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  • #4,341
  • Jul 10, 2008 11:31pm Jul 10, 2008 11:31pm
Price is now attempting to head down if price closes be low swing fibb 61.8 its a confirmation we reacted to 61.8 from intraday and place us below intrada levels and below trendline again...

If swing breaks we might get a good shot at shorting with stop above this swings high.....

Though if price finds support at this swings support then I might take break of the swing fibb high. But this all comes down to what price shows me in a few candles...

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  • #4,342
  • Jul 11, 2008 1:18pm Jul 11, 2008 1:18pm
Today we reversed our intraday levels. I took no position on the gbp last night due to the fact I did not trust the short. And i got to ride the Aud/usd long last night for good pips.

GBP/USD update

Today will be key to see how price closes either above the swing fibb 61.8 or below it the swing I am inferring aout is from price 2.004 to price 1.9643.Also keep in mind the resistance pivot we have in this area and this is a much larger swing and that holds more power.I have not updated my linear regression channel due to the fact the day is not over but what we can see is that the trend is still strong and its getting a sharper angle in the upward direction.

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I will not enter any trades for whats left of today, I made my pips and whant to keep them over the weekend lol.Any question on fibbs I will try to help to my best ( I am not BO and not close to being as good but I can help).
  • #4,343
  • Jul 11, 2008 9:23pm Jul 11, 2008 9:23pm
Quoting Shermenator
Today we reversed our intraday levels. I took no position on the gbp last night due to the fact I did not trust the short. And i got to ride the Aud/usd long last night for good pips.

GBP/USD update

Today will be key to see how price closes either above the swing fibb 61.8 or below it the swing I am inferring aout is from price 2.004 to price 1.9643.Also keep in mind the resistance pivot we have in this area and this is a much larger swing and that holds more power.I have not updated my linear regression channel due to the fact the day is not over but what we can see is that the trend is still strong and its getting a sharper angle in the upward direction.

Attachment

I will not enter any trades for whats left of today, I made my pips and whant to keep them over the weekend lol.Any question on fibbs I will try to help to my best ( I am not BO and not close to being as good but I can help).
I got my pips to on both my yesterday's/today's trade on GBP USD and USD CHF. Took all my profits 10 pips before t1. Both my stop were nearly triggers they were sets 10 pips under 61.8 retracement.

I still wonder what should have been a better entry sl strategy. Even if i took nice profits on these trades i would have prefer not to have my stops challenge as they were here. But i don`t want to miss the trade neither.

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Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,344
  • Jul 12, 2008 4:31am Jul 12, 2008 4:31am
Quoting GreatYves
I got my pips to on both my yesterday's/today's trade on GBP USD and USD CHF. Took all my profits 10 pips before t1. Both my stop were nearly triggers they were sets 10 pips under 61.8 retracement.

I still wonder what should have been a better entry sl strategy. Even if i took nice profits on these trades i would have prefer not to have my stops challenge as they were here. But i don`t want to miss the trade neither.

Attachment

Attachment

On the gbp/usd I would have used this swings low and that would have also been my reversal point to head short if in fact I had gone long.
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I wil look at usd/chf later on today bud and see what i would have done.
  • #4,345
  • Edited 11:46am Jul 12, 2008 9:14am | Edited 11:46am
I`m stuborn at using the intraday hi-lo even if the swing is apparently starting somewhere else the day before as in this case. In this case, your view was the good one since all the ranging action was better contain in between the long-short levels. More backtest is needed to see how the intraday should be draw... We could have a thread open just to determine what should be the daily intraday level. Because it is sometimes subjective.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,346
  • Jul 12, 2008 3:26pm Jul 12, 2008 3:26pm
We'll the vacation is over and its time to get back to work now. Ive looked in on the thread over the past week or so,whenever I got the chance and see everyone has been doing pretty good and following pretty close to the markets movements. Thats good!
Just to see If we are all on the same page with Cable here are my current fib placements. (Uptrend isnt necessary at this point unless we see another major fall in price)

Current Downtrending movement((Resistance levels))
Downtrend fib: High of Mar.14 (2.0396) to low of May 14 (1.9361)

Current Retracement fib((Support Levels))
Retracement fib: High of July 1 (2.0005) to low of May 14 (1.9361)

Posted below is my 4 hour and 1 hour viewpoints and the placement of my Intraday fib levels. The Intraday low point can be pulled back the the low of last thursday as an overall measurement of this push up as the week ended, since at last thursdays low point there was really only a consolidation period before price took off during fridays trading.I have mine as close to price as possible since i wanted to see the retracement from just fridays movement.

I am looking early next week to see if support will hold now that an attempt to push higher was made. We will know since the market is most likely going to move in the direction where the large pending orders are placed. If I were a gambling man I would look for the sellers to be camped at 1.9920 and 1.9970 ranges because thats where I would be. A break above that and we could see Buy stops triggered and Cable making a run north again.
To the short side we want to see if support holds from our Intraday levels and what i look at as a breaking point for this push up around the 1.9760/1.9750levels. A break short there on the Daily and this drive up is over. If this happens Ill have to make another analysis to the short side. Very likely to happen since Cable is still in a downtrending move until we see a Daily close above the 2.0000 range again.
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  • #4,347
  • Jul 12, 2008 6:36pm Jul 12, 2008 6:36pm
I am glad you are back, we have the pro back lol...

Alright bud i see the gbp/usd update you did. I see it very similar. I see you like to keep your charts as clean as you can and I am working on doing that.

Here is my update on the eur/usd let me know what you think of it thanks.

What we have here is a strong upward trend holding and just made my lr channel more sharp.

We have had a nice bounce of the intraday levels early but I dont like the fact I am left with taking the break of the high .

The last thing to be aware of is to pay attention to price action at t1 if in fact we go to that point and you decide to go for t2 since the swing from price 1.5908 to price 1.5610 end at that point let price action tell you...Also this is the retracement high...

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This is my template to the eur/usd Bo
Attached File(s)
File Type: tpl eurusd.tpl   6 KB | 466 downloads
please
take a look at this and let me know what you think. Also bud let me see your template if its ok with you so I can compare thanks.
  • #4,348
  • Jul 12, 2008 7:16pm Jul 12, 2008 7:16pm
Quoting GreatYves
I`m stuborn at using the intraday hi-lo even if the swing is apparently starting somewhere else the day before as in this case. In this case, your view was the good one since all the ranging action was better contain in between the long-short levels. More backtest is needed to see how the intraday should be draw... We could have a thread open just to determine what should be the daily intraday level. Because it is sometimes subjective.
I move my intraday sometimes just incase price decides to stop at the smaller intraday targets based on only high and low of the prvious day . But If I am going to take a reversal to the intraday levels I rather get the the whole swing even it goes a littel more then the previouse day just to make sure theirs real break. Theirs no exact answer to what is right. You just have to let price tell you either you got the right one or not. And let price action tell you what to do at the targets. Hope this helps.
  • #4,349
  • Jul 12, 2008 8:02pm Jul 12, 2008 8:02pm
I`m glad you are back too! Me and Sherm missed you.. The proof is i have been fiddling with some of my old commercial indicators from mr Igorad (absoluteStrength) wich works very well when well interpreted it gave me good results with VHand! I love VHAND it is such a great tool that can help a lot now that i figure it out!

I can also say i deposited a more serious amount of capital to my live account since i am confident that it will be safe now. My MM risk will only be 1% from now on.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,350
  • Jul 13, 2008 10:20am Jul 13, 2008 10:20am
Quoting GreatYves
I`m glad you are back too! Me and Sherm missed you.. The proof is i have been fiddling with some of my old commercial indicators from mr Igorad (absoluteStrength) wich works very well when well interpreted it gave me good results with VHand! I love VHAND it is such a great tool that can help a lot now that i figure it out!

I can also say i deposited a more serious amount of capital to my live account since i am confident that it will be safe now. My MM risk will only be 1% from now on.

Humm.. Let me quote myself, I should have said, seems to work, but on the long run, it lag and show many false signals as every other indicator.. Let`s stick to the fibs only. I dit try to apply RSI_DPO (detrended rsi) with levels 45/55 to filter false break but it doesn`t work all the time..
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,351
  • Jul 13, 2008 11:19am Jul 13, 2008 11:19am
Discovered this thread last week and have been reading..taking notes and reading some more ever since...needless to say that i really like what you're doing here. Thanks for sharing!
  • #4,352
  • Jul 13, 2008 11:50am Jul 13, 2008 11:50am
Quoting GreatYves
Humm.. Let me quote myself, I should have said, seems to work, but on the long run, it lag and show many false signals as every other indicator.. Let`s stick to the fibs only. I dit try to apply RSI_DPO (detrended rsi) with levels 45/55 to filter false break but it doesn`t work all the time..
Theres nothing wrong with using indicators, its how they are being used and for what purpose. The problem with indicators is they only show what has happened on the chart and aid in seeing the changes in price movements..based on the settings of the indicator.
I'll use a stochastic since its a popular indicator and show what it is the indicator is telling you about price. A stoch is basically moving average based, the common point to indicate overbought and oversold are the 80 and 20 levels, but there is more to it than that. The settings to the indicator are a representation of the same thing as having a moving average on the chart itself, for this Ill use the settings of 20,3,3 for the stoch and on the chart itself have a 20 Ema, a 3 Ema (close) and a 3 Ema (open). The first setting of 20 is the point price is breaking the 20Ema on the chart and should coincide with the indicator set to the same 20 breaking the midway point(50 level). The two 3 Ema's one set to open and one set to close indicate price direction. The indicator is basically showing you the same thing as price breaking the 20Ema with the two 3 ma's giving the current direction of price in relation to the 20Ema.
The second set of charts show the exact same thing but the Indicator set to 50,3,3 and the 50 Ema on the chart rather than the 20Ema. It shows when you trade based off the stoch the settings you have the indicator set to represent trading price in relation to the setting as a moving average on the chart itself. Many many indicators work in the very same manner. So when you use indicators set it to what your trying to accomplish from trading on the chart if they dont match close enough your going to get conflicting signals. If you give yourself too many choices it is difficult to make one.
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  • #4,353
  • Jul 13, 2008 11:55am Jul 13, 2008 11:55am
Quoting Sparker
Discovered this thread last week and have been reading..taking notes and reading some more ever since...needless to say that i really like what you're doing here. Thanks for sharing!
Welcome to the thread !
  • #4,354
  • Jul 13, 2008 4:16pm Jul 13, 2008 4:16pm
I've been reading thru the thread as I have time, and I must say this style of fibs are extremely powerful! I've never seen anything quite as strong as this before. Thank you for sharing Bobokus.

I have a question about the time used for each broker's platform. The broker I use for my charts, Alpari, their days are off by 2 hours from the charts you use Bobokus, does that affect the fibs and the levels of the retrace, breaks, targets, etc...?

The videos explained things so much, I actually understand what you've written in the pdf files so much better now.
  • #4,355
  • Jul 13, 2008 4:30pm Jul 13, 2008 4:30pm
hey kc
I've been using Alpari US for three months following Bo's method and it has worked very well. Use the fibs and stay away from the indicators and you will do just fine.
  • #4,356
  • Edited 5:00pm Jul 13, 2008 4:44pm | Edited 5:00pm
Quoting kc8flq
I've been reading thru the thread as I have time, and I must say this style of fibs are extremely powerful! I've never seen anything quite as strong as this before. Thank you for sharing Bobokus.

I have a question about the time used for each broker's platform. The broker I use for my charts, Alpari, their days are off by 2 hours from the charts you use Bobokus, does that affect the fibs and the levels of the retrace, breaks, targets, etc...?

The videos explained things so much, I actually understand what you've written in the pdf files so much better now.
I belive they can if you always simply focuse on the high and the low of the previous day. But remeber what he is grabbing is the swing that took place the previous day and sometimes it can go back more then 1 day by a few candles or even into the new day. This is what I think, hope it helps he will answer your question better then I did I am sure.Hope it helps
  • #4,357
  • Jul 13, 2008 5:05pm Jul 13, 2008 5:05pm
The metatrader Bo uses for the candle close is Interbank fx....
The one I use is Odl metatrader it has the same closes as interbank fx plus it gives me oil and gold thats why i use odl...
Their both great.I used to us alpari myself but now I use odl for the candle closes since the 4 hour closes will change as well for the 2 hour difference.
  • #4,358
  • Jul 13, 2008 6:06pm Jul 13, 2008 6:06pm
We have broken todays first swing fibb seems like we are going to have a deeper test to our intraday levels. If this happends keep in mind the bulish momentum is stairsteeping down so be aware of this. No matter what it is way to early for me to consider a trade in any drection yet....

We could retest out intraday levels in a couple of minutes....

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  • #4,359
  • Jul 13, 2008 6:14pm Jul 13, 2008 6:14pm
Quoting kc8flq
I've been reading thru the thread as I have time, and I must say this style of fibs are extremely powerful! I've never seen anything quite as strong as this before. Thank you for sharing Bobokus.

I have a question about the time used for each broker's platform. The broker I use for my charts, Alpari, their days are off by 2 hours from the charts you use Bobokus, does that affect the fibs and the levels of the retrace, breaks, targets, etc...?

The videos explained things so much, I actually understand what you've written in the pdf files so much better now.
The time difference from broker to broker doesnt really matter since applying fibs this way is based on the waveforms of price from high point to low point rather than placing the fib tool based on highs and lows within a certain timeframe... day, week, month etc.. The place it will matter is the open and closing of the Daily candles, 00:00 GMT is 00:00GMT no matter where you are in the world, some brokers just have a problem with understanding this.
  • #4,360
  • Jul 13, 2008 6:23pm Jul 13, 2008 6:23pm
Quoting Shermenator
We have broken todays first swing fibb seems like we are going to have a deeper test to our intraday levels. If this happends keep in mind the bulish momentum is stairsteeping down so be aware of this. No matter what it is way to early for me to consider a trade in any drection yet....

We could retest out intraday levels in a couple of minutes....

Attachment
I wouldnt put too much emphasis on the early movement we are seeing until the momentum from the Frankfurt/London session begin to kick in. Weve also seen price reach 1.9912 in early trading signaling Long, now signaling short "looking at the swing fib", Its best to wait for the market to pick up more momentum.
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