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  • #4,021
  • Edited 10:50am Jun 21, 2008 9:47am | Edited 10:50am
Quoting sonicdeejay
How can I set up my fibb correctly??
anylink for me to learn..I am new to fib analysis!!

thx
sonic
Have you tried one of the templates posted, they will have the fib tools already set up. If not here is a Daily and a 1 hour template with a brief description of how to view them.

From the Daily view
1. The Uptrend.(Nov05-Nov07).price is still hovering around the 1.9589 (Long level) which indicates the longer term uptrend is still intact from the downtrending corrective move weve been seeing all this year, and will most likely remain intact until we see the 1.9100 level broken.
2. The Downtrend.(Nov07-Jan08).since the low made weve been in a very undecided market from all the turmoil from the fundamental issues with the US and the UK as well. If you want to see what I mean, open a Monthly chart and look at the last 6 candles and that describes the year weve experience so far..very volatile in the sense no true direction can be established since this last corrective push down.
3. The Retracement.(Jan08-Mar08)The retracement into this downtrending of 2008 where price initially attempted to break from the downslide we can see that once the high of 2.0396 was made we havnt been able to rally back from the fall from that point. We are however beginning to show signs of a bottom since the levels of 1.9340 to 1.9400 have held on several attempts to push lower. Which to me is signaling a strong value point or bargain price for Cable. A break of the Retracement long level (1.9991)and Downtrends Short level (2.0033)would be significant at this time and take some of the downward pressure off Cable. A break of the yearly low of 1.9336 would be just as significant in the sense that Cable has lost that level as a bargian price and the bottom can fall out then we are looking for the 1.9100/1.8900 levels.

Ill post the 1 hour template in the next post
Attached Image (click to enlarge)
Click to Enlarge Name: 0621.gif Size: 30 KB
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File Type: tpl 0621.tpl   3 KB | 455 downloads
  • #4,022
  • Jun 21, 2008 10:04am Jun 21, 2008 10:04am
On the 1 hour, I will trade my way to the Daily levels from the previous post. Friday broke into the Retracements Short level of 1.9741 and we got the Daily close above this which puts 1.9860 in range now. Looking at the action of Friday which was a small range for Cable, which may mean alot of money is staying on the sidelines waiting on fundamental indicators to be posted. Something else of note is that Friday failed to meet the Intraday target range from Thursdays move indicating a slow of momentum or we can see some retracment now since there may be alot of money sitting on the sidelines waiting for a better price or fundamental issues that may be negative to Cable before thowing any more money at it.The first 2 charts here show that during Friday we had a good retracment into fridays move which support price and a bounce occured, looking at this swing from the Intraday bounce there wasnt enough oomph behind price to get the continuation, if there was the Long level of the swing would have broken..this can be from either time of day or the fact its friday, regardless there is a slowing in the momentum even though it bounced on Friday. All we need to see at the open of next week is the swing long level broken and then the subsequent high of friday and we will be looking for 1.9860.
On a failure to break those levels the retracing of last weeks push up could be seen and we would look to the support levels from that push up to hold.
In the next post Ill demonstate the support levels we have below price.
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  • #4,023
  • Jun 21, 2008 10:24am Jun 21, 2008 10:24am
In the event we see price fail to break the High of Friday, there are levels of support below price that we can expect a bounce to occur. "In an uptrend buy the dips(bounces).In a downtrend sell the rally's(rejections)". In this case weve had a push up and continuation for several days so we first want to look for a bounce. The first level or tier of support will come from the Intraday levels of Friday. The next levels are explained in the charts below.Me I like the latter or the 4th tier of support considering all the volatility weve seen this year it just seems to fit.
Remember the less a pair retraces the stronger the move is in the direction it was going.When it fails to reach its target levels from day to day there is a slowing of momentum.
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  • #4,024
  • Edited 10:51am Jun 21, 2008 10:28am | Edited 10:51am
Quoting CindyXXXX
HEy guys As Bobukus says " take what works for you and throw the rest away"

I looked at this thread awhile ago and as stoked as I was with what I learneds and saw it was just too discresionary and at times confusing for me
to trade confidently with.

I'm not doubting it for a second just saying that 5 fibs ona chart is just too confusing for me personally. I prefer a black and white system where there is no room for error i.e drawing a fib to the wrong point.

But thanks Bobukus again for your efforts with this GREAT thread - I'm sure one day I will come back to it to add to my trading education

Cheers
Try separating the Daily from the 1 hour, by that I mean have a chart for your 3 Daily fib tools and your 1 hour with just the Intraday and Swing on it, this reduces the clutter. Me I can just tune out the levels Im not concerned about at the time. Your correct in the, keep what you can use and throw the rest away, if it doesnt help you dont use it.
  • #4,025
  • Jun 21, 2008 10:39am Jun 21, 2008 10:39am
Lordgbengs and Zerosum, you both have good attitudes and approches mentally, the only thing I would add is dont expect to make a certain amount of pips and dont set a goal of "I have to make this many pips per day or week or month". The only thing you can do is accept what the market gives sometimes its a loss, sometimes its 10pips, sometimes its 150pips there is no way to judge how much or how many pips your going to make thats where the word "trading" shines, its all about finishing with a positive balance in the long run.Your "trading" back and forth in order to come out ahead on your balance. Its not the amount of pips that count its the balance on your account that matters.
  • #4,026
  • Jun 21, 2008 11:32am Jun 21, 2008 11:32am
Quote
The only thing you can do is accept what the market gives sometimes its a loss, sometimes its 10pips, sometimes its 150pips there is no way to judge how much or how many pips your going to make thats where the word "trading" shines, its all about finishing with a positive balance in the long run.Your "trading" back and forth in order to come out ahead on your balance. Its not the amount of pips that count its the balance on your account that matters.
Good advice, will take it with me through-out my trading careers. Bo we have missed you and ur thoughts that give impetus and drive to start off the day with winning attitude and mentality. thanks
  • #4,027
  • Jun 21, 2008 11:40am Jun 21, 2008 11:40am
thanks for the advice i will apply it according at get back 2 u.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #4,028
  • Jun 21, 2008 11:42am Jun 21, 2008 11:42am
Quote
This is one of the amzing pdf Files he gave us. Here he goes over an entire month of october 2007. I know we have a couple of traders that might have skipped his thread or only glimpsed thrue this amazing thread. So just incase you did that or just simply confused going over this pdf file with your charts at the same time is great. It will clear many doubts. Hope this helps and once again BOBOKUS thanks for this amazing thread and this amazing pdf.

I'd like anybody that has that pdf file to send a copy to my box naijaforex[at]gmail.com

I am having problem downloading it with success.

thanks
  • #4,029
  • Edited 6:44pm Jun 21, 2008 2:52pm | Edited 6:44pm
Quoting GreatYves
Couldn't resist but to take the short right at the second 61.8 rejection a 9610.. Seeing the jumping candle i guess i wasn`t alone..
This one have been a little loss for me, it screwed up my week, after a very good start. I call it a discretionary trade and shouldn't have been post here. I'm sorry for beeing out of topic.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,030
  • Jun 21, 2008 3:05pm Jun 21, 2008 3:05pm
Sometime it`s hard to spot the fibonacci relationship within any chart but see how this one could have work out from last week, From the very low of sunday 15/06 to the high of tuesday 17/06 the 1.382 extension drive us to the pip to friday's high. Completing a cycle i guess. More fibo relationship can be found i`m sure within that same swing! Feel free to post them!
Attached Image (click to enlarge)
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Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,031
  • Jun 21, 2008 5:20pm Jun 21, 2008 5:20pm
Quoting Bobokus
Actually this PDF was created by Thexder during his backresting as he was developing his own strategy from what he was learning here. He did a wonderful job.
I agree, Thexder is a great writer . Many good teachers on this thread !!!
  • #4,032
  • Jun 21, 2008 11:21pm Jun 21, 2008 11:21pm
Quoting Bobokus
Have you tried one of the templates posted, they will have the fib tools already set up. If not here is a Daily and a 1 hour template with a brief description of how to view them.

From the Daily view
1. The Uptrend.(Nov05-Nov07).price is still hovering around the 1.9589 (Long level) which indicates the longer term uptrend is still intact from the downtrending corrective move weve been seeing all this year, and will most likely remain intact until we see the 1.9100 level broken.
2. The Downtrend.(Nov07-Jan08).since the low made weve been in a very undecided market from all the turmoil from the fundamental issues with the US and the UK as well. If you want to see what I mean, open a Monthly chart and look at the last 6 candles and that describes the year weve experience so far..very volatile in the sense no true direction can be established since this last corrective push down.
3. The Retracement.(Jan08-Mar08)The retracement into this downtrending of 2008 where price initially attempted to break from the downslide we can see that once the high of 2.0396 was made we havnt been able to rally back from the fall from that point. We are however beginning to show signs of a bottom since the levels of 1.9340 to 1.9400 have held on several attempts to push lower. Which to me is signaling a strong value point or bargain price for Cable. A break of the Retracement long level (1.9991)and Downtrends Short level (2.0033)would be significant at this time and take some of the downward pressure off Cable. A break of the yearly low of 1.9336 would be just as significant in the sense that Cable has lost that level as a bargian price and the bottom can fall out then we are looking for the 1.9100/1.8900 levels.

Ill post the 1 hour template in the next post
thx for t template...
but it can attache to a pair only..GBP/USD..
if i attach to others...all the resistance and support line gone!!


thx...
sonic
  • #4,033
  • Jun 21, 2008 11:25pm Jun 21, 2008 11:25pm
mind tuning down the religion banner? it's a bit off topic and distracting (i'm sure you feel compelled to be a christian everywhere you are, but try to be considerate of others)

Quoting Naijafx

thanks
  • #4,034
  • Jun 22, 2008 9:31am Jun 22, 2008 9:31am
Quoting sonicdeejay
thx for t template...
but it can attache to a pair only..GBP/USD..
if i attach to others...all the resistance and support line gone!!


thx...
sonic
Yes the template is for Cable. You can select each tool you want to move and move them manually to another chart or pair. To do so just select the one you want to move and all thats needed is to select the fib properties then view the 'fib levels' tab...this will make this tool the default, then just close the properties pop up and go the chart you want to place it and select the fib tool icon and that last viewed tool will now draw every time until you select and view another tool. Just repeat the process until youve moved all the ones you want. Anytime you wish to go back to standard levels just when you view the properties select..'reset to defaults' and this will reset the tool to MT4 defaults.
  • #4,035
  • Jun 22, 2008 9:34am Jun 22, 2008 9:34am
Dear bobokus:
what is overextended, and what exactly does it represent.
regards
I need time ,I need money, I need more patience
  • #4,036
  • Jun 22, 2008 9:35am Jun 22, 2008 9:35am
dear bobkus:
i want to know why put the low to that place, since the retracement has broken the short fib, that means a reverse.
regards
Attached Image (click to enlarge)
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I need time ,I need money, I need more patience
  • #4,037
  • Jun 22, 2008 9:40am Jun 22, 2008 9:40am
Quoting ztdep
Dear bobokus:
what is overextended, and what exactly does it represent.
regards

Overextended simply means its gone in one direction with most likely no retracement for an extended period of time, which is a condition that is almost begging for a retracement.
  • #4,038
  • Jun 22, 2008 10:11am Jun 22, 2008 10:11am
Quoting ztdep
dear bobkus:
i want to know why put the low to that place, since the retracement has broken the short fib, that means a reverse.
regards
Yes at that time it did and became a false break, several days later we are only concerned with the support levels from that low to the current high anything that has happened prior to the high becomes irrelevent since the levels from measuring here only project to price after the last point measured, in this case the high. The tool works ahead of price not what has happened in history behind its most forward point.
As price moves up it pull the levels of support higher with it, if it were going down it will pull the levels of resistance down with it.
The more it continues to go up the more support builds up below it, the more it goes down the more resistance builds above price.
The last series of charts I posted show the support levels that have built up below price since it has made this last advance up. The tiers of support as it made its way up.These just represent the last layer of that support and is easier viewed from the 4 hour since we are looking at a longer period of time this becomes more of a higher timeframe fib.
Attached Image (click to enlarge)
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  • #4,039
  • Jun 22, 2008 10:56am Jun 22, 2008 10:56am
Quoting Bobokus
Overextended simply means its gone in one direction with most likely no retracement for an extended period of time, which is a condition that is almost begging for a retracement.
does it mean the price has moved out of the T2 target
I need time ,I need money, I need more patience
  • #4,040
  • Jun 22, 2008 11:14am Jun 22, 2008 11:14am
Quoting ztdep
does it mean the price has moved out of the T2 target

That would depend on what or how much of price movement your measuring.
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