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  • #4,081
  • Jun 24, 2008 11:22am Jun 24, 2008 11:22am
Quoting Shermenator
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.

Attachment
Nice job let the market do part of your trading for you
  • #4,082
  • Jun 24, 2008 1:47pm Jun 24, 2008 1:47pm
I have been on again off again following this tread and have decided it is time to get into it full time and stop pissing around. Going to read over the pdf's over the next few days and see what info I can glean from them. Any help along the way or advise would be welcomed. Thanks Bob for all your knowledge I can see many people are benefiting and hopefully I will be too as time passes.
  • #4,083
  • Jun 24, 2008 2:13pm Jun 24, 2008 2:13pm
Quoting gman29
I have been on again off again following this tread and have decided it is time to get into it full time and stop pissing around. Going to read over the pdf's over the next few days and see what info I can glean from them. Any help along the way or advise would be welcomed. Thanks Bob for all your knowledge I can see many people are benefiting and hopefully I will be too as time passes.

Only advise upfront is dont make the mistakes Ive made and learn with real money. Trade demo until you feel comfortable with what your doing, or get to the point you could train someone else. Trading forex youll find, will throw many different conditions at you and experience over time is very important.
  • #4,084
  • Jun 24, 2008 4:37pm Jun 24, 2008 4:37pm
Quoting Bobokus
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.
Bobokus,

thank for your answer, probably this is what I need, you present now a BIG PICTURE of all your sistem and it's more simple.

Only one question, the real spirit is: PRICE ACTION and SR, isn't it?, support and resistence and fibonacci to mesure the movement, and that's it.

Thank for your work and your coching attitude with the people who are learning instead years in the market.

Best regards and God Bless you.

Popeye.
To make an omelet you have to break a few eggs so breathe and be happy
  • #4,085
  • Jun 24, 2008 4:40pm Jun 24, 2008 4:40pm
Weekly chart....
Attached Image


I choose to put this chart up for the reason so that you can swee the location my trendlines are coming and so that you can also see the places i placed my fibs.

Daily chart...

Attached Image


What we see here is that price is ranging in a pennant and it bouncing from trendline to trendline . This might be a cause of some reversals in the intraday trading.

1 hour chart....

Ok here is the place action take place ....
Be aware of the fact that price did not hit its intraday target yesterday and that leaves that market open for another reversal day. Also dont forget to move your swing fibb around if in fact you decide to take a trade of the intraday, if we do get a bounce move your swing fibb to firdays high thrue mondays low and dont forget we are still locked in that 61.8 fibb and look at the 4 hour chart candles for clues.And if price does go up today i will take my profits at t1 of intraday since it matches up with downtrend short.

Attached Image
  • #4,086
  • Jun 24, 2008 4:44pm Jun 24, 2008 4:44pm
Quoting Popeye
Bobokus,

thank for your answer, probably this is what I need, you present now a BIG PICTURE of all your sistem and it's more simple.

Only one question, the real spirit is: PRICE ACTION and SR, isn't it?, support and resistence and fibonacci to mesure the movement, and that's it.

Thank for your work and your coching attitude with the people who are learning instead years in the market.

Best regards and God Bless you.

Popeye.
Correct its the price action reaction at the fib levels, the fib tools help gauge movement.
  • #4,087
  • Jun 24, 2008 4:52pm Jun 24, 2008 4:52pm
Quoting GreatYves
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!
Man,
you really clarify me.
How many pips average you do by this way?, I use so many pair because hope find more trigger signals, nothing else, but you are rigth, agree with you.

I was folling a tread of skunny and bobokus, where they develope a trading enveroment....price action and supports and resistence, it was very intresting, but at last, skunny don't finish the idea or I didn't find it at the end, instead of that I am very thankfull with skunny and bobokus because toucht me find supports and resistence and post swing fibo..and that's graet.

Think, just support and resistence, and fibo swinging, going betwing break on high or low to the first target 1.34 but the thread went for any other way, I couldn't understand.

So, I really appreciatte your answer and advise, I agree, one pair probably where more profitable than 16.

What you think about the biggers for (GBP/JPY, GBP/CHF, GBP/USD, EUR,JEN)

Thank for your time and your help, I really feel it.

Popeye.
To make an omelet you have to break a few eggs so breathe and be happy
  • #4,088
  • Jun 24, 2008 5:01pm Jun 24, 2008 5:01pm
Quoting Bobokus
Correct its the price action reaction at the fib levels, the fib tools help gauge movement.
Bobokus,
thank for your help, where can I see all the procedure, I know that all is part of the sistem, but I can't see it jet.

In what part of the thread I can find your complet explanation, I understan your daily bases, supose use your indicator BOBOKUSFIBO2, understand the swing fibo thing, but can't understand the firs part, when you define the trend.

Thank a lot, for your time and your spirit of helping.

Best regards,

Popeye
To make an omelet you have to break a few eggs so breathe and be happy
  • #4,089
  • Jun 24, 2008 5:03pm Jun 24, 2008 5:03pm
Quoting Popeye
Bobokus,
thank for your help, where can I see all the procedure, I know that all is part of the sistem, but I can't see it jet.

In what part of the thread I can find your complet explanation, I understan your daily bases, supose use your indicator BOBOKUSFIBO2, understand the swing fibo thing, but can't understand the firs part, when you define the trend.

Thank a lot, for your time and your spirit of helping.

Best regards,

Popeye
Bud in the first page on his first post if you look at all of his youtube videos...in one of them he explains the part of how to place the daily fibbs
  • #4,090
  • Jun 24, 2008 5:12pm Jun 24, 2008 5:12pm
Quoting Shermenator
Bud in the first page on his first post if you look at all of his youtube videos...in one of them he explains the part of how to place the daily fibbs
Thank man,
I'll see it again, I saw everything and I lost, I couldn't see really the aplication or the reall efect....I'm sorry, for me 4 + 4 is 8, and I saw all the videos and couldn't see the real support and resistence all the grafic lost practicity.

Instead of, thank a lot, really appreciate your help.

Popeye.
To make an omelet you have to break a few eggs so breathe and be happy
  • #4,091
  • Jun 24, 2008 5:22pm Jun 24, 2008 5:22pm
Quoting Popeye
Thank man,
I'll see it again, I saw everything and I lost, I couldn't see really the aplication or the reall efect....I'm sorry, for me 4 + 4 is 8, and I saw all the videos and couldn't see the real support and resistence all the grafic lost practicity.

Instead of, thank a lot, really appreciate your help.

Popeye.
No prob bud...you are welcome to joing are fibb group. We practice everyday and its free. We also analyze the market at night. ITs free so dont worry we have been doing this for about 2 months. We all learn together and you are welcome to joing. You will catch us in there right before franky session and my skype is jets211990. Once again everyone is welcome and this is done to improve in this great strategy. Its on trading rooms and the room name is BOBOKUS and SHEREMENATOR.
  • #4,092
  • Jun 24, 2008 6:44pm Jun 24, 2008 6:44pm
Quoting Shermenator
No prob bud...you are welcome to joing are fibb group. We practice everyday and its free. We also analyze the market at night. ITs free so dont worry we have been doing this for about 2 months. We all learn together and you are welcome to joing. You will catch us in there right before franky session and my skype is jets211990. Once again everyone is welcome and this is done to improve in this great strategy. Its on trading rooms and the room name is BOBOKUS and SHEREMENATOR.

Thank Sheremenator, I really appreciatte that.
Tomorrow I'll contact by skype.
Thank again.

Popeye
To make an omelet you have to break a few eggs so breathe and be happy
  • #4,093
  • Jun 24, 2008 7:37pm Jun 24, 2008 7:37pm
Quoting Bobokus
Correct its the price action reaction at the fib levels, the fib tools help gauge movement.
Bobokus,
I was reading everything, saw the videos and can't understand the first part...that happend in the daily charts, I can't understand what meaning the ratios, I know that they reprecent supports and resistence, but in the 1H charts....????? what is the application??

Your presentation in PDF is great, so simple and perfect....don't trade after in that way?, .....

In your first page you post a chart and indicator PriceDirection, don't talck again of it far, did you remove it?, don't use more?, can replace by CCI (14)?

Can you tell me where or in what post you have explained all your sistem??

Thank a lot for your work and your patience.

Best regards,

Popeye.
To make an omelet you have to break a few eggs so breathe and be happy
  • #4,094
  • Jun 24, 2008 9:09pm Jun 24, 2008 9:09pm
Quoting Popeye
Bobokus,
I was reading everything, saw the videos and can't understand the first part...that happend in the daily charts, I can't understand what meaning the ratios, I know that they reprecent supports and resistence, but in the 1H charts....????? what is the application??

Your presentation in PDF is great, so simple and perfect....don't trade after in that way?, .....

In your first page you post a chart and indicator PriceDirection, don't talck again of it far, did you remove it?, don't use more?, can replace by CCI (14)?

Can you tell me where or in what post you have explained all your sistem??

Thank a lot for your work and your patience.

Best regards,

Popeye.
The indicators are just not needed, not to demonstrate or teach fibonacci anyway, if you look to the indicators your going to be late with your entry's and most likely your exits.
I dont condemn indicators I do use some of them, but its not the indicator thats important its the current value of price. This thread is just to help understand using fibs the way I use them, most will implement this with whatever system they use anyway. You can use whatever indicators you like but i would not base my entry's from them.When you start loading your chart down with indicators you going to most likely get confused situations.
There is no single post that describes the whole methodology.
The reason you set up your fibs on a Daily chart is this is the easiest place to find the major support and resistance areas. If the pair is in an Uptrend you would use the Uptrend fib to show the major support areas, sometimes there will be an Uptrend and a Downtrend and if you measure the Downtrend as well you will have your major resistance points. The other fib for the Daily is the retracement, anytime that price retraces into the current trend its in is where you place the retracement fib, not always will you have all 3 on the Daily but with Cable there are all 3.
The 1 hour chart is where we use the Intraday and the Swing fibs and the purpose is to trade your way to these Daily levels from the Daily chart. The fib tool is nothing more than a measurement that shows the balance between long and short conditions as well as the potential price can move from these levels. As long as price is being supported by the inner levels.(long,pivot and short) price will continue to go up. If price is being rejected from the inner levels it will stay in a short condition.
Theres really nothing thats purely mechanical to it. I wish it was that easy. Price action at the fibs levels is what you want to become accustom to, this is how you enter and exit.Learning price action is just as important as the levels themselves.
  • #4,095
  • Edited 10:10pm Jun 24, 2008 9:47pm | Edited 10:10pm
We have gone into some consolidation ....and i feel like its been produced from the swing from fridays high to mondays low (red fibb) swing fib...
So for me their is no trade since its locked in range. Also look at the four candle charts for clues of rejection to the 61.8 swing fiib i have in my pic.
Also be aware that price did not hit any intraday targets yesterday so that leaves the market open for another reversal.
Right now you are left with the brake of consolidation....though keep in mind the probabilty is greater if the brake of consolidation today takes place in the upward movement...

Attached Image


Also i will only be looking for the brake up since our innner levels are yet to be tested and the brake of the consolidation downward has lower probability ....And wors case if our intraday short brakes then i would look for a short being aware of the upward trendline...
  • #4,096
  • Jun 24, 2008 10:39pm Jun 24, 2008 10:39pm
Quoting Shermenator
We have gone into some consolidation ....and i feel like its been produced from the swing from fridays high to mondays low (red fibb) swing fib...
So for me their is no trade since its locked in range. Also look at the four candle charts for clues of rejection to the 61.8 swing fiib i have in my pic.
Also be aware that price did not hit any intraday targets yesterday so that leaves the market open for another reversal.
Right now you are left with the brake of consolidation....though keep in mind the probabilty is greater if the brake of consolidation today takes place in the upward movement...

Attachment

Also i will only be looking for the brake up since our innner levels are yet to be tested and the brake of the consolidation downward has lower probability ....And wors case if our intraday short brakes then i would look for a short being aware of the upward trendline...
what is the meaning of " price did not hit any intraday targets yesterday so that leaves the market open for another reversal."
regards
I need time ,I need money, I need more patience
  • #4,097
  • Jun 24, 2008 11:17pm Jun 24, 2008 11:17pm
The GBPUSD is now flat and is waiting for the news, And is stuck just under the 61.8 level of the 9790-9584 swing in the no trade zone. I am not comfortable with the intraday level in that case. I would only suggest long at 9725, shorts at 9660. Good night. No trade for me tonight.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,098
  • Jun 25, 2008 12:10am Jun 25, 2008 12:10am
Quoting ztdep
what is the meaning of " price did not hit any intraday targets yesterday so that leaves the market open for another reversal."
regards

When you move you intraday from day to day ( it has a target to complete and that is t1 of ither side. If neither side does not get hit withing 24 hours that means the market has no sure direction and is left open for a reversal...
  • #4,099
  • Jun 25, 2008 12:28am Jun 25, 2008 12:28am
Quoting GreatYves
The GBPUSD is now flat and is waiting for the news, And is stuck just under the 61.8 level of the 9790-9584 swing in the no trade zone. I am not comfortable with the intraday level in that case. I would only suggest long at 9725, shorts at 9660. Good night. No trade for me tonight.
I completly agree with you bud...i would be looking for a brake of the intraday high with a pierce and i would fallow it with my swing if its worth holding...
And on the bearish side i agree only untill my intraday short breacks......
Keep in mind upward trendline...

Attached Image
  • #4,100
  • Edited 12:58am Jun 25, 2008 12:36am | Edited 12:58am
Eur/usd is holding support at the intraday long today but ranging...Also price has also found support on the daily retracement short....

I have placed a buy stop at price 5579....
I will be taking price back and will be looking at how price reacts to the swing fibb levels of rejection...
I will not be placing a sell stop since we have an upward trendline and i would only consider shorting after that even though i would treat like a scalp since we would still be in the intraday support zone. Also i would use my swing fibb to let me know what to do or if its worth even trading....

Attached Image


If in fact i get pulled in up i will be looking for the counter ibb to the intraday targets since we have the retracement pivot above.
5642 area...
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