Not liking the fact that price failed to close above the high of the swing...
Fibonacci Trading with Bobokus
- #4,824
- Aug 7, 2008 5:56am Aug 7, 2008 5:56am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Well as we can see price is perfectly holding at the pivot of my closes tear of support I have mentioned in the past post...
Price action is still pushing up...keep in mind I do know that news is coming out ...I see news as gasoline to move price faster to its daily targets...thats what I have been tought from BOBOKUS its a war between support and resistance ...either support holds or breaks . If you have ever done VHANDS do you know what the news events are? you still trade your plan right?.
Thats how i see it ...everyone does not have to agree with my point of view...just throwing something out there to think about...
As well as when you visually backtest you dont know the news events..
Price action is still pushing up...keep in mind I do know that news is coming out ...I see news as gasoline to move price faster to its daily targets...thats what I have been tought from BOBOKUS its a war between support and resistance ...either support holds or breaks . If you have ever done VHANDS do you know what the news events are? you still trade your plan right?.
Thats how i see it ...everyone does not have to agree with my point of view...just throwing something out there to think about...
As well as when you visually backtest you dont know the news events..
- #4,826
- Aug 7, 2008 6:09am Aug 7, 2008 6:09am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
I'm looking at the FxBlaster pdf, so I guess part of your trading plan for tonight is the stop and reserve and a play at a master bar setup (not to be confused with an IB4 - Inside Bar Smallest of 4, since the criteria for a master bar looks very different)...
The way I see the master bar is to put price in a range of support and resistance...the range of the master bar in the 4 hour chart is from price 9514 to intraday low....the fact 9514 got pierced was a confirmation of a break of a pattern to go up...but the key thing was that it was the confirmation that this (light blue swing ) was proving support..
I use the pattern more of a confirmation to what my fibbs are showing me....If my fibbs say down I will fallow them they are 100 percent in my decision making....focuse more on the pattern itself of the direction of the break of it...
- #4,827
- Edited 6:36am Aug 7, 2008 6:17am | Edited 6:36am
The way I see the master bar is to put price in a range of support and resistance...the range of the master bar in the 4 hour chart is from price 9514 to intraday low....the fact 9514 got pierced was a confirmation of a break of a pattern to go up...but the key thing was that it was the confirmation that this (light blue swing ) was proving support..
Attachment
At least that's what it seems to me but I'll continue to read the pdf. I wonder if master bars mostly show up on GbpUsd, I guess I got some researching to do, LOL...
- #4,828
- Aug 7, 2008 6:25am Aug 7, 2008 6:25am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
gbpusd has hit some of its swing targets...remeber this is a trade treated like a scalp since its against the intraday levels..
- #4,830
- Aug 7, 2008 6:29am Aug 7, 2008 6:29am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Now that a good portion of my trade is out you whant to see price action at areas that can cause volume to go low....(this does not mean close trade but watch closely...
- #4,831
- Aug 7, 2008 6:52am Aug 7, 2008 6:52am
Hey guys, it will be a little while before I start to make a contribution to the discussion - got a few hundred pages to read first
Thanks for the thread, Bo, and all the others whose invaluable contributions I shall be reading in the coming days. I will chime in again, when I think I have something useful to say.
Mom
"To conquer fear is the beginning of wisdom." – Bertrand Russell
- #4,833
- Aug 7, 2008 7:05am Aug 7, 2008 7:05am
Hi Kathy - I'm here lurking for a couple of days too - working off my laptop as I'm still busy sailing....
Mom
"To conquer fear is the beginning of wisdom." – Bertrand Russell
- #4,834
- Aug 7, 2008 7:05am Aug 7, 2008 7:05am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
We have now got a bitt of indecions and I am running out of battery myself lol....been up all night ...umm
Good thing I closed 80 percent of my trade at the pivot...its a free trade now...not a big winner crappy market tongiht
As long as price keeps making higher lows and higher highs momentum is still in my side..
Good thing I closed 80 percent of my trade at the pivot...its a free trade now...not a big winner crappy market tongiht
As long as price keeps making higher lows and higher highs momentum is still in my side..
- #4,835
- Aug 7, 2008 7:13am Aug 7, 2008 7:13am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
I have now closed another 10 percnt of my trade I dont like momentum...
- #4,836
- Aug 7, 2008 7:35am Aug 7, 2008 7:35am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Still holding my trade long wth 10 percent of my trade left lets see what happends....
- #4,838
- Aug 7, 2008 7:53am Aug 7, 2008 7:53am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
It got hit!!!!!!!!!!!! i am up baby lol
- #4,840
- Aug 7, 2008 8:06am Aug 7, 2008 8:06am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
I am up about 40 pips lets see how far this puppy whants to come down.....If anything I will secure some profits on the way down...
