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  • #4,361
  • Jul 13, 2008 6:57pm Jul 13, 2008 6:57pm
Which is why I asked my question initially. I noticed when I went back to look at the Oct 10 trade in the beginning pages of the thread, my charts GMT was shown as 2 hours difference. Your 0900 GMT was my 1100GMT.

Thanks for answering the question Bo


Quoting Bobokus
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.
  • #4,362
  • Edited 7:35pm Jul 13, 2008 7:09pm | Edited 7:35pm
Another question has crept into my orb called a brain, where do you place your stoploss? Do you set a certain amount like say 20, 25, ..... or do you place it under(or over) the recent swing short/long? I know it's actually a matter of risk and preference to one's individualism, but I was just curious.


Happy Pippin'
KC

Edit: Never mind, I found the answer a few posts away
  • #4,363
  • Jul 13, 2008 7:21pm Jul 13, 2008 7:21pm
Sorry for all the questions that may be answered later in the thread (from the pages I've already read) but I have this desire in me to learn. Would it be a safe analysis to say that the intraday fibs are used to enter trades and the swing to manage that trade once entered?


Happy Pippin'
KC
  • #4,364
  • Jul 13, 2008 7:31pm Jul 13, 2008 7:31pm
I'm almost finished reading the whole thread and to me it seems everything is covered..great stuff!
  • #4,365
  • Edited 7:55pm Jul 13, 2008 7:49pm | Edited 7:55pm
Man, From Rabbits to Marijuana Hands to Nautilis ad infinitum, this is serious s#it.
BUT.
Pease show me the Conclusive "Predictability" of calculations created by :The Son of Nacci"
In Honor Of Leo, I would suggest that his perabolations were based on "Normal Progression" Try tying the Market to Normal Progression.

In essence, Fibs are Stronger once achieved.
Believe me when I say; this is not what I wanted to discover.
  • #4,366
  • Jul 13, 2008 7:53pm Jul 13, 2008 7:53pm
Hey Bo,

Just wanna say hope you had a good relaxing holiday and glad you are back cos your daily participation is always missed......

Hope we all have a good trading week.
  • #4,367
  • Jul 13, 2008 7:54pm Jul 13, 2008 7:54pm
I've noticed that as I've read more and more

So I'll wait til the end to post anymore questions.



Quoting Sparker
I'm almost finished reading the whole thread and to me it seems everything is covered..great stuff!
  • #4,368
  • Jul 13, 2008 7:57pm Jul 13, 2008 7:57pm
Quoting kc8flq
Another question has crept into my orb called a brain, where do you place your stoploss? Do you set a certain amount like say 20, 25, ..... or do you place it under(or over) the recent swing short/long? I know it's actually a matter of risk and preference to one's individualism, but I was just curious.


Happy Pippin'
KC

Edit: Never mind, I found the answer a few posts away
<


I ask myself the same question many times.There is no perfect answer but let me ask your orb... Where would it make sense to put the stop if you go long above the 38.2 or short under the 61.2 the response is: ???

On the other hand, so many traders are using this same method, and so many stops are place at these same spot that it make sense that the big market maker are running after these stops just prior to the major moves in order to lower their risk and get their customer money, wich is what they live from. ( i`ve be catch so often by a kiss just 10 pips under the 61.8) So my guess is either you wait for frankfurt/london to place your trade with a tight stop, or if like me you live EST, have a day job and need to go to bed early, you'll have to be a bit looser on your stop.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,369
  • Jul 13, 2008 8:02pm Jul 13, 2008 8:02pm
Last two bars are well contained with the intraday... But i hate the previous fib, should i disreguard it?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp$071308.gif Size: 19 KB
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,370
  • Jul 13, 2008 8:13pm Jul 13, 2008 8:13pm
Price has stair stepped down....it reach one of the swing fibb targets....lets see if we get some consolidation attempting to find some support....Its on the bearish momentum for now but remember its still to early but as long as our 61.8 holds of support everything aggainst it is a scalp because of time of day and simply because it has not broken yet with a candle closing on the other side so we are still in a bullish intraday bias.

Attached Image (click to enlarge)
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  • #4,371
  • Jul 13, 2008 8:14pm Jul 13, 2008 8:14pm
Quoting kc8flq
Another question has crept into my orb called a brain, where do you place your stoploss? Do you set a certain amount like say 20, 25, ..... or do you place it under(or over) the recent swing short/long? I know it's actually a matter of risk and preference to one's individualism, but I was just curious.


Happy Pippin'
KC

Edit: Never mind, I found the answer a few posts away
There are a few posts late in the thread about stoploss, but I never use a set number for a stoploss. the market detirmines the stoploss by using previous support or resistance points...once your in a trade you can use the stoploss for profit protection.
  • #4,372
  • Jul 13, 2008 8:15pm Jul 13, 2008 8:15pm
Quoting kc8flq
Sorry for all the questions that may be answered later in the thread (from the pages I've already read) but I have this desire in me to learn. Would it be a safe analysis to say that the intraday fibs are used to enter trades and the swing to manage that trade once entered?


Happy Pippin'
KC
Yes thats the general idea.
  • #4,373
  • Edited 8:31pm Jul 13, 2008 8:23pm | Edited 8:31pm
Quoting Bemac
Man, From Rabbits to Marijuana Hands to Nautilis ad infinitum, this is serious s#it.
BUT.
Pease show me the Conclusive "Predictability" of calculations created by :The Son of Nacci"
In Honor Of Leo, I would suggest that his perabolations were based on "Normal Progression" Try tying the Market to Normal Progression.

In essence, Fibs are Stronger once achieved.
Believe me when I say; this is not what I wanted to discover.

I have seen this T1 touch to the pip enough time that i became a son of Nacci believer. The essence is to enter at the good moment with proper stops. Wich is not an easy task. Sometimes, an early first lousy 38.2 bounce was the entry, sometimes it`s 76.4. PA at these levels will talk for themself, sometimes it doesnt. Longer term fibs is an help, as retracement probability, (remember GoodThings (where is he?)). And of course, proper money management. But Bemac, please do help, you`ve been lurking around long enough you know more then most of us!
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,374
  • Jul 13, 2008 8:27pm Jul 13, 2008 8:27pm
Quoting Bemac
Man, From Rabbits to Marijuana Hands to Nautilis ad infinitum, this is serious s#it.
BUT.
Pease show me the Conclusive "Predictability" of calculations created by :The Son of Nacci"
In Honor Of Leo, I would suggest that his perabolations were based on "Normal Progression" Try tying the Market to Normal Progression.

In essence, Fibs are Stronger once achieved.
Believe me when I say; this is not what I wanted to discover.
Whew, you make me have to actually think. I dont necessarily look to fibs for any predictive nature rather a bargain hunting guide if you will into the trending moves. The target levels are nothing more than the next plane of existance for price once its broken its previous range. Then the process repeats. The other strong point for fibs are the display in a scale, the balance between a long and short conditioned market...referencing my Swing Saw analagy a few posts back. There is no magic or mystical predictive nature to fibs and using them in trading. Its just common points to enter and exit trades..same as traders using the same MA's to enter and exit from. Fibonacci just gives you a better display of price movement by representing it in a scale.Where an MA only shows if price is above or below it.
  • #4,375
  • Jul 13, 2008 8:30pm Jul 13, 2008 8:30pm
Quoting zerosum
Hey Bo,

Just wanna say hope you had a good relaxing holiday and glad you are back cos your daily participation is always missed......

Hope we all have a good trading week.
We had a great time, but its back to the business at hand now.
  • #4,376
  • Jul 13, 2008 8:36pm Jul 13, 2008 8:36pm
Quoting GreatYves
Last two bars are well contained with the intraday... But i hate the previous fib, should i disreguard it?
Attachment
My personal flavor is just the movement over last Friday.
  • #4,377
  • Jul 13, 2008 8:42pm Jul 13, 2008 8:42pm
Quoting Shermenator
Price has stair stepped down....it reach one of the swing fibb targets....lets see if we get some consolidation attempting to find some support....Its on the bearish momentum for now but remember its still to early but as long as our 61.8 holds of support everything aggainst it is a scalp because of time of day and simply because it has not broken yet with a candle closing on the other side so we are still in a bullish intraday bias.

Attachment
Correct we need to see more than a 61.8 retracement on the previous days movement before we start thinking short and initially scalp short it it does occur, since you need to see price rejected after it breaks short to confirm the directional change, which will usually ocuur within the next day or 2.
  • #4,378
  • Jul 13, 2008 8:45pm Jul 13, 2008 8:45pm
Quoting GreatYves
I have seen this T1 touch to the pip enough time that i became a son of Nacci believer. The essence is to enter at the good moment with proper stops. Wich is not an easy task. Sometimes, an early first lousy 38.2 bounce was the entry, sometimes it`s 76.4. PA at these levels will talk for themself, sometimes it doesnt. Longer term fibs is an help, as retracement probability, (remember GoodThings (where is he?)). And of course, proper money management. But Bemac, please do help, you`ve been lurking around long enough you know more then most of us!

Just dont begin expecting price to reach fib levels to the pip, look more at the area between T1 and T2 as a target range...when its not achieved the trending movement is experiencing loss of momentum.
  • #4,379
  • Jul 13, 2008 9:00pm Jul 13, 2008 9:00pm
On the other side, just like everyone else....... luckily I have a 2nd shift job, haven't been lucky enough to get to 3rd yet, but I can catch the eur/us overlap, and I can stay up after work for a cpl hours, so it aint too bad.

Oh and I too am EST

Happy Pippin'
KC

Quoting GreatYves
<


I ask myself the same question many times.There is no perfect answer but let me ask your orb... Where would it make sense to put the stop if you go long above the 38.2 or short under the 61.2 the response is: ???

On the other hand, so many traders are using this same method, and so many stops are place at these same spot that it make sense that the big market maker are running after these stops just prior to the major moves in order to lower their risk and get their customer money, wich is what they live from. ( i`ve be catch so often by a kiss just 10 pips under the 61.8) So my guess is either you wait for frankfurt/london to place your trade with a tight stop, or if like me you live EST, have a day job and need to go to bed early, you'll have to be a bit looser on your stop.
  • #4,380
  • Jul 13, 2008 9:09pm Jul 13, 2008 9:09pm
Quoting Bobokus
Just dont begin expecting price to reach fib levels to the pip, look more at the area between T1 and T2 as a target range...when its not achieved the trending movement is experiencing loss of momentum.
So far i have been setting a unique target 10 pips before T1, stop 15 pips under short level for a long, 20 pips above long level for a short. Do you suggest another strategy? But I can't be there to monitor my trade and i am afraid to let a second lot run to T2, not reach it and reverse on me not being able to be there to move my sl to t1 because i still have a day job...
Harmonics and Pitchfork using korHarmonics from TradingArsenal
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