DislikedI have updadet my daily chart to my stronger levels since price has decided to move back up ....
Daily chart..
Attachment
Now this is my 1 hour chart.
You can take a short in the market now since price broke 61.8 and broke channel and rejected 61.8 from daily chart and dont forget to fallow it with your swing fibb if you do trade it but i will not trade it simply because time of the day. I rather miss a good trade then being in a bad one.
AttachmentIgnored
Fibonacci Trading with Bobokus
- #4,222
- Jul 1, 2008 12:50pm Jul 1, 2008 12:50pm
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Just giving an update on the market. Practice makes perfect lol
USD/CHF
Alright so what do we have today is range. We are getting a range between a a 38.2 fibb from a dily chart and a rejection of a downtrend short....
Also price attempted to escape the previous path over the past couple of days. Overall its not worth trading the market and its slow now it has no real decision but looking a littel more bullish for right now since a current bullish swing is holding....
USD/CHF
Alright so what do we have today is range. We are getting a range between a a 38.2 fibb from a dily chart and a rejection of a downtrend short....
Also price attempted to escape the previous path over the past couple of days. Overall its not worth trading the market and its slow now it has no real decision but looking a littel more bullish for right now since a current bullish swing is holding....
- #4,223
- Edited 5:48pm Jul 1, 2008 4:44pm | Edited 5:48pm
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Its to early to decide right now but its more on the bearish side since price did brake our new intraday fibb support....Also price has broken a linnear regression channel and that add bearish factor....Also if you place a counter fibb to the intraday with your swing fibb price has found nice resistance.....
I have to arrows placed in my picture a blue one and a red one .....
Blue arrow
The blue one is the place i would be a buy stop in would be 3 pips above that candles hgh and that would prove to me that the earlier brake was a false one.Also I will only place a buy stop at a later time since i do not whant to get wipsawed my tokyo session.Also keep in mind we have rejected a daily 61.8 fibb
Red arrow
Here is the place that I would place a sell order if I get some nice bearish engulfing or some nice formation in this area. I would place a sell order but I will take this trade later its still to early to trade.
We are also in some consolidation between intraday long and intraday short.So I will wait for it to pierce out of there.
I have to arrows placed in my picture a blue one and a red one .....
Blue arrow
The blue one is the place i would be a buy stop in would be 3 pips above that candles hgh and that would prove to me that the earlier brake was a false one.Also I will only place a buy stop at a later time since i do not whant to get wipsawed my tokyo session.Also keep in mind we have rejected a daily 61.8 fibb
Red arrow
Here is the place that I would place a sell order if I get some nice bearish engulfing or some nice formation in this area. I would place a sell order but I will take this trade later its still to early to trade.
We are also in some consolidation between intraday long and intraday short.So I will wait for it to pierce out of there.
- #4,228
- Edited 7:08pm Jul 1, 2008 6:37pm | Edited 7:08pm
I like your analysis guys, it permits me to draw my fibs properly! Thanks for your Daily chart Sherman, if i would have seen it this morning i wouldn`t have go long so early. Personnaly, i will take any break, Long for the trend, with TP before the daily high and that big 61.8; and short, because we`re due for a weekly retracement and there is triple convergence at 9840-9844. What do you think? 
Harmonics and Pitchfork using korHarmonics from TradingArsenal
- #4,230
- Jul 1, 2008 8:05pm Jul 1, 2008 8:05pm
- Joined Jan 2008 | Status: Trader | 2,996 Posts
I have taken a short and i will treat it like a scalp based on the time I am taking the trade. Also i do have a tight stop and Price action will let me know if I should reverse or not....
I will hold as long as my swing fibb holds....or price action tells me the opposite if it brakes the littel high to the left..
I will hold as long as my swing fibb holds....or price action tells me the opposite if it brakes the littel high to the left..
- #4,233
- Jul 1, 2008 8:37pm Jul 1, 2008 8:37pm
- Joined Jan 2008 | Status: Trader | 2,996 Posts
A short make sense... I had set an alarm to my cell phone to page me when it gonna break 9960 or 9931.
Shermen, may i suggest you use MT4/File/Save as picture feature at 800x600 to capture your nice chart? And also, maybe you can use some more neutral color then yellow mustard as background, please? I just can't read any number on them!
lol np bud let me know if this is better...
- #4,234
- Jul 1, 2008 9:15pm Jul 1, 2008 9:15pm
Harmonics and Pitchfork using korHarmonics from TradingArsenal
- #4,235
- Jul 1, 2008 9:34pm Jul 1, 2008 9:34pm
- | Joined Nov 2007 | Status: Piping Aint Easy. | 163 Posts
LOL, nice suggestions on the chart. I agree with them. 
.
Speaking of charts. I am super..super..super.. obsessed with making easily presentable charts. It's what I stare at a lot, so I have been spending the better half of 3 months, playing around with colors, sizes, fonts, styles, to come up with a great fibo chart. It is a work in progress, but I think at FF, there certainly needs to be more consistency when attaching charts, although each person does prefer their own taste of colors.
For example, here is my attachment, what do you think? Please critique as needed. The only thing I don't like about having multiple fibo's on one chart, is that if two levels overlap, you cant read the names.
I use only black and white on the candlesticks, and do not have any gridlines except to indicate a new day. I then use a dashed fibo line, with different colors of different time periods.
.Speaking of charts. I am super..super..super.. obsessed with making easily presentable charts. It's what I stare at a lot, so I have been spending the better half of 3 months, playing around with colors, sizes, fonts, styles, to come up with a great fibo chart. It is a work in progress, but I think at FF, there certainly needs to be more consistency when attaching charts, although each person does prefer their own taste of colors.
For example, here is my attachment, what do you think? Please critique as needed. The only thing I don't like about having multiple fibo's on one chart, is that if two levels overlap, you cant read the names.
I use only black and white on the candlesticks, and do not have any gridlines except to indicate a new day. I then use a dashed fibo line, with different colors of different time periods.
- #4,237
- Jul 1, 2008 9:42pm Jul 1, 2008 9:42pm
LOL, nice suggestions on the chart. I agree with them.
Speaking of charts. I am super..super..super.. obsessed with making easily presentable charts. It's what I stare at a lot, so I have been spending the better half of 3 months, playing around with colors, sizes, fonts, styles, to come up with a great fibo chart. It is a work in progress, but I think at FF, there certainly needs to be more consistency when attaching charts, although each person does prefer their own taste of colors.
For example, here is my attachment, what do you think? Please critique as needed. The only thing I don't like about having multiple fibo's on one chart, is that if two levels overlap, you cant read the names.
I use only black and white on the candlesticks, and do not have any gridlines except to indicate a new day. I then use a dashed fibo line, with different colors of different time periods.
In the old days we had to post only white charts because of those that printed everything. But nowadays i think nobody do that anymore.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
