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  • #3,341
  • May 5, 2008 8:01pm May 5, 2008 8:01pm
GBP/USD seems to be another reversal day ....this one does not seem like its going to take of on the break on the intrday levels....I would wait to see if my support levels hold ...we also broke the most current downward trenline...

The support long also seems to hold the most support since we have a small swing at that area so if we get a test there it will probably the spot that holds the most....
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What do you think of this pair bud?
  • #3,342
  • May 5, 2008 8:27pm May 5, 2008 8:27pm
I am in eur/usd long aiming for intrday targets...

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  • #3,343
  • May 5, 2008 8:44pm May 5, 2008 8:44pm
Quoting Shermenator
I am in eur/usd long aiming for intrday targets...

Attachment
Its got room to 1.5550 and it doesnt look as if its going to be contested at this point.
  • #3,344
  • May 5, 2008 9:43pm May 5, 2008 9:43pm
Quoting Bobokus
Its got room to 1.5550 and it doesnt look as if its going to be contested at this point.

We also had a main downward trendline break thats why i took it...

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  • #3,345
  • May 6, 2008 1:29am May 6, 2008 1:29am
Hello Bo,

I have been reading your thread from the begining, initially wasn't making sense to me but as i took the pain to continue with the help of your traders, i began to have feel for it.

Here is my understanding of trading the system

1. bounce from intra-day long
2. rejection from the Decision zone
3. break-out from the decision zone
4. pulling swing within the intra-day to determine if it is still save to be in a trade.


Now, I have understood trading bounce from the intra-day long but i have a question here.

Do i place a long entry only when i see a bullish reversal candle( i mean, opening of the next candle after a bullish reversal candle from the pull back to Intra-day long)

Your answer would help me to perfect my understanding on trading bounce from intra-day long.

Thanks
  • #3,346
  • May 6, 2008 2:33am May 6, 2008 2:33am
The short trade was triggered. All that is needed now is to break the lows with strong momentum for continuation. However, there is a chance for price to retest the trigger area.

Any thoughts?
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  • #3,347
  • May 6, 2008 3:58am May 6, 2008 3:58am
Hi all,
Here is the trade I entered yesterday, survived a pull back to the 78.6 on hourly chart during the asian session and now getting serious about 1.9600
Good trading all
mattfx
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Without women, money would have no meaning - Aristotle Onassis
  • #3,348
  • May 6, 2008 5:52am May 6, 2008 5:52am
How is this for short play rejection, the punters are out there ahead of US session, I am still holding short based on existing fibs, yet will reverse as necessary

mattfx
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Without women, money would have no meaning - Aristotle Onassis
  • #3,349
  • May 6, 2008 7:38am May 6, 2008 7:38am
Quoting mattfx
How is this for short play rejection, the punters are out there ahead of US session, I am still holding short based on existing fibs, yet will reverse as necessary

mattfx
I took a similar short earlier today and moved stops to b/e, so now flat GU. Lots of indecision atm...happy to scalp the breaks of yesterday's intraday levels during US session....have a short bias, but need to be very wary of the reversals.

Will you be reversing long at yesterday's intraday long fib level (an hrly open above 9734)?...i still have 28th April - 30th April fib in play, which could easily scupper longs from here...
  • #3,350
  • May 6, 2008 7:40am May 6, 2008 7:40am
Quoting Naijafx
Hello Bo,

I have been reading your thread from the begining, initially wasn't making sense to me but as i took the pain to continue with the help of your traders, i began to have feel for it.

Here is my understanding of trading the system

1. bounce from intra-day long
2. rejection from the Decision zone
3. break-out from the decision zone
4. pulling swing within the intra-day to determine if it is still save to be in a trade.


Now, I have understood trading bounce from the intra-day long but i have a question here.

Do i place a long entry only when i see a bullish reversal candle( i mean, opening of the next candle after a bullish reversal candle from the pull back to Intra-day long)

Your answer would help me to perfect my understanding on trading bounce from intra-day long.

Thanks
Yes, the basic principle is to go with the direction of price action when the inner levels are tested from the Intraday fib, the swing is used to measure the counter moves that happen after the Intraday and to follow price with once youve entered a trade. The larger timeframe fibs give you the stronger support and resistance areas as you trade day to day with the Intraday and swing.
  • #3,351
  • May 6, 2008 7:45am May 6, 2008 7:45am
Quoting southernmind
The short trade was triggered. All that is needed now is to break the lows with strong momentum for continuation. However, there is a chance for price to retest the trigger area.

Any thoughts?

Good trade, looks as if its met its target range also. If the USD/Yen can be pushed lower today it may fall some more.
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  • #3,352
  • May 6, 2008 7:50am May 6, 2008 7:50am
Quoting mattfx
Hi all,
Here is the trade I entered yesterday, survived a pull back to the 78.6 on hourly chart during the asian session and now getting serious about 1.9600
Good trading all
mattfx
You have patience...nice trading, I was looking for 1.9630 yesterday. If it can break that level I feel it can continue down some more.
  • #3,353
  • May 6, 2008 7:53am May 6, 2008 7:53am
Quoting mattfx
How is this for short play rejection, the punters are out there ahead of US session, I am still holding short based on existing fibs, yet will reverse as necessary

mattfx
Im watching to see when or if it breaks from this stair stepping pattern may get some longs in then other than playing the retracements, once we see support levels holding.
  • #3,354
  • May 6, 2008 7:56am May 6, 2008 7:56am
Quoting ChowClown
I took a similar short earlier today and moved stops to b/e, so now flat GU. Lots of indecision atm...happy to scalp the breaks of yesterday's intraday levels during US session....have a short bias, but need to be very wary of the reversals.

Will you be reversing long at yesterday's intraday long fib level (an hrly open above 9734)?...i still have 28th April - 30th April fib in play, which could easily scupper longs from here...
Good decision, Cable lately has been trying to reverse from day to day, until this condition changes look at each trade as a scalp first and just let it develope from there.
  • #3,355
  • May 6, 2008 8:24am May 6, 2008 8:24am
Thanks BO, good advice. When you have time, would you mind sharing your current GU hrly chart?
  • #3,356
  • May 6, 2008 9:10am May 6, 2008 9:10am
I bet u are ok now,av been off for a while anyway and i'm fully back now.Please what is happening to gu has it has been hitting the retracement fib for a while.
  • #3,357
  • May 6, 2008 9:11am May 6, 2008 9:11am
Quoting ChowClown
Thanks BO, good advice. When you have time, would you mind sharing your current GU hrly chart?
Sure
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  • #3,358
  • May 6, 2008 9:19am May 6, 2008 9:19am
Quoting hiswords
I bet u are ok now,av been off for a while anyway and i'm fully back now.Please what is happening to gu has it has been hitting the retracement fib for a while.
Pretty much, Cable hasnt been able to get into any sustainable trending moves.Me I wont be trading full time Intraday again until after this summer. im only part timing it right now.
  • #3,359
  • May 6, 2008 9:34am May 6, 2008 9:34am
Quoting Bobokus
Sure

Hey bud when price borke the intrday levels of yesterday to go short...would you ever taken that short yourself?

Or is it to risky to take the breaks of the lows since price does not seem to whant to go to its intrday targets...?

Let me now what you think of this concept should your stop be your reversal poing in the market...some trader told me this what do you think of this.
  • #3,360
  • May 6, 2008 9:44am May 6, 2008 9:44am
I must admit I have never been a fan of trendlines, triangles, gann, murray and fibonacci. Because in my humble experience if you draw enough lines then definitely there will be some that turn out to on the pip..

so today i pulled up a weekly eurusd chart and placed first fib that came in mind.. and fell of the chair (see attached).

in the end there might be some substance to all this and maybe i am just not applying it right.. or popular saying is that you have to watch the Price Action around the important Fib levels.. probably I don't know what to watch out for. Or I am not sure I know. Or something like that.

In My chart, is this a good time to draw the next fib and consider this cycle complete?

Maybe I should start believing.. or maybe I just got lucky and the fibs are drawn wrong anyway.

(I must admit I have not read though Bo's thread as I just finished Skunny's today and my eyes hurt.)
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