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  • #3,521
  • May 14, 2008 10:10am May 14, 2008 10:10am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Thanks Bo! By the way, there's a wealth of information in this thread. It's simply...A-M-A-Z-I-N-G!!
"Wishful thinking dies hard." Igor T.
  • #3,522
  • May 14, 2008 10:26am May 14, 2008 10:26am
Quoting FaRmAn
HI

I have been following this thread for last 3-4 days and am quite excited to have such a good thread with experienced mentors. Especially thanks to bo.

Just wanted to know has anybody used Mobile Metatrader to plot Fibs? If yes, how was your experience? I am currently working full time therefore need something that I could use while I am mobile.
I havnt I carry my laptop with an aircard around most of the time.
  • #3,523
  • May 14, 2008 11:06am May 14, 2008 11:06am
Quoting ChowClown
...have my eye on GU long, not in yet, but tempted (from today's intraday long fib)....doesn't feel quite right atm though....will keep watch for now.
...long now on the hrly open above today's long fib level. Stops below the last swing.
  • #3,524
  • May 14, 2008 11:40am May 14, 2008 11:40am
Quoting ChowClown
...long now on the hrly open above today's long fib level. Stops below the last swing.
Treat this as a scalp since price hasnt proven itself yet by support holding, if this is just a retracement into the last 3 day movement down...pull a fib from mondays high to todays low we are tested the Short level of this now.
  • #3,525
  • May 14, 2008 11:57am May 14, 2008 11:57am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting ChowClown
...long now on the hrly open above today's long fib level. Stops below the last swing.
What's your opinion about the volatility trading cable during the US session CC? I'm still learning but I only play cable between 2 AM - 11 AM EST. I've read that the yen pairs are the only pairs worth playing during US session.
"Wishful thinking dies hard." Igor T.
  • #3,526
  • May 14, 2008 11:59am May 14, 2008 11:59am
Quoting Shermenator
Just hit small swing target .....

Attachment
Hi bo,

What time do you normally plot your fib levels for next day? I live in London therefore, just want to set a routine for everyday. I am going to start paper trade your strategy using mobile MT, I hope things would be fine.

Many thanks
  • #3,527
  • May 14, 2008 12:26pm May 14, 2008 12:26pm
Quoting FaRmAn
Hi bo,

What time do you normally plot your fib levels for next day? I live in London therefore, just want to set a routine for everyday. I am going to start paper trade your strategy using mobile MT, I hope things would be fine.

Many thanks
Easiest way to explaign this is on an Intraday strategy your measuring each movement and its retracement. This normally happens all inside each trading day, until you get to days like these in which the Intraday could span 2 days since there hasnt been any notable retracement yet until today....like this last move down, you looking to place the Intraday on this movement then the swing on how much retracement we get today into this move down over the past few days. No real set time just flex with the market as it unfolds. I do like to make my analysis at the close/open of each day.
  • #3,528
  • May 14, 2008 1:00pm May 14, 2008 1:00pm
Quoting Bobokus
Easiest way to explaign this is on an Intraday strategy your measuring each movement and its retracement. This normally happens all inside each trading day, until you get to days like these in which the Intraday could span 2 days since there hasnt been any notable retracement yet until today....like this last move down, you looking to place the Intraday on this movement then the swing on how much retracement we get today into this move down over the past few days. No real set time just flex with the market as it unfolds. I do like to make my analysis at the close/open of each day.
Thanks bo,

As I understood from your posts at the start of this thread that PLot Daily, Intermediate, Range but make your decisions on the basis of Intraday and use swing fib to measure waves or where the price is likely to go. Now if price is heading in one direction rathere than retracing back to intraday short, long and pivot then we aim for intraday targets while taking care of large fibs in the way. am I right?

One more thing Bo, You define break of a level as openning of a candle stick above/below of a level. e.g. please look at the GBP/USD today after 1100GMT price heads above swing long level but didn't open above that level during action time. What do we do in this situation? stay away or jump in on the formation of candlesticks?
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  • #3,529
  • May 14, 2008 2:05pm May 14, 2008 2:05pm
Quoting FaRmAn
Thanks bo,

As I understood from your posts at the start of this thread that PLot Daily, Intermediate, Range but make your decisions on the basis of Intraday and use swing fib to measure waves or where the price is likely to go. Now if price is heading in one direction rathere than retracing back to intraday short, long and pivot then we aim for intraday targets while taking care of large fibs in the way. am I right?

One more thing Bo, You define break of a level as openning of a candle stick above/below of a level. e.g. please look at the GBP/USD today after 1100GMT price heads above swing long level but didn't open above that level during action time. What do we do in this situation? stay away or jump in on the formation of candlesticks?
Thats correct but Ive "updated" the naming of each tool now to try and help it make more sense.
One way of looking at the fib tool is the old playground swingset...once enough weight was applied to one side of it it moves in that direction...if enough pressure was put to it in the opposite direction it tries to move back in the other direction.The buying and selling of a pair are the weight and pressure, once the balance is tipped more in one or the others favor it tends to go in that direction. Appllying this to trading you have several different levels of weight and pressure being applied "different timeframes" the larger the timeframe the more weight and pressure will be at its levels.
  • #3,530
  • May 14, 2008 2:12pm May 14, 2008 2:12pm
Quoting Bobokus
Thats correct but Ive "updated" the naming of each tool now to try and help it make more sense.
One way of looking at the fib tool is the old playground swingset...once enough weight was applied to one side of it it moves in that direction...if enough pressure was put to it in the opposite direction it tries to move back in the other direction.The buying and selling of a pair are the weight and pressure, once the balance is tipped more in one or the others favor it tends to go in that direction. Appllying this to trading you have several different levels of weight and pressure being applied "different timeframes" the larger the timeframe the more weight and pressure will be at its levels.

Hey Bo, Thought I'd stop by and say hello. How about cable? what a bunch of crap. (when trading off of the daily) When are we going to get some decent trends again? Good luck and keep it real.
Just Trade It
  • #3,531
  • May 14, 2008 2:16pm May 14, 2008 2:16pm
Quoting Big Wave Rider
Hey Bo, Thought I'd stop by and say hello. How about cable? what a bunch of crap. (when trading off of the daily) When are we going to get some decent trends again? Good luck and keep it real.

No kidding, Ive been ready for a decent move for a month now...too many fundamental problems between Pound and Dollar, until one of them shows some economic progress Im afraid this is what weve got to deal with. This is going to be one of those years you look back and say "whew Im just glad I survived it"
  • #3,532
  • May 14, 2008 2:21pm May 14, 2008 2:21pm
Hello Bo,

am getting full grasp of this method, and i have seen actually that its quite easy to understand. i will take my time to put my thought into write-up about the system and confirm if am there.

Thanks
  • #3,533
  • May 14, 2008 2:41pm May 14, 2008 2:41pm
Quoting FaRmAn
Thanks bo,

As I understood from your posts at the start of this thread that PLot Daily, Intermediate, Range but make your decisions on the basis of Intraday and use swing fib to measure waves or where the price is likely to go. Now if price is heading in one direction rathere than retracing back to intraday short, long and pivot then we aim for intraday targets while taking care of large fibs in the way. am I right?

One more thing Bo, You define break of a level as openning of a candle stick above/below of a level. e.g. please look at the GBP/USD today after 1100GMT price heads above swing long level but didn't open above that level during action time. What do we do in this situation? stay away or jump in on the formation of candlesticks?

This is how I would summerize what hapened since the low today.
Price may make another run at the high if support holds again but its late in the day and we may be waiting until Frankfurt/London.
With the Intraday now moved to the current high, support from today is still holding, but may just be providing another point to go short if it breaks into the resistance levels. A break of these resistance levels and we might see it turn around yet again.
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  • #3,534
  • May 14, 2008 2:42pm May 14, 2008 2:42pm
Quoting Bobokus
Thats correct but Ive "updated" the naming of each tool now to try and help it make more sense.
One way of looking at the fib tool is the old playground swingset...once enough weight was applied to one side of it it moves in that direction...if enough pressure was put to it in the opposite direction it tries to move back in the other direction.The buying and selling of a pair are the weight and pressure, once the balance is tipped more in one or the others favor it tends to go in that direction. Appllying this to trading you have several different levels of weight and pressure being applied "different timeframes" the larger the timeframe the more weight and pressure will be at its levels.
Many thanks bo,

Fantastic explanation indeed. I am a newbee in this market, never traded real but after finding this thread, I reckon I am soon gonna be doing some real action I am on Page-11 of this thread, digesting bit by bit what you have taught to people and learning from their experience as well.

Is it possible bo? if you could direct me to the page no of this thread where you have changed the old setup. Appologies for any inconvinience, if it may cause.


Thanks
  • #3,535
  • May 14, 2008 2:46pm May 14, 2008 2:46pm
Quoting FaRmAn
Many thanks bo,

Fantastic explanation indeed. I am a newbee in this market, never traded real but after finding this thread, I reckon I am soon gonna be doing some real action I am on Page-11 of this thread, digesting bit by bit what you have taught to people and learning from their experience as well.

Is it possible bo? if you could direct me to the page no of this thread where you have changed the old setup. Appologies for any inconvinience, if it may cause.


Thanks
I think somewhere around page 210 maybe, you can just open the attachments from the paperclip icon at the top of the page and download the latest template with them already set up for Cable. If you want to move the tools to a different pair youll have to move them manually one at a time.
  • #3,536
  • May 14, 2008 4:03pm May 14, 2008 4:03pm
What i see is that price is reacting to the major support levels from below....
The other factor that makes me think its going to be a bullish day is the fact that price did not reached its intraday targets last places more bullilsh believe in my head....If you do take a long position keep in mind those major resistance levels...

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  • #3,537
  • May 14, 2008 4:12pm May 14, 2008 4:12pm
We look like a bullish day ...but all this can be is a test to those major resistance levels....if you take a long be aware of all those major resistance levels...

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  • #3,538
  • May 14, 2008 5:09pm May 14, 2008 5:09pm
Quoting Bobokus
Treat this as a scalp since price hasnt proven itself yet by support holding, if this is just a retracement into the last 3 day movement down...pull a fib from mondays high to todays low we are tested the Short level of this now.
Agreed. Stops to b/e now, it's had enough time to shove off.
  • #3,539
  • May 14, 2008 5:15pm May 14, 2008 5:15pm
Quoting FxChi
What's your opinion about the volatility trading cable during the US session CC? I'm still learning but I only play cable between 2 AM - 11 AM EST. I've read that the yen pairs are the only pairs worth playing during US session.
I find the US session (especially the end) useful to try and position on cable ahead of Frankfurt/London open...i'm usually sleeping when those nice continuations move off out of the Asian session, so every now and then if a US setup appears i'll take it and hold, with a risk tweak like tonight before bed.
  • #3,540
  • May 14, 2008 6:13pm May 14, 2008 6:13pm
Looks like price is rejecting the major levels of resistance pivot...we might get some itraday levels to fail...i would into later time to determine my choice of long or short...I would take a trade closer into Franky session only...

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