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  • #4,061
  • Jun 23, 2008 9:48am Jun 23, 2008 9:48am
Dear bobokus:

today is a good day for cable, would you plese give us a lecture about how to hold the trade and when to move the TP to brokeneven, and when to colose it.
today i have a good entry, but i close my trade when it hit the intraday pivot.
Regards
I need time ,I need money, I need more patience
  • #4,062
  • Jun 23, 2008 11:53am Jun 23, 2008 11:53am
Quoting sonicdeejay
Bo,

may I knw how ur E/Y fibo graph look lik??
Me.new to fib drawing and method!!!

sonic
Sure, with Euro/Yen all you have in the longer term are various stages in an uptrend that has been going on for years now. The shorter term weve got some of the same thing for the last push up in price I would look at the movement up from March of this year.As with all crosses Euro/Yen is just the end result of the Euro and the Usd/Yen..at any time you can multiply the value of the 2 together and youll get the current Euro/Yen value within a few pips or so. But back to the chart from this Last Uptrending move there has been some retracement to this that began back in April and ended in May this year. Measuring this bounce that occured since the retracement into this last uptrending move, price has reached its target range from that and been balancing back and forth around this level since June 16th.
Where it goes from here will depend more I think on the Euro than the Usd/Yen in the sense, are we seeing the Euro coming off its high point of the year aleady and if it will continue to slide deeper or not.
If it does I would expect the Euro/Yen to continue to be rangy the rest of the year. With the major moves coming in when the fundamentals are in alignment with the Euro and the Usd/Yen.
From the 1 hour the ranging is alot more evident. Looking at Fridays movement from the low of the consolidation period between last thursday and friday price has met this target range and appears to be consolidating now. For the next Intraday, for today I would look to the high made during Sundays movement since this is the high of the rejection point from fridays Intraday to the current low of today and unless something changes fundamentally be wary of this ranging type movements to continue.
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  • #4,063
  • Jun 23, 2008 12:03pm Jun 23, 2008 12:03pm
Quoting lordgbengs
pls wat is the difference btw swing and rally?tnx

Same here I placed my stop loss (profit protection only) at 1.9517 and have been forced out of the market there, now I will look to sell the next rally that occurs and fails. Ideal condition now would be for price to rally back to the 1.9700 area and fail at that point for another short and get paid the same numbers twice..which is always a good thing.
The swing is simply when you measure the counter moves to where you have your Intraday, in todays case your swing would be measuring the retracement ...if any.. into this move down from today.. A rally in price is when it attempts to recover from a downward move "rallying back". In a downtrend this is what you want to see so you can "sell the rally". A swing is each movement that price makes, it goes up then down (a swing up) then (a swing down)
  • #4,064
  • Jun 23, 2008 12:21pm Jun 23, 2008 12:21pm
Quoting ztdep
Dear bobokus:

today is a good day for cable, would you plese give us a lecture about how to hold the trade and when to move the TP to brokeneven, and when to colose it.
today i have a good entry, but i close my trade when it hit the intraday pivot.
Regards
Sure remember back a few pages ago when i went throught he various stages or tier's of support that builds up below price when its moving up?. Look at the same chart today and where price has stalled out. My assumtion was correct this time since the latter of those posts is the last tier of support to price was close in alignment with the Intraday target of Friday. A short condition and we would look to exit out first at the Intraday T1. To let the market force you out of the trade instead of taking your profits at T1 you use the previous candle highs as your exit point. The smart move it to take your profits at the T1 level and stop trading for the day there. The other option is to let the market take you out or force you out if it attempts to rally back..just like it is doing right now this will take closing the trade manually out of your hands and let the market detirmine your exit point.The last chart shows the progression with the arrows of where you would put your stop loss (profit protection) to the point that you begin to see previous candle highs broken...in order for a rally to occur the previous highs will have to be broken. This works very well during strong movements in price.
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  • #4,065
  • Jun 23, 2008 4:19pm Jun 23, 2008 4:19pm
Quoting Bobokus
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.

Bobokus,
congratulate for your work, is the best.
I'm following you since many time ago, I really learn to much with you and I appreciatte you like a trully master.
I love trade without any indicators, only PRICE ACTION and S/R, with a fined tool like fibonacci.
I can't understand why you advise use MANY fibos in the grafics?, can you show me why?
I use next, you tell me if is bad:
1) charts 1H
2) 16 pairs
3) DT ZIGZAG LAUER (5;60) to find the support and resistance automatically.
4) Fibonacci, like you teach me ( 1,55/1,34/100/61,8/38,2/0/-0,34/-0,55)

Simplly finde the way looking where the price is (between 38-62 ) and controll with the 61,8% from the previus day and go to first target (0-100) if it brake..fine=next -0.34/1,34 and gone/
When the trend close or targets are reched....look for the last support and las resistance, redrew fibo and go again.......

Can you help me clarify why the 5 fibos??,

Great treat, you are de the best....THANK A LOT, REALLY THANK YOU.

Popeye.
To make an omelet you have to break a few eggs so breathe and be happy
  • #4,066
  • Jun 23, 2008 4:33pm Jun 23, 2008 4:33pm
Quoting Popeye
Bobokus,
congratulate for your work, is the best.
I'm following you since many time ago, I really learn to much with you and I appreciatte you like a trully master.
I love trade without any indicators, only PRICE ACTION and S/R, with a fined tool like fibonacci.
I can't understand why you advise use MANY fibos in the grafics?, can you show me why?
I use next, you tell me if is bad:
1) charts 1H
2) 16 pairs
3) DT ZIGZAG LAUER (5;60) to find the support and resistance automatically.
4) Fibonacci, like you teach me ( 1,55/1,34/100/61,8/38,2/0/-0,34/-0,55)

Simplly finde the way looking where the price is (between 38-62 ) and controll with the 61,8% from the previus day and go to first target (0-100) if it brake..fine=next -0.34/1,34 and gone/
When the trend close or targets are reched....look for the last support and las resistance, redrew fibo and go again.......

Can you help me clarify why the 5 fibos??,

Great treat, you are de the best....THANK A LOT, REALLY THANK YOU.

Popeye.
Each tool has its own purpose, here is a basic overview;

(3 tools used on the Daily chart)
1. The Uptrend(if present) :show the major support levels to price.
2. The Downtrend (if present) :show the major resistance levels to price.
3 The Retracement fib tool: displays price movement into the the current trend by measuring the amount of retracement you are getting

(2 tools used on the 1 hour)
From the 1 hour I trade my way to the Daily fib levels and use 2 tools to accomplish this.
1.Intraday fib: which measures each movement on a daily basis and to get clues on the next movement based on prices reaction to its levels.
2.Swing fib: an all purpose tool that is first used to measure the counter moves you get from each Intraday movment as an aid on price continuation or reversal. Also used to measure everything alse in between and follow the market with once trades are entered.

Its all in the thread many times.

Whew 16 pairs, how do you keep track of them all and make sense out of it? Thats hair pulling out stress there.
  • #4,067
  • Jun 23, 2008 4:36pm Jun 23, 2008 4:36pm
Quoting Bobokus

Whew 16 pairs, how do you keep track of them all and make sense out of it? Thats hair pulling out stress there.
That's why there's the swing in the back yard...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #4,068
  • Jun 23, 2008 4:41pm Jun 23, 2008 4:41pm
Quoting Thexder
That's why there's the swing in the back yard...
Exactly, right next to the jugs of XXX, the good stuff.
  • #4,069
  • Jun 23, 2008 5:50pm Jun 23, 2008 5:50pm
Bo, I like you for one thing, u r never tired of imparting knowledge. looking forward to make more pips 2moro. GU is presently in a downward channel and and i will be getting good entry with our fib. Thanks
  • #4,070
  • Jun 23, 2008 8:49pm Jun 23, 2008 8:49pm
Quoting Popeye
Bobokus,
congratulate for your work, is the best.
I'm following you since many time ago, I really learn to much with you and I appreciatte you like a trully master.
I love trade without any indicators, only PRICE ACTION and S/R, with a fined tool like fibonacci.
I can't understand why you advise use MANY fibos in the grafics?, can you show me why?
I use next, you tell me if is bad:
1) charts 1H
2) 16 pairs
3) DT ZIGZAG LAUER (5;60) to find the support and resistance automatically.
4) Fibonacci, like you teach me ( 1,55/1,34/100/61,8/38,2/0/-0,34/-0,55)

Simplly finde the way looking where the price is (between 38-62 ) and controll with the 61,8% from the previus day and go to first target (0-100) if it brake..fine=next -0.34/1,34 and gone/
When the trend close or targets are reched....look for the last support and las resistance, redrew fibo and go again.......

Can you help me clarify why the 5 fibos??,

Great treat, you are de the best....THANK A LOT, REALLY THANK YOU.

Popeye.

Don`t try to over clarify things! You seems to have it right! I for my self work only with one no name fibo. One daily chart and one hourly chart side to side, I use the pure 1.382 level and always mentally add or substract 5-10 pips for security purpose. I presently only work with GBP/USD because it is the only pair i know that respect the fibs level by the book, and volatility is presently great. Eur/yen will work better with Weekly/H4 chart from what i know.Go with what work for you! Diluting your energy trading 16 pair is a full time job and will bring you no better results then trading only one properly. Let us know your findings!
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,071
  • Jun 23, 2008 9:19pm Jun 23, 2008 9:19pm
I am at my 6th or 7th account, i've lost track, i have tried all the techniques in the 400 forex book that exist and was still overtrading, and over risking, over doing it like a gambler would have done. I have got fed up and became completly convinced that forex was only a scam that almost nobody but only the lucky can survive at. It really pissed me off! It seemed so easy at the beginning! I have broke my neck and have lost all hope tradind NZD/USD. I was trading this pair because it was the highest reward per pip i could found, i was lucky for a while range trading with high risk 1:1 ratio, but in the long run i got greedy and the market had no pity for me. As i said in a previous post, i have then stop trading completly for almost six month, not looking at a single chart. I became afraid of beeing a gambler. Especially the looser kind. But at night a little voice kept telling me: fibs... gbpusd... proper mm... as bobokus have shown you... get back to it... seriously... And here i am now.

Here an an Extract from the book of “Beat the Odds in Forex Trading” by Igor Toshchakov, published by Wiley.

I think we should all read this, i think every lasting traders go true that phase. Me at least.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,072
  • Jun 23, 2008 9:43pm Jun 23, 2008 9:43pm
Quoting GreatYves
I am at my 6th or 7th account, i've lost track, i have tried all the techniques in the 400 forex book that exist and was still overtrading, and over risking, over doing it like a gambler would have done. I have got fed up and became completly convinced that forex was only a scam that almost nobody but only the lucky can survive at. It really pissed me off! It seemed so easy at the beginning! I have broke my neck and have lost all hope tradind NZD/USD. I was trading this pair because it was the highest reward per pip i could found, i was lucky for a while range trading with high risk 1:1 ratio, but in the long run i got greedy and the market had no pity for me. As i said in a previous post, i have then stop trading completly for almost six month, not looking at a single chart. I became afraid of beeing a gambler. Especially the looser kind. But at night a little voice kept telling me: fibs... gbpusd... proper mm... as bobokus have shown you... get back to it... seriously... And here i am now.

Here an an Extract from the book of “Beat the Odds in Forex Trading” by Igor Toshchakov, published by Wiley.

I think we should all read this, i think every lasting traders go true that phase. Me at least.
Ill bet everyone that has stuck with Forex trading has been through the exact same thing, I know when I first started I thought I knew everything and didnt need any help or waste any of my time with a demo account. I made the mistake of going directly to live trading, even though at the time it wasnt alot of money, loosing the accounts and trading out of anger only compounded my problem. it wasnt until I realised I was my own problem that I started to make sense of this market and move or trade at a much slower pace, and actually learn how to trade before jumping in.Everyone gets into this business under the lure of easy money when in fact its just the opposite. Its not easy. It takes time to develope skills that can lead you to success and everyone learns at a different pace some will never be successful just because of the mental anguish and stresses associated with trading. Its in a way the same thing as not everyone can play the piano, anyone can learn but few will actually be good at it.
  • #4,073
  • Edited 10:03pm Jun 23, 2008 9:50pm | Edited 10:03pm
We have gotten a rejection of our intraday levels todays but seems like movement has come a littel early. Second price did bounce of the 38.2 and seem bearish as of right now. Be aware if you do take a trade be aware of the large swing in the 4 hour chart 61.8 and let price decide if its worth holding and also be aware of the upward trendline...
Also keep in mind that price clearly reject a 38.2 fibb from the daily chart.

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  • #4,074
  • Jun 23, 2008 11:59pm Jun 23, 2008 11:59pm
this is the swing fibb holding your trade short....based on the fact that price rejected the intraday level its a good short. Now if our swing long does not hold then you can reverse but you would treat it like a scalp as long as we are against our intraday levels...now if price does brake the long of the swing fibb i have in my picure(red one) would you reverse and would you be willing to reverse again if price strugles once again at the intraday short or is that over trading since the market would then be showing us it has no decision and if it does have problems at the top it would be forming a double top at that point or would you hold your long as as the swing short of the couter fibb to the intraday movement hold remeber this is only hypothetical odds are you win your trade lol...

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I am in long now after it broke...I am scalping it back up
  • #4,075
  • Edited 3:33am Jun 24, 2008 2:22am | Edited 3:33am
Scalped turn into a trade...

Got stopped out when previous candle low broke...

Positive trade
  • #4,076
  • Jun 24, 2008 3:38am Jun 24, 2008 3:38am
If my swing fibb breack and my trendline brakes i will be shorting based of the intraday level 61.8 fibb pluss the fact that we would then be below the in intraday short.........Also if this does happen dont forget to move your swing fibb counter to the intraday ....as long as trendline holds i wont trade short since price has stairstep up.
Trendline brake = a possibel head and shoulders

but if swing fibb proves support i will reenter long looking for the intraday high...time and price will let me know ....be aware of the downward trendline on the daily chart.....its near intraday high if in fact we halve a reversal of our intraday levels....

[
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  • #4,077
  • Jun 24, 2008 10:07am Jun 24, 2008 10:07am
swing long fib break, take it. where is target?
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I need time ,I need money, I need more patience
  • #4,078
  • Jun 24, 2008 10:22am Jun 24, 2008 10:22am
so how to disconnet the mt4 without close it?
I need time ,I need money, I need more patience
  • #4,079
  • Jun 24, 2008 10:46am Jun 24, 2008 10:46am
Quoting ztdep
swing long fib break, take it. where is target?
When the swing long broke that was the trade mate...
  • #4,080
  • Jun 24, 2008 11:04am Jun 24, 2008 11:04am
Quoting ztdep
swing long fib break, take it. where is target?
Also bud your intraday fibb is from the previous day swing its ussually the high and the low of the previous day.......
The intraday that you plased is not an intraday but a swing of support.
What you need to do is move your swing fibb around and know that the support is their and know why it bounced their. But as one hour chart traders you whant to trade with the intraday unless price brake the intraday long ...this is my setup for todays trading prior to the brake of the intraday long.Since we have not hit either intraday target today that leaves us open for another reversal today bud.Also be aware of the downward trendline...
I am currenty long when the swing long broke...and my stop is on the previous candle low...I will let te market take me out.

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