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  • #4,941
  • Aug 10, 2008 4:02pm Aug 10, 2008 4:02pm
Humm.... Trend seems to be very strong as it is moving pre market and i`m making nice pips out of it i took the breakout on eurjpy and it paid off. (at least an advantage of beeing with oanda it`s open prior to most other broker). Bo I understand you not wanting to consider risk:reward ratio prior to a trade, since i missed a lot of good trade because i did not have the 2:1 rewards in view. And anyway since i closely manage most my trades i rarely go more then 20-25 pips lost anymore.

Here i want to share a nice indicator from DXTrade i found at forex-tsd, it combine the Intraday fibs level with a shaded box, the daily pivot level and gann lines. If you don't like or understand gann line simply change it`s color to none. It is very nice and light on your eyes without cloaking the chart. Give it a look! If somebody can give me a good explanation about gann lines i would appreciate. Indicator is here.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,942
  • Aug 10, 2008 4:53pm Aug 10, 2008 4:53pm
Quoting GreatYves
Humm.... Trend seems to be very strong as it is moving pre market and i`m making nice pips out of it i took the breakout on eurjpy and it paid off. (at least an advantage of beeing with oanda it`s open prior to most other broker). Bo I understand you not wanting to consider risk:reward ratio prior to a trade, since i missed a lot of good trade because i did not have the 2:1 rewards in view. And anyway since i closely manage most my trades i rarely go more then 20-25 pips lost anymore.

Here i want to share a nice indicator from DXTrade i found at forex-tsd, it combine the Intraday fibs level with a shaded box, the daily pivot level and gann lines. If you don't like or understand gann line simply change it`s color to none. It is very nice and light on your eyes without cloaking the chart. Give it a look! If somebody can give me a good explanation about gann lines i would appreciate. Indicator is here.
Yep, some early movement, Cable is down as far as 1.9104 since the open....testing the Uptrend pivot point of 1.9104. Spread was kept to wide for anyone to profit from it or enter short though. Make sure you adjust your fibs to show the new low since the US brokers wont show it...1.9104
  • #4,943
  • Aug 10, 2008 5:18pm Aug 10, 2008 5:18pm
I am getting my knickers in a real twist here.

On the picture, the solid yellow line represents the low of the uptrend that I had drawn with complete confidence until Friday.

On Friday, this low was breached, so I have moved the low of the uptrend to the previous significant low - as I see it.

From the high of this uptrend, I could have started the retracement fib that currently lies where it is now.

I could equally easily have drawn a downtrend fib from the market high in Oct to Dec 2007. Subsequent movements upwards would have represented a retracement in the opposite direction to my falling retracements as they are now.

So, my question is this:

Does it matter in which direction we draw our 'master' fib (i.e. uptrend or downtrend) so long as it encompasses within it all that happens afterwards?

I will commit myself before passively receiving an answer.

I think the answer is 'no', because an uptrend on one time frame can be part of a retrace on a higher, which can be a blip in an uptrend on a higher still and so on.

So long as my Daily trend fib encompasses all that follows, it doesn't matter whether it is an uptrend or a downtrend, as the retraces and intradays will follow naturally as they nest themselves inside their 'superior' fib.

How am I doing?

Attached Image (click to enlarge)
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  • #4,944
  • Aug 10, 2008 5:20pm Aug 10, 2008 5:20pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
Yep, some early movement, Cable is down as far as 1.9104 since the open....testing the Uptrend pivot point of 1.9104. Spread was kept to wide for anyone to profit from it or enter short though. Make sure you adjust your fibs to show the new low since the US brokers wont show it...1.9104
Wait a sec Bo...so our Intraday low is at 1.9104? We'll need to adjust Daily Downtrend Low to 1.9104 then too?
"Wishful thinking dies hard." Igor T.
  • #4,945
  • Aug 10, 2008 5:25pm Aug 10, 2008 5:25pm
Oops. Idiot that I am, I forgot that I shouldn't move the low of an uptrend.

Please ignore my lunatic last posting.

  • #4,946
  • Aug 10, 2008 5:54pm Aug 10, 2008 5:54pm
Quoting FxChi
Wait a sec Bo...so our Intraday low is at 1.9104? We'll need to adjust Daily Downtrend Low to 1.9104 then too?
Yes early trading saw Cable go 1.9104 and it wont show on the US broker feeds since they cant open on time, but if you looking at technicals ...it matters
  • #4,947
  • Edited 6:10pm Aug 10, 2008 6:06pm | Edited 6:10pm
Quoting SteveHopwood
I am getting my knickers in a real twist here.

On the picture, the solid yellow line represents the low of the uptrend that I had drawn with complete confidence until Friday.

On Friday, this low was breached, so I have moved the low of the uptrend to the previous significant low - as I see it.

From the high of this uptrend, I could have started the retracement fib that currently lies where it is now.

I could equally easily have drawn a downtrend fib from the market high in Oct to Dec 2007. Subsequent movements upwards would have represented a retracement in the opposite direction to my falling retracements as they are now.

So, my question is this:

Does it matter in which direction we draw our 'master' fib (i.e. uptrend or downtrend) so long as it encompasses within it all that happens afterwards?

I will commit myself before passively receiving an answer.

I think the answer is 'no', because an uptrend on one time frame can be part of a retrace on a higher, which can be a blip in an uptrend on a higher still and so on.

So long as my Daily trend fib encompasses all that follows, it doesn't matter whether it is an uptrend or a downtrend, as the retraces and intradays will follow naturally as they nest themselves inside their 'superior' fib.

How am I doing?

You can move your Higher timeframe fibs Uptrend and Downtrend once thier inner levels are broken. We dont normally leave them in place after that since they are covering such a large portion of price it may take weeks,months before reaching its target ranges and the simple fact that sentiment changes too often to follow to a target that far away.Trading Intraday were only concerned with the major levels above and below price.You can follow by moving the low of your uptrend but I would go farther back and encompass all the up move from the low of november 2005 to the high on november 2007, Cable has already hit the 50% of this during early trading today, 1.9104 printed earlier and price is recovering from that point now. Where you have your uptrend fib on your chart is a tier of support created during that 2 year uptrend.. We can follow price with the downtrend fib and the retracements that happen inside this downtrend which will be closer to price. But major support levels will come from those tiers created during the 2 year up move. The object is to try and keep those major support levels (uptrend) and the major resistance levels(downtrend) above and below price in the event it makes a run.

Here is where im looking zoomed out and in.
Attached Image(s) (click to enlarge)
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  • #4,948
  • Aug 10, 2008 6:20pm Aug 10, 2008 6:20pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
Yes early trading saw Cable go 1.9104 and it wont show on the US broker feeds since they cant open on time, but if you looking at technicals ...it matters
Thanks Bo. I'm making it a priority to get a feed from a Eurobroker this week.
"Wishful thinking dies hard." Igor T.
  • #4,949
  • Aug 10, 2008 6:27pm Aug 10, 2008 6:27pm
Oh dear, Bo. So many thanks for your kind patience.

I have only reached page 80 and clearly have some more reading to do. I am guilty here of letting my brain run ahead of my knowledge.

I will now shut up until I have caught up with events properly here.

Bet I make a few pips just on what I have learned here, in the meantime.

Cheers

  • #4,950
  • Aug 10, 2008 6:28pm Aug 10, 2008 6:28pm
Looking at this last leg of the 2 year uptrending move from 8-17 through 11/09 of 2007 price made 1 attempt at its inner levels and has failed never to recover up to this point, its target range from this last leg is 1.9073 very close already considering the amount of time passed. Now that we have reached this far you can move your Uptrend low back to the next tier of support created by this 2 year uptrend.The second chart shows the next steps to pull your uptrend low to so you can see where the levels of support are as price continues down.The second zoomed out chart shows the next tiers the low of your Uptrend can be pulled to, to keep the Inner levels around price. I know it may seem strange to do this at first but over time you will see why you want to do this.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: uptrendtiers.gif Size: 28 KB
  • #4,951
  • Aug 10, 2008 6:37pm Aug 10, 2008 6:37pm
I find fibs an amazin tool to use. I'm not quite up to multi-fibbing but working with one fib is proving to be very educational. So thanks.

One query though. How do you modify your MT4 fib tool, or are you using your own tool. I find that I cannot label the MT4 standard. It takes numeric zoning but will not accept descriptive labels. Hope this makes sense.
The road to pipland is arduous and fraught with challenge.
  • #4,952
  • Aug 10, 2008 6:46pm Aug 10, 2008 6:46pm
Quoting traider
I find fibs an amazin tool to use. I'm not quite up to multi-fibbing but working with one fib is proving to be very educational. So thanks.

One query though. How do you modify your MT4 fib tool, or are you using your own tool. I find that I cannot label the MT4 standard. It takes numeric zoning but will not accept descriptive labels. Hope this makes sense.
With an MT4 platform you should be able to add the description in the levels, regardless here is a template. place this in you mt4 files in the (templates) folder and restart your platform. Then open a Daily chart of Cable and load the template. Also on it are the Intraday and Swing fibs you can transfer to a 1 hour chart. I also have the inner levels of my uptrend and downtrends highlighted to separate the areas on the chart. you can remove these if you wish by deleteing the rectangles from the properties (objects) of the chart. It should look the same as my last posts with the Daily chart.
Attached File(s)
File Type: tpl daily.tpl   6 KB | 498 downloads
  • #4,953
  • Aug 10, 2008 6:47pm Aug 10, 2008 6:47pm
Thanks again Bo.

One of the hardest things I have to keep remembering is the most obvious; fibs are about support and resistance. Moving a fib high or low doesn't mean accepting a defeat; it means recognising a new\different level of s\r.

On your zoomed out chart, there is another support level in Nov 2006?

Not trying to be swanky or anything, just trying to prove I am paying attention to someone giving so much for so little reward.

Cheers

  • #4,954
  • Aug 10, 2008 6:48pm Aug 10, 2008 6:48pm
Ok, need to check in here. Looks like labeling has changed since the beginning of this thread. Just to clarify I am using daily, and intraday and think I understand how to draw them, also using "swing" but am pretty sure I'm just guessing on that. So trading based on daily and intraday, trying to read through the thread from the beginning (11 pages so far) and staying current with the daily postings. Still positive trades averaging 20-40 pips daily. But, when I look at the attachments to see where you guys are, the labels are different that what I found at the beginning.

I think I can guess, but what represents the "daily" fibs and if anyone could take a minute to clear up "swing fib" that would be great.
  • #4,955
  • Aug 10, 2008 6:51pm Aug 10, 2008 6:51pm
Much obliged bobo.
The road to pipland is arduous and fraught with challenge.
  • #4,956
  • Aug 10, 2008 6:52pm Aug 10, 2008 6:52pm
Quoting SteveHopwood
Thanks again Bo.

One of the hardest things I have to keep remembering is the most obvious; fibs are about support and resistance. Moving a fib high or low doesn't mean accepting a defeat; it means recognising a new\different level of s\r.

On your zoomed out chart, there is another support level in Nov 2006?

Not trying to be swanky or anything, just trying to prove I am paying attention to someone giving so much for so little reward.

Cheers

Yes, what your seeing is what the market does, there will be a consolidation period then it makes a move a consolidation period then it makes a move...you want to go to the lows of these consolidation periods. there were several in this 2 year uptrend.
  • #4,957
  • Aug 10, 2008 6:54pm Aug 10, 2008 6:54pm
Quoting prov1813
Ok, need to check in here. Looks like labeling has changed since the beginning of this thread. Just to clarify I am using daily, and intraday and think I understand how to draw them, also using "swing" but am pretty sure I'm just guessing on that. So trading based on daily and intraday, trying to read through the thread from the beginning (11 pages so far) and staying current with the daily postings. Still positive trades averaging 20-40 pips daily. But, when I look at the attachments to see where you guys are, the labels are different that what I found at the beginning.

I think I can guess, but what represents the "daily" fibs and if anyone could take a minute to clear up "swing fib" that would be great.
Hehe. I am in the same boat. "Keep reading" is what I have decided to do, and I am up to page 80.

Hang on in there. Upcoming revelations are fantastic. I am looking forward to my next tranche.


  • #4,958
  • Aug 10, 2008 6:55pm Aug 10, 2008 6:55pm
Quoting prov1813
Ok, need to check in here. Looks like labeling has changed since the beginning of this thread. Just to clarify I am using daily, and intraday and think I understand how to draw them, also using "swing" but am pretty sure I'm just guessing on that. So trading based on daily and intraday, trying to read through the thread from the beginning (11 pages so far) and staying current with the daily postings. Still positive trades averaging 20-40 pips daily. But, when I look at the attachments to see where you guys are, the labels are different that what I found at the beginning.

I think I can guess, but what represents the "daily" fibs and if anyone could take a minute to clear up "swing fib" that would be great.
I changed the labeling to try and help it make more sense, but it goes like this
On the Daily chart there are 3 fibs.....1 for the current uptrend(support levels) 1 for the current downtrend(resistance levels) and the retracement fib tool to measure the current retracement into whatever trending move the pair is in.

On the 1 hour we use the Intraday and the Swing to trade our way through these Daily levels.
  • #4,959
  • Aug 10, 2008 7:04pm Aug 10, 2008 7:04pm
Quoting Bobokus
I changed the labeling to try and help it make more sense, but it goes like this
On the Daily chart there are 3 fibs.....1 for the current uptrend(support levels) 1 for the current downtrend(resistance levels) and the retracement fib tool to measure the current retracement into whatever trending move the pair is in.

On the 1 hour we use the Intraday and the Swing to trade our way through these Daily levels.
Thanks, the intraday is obvious. I assume the swing adjusts to variables within the intraday ?
  • #4,960
  • Aug 10, 2008 7:07pm Aug 10, 2008 7:07pm
Quoting prov1813
Thanks, the intraday is obvious. I assume the swing adjusts to variables within the intraday ?
Correct the Swing is used to measure the retracements you get into your Intraday or if you want, to measure each new swing price makes to follow it looking for continuation or reversal signs.
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