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  • #5,021
  • Aug 12, 2008 3:09pm Aug 12, 2008 3:09pm
Quoting TheLegace
You use the Swing fibs to tell you when to enter, the intraday fibs are used to tell you your bias, if price is going to be short on intraday, then with reference to swing fib trades you make you will most likely take shorts only. If you are going to take a long you take with caution and usually a scalp.

TheLegace.
Actually you want to enter based off the Intraday fibs unless you plan on scalping where you get in for a few pips and get out. The swing is just an aid or helper for trades entered from your Intraday, its alternate purpose is that it can be used for scalping. The swing is more of an all purpose fib tool.
  • #5,022
  • Aug 12, 2008 3:14pm Aug 12, 2008 3:14pm
Quoting pip mom
I watched your videos and it said something about you teaching this how do I get that help?

At one point I was private tutoring but it was a little overwhelming and I had to put an end to it. It would have been OK if there was 20 of me but it was just too much for 1 person to take on. If I wasnt so lazy I would get my CD coarse finished..but you know how that can go.
  • #5,023
  • Aug 12, 2008 3:17pm Aug 12, 2008 3:17pm
Quoting TheLegace
Well my short on GU is profiting now, even though it was in loss just a while ago. Learned a couple things today.

Be Very cautious around prices like this. The GU is at a point where there is incredible support, if you look at Daily Timeframe and plot a fib on the uptrend just before the price fell like crazy it shows a very strong support level, as well looking at the weekly chart the price is at a point that is extremely strong support, that was their since Nov 06 or something, so even though it looks like price is breaking the support really needed to be hammered and still does.

My EU trade is down about 30 pips, but I think it might break support levels.

My EJ trade is also up about 30 pips.

TheLegace
Dont get into overtrading it will bite you. me I try and be done by 2-3PM eastern time and not enter any more trades past that point, the markets slow down to much after that and its best to wait until the next trading day.
I aslo try and stay away from the yen cross pairs when the yen is not trending with the Euro or Cable.
  • #5,024
  • Aug 12, 2008 3:41pm Aug 12, 2008 3:41pm
well thanks anyway
  • #5,025
  • Aug 12, 2008 3:53pm Aug 12, 2008 3:53pm
To get an idea of where Cable may be headed go out to a weekly and look for the last point a fibs inner levels were respected, as these targets are broken keep going back in time to the next tier of levels until we have to go all the way back to the overall high of last year.The targets of these fibs are the points Cable can become a bargain to buy. Now do the same with another fib to show support levels, you'll find that you have to encompass the entire 2 year uptrend from 2005-2007 to find a support level still below price. Its last level of support is very close to where the target is from the fartherest point back in this corrective down fib levels that were respected.The larger timeframe fibs work exactly the same as the ones used trading Intraday or scalping with the Swing. What to watch for is once these targets are reached from the resistance(downtrend) fib or the support (uptrend) fibs levels is on your Daily chart start looking for a day that leaves a pinbar or reversal type candle.They will usually be found at the end of long runs.
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  • #5,026
  • Aug 12, 2008 3:56pm Aug 12, 2008 3:56pm
Bobokus - thanks for starting this thread and for sticking around to answer questions and clearing up misconceptions. I'm trying to read through it all and find it very informative and useful. I'm sure I'll have a question or two once I read through it all.
  • #5,027
  • Aug 12, 2008 4:19pm Aug 12, 2008 4:19pm
Quote
To get an idea of where Cable may be headed go out to a weekly and look for the last point a fibs inner levels were respected, as these targets are broken keep going back in time to the next tier of levels until we have to go all the way back to the overall high of last year.The targets of these fibs are the points Cable can become a bargain to buy. Now do the same with another fib to show support levels, you'll find that you have to encompass the entire 2 year uptrend from 2005-2007 to find a support level still below price. Its last level of support is very close to where the target is from the fartherest point back in this corrective down fib levels that were respected.The larger timeframe fibs work exactly the same as the ones used trading Intraday or scalping with the Swing. What to watch for is once these targets are reached from the resistance(downtrend) fib or the support (uptrend) fibs levels is on your Daily chart start looking for a day that leaves a pinbar or reversal type candle.They will usually be found at the end of long runs.

I just did exactly as u instructed and i discovered that GU has more steam to move down on our intra-day region.

I also discover that this week candle is going to be a deciding factor in the sense that price has piereced through weekly-pivot on the weekly, a break from this will see weekly short at 1.8624 tested but we will watch as GU is known to retrace at 50%.

Good post Bo, thanks for sharing your method.
  • #5,028
  • Aug 12, 2008 4:24pm Aug 12, 2008 4:24pm
Quoting Bobokus
Actually you want to enter based off the Intraday fibs unless you plan on scalping where you get in for a few pips and get out. The swing is just an aid or helper for trades entered from your Intraday, its alternate purpose is that it can be used for scalping. The swing is more of an all purpose fib tool.

Bobokus, TheLegace. and friends,

thanks a lot for keeping this thread up and answer our questions!

Today I only made scalps, because I always used the swing fib as reference,
I made 70 pips only using or trying to use this technique.
I'm still learning and I know I have a lot of to learning still but I'm really satisfied with what I could get so far with this technique.



Thanks a lot!
  • #5,029
  • Aug 12, 2008 4:29pm Aug 12, 2008 4:29pm
Quoting TheLegace
Thats my setup too, but price is kinda iffy right now, so I am going to hold on until some lower time frame resistance levels have held.
Yes, and here is my first definite mistake.

The white arrow shows the candle on which I took the down trade. I have marked in the stop loss I used - the high of the previous swing.

My instinct is to go for a sl that represents the opposite to the trade I have actually taken - i.e. the point at which I would take a long after the price has broken the Intraday Long.

So, why wasn't this my actual sl on this trade placed here? Because it was so far away, is why. Some more personal development to do here, I feel.

Of course, having retraced to hit my sl, the market is now falling again.

So, this trade was a looser, but I learned from it.

In the meantime, the scalping strategy I use to clean up a few pips per trade has been profitable, so today has been a profit day, not a loss day, so that is ok.

Good luck tomorrow everyone. Mind, the better we become at this, the less that luck comes into it.

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  • #5,030
  • Aug 12, 2008 5:02pm Aug 12, 2008 5:02pm
Quoting Bobokus
Actually you want to enter based off the Intraday fibs unless you plan on scalping where you get in for a few pips and get out. The swing is just an aid or helper for trades entered from your Intraday, its alternate purpose is that it can be used for scalping. The swing is more of an all purpose fib tool.
I am really sorry for interfering in this thread without having a good grasp of the system. I just been excited about this system, because I have never really been profiting this consistently, even doing the system kind of wrong, sorry again. I have been butting in a bit to much, I still need to do a bit more reading.

Sorry Again.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,031
  • Aug 12, 2008 5:55pm Aug 12, 2008 5:55pm
I too trade it live, where a pip is only pennies but I find that it connects so much more emotionally and psychologically as well. That way I learn to shut the emotion off completely.

Happy Pippin'
KC

Quoting SteveHopwood

It is a live trade with nano-lot sizes, so I get punished for doing something stupi, but badly injured. I find this a more successful way of learning than demo-trading, but that is just me.

  • #5,032
  • Aug 12, 2008 6:04pm Aug 12, 2008 6:04pm
Quoting TheLegace
I am really sorry for interfering in this thread without having a good grasp of the system. I just been excited about this system, because I have never really been profiting this consistently, even doing the system kind of wrong, sorry again. I have been butting in a bit to much, I still need to do a bit more reading.

Sorry Again.

TheLegace.
Its no big deal, post what you feel, thats how we learn.
  • #5,033
  • Aug 12, 2008 6:12pm Aug 12, 2008 6:12pm
I've read that the entry is based on the bias of the intraday fib and the candles opening on either side of the long and short pivots of that fib. Then the swing fib is used as a trade management tool to tell you to either hold or get out of the trade.

correct me if I'm wrong.....

Happy Pippin'
KC


Quoting TheLegace
You use the Swing fibs to tell you when to enter, the intraday fibs are used to tell you your bias, if price is going to be short on intraday, then with reference to swing fib trades you make you will most likely take shorts only. If you are going to take a long you take with caution and usually a scalp.

TheLegace.
  • #5,034
  • Aug 12, 2008 6:23pm Aug 12, 2008 6:23pm
Well today was a decent day, unfortunately there were losses with EU. But my EJ, and GU trades went very well, closed 50 pips for EJ and then 48 for GU, not bad, still some mistakes that I need to fix aswell need to read a bit more to ensure I am trading properly. I also decided to create more significant levels, that affect price very well. I think sherminator gave me the idea, I am just refining it to meet my criteria.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,035
  • Aug 12, 2008 6:25pm Aug 12, 2008 6:25pm
If you ever do get it finished I would definately buy it!! Don't think the price would matter much. I'll take a copy when your finished.

Quoting Bobokus
At one point I was private tutoring but it was a little overwhelming and I had to put an end to it. It would have been OK if there was 20 of me but it was just too much for 1 person to take on. If I wasnt so lazy I would get my CD coarse finished..but you know how that can go.
  • #5,036
  • Aug 12, 2008 6:26pm Aug 12, 2008 6:26pm
Quoting kc8flq
I've read that the entry is based on the bias of the intraday fib and the candles opening on either side of the long and short pivots of that fib. Then the swing fib is used as a trade management tool to tell you to either hold or get out of the trade.

correct me if I'm wrong.....

Happy Pippin'
KC
Thats somewhat of a safer entry if there is such a thing in the sense that your waiting for the confirmation that the level is broken and not just being penetrated and wicking back.
  • #5,037
  • Aug 12, 2008 6:29pm Aug 12, 2008 6:29pm
Quoting TheLegace
Well today was a decent day, unfortunately there were losses with EU. But my EJ, and GU trades went very well, closed 50 pips for EJ and then 48 for GU, not bad, still some mistakes that I need to fix aswell need to read a bit more to ensure I am trading properly. I also decided to create more significant levels, that affect price very well. I think sherminator gave me the idea, I am just refining it to meet my criteria.

TheLegace.
Try just sticking with one pair at first, trading too many pairs at once can get your mind going into different directions and that can make you fall into overtrading.
  • #5,038
  • Aug 12, 2008 7:26pm Aug 12, 2008 7:26pm
Quoting Bobokus
Try just sticking with one pair at first, trading too many pairs at once can get your mind going into different directions and that can make you fall into overtrading.
Allright Bookbus, I'll take your word on it.

Thanx for everything, you to sherm.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,039
  • Aug 12, 2008 10:39pm Aug 12, 2008 10:39pm
BOBOKUS I have a question that I am trying to see whats right...

This is eur/usd look uptrend fibb....I have this on the monthly chart since it is the main swing in price overall.....

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Now here is the question before I had my my uptrend fibb as close as I could before....

In the picture you will find arrows...this arrows are places I can pull the low of the uptrendlong to bigger tears of support.....The reason Iam asking this is because since price is so far from the major tear of support in my first picture I whanted to know how you would place this fibb...

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  • #5,040
  • Edited 11:31pm Aug 12, 2008 11:20pm | Edited 11:31pm
Here is my other question...would you pull the intraday low todays low to get the entire movement down...

First picture is how I have the current intraday...

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Here is the second option I see for intraday....

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And this is the third option for intraday....This one contains the whole last leg down...

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Let me know what do you have BOBOKUS...and If you can explain me why you have that one...or simply let me know if this comes down to personal choice as a trader...?
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