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  • #4,961
  • Aug 10, 2008 7:07pm Aug 10, 2008 7:07pm
Quoting Bobokus
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.
Ore even:

makes-a-move then-retraces then consolidates then-makes-a-move then-retraces then consolidates

etc

Sorry. Just proving I was paying attention again, so this gold will keep on flowing. I am a teacher and know what it means to be appreciated.

Things only seem simple when you know them. I didn't know all this last Wednesday. Suddenly, the world seems my oyster (a UK saying that means 'you can achieve anything you want'). Ok, so 'knowing' demands all sorts of caveats, but none of us want this post to reach a million words.

I am also beginning to understand this much-loved statement made by successful traders, "Let the market tell you what to do" or words to that effect. I used wonder what it was they knew that I didn't. I am beginning to understand.

Cheers again

  • #4,962
  • Aug 10, 2008 7:12pm Aug 10, 2008 7:12pm
Quoting SteveHopwood
Ore even:

makes-a-move then-retraces then consolidates then-makes-a-move then-retraces then consolidates

etc

Sorry. Just proving I was paying attention again, so this gold will keep on flowing. I am a teacher and know what it means to be appreciated.

Things only seem simple when you know them. I didn't know all this last Wednesday. Suddenly, the world seems my oyster (a UK saying that means 'you can achieve anything you want'). Ok, so 'knowing' demands all sorts of caveats, but none of us want this post to reach a million words.

I am also beginning to understand this much-loved statement made by successful traders, "Let the market tell you what to do" or words to that effect. I used wonder what it was they knew that I didn't. I am beginning to understand.

Cheers again

Exactly we let the market tell us when its moving and where, its actions or reactions to the levels helps us make our decisions.
  • #4,963
  • Aug 10, 2008 7:24pm Aug 10, 2008 7:24pm
Quoting Bobokus
Exactly we let the market tell us when its moving and where, its actions or reactions to the levels helps us make our decisions.
Hehe. And tonight (UK) I am watching the market approach a resistance level at .9182 and saying, "Yawn. I don't care what you do. Bounce off .9241 and I will sell. Break above .9314 and I will buy. Do neither, and in the morning Iwill pull a Swing and do some serious scalping."

Of course, we all know what will happen. The market will wander around for the next few hours, the bounce down off the .9241 just as I start trading in the morning, then scream upwards as though jet-propelled.

Who says Forex lacks a sense of humour. An evil one, granted, but still a sense of humour.

At least I will know my loss is not the result of my usual let's-give-it-a-whirl-and-hope-for-the-best tactic.

Ok, so my approach was a little more intelligent than that, but not much.

  • #4,964
  • Edited 8:03pm Aug 10, 2008 7:40pm | Edited 8:03pm
Hasn't the 1.9100 support held the GU price in place?

I have a feeling theres gonna be a retrace and then trend might continue going down, but 1.9100 has held very well.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #4,965
  • Aug 10, 2008 7:55pm Aug 10, 2008 7:55pm
til ya get up into the 200's. I've never had my eyes open to so many revelations. Seems like I've been reading and studying the thread for weeks.... oh wait, I think I have.....

Quoting SteveHopwood
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.


  • #4,966
  • Aug 10, 2008 8:01pm Aug 10, 2008 8:01pm
Hi Traider, have you watched the youtube video's ? Links on the first page. One of the videos Bob shows you how to rename and play around with the Fibs.

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.
  • #4,967
  • Aug 10, 2008 8:14pm Aug 10, 2008 8:14pm
Quoting TheLegace
Hasn't the 1.9100 support held the GU price in place?

I have a feeling theres gonna be a retrace and then trend might continue going down, but 1.9100 has held very well.

TheLegace.
Yes 1.9104 has held on the first attempt and we should get some retracement finally, pulling a swing now on this retracement if it continues will tell the tale if it can continue up to resistance levels or if we get continuation short and another attempt at 1.9104.
  • #4,968
  • Aug 10, 2008 8:18pm Aug 10, 2008 8:18pm
Quoting kc8flq
til ya get up into the 200's. I've never had my eyes open to so many revelations. Seems like I've been reading and studying the thread for weeks.... oh wait, I think I have.....
Do I have to wait until the 200's.

It is 2.15 am here in the UK and I should be in bed. I don't want to go to bed. What I want to do is watch the markets - another 6 pips and it will bump its head on the Intraday S1 - no just checked, it just made mincemeat of the Intraday S1.

Ok, I ve to sleep occasionally. I have to earn my living occasionally. I want to watch the markets all the time.

I need to read the rest of this thread.

Anybody invented a time machine yet?


Or a stay-awake-for-24-hours pill?

Anything?

  • #4,969
  • Aug 10, 2008 8:27pm Aug 10, 2008 8:27pm
Took a long on GU planning for a scalp, its up about 4 pips plus spread so thats good.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #4,970
  • Aug 10, 2008 8:29pm Aug 10, 2008 8:29pm
Quoting Bobokus
Yes 1.9104 has held on the first attempt and we should get some retracement finally, pulling a swing now on this retracement if it continues will tell the tale if it can continue up to resistance levels or if we get continuation short and another attempt at 1.9104.
1.9123 is the lowest I have. Is this a broker feed thing (mine is an IBFX mini)?

  • #4,971
  • Aug 10, 2008 8:33pm Aug 10, 2008 8:33pm
Quoting SteveHopwood
1.9123 is the lowest I have. Is this a broker feed thing (mine is an IBFX mini)?

Yes its a broker issue, where most brokers arnt opening when the market starts moving about 3PM eastern time. There is almost always pre open movement that you wont see and it appears as gaps it also hurts some if you use technicals like fibs, youll have to manually place you lows in space at 1.9104.
  • #4,972
  • Aug 10, 2008 10:10pm Aug 10, 2008 10:10pm
I use this over the weekend to see what is happening when my broker or charting provider is closed.

Be aware though of some strange movements at times, but price seems to come around to 'normal' by Sunday when some of the brokers open up. Although it will, like today show a gap, on pairs just prior to broker opening.


http://forex.tradingcharts.com/quotes/index.php
  • #4,973
  • Aug 11, 2008 2:47am Aug 11, 2008 2:47am
Ok we have a bearish intraday but keep in mind how price reversed the first downward swing after finding support on the daily 50 percent....

This is my chart...

GBPUSD (light blue fibb swing...)

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 46 KB


Picture will show you how I would trade this day based on what I am looking at right now...

as you can see in my picture the last swing in price holding as resistance broke so now we are are looking for the swing to hold as support....

On this 1 hour chart picture I have place two check marks , for me this marks represent the fact a Bullish head and shoulders can take place and the question mark represent the area that the right shoulder can form . Now take a look at how my swing fibb (light blue fibb) is holding nicely as support in my fallowing picture. So now the question is how do you trade it? Well the way I am going to trade it is the fallowing way... If you take a good look I have a candle with an arrow above and below the candle... What this shows me is that if price picks up momentum and shoots up and breaks the high it would be the place I would consider taking a long. Now you are asking yourself why would I take a trade against my intraday levels? Well today it seems to be a high probabilty trade if you take a long simply for 3 reasons, price reversed the downward swing in my first picture and second support is currently holding and third and most important we have enough space to run looking for the intraday short (at least ). Now when would I pull the trigger as I mention early I would take the break of the high because for me it would be proving me that momentum is bullish based on the reasons I mentioned. This is how I would trade in a bullis bias scene. By the way if price does not brake this candles high or low in this hour I would move my buy stop to the next candles high. Now how would I trade It short ? I would take the break of the dojis low since it would mean to me price did not find support and price would continue to make lower highs and lower lows though keep in mind you can either take the break of the low or wait for the swing support to break ( with experience you will now whats the right one to use)...as well as this would be a trade with the trend and would make it a higher probability trade...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 47 KB


Hoped this help...BOBOKUS let me get your opinion...
  • #4,974
  • Aug 11, 2008 2:48am Aug 11, 2008 2:48am
Quoting greywolf238
Hi Traider, have you watched the youtube video's ? Links on the first page. One of the videos Bob shows you how to rename and play around with the Fibs.
Cheers mate.
The road to pipland is arduous and fraught with challenge.
  • #4,975
  • Aug 11, 2008 2:54am Aug 11, 2008 2:54am
Almost missed my long while wrting my last post lol...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 30 KB
  • #4,976
  • Aug 11, 2008 2:59am Aug 11, 2008 2:59am
I have made 40 pips in my long with 80 percent....I will now let the rest run...its a free trade now...I closed 80 percent since its against intraday levels and its 40 pips to begin the week with...I could care less if this market shoots up a 100 pips I won my trade against intraday levels...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 30 KB
  • #4,977
  • Aug 11, 2008 5:02am Aug 11, 2008 5:02am
made 50pips in the long......now i be waiting to see what happen next.... might not be trading the rest of today..... i will continue tomorrow
  • #4,978
  • Aug 11, 2008 6:17am Aug 11, 2008 6:17am
I missed the first buy of the day, but I watched the price bouncing off the Swing Long and took a scalp at the opening of the last candle in the picture; blue line marks the price.

TP=20; I went for a bath and returned to find my pips count +20.


Pleasant when a plan works out, isn't it?

Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 16 KB
  • #4,979
  • Aug 11, 2008 10:11am Aug 11, 2008 10:11am
Quoting SteveHopwood
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

Steve. Please don't stop posting. I for one learn as much from witty self-analytical posts like yours as from any others. I have been lurking around Bo's site for a long time and have read every post and yours rank right up there with the best.
Mike
  • #4,980
  • Edited 11:13am Aug 11, 2008 11:11am | Edited 11:13am
Hello All. Just wanted to post a picture of a trade setup which i think was according to the rules of this great system of Bobokus.

As I am new to this thread, only read about page 15 as of now and couple of pages at the end, I may make mistakes in my assesment.

But anyway, will try. I have marked in green lime color the intraday fibs of friday and considering the low of sunday night.

According to what i see, I saw this morning a nice bounce from the short intraday fibs which could have been a good trade with an entry on the next candle opening outside the box. Target would have been to the Intermediate fib pivot of 9104 where it has gone last night.

For me, if i learn well, this is the kind of A setup going by the rules and high probability of success as the current intraday trend of past few days is still down. Also, as Bobokus has pointed out, price has already crossed the 62 envelop which give us a down trend biais.

So, please lets me know if myu learning of this great system is of track

Have a great trading day to all

Sincerely

Shreem

Edit: Also, the candle before the entry was a bearish outside engulfing candle, which added to the down biais
Attached Image (click to enlarge)
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