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  • #4,681
  • Jul 31, 2008 9:54am Jul 31, 2008 9:54am
Quoting kc8flq
You youngins' make me feel like an old fart

LOL, I am an old fart.
  • #4,682
  • Jul 31, 2008 10:00am Jul 31, 2008 10:00am
Quoting kc8flq
on a break of 9840, noticed it couldnt break and bounced from the LRC, came back. So I put a pending order in and it got picked up, my stop is at 9905. TP is at 9682 but if it stalls I'll start taking profits.

Oil, and Gold tanking, the Euro is loosing its gains this morning and the Yen is regaining what it lost.....looking good right now. Paints a pretty picure if you just sold this last rally in Cable.
  • #4,683
  • Jul 31, 2008 10:51am Jul 31, 2008 10:51am
If your short....looking at this current candle (1500) and if cant break this 1.9800 level or even this next candle now is a good time to take a majority of your profits out and leave a small portion running in the event of a break here. 1.9800 level held as support all though early trading today, its the end of the month and 1.9750 has held all year also, it could be defenses set up in this area. If you decide to hold out place your stop loss above the high of this 1500 candle by 6-8 pips and let it ride...moving your stop to the high of each consecutive candle until it gets hit...let the market force you out of your position.
  • #4,684
  • Jul 31, 2008 2:41pm Jul 31, 2008 2:41pm
Quoting Bobokus
Nice job, i got it short at 1.9875. News spikes have a tendency to fool people into swapping thier positions.Support has to hold again for me to look for longs.
You were on the good side of the fence. Me i had to go for a pee and i got back in at 9836 all the way to 9803. I should have kept my first position and add to it but. I am ok, did my 2% today.. Now looking for a new entry. 9843 looks ok. Not too sure.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,685
  • Jul 31, 2008 3:13pm Jul 31, 2008 3:13pm
Quoting Shermenator
Sorry for cluttering so much guys...I will stop posting the trades I take and how I play them out thought it would help a bitt. Sorry once again for cluttering a bitt I will decrease my post.

Good luck in your trading everyone.

At 18 my mom wouldn,t had let me trade forex. Yet i beleive that this is the better age to learn the trading science. Keep cluttering we don`t mind. Altough.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,686
  • Jul 31, 2008 3:35pm Jul 31, 2008 3:35pm
Quoting GreatYves
You were on the good side of the fence. Me i had to go for a pee and i got back in at 9836 all the way to 9803. I should have kept my first position and add to it but. I am ok, did my 2% today.. Now looking for a new entry. 9843 looks ok. Not too sure.
Most likely gonna be slow with everyone scared of NFP tomorrow. The numbers will be adjusted to fit whatever sentiment the Fed wants in the market.
  • #4,687
  • Jul 31, 2008 3:46pm Jul 31, 2008 3:46pm
I,d like to bring some fresh wind to wind to this thread, (need to vent some old farts...)

I guess most of you have read the other nice fibonacci trading system here by thread on FF wich is DAZFx. It is nothing new, it is mostly Fibonacci i have already read in other book like "Wiley CandleSticks, Fibonacci, and Chart Pattern Trading Tools" and also "Practical Fibonacci Methode for Forex Trading".

I can paste his method here... Itès basicly say to wait for a retracement of at least 61.2 to 78.6, in the main trend (daily trend), wait for a reversal candle pattern, then go for the trade with 3 lots tp at FE 50, FE 61.8 then FE 76.4, optional FE 100. The setup have to be minimally 61.2 to 78,6 retracement or no go.

Bo, i wonder if we could implement that with your fibo way?

Participant to this thread can PM me for the e-books only if needed.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,688
  • Jul 31, 2008 3:56pm Jul 31, 2008 3:56pm
Quoting GreatYves
I,d like to bring some fresh wind to wind to this thread, (need to vent some old farts...)

I guess most of you have read the other nice fibonacci trading system here by thread on FF wich is DAZFx. It is nothing new, it is mostly Fibonacci i have already read in other book like "Wiley CandleSticks, Fibonacci, and Chart Pattern Trading Tools" and also "Practical Fibonacci Methode for Forex Trading".

I can paste his method here... Itès basicly say to wait for a retracement of at least 61.2 to 78.6, in the main trend (daily trend), wait for a reversal candle pattern, then go for the trade with 3 lots tp at FE 50, FE 61.8 then FE 76.4, optional FE 100. The setup have to be minimally 61.2 to 78,6 retracement or no go.

Bo, i wonder if we could implement that with your fibo way?

Participant to this thread can PM me for the e-books only if needed.

Im sure it may work for them but I think Ill stick to what I do. I havnt read it so I cant tell ya.
  • #4,689
  • Jul 31, 2008 4:24pm Jul 31, 2008 4:24pm
Quote
I,d like to bring some fresh wind to wind to this thread, (need to vent some old farts...)

I guess most of you have read the other nice fibonacci trading system here by thread on FF wich is DAZFx. It is nothing new, it is mostly Fibonacci i have already read in other book like "Wiley CandleSticks, Fibonacci, and Chart Pattern Trading Tools" and also "Practical Fibonacci Methode for Forex Trading".

I can paste his method here... Itès basicly say to wait for a retracement of at least 61.2 to 78.6, in the main trend (daily trend), wait for a reversal candle pattern, then go for the trade with 3 lots tp at FE 50, FE 61.8 then FE 76.4, optional FE 100. The setup have to be minimally 61.2 to 78,6 retracement or no go.

Bo, i wonder if we could implement that with your fibo way?

Participant to this thread can PM me for the e-books only if needed.

why would you do that? anybody that have interest should go there. i have been trading that way with much success but coming here to read about Bo's method of fibbing has helped me to to understand fib more and do well with Daz method.
  • #4,690
  • Jul 31, 2008 4:58pm Jul 31, 2008 4:58pm
Quoting Bobokus
Most likely gonna be slow with everyone scared of NFP tomorrow. The numbers will be adjusted to fit whatever sentiment the Fed wants in the market.
For various reasons too difficult/confusing to explain on this thread I would like the levell of 19966, which is the last Tue's High to hold for a time being, so if tomorrow's price action goes towards todays High, it shall provide again good shorting apportunuties, with SL just above the 19966, just in case.
Good trading to all,
2be
Make sure losses are small and profits are bigger!
  • #4,691
  • Jul 31, 2008 6:10pm Jul 31, 2008 6:10pm
Quoting Bobokus
Im sure it may work for them but I think Ill stick to what I do. I havnt read it so I cant tell ya.
Like you say Bo if its not broken why fix it....

I dont dare touch another thread to learn other stuff...It either gets me confuse or simply does not work. Plus I know this is as Holy as trading can get , at least for me .
  • #4,692
  • Jul 31, 2008 8:20pm Jul 31, 2008 8:20pm
Just wanted to say thanks for the thread. It provides a focus for price action trading that seems to clear the mind. First week trading this pattern on the thread, 100 pips in live trading, tend to stay away from fridays, particularly news fridays, but we'll see.

Again, particularly to Bo but to all who have fed it. thanks for the thread. Now, if only I could grok the swing fib to add to the daily and intraday, which is all I'm using right now.
  • #4,693
  • Jul 31, 2008 8:31pm Jul 31, 2008 8:31pm
Quoting Bobokus
Im sure it may work for them but I think Ill stick to what I do. I havnt read it so I cant tell ya.
The important is to be profitable. You may want to keep it your way, but it still could be a good filter, when in a corrective trend like now, to implement that filter, say keep buying at the break of the 38,2 or the 61,8 only in the direction of the main trend. even if some trade are missed, the important here, for a growing account, is to have the best possible win/loss ratio. For my part i will by now disregard countertrend 61.8 break out because they most often fail to pass the 78,6 - 88 level.

Now what is a trend. How can we tell what it is.

A very very simple rule to follow is, as soon as the previous day high or low is broken, we may talk of a trend change. Now to prevent false hi-lo breakout, we may say, to be more conservative, as soon as previous two day high or low is broken.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,694
  • Jul 31, 2008 9:03pm Jul 31, 2008 9:03pm
Thanks to everyone that does not get bother by my cluttering lol. I will continue since I got permission with Bo. Hope the clutter helps everyone including myself...

Update 1

We have a bullish intraday but keep in mind price has already reversed it and price has began to make lower lows and lower highs....Price is also now below a 4 hour swing short and we are forming a head and shoulders...We are also in the lower part of the lrc ....keep in mind we might be a littel slow due to the news coming out tomorrow. Remeber the news simply takes price faster to its targets.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 34 KB


Bonus lol Oil chart

Take a look at how oil price have began to push down.... it also found clear resistance last night at a swing fibb pivot and also look at how the recent attempt of a push up already escaped the small LRC...

Attached Image (click to enlarge)
Click to Enlarge Name: oil.gif Size: 38 KB


Hope this hleps
  • #4,695
  • Jul 31, 2008 9:08pm Jul 31, 2008 9:08pm
Now i did manage to got in at the very top 9840, now i need you talk me into keeping or leaving this position and take the profit...

Attached Image
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,696
  • Jul 31, 2008 9:08pm Jul 31, 2008 9:08pm
Quoting GreatYves
The important is to be profitable. You may want to keep it your way, but it still could be a good filter, when in a corrective trend like now, to implement that filter, say keep buying at the break of the 38,2 or the 61,8 only in the direction of the main trend. even if some trade are missed, the important here, for a growing account, is to have the best possible win/loss ratio. For my part i will by now disregard countertrend 61.8 break out because they most often fail to pass the 78,6 - 88 level.

Now what is a trend. How can we tell what it is.

A very very simple rule to follow is, as soon as the previous day high or low is broken, we may talk of a trend change. Now to prevent false hi-lo breakout, we may say, to be more conservative, as soon as previous two day high or low is broken.

If its working for you, continue to use it. Everyone has their own pieces to this puzzle they have to put together. Trends are detirmined by what time frame do you trade from.15min, 1hour, 4hour,Daily, Weekly, Monthly etc..each time frame has trending moves within it. I trade the 1 hour trending moves as price moves through the 4 hour,Daily trends..etc. Hence the use of the different fib tools to show me the Supoort and Resistance levels from the higher timeframes in my 1 hour.
  • #4,697
  • Jul 31, 2008 9:13pm Jul 31, 2008 9:13pm
Quoting GreatYves
Now i did manage to got in at the very top 9840, now i need you talk me into keeping or leaving this position and take the profit...

Attachment

Easy one, once price begins to break previous candle highs, you know that buying is almost overtaking selling over the past 5 hours or so.and it can reverse direction. The problem is when there is low momentum or activity in the market you can get false signals from this, and this is the notorious time of day for that to happen.
  • #4,698
  • Jul 31, 2008 9:22pm Jul 31, 2008 9:22pm
Quoting GreatYves
Now i did manage to got in at the very top 9840, now i need you talk me into keeping or leaving this position and take the profit...

Attachment

Looking good also keep in mind you broke the small swing short hopefully this keeps your trade pushing in the right direction...I wont take the break simply because time of the day and dont whant to get cought at the bottom because of time of day....I will wait and see if I get a retracement and would see if price agrees with a short...

Right now I am on standy since I dont see a setup....

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 35 KB
  • #4,699
  • Jul 31, 2008 9:27pm Jul 31, 2008 9:27pm
Take the profit and run.. I did. For +30 pip. Re-enter later if possible, i will.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,700
  • Jul 31, 2008 9:38pm Jul 31, 2008 9:38pm
Quoting GreatYves
Take the profit and run.. I did. For +30 pip. Re-enter later if possible, i will.
It will come around again, nice job !
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