do you wait until after the news to place a trade?

P.S. Zerosum, I'm not sure if I did it correctly, but I just moved my intraday fib to the high of 1.9830 and pulled to the new low @ 1.9709. I figure it missed T1 by a few pips but I'll count it. Hope that was the correct move.
Hi,
if you have position before the news and you get a good entry you can protect your position by using trailing stop or place a stop loss at your next low/high of the candle before the news.
Meanwhile according to Bobokus if your fib is placed correctly, the news are to help you give it a kick to the target.
What matter first is placing of the fib correctly then you are save from any news impact.
As you can have it i was in a position before the news and after securing good pips I left the trade to run moreso, larger percentage of the pips gained had been closed leaving the little percentage to run after the market and quite intersting more pips were bank too using trailing stop before the market turns against the position.
Kudos to Bobokus fibbing strategy.
Love you man - BO.

Olorunloniemi.
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