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  • #3,181
  • Apr 24, 2008 8:06am Apr 24, 2008 8:06am
Hey Bob,

Cheers I will put that in mind, so if I understood you correctly when the news release is out we move our Fibs to the new highs/lows and start watching PA and trade from the S/R. Also zoom out to the larger TF and get the direction of where price is heading.

Yeah Fxichi thanx for the comment, after I sent the question in this morning I shut my computer cos i made sum few bad calls,well its part of the learning process so I see you in the tradingrooms , learning the vhands.
  • #3,182
  • Apr 24, 2008 8:08am Apr 24, 2008 8:08am
Quoting olorunloniem
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.
Thats a good strategy your using when news events can have an impact on your trade..taking profits out to protect them is never a bad thing. You can always get back in on the next opportunity after the event.
  • #3,183
  • Apr 24, 2008 8:12am Apr 24, 2008 8:12am
Quoting zerosum
Hey Bob,

Cheers I will put that in mind, so if I understood you correctly when the news release is out we move our Fibs to the new highs/lows and start watching PA and trade from the S/R. Also zoom out to the larger TF and get the direction of where price is heading.

Yeah Fxichi thanx for the comment, after I sent the question in this morning I shut my computer cos i made sum few bad calls,well its part of the learning process so I see you in the tradingrooms , learning the vhands.
Yes when you have those days that a news event causes a breakout past your intraday targets, just look to the higher timeframe levels.
You dont have to move them just because the news event comes out, the smaller type fibs like an Intraday or swing just arent needed anymore once its target range has been met. From there just follow along and wait for everything to set up again...ie daily high, low, etc to be established and you can start over for the next upcoming day.
  • #3,184
  • Apr 24, 2008 8:24am Apr 24, 2008 8:24am
Quoting Bobokus
Thats a good strategy your using when news events can have an impact on your trade..taking profits out to protect them is never a bad thing. You can always get back in on the next opportunity after the event.
Bo,
we learn better when we learn always.
You are the set man in this journey to successful trading,
like I said i will be hosting you in Africa one day.
  • #3,185
  • Apr 24, 2008 9:35am Apr 24, 2008 9:35am
Quoting Bobokus
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.
can you please show me the swing that you would have place for this instance thanks
  • #3,186
  • Apr 24, 2008 9:54am Apr 24, 2008 9:54am
Quoting jets211990
can you please show me the swing that you would have place for this instance thanks
just keep pulling the low, and this should develope into the Intraday
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  • #3,187
  • Apr 24, 2008 10:17am Apr 24, 2008 10:17am
I get what your saying when News propel your trade to T1 faster even T2, but theres instances and this aint got anything to do with Fibs been drawn correctly, say you are in a trade and your about 10-15pips down but you know price will reverse and start heading towards your direction based on Fibs and PA, but because the actual is way off than what has been forecast,and in a couple of minutes you find yourself down about 50-60pips or even 100pips and price continues heading the wrong direction without any retracements.

What do you do cut your losses and wait for the next opportunity or better still as Bob suggested dont trade during or before any major News Events.
  • #3,188
  • Apr 24, 2008 10:23am Apr 24, 2008 10:23am
Quoting Bobokus
just keep pulling the low, and this should develope into the Intraday
So bo if you took the short of yesterdays intradays low breack you would have closed your short by now since your targets were meet or how are you operating it?
  • #3,189
  • Apr 24, 2008 10:58am Apr 24, 2008 10:58am
Quoting jets211990
So bo if you took the short of yesterdays intradays low breack you would have closed your short by now since your targets were meet or how are you operating it?
You should already be out of your trade if you were short. T1 has been met regarless of what it does the rest of the day.
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  • #3,190
  • Apr 24, 2008 1:12pm Apr 24, 2008 1:12pm
Quoting Bobokus
You should already be out of your trade if you were short. T1 has been met regarless of what it does the rest of the day.

Hey bud can you explain to me why you grabbed your intraday fibb from there and not from the high and the low from yesterday...
  • #3,191
  • Apr 24, 2008 1:46pm Apr 24, 2008 1:46pm
Quoting jets211990
Hey bud can you explain to me why you grabbed your intraday fibb from there and not from the high and the low from yesterday...

Judgement call on my part, similar to not every Intraday will be within the confines of a 24 hour period, some days will include candles from the previous day or day after. I didnt want to exclude the previous high this time. Even if you were only measuring from the high and low of yesterday it doesnt make much difference on your target, 10 pips maybe. If the previous high would have been much hiigher than it was I probobly would not have used it, since there was some retracement early that trading day.
  • #3,192
  • Apr 24, 2008 3:58pm Apr 24, 2008 3:58pm
Now that are intrday targets have been meet for today would this be your new swing to trade tomorrow as long as we dont make higher highs or lower lows...and right now you are thinking bearish and you whant to see resistance hold?...what would make you go long in this trade....or is your mind set to only take a short trades as long as the resistance levels hold?


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  • #3,193
  • Apr 24, 2008 4:19pm Apr 24, 2008 4:19pm
On this day what could have made not take a short on the brake on the intraday low...?
And if you did take it would you reverse your positiongto go long when price broke the small fibb resistance levels...or is the littel blue fibb to small

Chart1

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On the next chart bo...what could have keept you from shorting at the intrday levels?

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On this chart is this the place you would have place your intrday fibbs or would you place it to the low of the day before
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  • #3,194
  • Apr 24, 2008 5:09pm Apr 24, 2008 5:09pm
Quoting jets211990
On this day what could have made not take a short on the brake on the intraday low...?
And if you did take it would you reverse your positiongto go long when price broke the small fibb resistance levels...or is the littel blue fibb to small

Chart1

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On the next chart bo...what could have keept you from shorting at the intrday levels?

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On this chart is this the place you would have place your intrday fibbs or would you place it to the low of the day before
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You are thinking too much. The most important thing is understanding the flow of the price swings. It is very simple but it is also difficult to see. Once you see this flow the entries, exits and where to place the fibs become obvious and you will develope trading strategies that suit yourself.

You should concentrate on seeing this flow of price trending with higher highs then pullback with higher low etc and use Bo's fibs as the objective visual guide. Then note when price reverses direction and what happens at the inner fibs and its highs or lows depending on previous trend direction. Once you see this flow on the 1H timeframe - you can further study using the swing fib and watch price during the pullbacks where you are looking for entries - I now go down to the 15MIN chart to view the swings better during these 1H pullbacks. You will discover that the same flowing price action occur within these pullbacks when price works its way into the intraday fibs. You can follow this price movement all the way down to the 1MIN to pinpoint your entry if you want. But the key here is once you understand this flow you will come up with your own strategies because no two traders are alike.

Hope I didn't confuse you more.
  • #3,195
  • Apr 24, 2008 6:12pm Apr 24, 2008 6:12pm
Quoting jets211990
On this day what could have made not take a short on the brake on the intraday low...?
And if you did take it would you reverse your positiongto go long when price broke the small fibb resistance levels...or is the littel blue fibb to small

Chart1

Attachment

On the next chart bo...what could have keept you from shorting at the intrday levels?

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On this chart is this the place you would have place your intrday fibbs or would you place it to the low of the day before
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For today that swing is now the Intraday. That doesnt mean you cant measure the movement over the past 3 days to see where the resistance points are at though. As long as resistance levels hold its still sell the rally's.
Its difficult to say whay I would have done on those charts your posting back in history, you need to know the Daily fib levels and what was driving the market at the time, is it trending down or up.
I will be back later tonight after my daughters softball game and I can try and help you some then.
Maxster is right, you simply lack experience and it takes time to develope your trading style, learning simple support and resistance first will put you miles ahead of other new traders. Fib are just a tool to follow S&R.
  • #3,196
  • Apr 24, 2008 8:51pm Apr 24, 2008 8:51pm
Hey bud is it only me or the gbp/usd looking bullish specially since we have the 61.8 fibb below us now from the daily chart...and price bunced of the counter fibb pivot orange one.....I believe if the intrday pivot does not hold it would be bracking a high and should pick up speed...am i right ...Let me know what you think bobokus...

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I also see a huge M in the chart...
  • #3,197
  • Apr 24, 2008 10:15pm Apr 24, 2008 10:15pm
Quoting jets211990
Hey bud is it only me or the gbp/usd looking bullish specially since we have the 61.8 fibb below us now from the daily chart...and price bunced of the counter fibb pivot orange one.....I believe if the intrday pivot does not hold it would be bracking a high and should pick up speed...am i right ...Let me know what you think bobokus...

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I also see a huge M in the chart...
I have moved my fibs up until price can move from these last 2 major moves I have marked as the up and down trends. As of now Cable is still under pressure to remain on the short side overall. Cable will have to get back above 2 and show support to try and make a break from this. If it can do that we can go back out with the fibs some.
Here is a template with the Daily set up like the chart below.
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File Type: tpl 0424.tpl   6 KB | 511 downloads
  • #3,198
  • Apr 24, 2008 10:58pm Apr 24, 2008 10:58pm
Quoting Bobokus
I have moved my fibs up until price can move from these last 2 major moves I have marked as the up and down trends. As of now Cable is still under pressure to remain on the short side overall. Cable will have to get back above 2 and show support to try and make a break from this. If it can do that we can go back out with the fibs some.
Here is a template with the Daily set up like the chart below.


hey bud how come you dont have one from price 2.1161 to price 9339? it seemed like it worked a coulpe of days....or do you have if off becaouse of clutter?....

And lastly can you show me your thoughs in the 1 hour chart....an tell me why you think resistance will hold or why the counterfibbs to the intraday might win today...?
  • #3,199
  • Edited 11:14pm Apr 24, 2008 11:01pm | Edited 11:14pm
Quoting jets211990
Hey bud is it only me or the gbp/usd looking bullish specially since we have the 61.8 fibb below us now from the daily chart...and price bunced of the counter fibb pivot orange one.....I believe if the intrday pivot does not hold it would be bracking a high and should pick up speed...am i right ...Let me know what you think bobokus...

Attachment


I also see a huge M in the chart...
You can look at this different ways, Looking at just the Intraday from the high and low of today resistance to retrace into that move is holding, but its early and there isnt any momentum yet. To see the ranging where price can bounce around in add the support fib to todays Intraday.
With the market already in a short or down move you want to see this continue so you would sell the rally which is already happening, the support fib placed on todays retracement needs to be broken in order for this to happen. So until the momentum picks up it should just bounce around between these levels.
You can short now and play the odds and just close your trade tonight if support holds on the test thats coming.
If price were to break the resistance levels of the Intraday of just today you treat it as a scalp since this is counter trend to the previous days. looking more for the T1 of the support fib and the higher timeframe (Daily) fib levels as an exit.instead of the Intraday fib just for that reason, It would be counter to the current 3 day trend.

Dont do so much vhands that your not watching live conditions as they unfold, this is where you will gain your best experience, backtesting and vhands are great for practicing, but you need to be trading your demo in live conditions to get the true feel of trading that may take several hours to several days to complete verses a few minutes during backtesting and vhands. Right now it doesnt matter if your wrong or loose you need to be able to pull the trigger at the right time and maintain the trade as it developes in real time. This is how you gain experience, everyone here can tell you the same thing you cant just jump into it and expect to be successful overnight, for most it takes months and even years to find what works for them. Just have patience. There is alot more to it than just the indicators and tools, you need to learn how the market flows and whats making it move to start with. trading during ranging, trading during trending, trading like the past few weeks when its constantly reversing from 1 day to the next, there are just too many variables that make trading difficult and can only be overcome with experience over time.
You need to get to the point that you dont ask yourself what would Bobokus do here or there but what would Jets do here or there. The only way to do that is trade it as you see it with the tools described here and youll start to develope your own skills. There isnt really any way I can describe or train anyone through all the conditions and situations that you will experience. Its all about support and resistance and what is making the market move.
For starters trade with the trend with the Intraday until you see the Intraday levels being tested and broken then start looking to go the other way, keep up with the news events that are coming out the during the week, the pair your trading will most likely already be pricing in the forcasts for that week before they are announced.make that part of your trading plan...make a trading plan every day and include these things, where do i want to go long or short at what will be effecting the pair tonight or today,what will price have to do to change my bias. what are the longer term levels that may be in the way of an Intraday target. You may even come up with some of your own but write out your trading plan for each day and stick to it win or loose, when you let your emotions interfere with your trading plan your making a mistake, youll see once you change your mind about something and deviate from your plan that if you just would have stuck to it you would have been ok, rapid price movement has the tendency to freak peolpe out and they make rash decisions.
Ok i better stop before i get a book going here, just start making a plan each day and start trading it. Once you see it start working youll feel much moe confident about what your doing.
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  • #3,200
  • Apr 24, 2008 11:09pm Apr 24, 2008 11:09pm
Quoting jets211990
hey bud how come you dont have one from price 2.1161 to price 9339? it seemed like it worked a coulpe of days....or do you have if off becaouse of clutter?....

And lastly can you show me your thoughs in the 1 hour chart....an tell me why you think resistance will hold or why the counterfibbs to the intraday might win today...?

Reread the same paragraph again you asking the question about the answer I already gave.
I dont think it will hold Im waiting to see which way it breaks once the momentum picks up, were not trying to predict what it will do we want to be ready to go with it once it does move and take out our profits when we reach the targets we use. You need to stalk price like a sniper would its prey, waiting for the right shot.Instead of firing away with a shotgun hoping that 1 hits.
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