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  • #5,161
  • Aug 15, 2008 1:00pm Aug 15, 2008 1:00pm
hi all
any body know where we must put the support fibo level please tell me?
  • #5,162
  • Aug 15, 2008 1:11pm Aug 15, 2008 1:11pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting xx13x13
hi all
any body know where we must put the support fibo level please tell me?
Check out Bo's chart. The one on the bottom left shows current support levels.
"Wishful thinking dies hard." Igor T.
  • #5,163
  • Aug 15, 2008 1:13pm Aug 15, 2008 1:13pm
You really need to read this thread starting at page 1, there's a ton of information here and it takes time to read and learn everything here.

Quoting xx13x13
hi all
any body know where we must put the support fibo level please tell me?
  • #5,164
  • Aug 15, 2008 1:28pm Aug 15, 2008 1:28pm
i read this page 74-75-76-77-78-79 but cant find
  • #5,165
  • Aug 15, 2008 1:38pm Aug 15, 2008 1:38pm
Quoting FxChi
If we miss the break of the lows, are we left with trading anything else?
I wouldnt it would be getting in too late into a movement thats most likely close to its end, if its a large enough move you can play the retracements back to the Intraday levels created from a movement, you just have to make an assessment of is there enough room from where your entry would be back to the Intraday levels and is it enough room to profit from and is the movement trending and may not reach the Intraday levels. More risk involed that way, counter trend.
  • #5,166
  • Aug 15, 2008 8:30pm Aug 15, 2008 8:30pm
Looks to me like major correction C wave might just have came to it's end at 8510, since it bounce of the MAJOR 61.8% level at 8619 and closed the day just over it at 8662. And it also show a nice daily pin bar over this support. And the Full Moon is this Sunday. HUMMM..If the mental giants (central bank) stop buying dollards, we`re finally in for a reversal! ... I did not catch a pip of that 1600 pips drop, since it almost never showed proper 38.2 or 61.8 bounce, instead i traded some other pair and got screwed up more then i wished for... I suffered a 25% draw down over these past 2 weeks and i did not hold to my planned strategy at all. I expected a ranging month and we have been in one of the most down trending 2 weeks of my trading carrer. The lessons i learned out of that: AUGUST is BUSINESS as USUAL.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #5,167
  • Aug 15, 2008 8:56pm Aug 15, 2008 8:56pm
Quoting GreatYves
Looks to me like major correction C wave might just have came to it's end at 8510, since it bounce of the MAJOR 61.8% level at 8619 and closed the day just over it at 8662. And it also show a nice daily pin bar over this support. And the Full Moon is this Sunday. HUMMM..If the mental giants (central bank) stop buying dollards, we`re finally in for a reversal! ... I did not catch a pip of that 1600 pips drop, since it almost never showed proper 38.2 or 61.8 bounce, instead i traded some other pair and got screwed up more then i wished for... I suffered a 25% draw down over these past 2 weeks and i did not hold to my planned strategy at all. I expected a ranging month and we have been in one of the most down trending 2 weeks of my trading carrer. The lessons i learned out of that: AUGUST is BUSINESS as USUAL.
Could very well be, a break of a high now is what we need to see with a higher close on a daily candle. We could at that point see the ranging, but still its a good position for a longer term trade or a test the waters trade with a smal lot size, you can always add once the confirmation is there. With a small lot entry its a small price to pay with the last low as a stop and reverse point. Close today was actually 1.8654 making the pin bar on the Daily look even better. Its the first candle in a while that closes in the upper half of the candle leaving a long wick on the bottom.And stop trading on impulse and trying to quess which way its going your creating a bias and trading to that bias.. I know because Ive done that for a long time and it was hard for me to get over that.Where would you be if you had stuck to your plans.
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  • #5,168
  • Aug 16, 2008 7:26am Aug 16, 2008 7:26am
hi bo
i want know this picture is correct or not? if there is then we can place fibo level in
thanks
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  • #5,169
  • Aug 16, 2008 8:05am Aug 16, 2008 8:05am
Quoting xx13x13
hi bo
i want know this picture is correct or not? if there is then we can place fibo level in
thanks
Sure, thats what you see Sherm referring to as M's and W's.
  • #5,170
  • Edited 1:13pm Aug 16, 2008 12:59pm | Edited 1:13pm
Hi, Bobokus

I want to learn the Buy / Sell Stop order to enter the trade, but I always worry about false break on fib levels, so I use market order, but when the movement was fast, I entered very late by retrcements. I read all the entry topic in your posts again, and hope you can give me more tips to build my confidence.

In your posts, you gave us some scenarios.

a) If price is above the Long fib of intraday, and comes down to test it and bounces off it is staying long.

b) If price is below the Short fib of intraday, and comes up and test it then is rejected price is staying short.

c) If price is below Short fib of intraday and comes to the 50(Pivot) of intrday fib and breaks above the (Long fib) it is going Long, the reverse

d) If price is above Long fib of intraday and comes to the 50(pivot) of intrday fib and breaks the (Short fib) it is going short.


By using the swing fib for assistant, the entry stop orders of above scenarios would be

a) buy stop on break of Long fib of swing and object is T1 or T2 of swing.

b)sell stop on break of Short fib of swing, and object is T1 or T2 of swing.

c)buy stop on break of Long fib of intraday, and object is T1 or T2 of intraday.

d)sell stop on break of Short fib of intraday, and object is T1 or T2 of intraday.


I have more scenarios below.

e) If price is above the Long fib of intraday, and comes down to test Pivot or Short fib of intraday and bounces off it, price is probably on range if it does not break long fib of intraday.


f) If price is above the Long fib of intraday, and comes down to test Pivot or Short fib of intraday and bounces off it and break of Long fib of intrday, it is going long.

g) ) If price is above the Long fib of intraday, and come down but not even test Long fib then goes up again, it staying long.

h) If price is below the Short fib of intraday, and comes up and test Pivot or Short fib of intrday then it is rejected, price is probably on range if it does not break short fib of intrady.

i) If price is below the Short fib of intraday, and comes up and test Pivot or Long fib of intrday then it is rejected and break of Short fib of intraday, it is going short.

j) If price is below the Short fib of intraday, and comes up but not even test Short fib of intraday then goes down again, it staying short.

By using swing fib for assistance. The entry stop orders would be

e) none.

f) buy stop on break of Long fib of intraday, object is T1 or T2 of intrsday fib.

g) buy stop on break of Hig fib of intraday, object is T1 or T2 of intraday fib.

h) none

i) sell stop on break of Short fib of intraday, object is T1 or T2 of intraday fib.

j) sell stop on break of Low fib of intraday, object is T1 or T2 of intraday fib.


Bobokus, those are my understanding after study, and I tried to get clear pictures in mind to make trade plan. Please correct me if any misunderstanding and help me to figure out

1)When do I place the buy or sell stop order? after discretion of status and after or before London session opened?

2)How many pips far from break levels is the buy or sell stop price? I mainly trade EURUSD and GBPUSD?

3)When maket is on range of intraday fib, how we trade?

And I also invite all the traders to share your comments.


Kepp learning and working hard.


Thanks advance for Bobokus’ priceless help.
  • #5,171
  • Aug 16, 2008 1:36pm Aug 16, 2008 1:36pm
i think u must add this :
if price is below the Short fib of intraday, and comes up and break short fibo and stay between short and pivot or comes up and break the pivot and stay between pivot and long it can be range
if price is above the long fibo of intraday and comes down and break long and stay between long and pivot or comes down and break the pivot and stay between pivot and short it can be range
some times price comes below or above the short and long pivot and then in the next candle go up between short and pivot or go down between long and pivot how we must consider that .
  • #5,172
  • Aug 16, 2008 1:41pm Aug 16, 2008 1:41pm
I always try to follow daily chart patterns since i found out they often work well. Even if sometimes their are hard to follow. July 24 to july 31 period prior to the down fall was a confusing period for me. But i should take lessons out of it!.

First. july 24, 25 and 28 showed a superb Double Inside Bars pattern. I even mentionned it here when it happened (post 4589).

On July 29 we had a bottom break wich showed us the direction.

July 30 ans especially july 31 was two confusing day hard to trade especially the news on the 31, and wide enough to take any stop for most short position someone would have taken upon the dibs pattern.

August 1st was a book trade if i would had stick to my short trade without running with a mere 30 pip on the evening of the 31.

Then came misery for me, none of these day i was able to catch a 38,2-61.8 retracement at the time i was home. Only on the 13 august between 3 and 4 am i could had catch at 50% retracement and on the 14 during the evening but i had no heart to short an already way oversold pair with an off-hour trade.

If i would have trade the daily chart i could had made some decent pips, but only trading the hourly i was not able to catch a single trade... So based on these facts, i decided it was time for me to include daily trading. So i will trade 2 different time frame. the daily, and the hourly only when it shows a proper trade at a decent time for me poor EST day time worker.

No regrets. Only well learned lessons.

I see silver and gold also trading very low , watching them very closely now. Euro still show no strength signs. But it`s time for euro to show respect to the pound and lost some more weight. I see eurgbp come back to .7500 it's now at 7870.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #5,173
  • Aug 16, 2008 4:17pm Aug 16, 2008 4:17pm
Quoting jren07
Hi, Bobokus

I want to learn the Buy / Sell Stop order to enter the trade, but I always worry about false break on fib levels, so I use market order, but when the movement was fast, I entered very late by retrcements. I read all the entry topic in your posts again, and hope you can give me more tips to build my confidence.

In your posts, you gave us some scenarios.

a) If price is above the Long fib of intraday, and comes down to test it and bounces off it is staying long.

b) If price is below the Short fib of intraday, and comes up and test it then is rejected price is staying short.

c) If price is below Short fib of intraday and comes to the 50(Pivot) of intrday fib and breaks above the (Long fib) it is going Long, the reverse

d) If price is above Long fib of intraday and comes to the 50(pivot) of intrday fib and breaks the (Short fib) it is going short.


By using the swing fib for assistant, the entry stop orders of above scenarios would be

a) buy stop on break of Long fib of swing and object is T1 or T2 of swing.

b)sell stop on break of Short fib of swing, and object is T1 or T2 of swing.

c)buy stop on break of Long fib of intraday, and object is T1 or T2 of intraday.

d)sell stop on break of Short fib of intraday, and object is T1 or T2 of intraday.


I have more scenarios below.

e) If price is above the Long fib of intraday, and comes down to test Pivot or Short fib of intraday and bounces off it, price is probably on range if it does not break long fib of intraday.


f) If price is above the Long fib of intraday, and comes down to test Pivot or Short fib of intraday and bounces off it and break of Long fib of intrday, it is going long.

g) ) If price is above the Long fib of intraday, and come down but not even test Long fib then goes up again, it staying long.

h) If price is below the Short fib of intraday, and comes up and test Pivot or Short fib of intrday then it is rejected, price is probably on range if it does not break short fib of intrady.

i) If price is below the Short fib of intraday, and comes up and test Pivot or Long fib of intrday then it is rejected and break of Short fib of intraday, it is going short.

j) If price is below the Short fib of intraday, and comes up but not even test Short fib of intraday then goes down again, it staying short.

By using swing fib for assistance. The entry stop orders would be

e) none.

f) buy stop on break of Long fib of intraday, object is T1 or T2 of intrsday fib.

g) buy stop on break of Hig fib of intraday, object is T1 or T2 of intraday fib.

h) none

i) sell stop on break of Short fib of intraday, object is T1 or T2 of intraday fib.

j) sell stop on break of Low fib of intraday, object is T1 or T2 of intraday fib.


Bobokus, those are my understanding after study, and I tried to get clear pictures in mind to make trade plan. Please correct me if any misunderstanding and help me to figure out

1)When do I place the buy or sell stop order? after discretion of status and after or before London session opened?

2)How many pips far from break levels is the buy or sell stop price? I mainly trade EURUSD and GBPUSD?

3)When maket is on range of intraday fib, how we trade?

And I also invite all the traders to share your comments.


Kepp learning and working hard.


Thanks advance for Bobokus’ priceless help.
If you can we plan on having a learning session Sunday at 2PM Central time where I will answer some questions and go over things like this you are more than welcome to come and join in.
  • #5,174
  • Aug 16, 2008 4:19pm Aug 16, 2008 4:19pm
Quoting xx13x13
i think u must add this :
if price is below the Short fib of intraday, and comes up and break short fibo and stay between short and pivot or comes up and break the pivot and stay between pivot and long it can be range
if price is above the long fibo of intraday and comes down and break long and stay between long and pivot or comes down and break the pivot and stay between pivot and short it can be range
some times price comes below or above the short and long pivot and then in the next candle go up between short and pivot or go down between long and pivot how we must consider that .
Usually these type scenario's will happen torward the end of the US session where you start to see consolidation going into the Asian session.
  • #5,175
  • Aug 16, 2008 4:21pm Aug 16, 2008 4:21pm
Quoting GreatYves
I always try to follow daily chart patterns since i found out they often work well. Even if sometimes their are hard to follow. July 24 to july 31 period prior to the down fall was a confusing period for me. But i should take lessons out of it!.

First. july 24, 25 and 28 showed a superb Double Inside Bars pattern. I even mentionned it here when it happened (post 4589).

On July 29 we had a bottom break wich showed us the direction.

July 30 ans especially july 31 was two confusing day hard to trade especially the news on the 31, and wide enough to take any stop for most short position someone would have taken upon the dibs pattern.

August 1st was a book trade if i would had stick to my short trade without running with a mere 30 pip on the evening of the 31.

Then came misery for me, none of these day i was able to catch a 38,2-61.8 retracement at the time i was home. Only on the 13 august between 3 and 4 am i could had catch at 50% retracement and on the 14 during the evening but i had no heart to short an already way oversold pair with an off-hour trade.

If i would have trade the daily chart i could had made some decent pips, but only trading the hourly i was not able to catch a single trade... So based on these facts, i decided it was time for me to include daily trading. So i will trade 2 different time frame. the daily, and the hourly only when it shows a proper trade at a decent time for me poor EST day time worker.

No regrets. Only well learned lessons.

I see silver and gold also trading very low , watching them very closely now. Euro still show no strength signs. But it`s time for euro to show respect to the pound and lost some more weight. I see eurgbp come back to .7500 it's now at 7870.
Trade the Daily for a while, cetainly nothing wrong with that, the candlestick or bar formations are much more reliable.
  • #5,176
  • Aug 16, 2008 5:46pm Aug 16, 2008 5:46pm
Well we have a bullish intraday and it was caused because of the uptrend short that is holding nicely...keep in mind no targets got hit yesterday so it leaves us open for a reversal today....we have already tested our intraday levels..since we have, now we have to see what type of movement we get during franky session also keep in mind if price breaks the intraday short it would be because the larger swing (light blue) found enough sellers to reverse the intraday so if in fact we break our intraday short it might be a good reversal....I will make my decision when price does something, Ill wait for it to move before trying to jump....

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 25 KB
  • #5,177
  • Aug 16, 2008 11:08pm Aug 16, 2008 11:08pm
Hi, Bo

Thank you for giving us a learnig session at 2pm central time tomorrow, but unfortunately I have to work 3-11pm EST. Anyhow I will learn later when I come back home.


Keep learning.
  • #5,178
  • Aug 17, 2008 1:08am Aug 17, 2008 1:08am
Is it possible at all to record a trading room session? Not sure how popular it would be for others to be able to watch it from a recorded session.

Quoting jren07
Hi, Bo

Thank you for giving us a learnig session at 2pm central time tomorrow, but unfortunately I have to work 3-11pm EST. Anyhow I will learn later when I come back home.


Keep learning.
  • #5,179
  • Aug 17, 2008 8:06am Aug 17, 2008 8:06am
Bobokus,
I plan to attend the 2pm CST Trading Room Fibo workshop. Thanks for the ideas presented here. I think I almost have the strategy clear but will appreciate examples of the when and why of using the three applications of the Fibo retracement. This real-time workshop should help a lot. Thanks.

LeoM
  • #5,180
  • Aug 17, 2008 8:49am Aug 17, 2008 8:49am
How do I join the worksession ?
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