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  • #3,221
  • Apr 27, 2008 11:17am Apr 27, 2008 11:17am
Quoting B@by trader
this is my first post to this thread.....
good thread bobokus.......
1)just to ask what the best fibo system for 30min?
2)Ive watch video on the net it say there is technique base on fibo that need us to find SK point.what is it actually and how to trade it?
1) Im not so sure there is a best, too many traders use fibs for different things or strategy's...its up to the trader and how they are applying them. Me I dont like going below the 1 hour timeframe since the 1 hour gives enough false signals, the lower timeframe you go the more false signals you get, and the smaller the trades youll have to commit too.

2) I've never heard of that, it must be some individuals or trading groups methodology. SK point sounds to be a pivot point.
  • #3,222
  • Apr 27, 2008 3:45pm Apr 27, 2008 3:45pm
I am training on the meeting anyone is welcome to joing....

Tradingrooms.com
Room name is= BOBOKUS&JETS211990
  • #3,223
  • Apr 27, 2008 4:47pm Apr 27, 2008 4:47pm
My trading plan for this currency is the fallowing. even though we did get a bounce on our intrday fibb early friday before close its looking bearish to me...The reason why is because we had a double top form there and it got formed since price also got rejected by the trendline.Also price broke its most inner bullish trendline even though its to vertical it adds in my head pressure to the bearish factor. Now in order for me to take a long position i would whant to get a close above the intrdayHigh since that would prove to me that the inner trendline has been brocken and i would feel good to scalp to the next major trendline. So overall this bullish part is not the most apropriate to sit back and let it run to its intrday targets since we do have major reversal spots coming up ahead.

Now for me to trade this short i would like to get a close below resistance short....this would prove to me that it whant to head back south....Also if i do take the short their i would scalp to the intrday long since price may hold major support there. You can close some of your postiong at that point and look at price action as it moves down towards the intrdaypivot and the intrday short..Also if price manages to come down a bunch pay attention to price action at price 9736 that a low from one of the daily low fibbs and might hold some support.Remeber you can guard your pips by placing your stop above the previous candle bud dont forget to leave anought air to the market like BOBOKUS tought us.

Let me know what you guys think of my trading plan...

My overall view is Bearish

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  • #3,224
  • Apr 27, 2008 5:42pm Apr 27, 2008 5:42pm
Quoting B@by trader
this is my first post to this thread.....
good thread bobokus.......
1)just to ask what the best fibo system for 30min?
2)Ive watch video on the net it say there is technique base on fibo that need us to find SK point.what is it actually and how to trade it?
SK points are a confluence of fib levels. Primarily the 38.2 and 61.8 drawn of swing points with a common high or low depnding on the previous move. The technique is to wait for an SK level to hold and price to reverse off it and trade from fib retracements on a lower timeframe in the direction away from the SK level.
Example shown.
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Those that can, do, those that can't, teach.
  • #3,225
  • Apr 27, 2008 5:52pm Apr 27, 2008 5:52pm
Quoting Bobokus
1) Im not so sure there is a best, too many traders use fibs for different things or strategy's...its up to the trader and how they are applying them. Me I dont like going below the 1 hour timeframe since the 1 hour gives enough false signals, the lower timeframe you go the more false signals you get, and the smaller the trades youll have to commit too.

2) I've never heard of that, it must be some individuals or trading groups methodology. SK point sounds to be a pivot point.
The terminology of SK refers to resistance fib lines that end up coinciding but were drawn from different starting points. Thus a cluster of fib lines. The stronger SK resistance is when a 38 fib and 62 fib coincide. Neal Hughes teaches this terminology.
  • #3,226
  • Apr 27, 2008 6:04pm Apr 27, 2008 6:04pm
Quoting Lou
The terminology of SK refers to resistance fib lines that end up coinciding but were drawn from different starting points. Thus a cluster of fib lines. The stronger SK resistance is when a 38 fib and 62 fib coincide. Neal Hughes teaches this terminology.
That would make sence, he is using his own terminology
  • #3,227
  • Apr 28, 2008 1:05am Apr 28, 2008 1:05am
Quoting Lou
The terminology of SK refers to resistance fib lines that end up coinciding but were drawn from different starting points. Thus a cluster of fib lines. The stronger SK resistance is when a 38 fib and 62 fib coincide. Neal Hughes teaches this terminology.
The idea of finding clusters of fib lines leading to a synchronicity of support / resistance is used extensively by Carolyn Boroden in her well known methodology for trading the stock market Indices. Some traders have adapted her approach to the FX markets and there are several websites dedicated to it and it is worthy of investigation - but probably not here in Bo's thread.
Trading Levels with WRBs
  • #3,228
  • Edited 2:13am Apr 28, 2008 2:01am | Edited 2:13am
Short

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  • #3,229
  • Apr 28, 2008 2:18am Apr 28, 2008 2:18am
I closed my short at the pivot since we have bullish bias and have to treat it as a scalp...I am happy with my 50 pips.
  • #3,230
  • Apr 28, 2008 7:21am Apr 28, 2008 7:21am
a good response to my 2nd question.
what about first question......only bobokus
replied.......
  • #3,231
  • Apr 28, 2008 9:54pm Apr 28, 2008 9:54pm
My believe for this currency.

The GBP/USD is looking bullish overall....
The reason why this is because the intraday fibbs has been respected and it showing support....

As long as you see this bias anything taken in a short direction has a lower probablity as a trade...also if you do take a short you have to treat it as a scalp until price does not close below intraday short...

If you get a nice candle formation at the open of franky its a good signal to go long if it appears around the intrday long since it would be showing you major suport at the intraday long fibb. Also we have an uppertrenline getting closer and that can apply bullish pressure....the only problem with the long is that you must pay attention to price action on the bearish trendline....That might be an area that you might what to pocket some pips.
Also if price start to head up but it is to choppy you should aim your target for resistance target one...if you see nice trendy movement then you should let it run to target one of intraday Fibb...

What do you think BO

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  • #3,232
  • Apr 29, 2008 5:38pm Apr 29, 2008 5:38pm
Can you help me improve my trainding decisions such as reward ratio...
Sometimes i get myself risking to much for so littel...
Do you have a rule you use...this would really help me out...
  • #3,233
  • Apr 29, 2008 8:34pm Apr 29, 2008 8:34pm
Quoting jets211990
Can you help me improve my trainding decisions such as reward ratio...
Sometimes i get myself risking to much for so littel...
Do you have a rule you use...this would really help me out...
I dont use a set number risk to reward ratio since the market actually detirmines the stop loss at the onset of a trade, In the example following (Mondays trade), Ill walk through it as an example of how much to risk. The 1st chart represents when you would have entered the market as price bounces from the Intraday levels and taking the safe entry of the first candle open above the Long level of 1.9820/1.9824 after the spread. With that as your entry you would look to the last support point as your stoploss point. Which in this case is 1.9774 after giving room for the spread below the last low point. Risking 50pips.
Assume you start with an account balance of $1000
You only want to risk 2% of your balance or $1000 x .02= $20risk
$20 from 50pips risked equates to .40 cents per pip...adjust your lot size to .40 cents per pip, which will be different for each trader as the leverage is different from account to account.
Your target is 140pips away from your entry, but just as normal conditions are in the market it falls a few pips short of its target even if you do the norm of placing the target 5 pips below the target price.. The other chart examples show how to handle this in a safe manner and protect the trade from the stop being hit and still remain as close as possible to price and protect profits at the same time.
Following price this way will eliminate you from deciding to exit manually and let your profits run as safely as possible...let the market take you out of the trade instead of you doing it manually just because price moves up and down the length of a candle and makes you antsy to exit.
A set number for risk/reward just doesnt work for me just like a set number stoploss...the market detirmines this not a mathematical equation.
In this trade as you look at the following charts only nets 65 pips from a possible 140 so a set number would have ended in disaster most likely even if you picked the direction right. The risk/reward on my opinion changes as each trade evolves. You can however calculate how much to risk on each trade....just stick to it. As soon as you change your amount to risk to a higher %...because you win a few in a row is the trade you will loose.
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  • #3,234
  • Apr 29, 2008 8:36pm Apr 29, 2008 8:36pm
Next 2 charts of series
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  • #3,235
  • Apr 29, 2008 9:20pm Apr 29, 2008 9:20pm
I see...what you whant to do is make sure you dont squeeze market to much since the market does not have to head your way right away....
Now let me make sure if i understood this right...
IF you come long in the intrday pivot your stop will be below the intrday short...

If you take a long at intraday short...right below since that is the last support...and if it fails you can maybe consider a reverse of postion right?

Now my other question is I am waiting for the first hour of franky to close to call my trade I dont know if that is the best decision...on the example you showed I took a short on the tweezer top at the close of the first canlde of franky and treated as a scalp to the intrday long and close have of my postions and then put the other halve at break even and i allowed them to run to the intrday pivot...

After that i took the trade long after price broke the high of the tweezer top that made come short...and closed part of my postions at the high of the intrday level high....
lastly i closed all my postions at the resistance target 1 since price got choppy and i got scared of the shooting star...and the downward trenline...

Was a good decision to short at the twezzer top that i fist took a short...
I know it gave me good results but was it worth the risk as a trade?
And was a good entry to take a long on the break of the high of the candle i shorted on once it came around?

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  • #3,236
  • Apr 29, 2008 9:35pm Apr 29, 2008 9:35pm
Quoting jets211990
I see...what you whant to do is make sure you dont squeeze market to much since the market does not have to head your way right away....
Now let me make sure if i understood this right...
IF you come long in the intrday pivot your stop will be below the intrday short...

If you take a long at intraday short...right below since that is the last support...and if it fails you can maybe consider a reverse of postion right?

Now my other question is I am waiting for the first hour of franky to close to call my trade I dont know if that is the best decision...on the example you showed I took a short on the tweezer top at the close of the first canlde of franky and treated as a scalp to the intrday long and close have of my postions and then put the other halve at break even and i allowed them to run to the intrday pivot...

After that i took the trade long after price broke the high of the tweezer top that made come short...and closed part of my postions at the high of the intrday level high....
lastly i closed all my postions at the resistance target 1 since price got choppy and i got scared of the shooting star...and the downward trenline...

Was a good decision to short at the twezzer top that i fist took a short...
I know it gave me good results but was it worth the risk as a trade?
And was a good entry to take a long on the break of the high of the candle i shorted on once it came around?

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Sure you can play the retracements as scalps but its a higher risk trade, since you would be looking for the bounce after the action of the previous 2 days were showing a reversal again and buying the dip or bounce from the Intraday levels would be the higher percentage trade.
  • #3,237
  • Apr 29, 2008 9:42pm Apr 29, 2008 9:42pm
Thats what i though when risk....now my other thing is do you think is a good idea that i always wait for the first candle to close of franky open....I dont know if that is the best idea...Or if by doing that I am simply just taking a trade with higher probability...?
  • #3,238
  • Apr 29, 2008 9:51pm Apr 29, 2008 9:51pm
Quoting jets211990
Thats what i though when risk....now my other thing is do you think is a good idea that i always wait for the first candle to close of franky open....I dont know if that is the best idea...Or if by doing that I am simply just taking a trade with higher probability...?
Patience is never a bad thing, its a quality you'll need. Even if it means missing a trade, its better to miss one than to loose one, there is always the next trading day or opportunity.
  • #3,239
  • Apr 29, 2008 10:10pm Apr 29, 2008 10:10pm
looking bearish but i dont trust the brake of the intrady low....to much of a drop....if anything i would take the brake of intraday low afterfranky open...but not during asia session...

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  • #3,240
  • Apr 29, 2008 10:22pm Apr 29, 2008 10:22pm
Quoting jets211990
looking bearish but i dont trust the brake of the intrady low....to much of a drop....if anything i would take the brake of intraday low afterfranky open...but not during asia session...

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I'm just going to wait this out myself, with the Fed announcing another possible cut tomorrow. Think of todays movement as one continuos move that hasnt established a low yet since price hasnt shown its found any support yet.
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