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  • #5,341
  • Aug 21, 2008 6:56pm Aug 21, 2008 6:56pm
Hello,

I'm fairly new to forex going to dedicate some time toward reading through this thread from start to finish.

thanks.

Will
  • #5,342
  • Aug 21, 2008 8:03pm Aug 21, 2008 8:03pm
Quoting sundowner
Thanks for the trading room session last Sunday Bo. Much of what you and Sherm discussed was kind of advanced for me, but I believe I heard you say, "until price retraces to the inner levels, pull the intraday fib as it continues to go higher or lower into the next day."

Is that correct? Do I continue to pull the intraday fib until there is a retracement to the inner levels?

I am attaching a couple of charts to show you what I mean. In the first chart I pulled the fib and it is contained inside the day. The second chart I pulled the fib into the following day since there was no retracement to the inner levels.

I would appreciate any input from folks who have a better grasp on fib placement.

Hope I'm being clear. I'm not the brightest bulb in the box, but I have studied the thread. If you feel this question has been answered to death, accept my apology.


Thanks

Regards
It does retrace to them on the 1st chart it just happens on the last 4 candles of the day and its hard to enter trades that late in the trading day, it left us with entering on the break of the low. Your following correctly and your second chart is correct but when we pull across days like that were basically turning the fib into a higher timeframe fib like 4hr. There will be days where its more obvious that there isnt any retracement. August 7th-8th is a better example of it not retracing and having to pull across 2 days movment.
  • #5,343
  • Aug 21, 2008 8:05pm Aug 21, 2008 8:05pm
Quoting will2trade
Hello,

I'm fairly new to forex going to dedicate some time toward reading through this thread from start to finish.

thanks.

Will
Welcome to our thread then. Hopefully you'll be able to find something here that you can use in your trading.
  • #5,344
  • Aug 21, 2008 9:29pm Aug 21, 2008 9:29pm
Quoting Bobokus
It does retrace to them on the 1st chart it just happens on the last 4 candles of the day and its hard to enter trades that late in the trading day, it left us with entering on the break of the low. Your following correctly and your second chart is correct but when we pull across days like that were basically turning the fib into a higher timeframe fib like 4hr. There will be days where its more obvious that there isnt any retracement. August 7th-8th is a better example of it not retracing and having to pull across 2 days movment.
Thank you for your reply, Bo. I particularly appreciate you taking the time to point out the intraday of August 7th and 8th. It helped me see a couple of things you've been saying.

Great stuff, thanks for all the time and energy you have put into this thread.

Regards
  • #5,345
  • Aug 21, 2008 10:13pm Aug 21, 2008 10:13pm
Seems like today we might have enough space for a short back to the intraday levels....as long as price stay in this area for another 2-3 hours.....then we can trade the consolidation....between the intraday high and swing low....if it shoots down ...I will then trade back up at the swing targets if we begin to brake previouse candles high...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB


Attached File(s)
File Type: tpl gbpusd.tpl   6 KB | 463 downloads
  • #5,346
  • Aug 22, 2008 1:34am Aug 22, 2008 1:34am
Hello,
Did u think it will be ok for us to go short once the swing low is broken?the way am seeing things seems too volatile as my stop loss got hit yesterday with a lot of loss when price breaks the high and retrace with such magnitude.And if i may ask,how do you set your stop loss?
Thanks
  • #5,347
  • Aug 22, 2008 2:20am Aug 22, 2008 2:20am
I am short since previous candles low broke...I am looking for the intraday long.....I will close at that point..

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB
  • #5,348
  • Aug 22, 2008 2:27am Aug 22, 2008 2:27am
I have closed my short with 17 pips...goodnight guys I have hit my target ...

It can drop another 100 pips for the night...I traded my plan for the night and thats all I care about

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB
  • #5,349
  • Aug 22, 2008 2:47am Aug 22, 2008 2:47am
Quoting kc8flq
Here's my entry from last night, paper trade.
Hi kc8flg!
I want to know what indicator u use that show % change, would u share with us?
Thanks.
  • #5,350
  • Aug 22, 2008 3:14am Aug 22, 2008 3:14am
Quoting hiswords
Hello,
Did u think it will be ok for us to go short once the swing low is broken?the way am seeing things seems too volatile as my stop loss got hit yesterday with a lot of loss when price breaks the high and retrace with such magnitude.And if i may ask,how do you set your stop loss?
Thanks

I dont use a stop loss...I let the market determine it.....
In my previous post you can see how I traded it...
If you have any questions I will be glad to help
  • #5,351
  • Aug 22, 2008 8:27am Aug 22, 2008 8:27am
Sherm,
It might sound foolish,but can you teach me how price do guide you without setting stop loss?
  • #5,352
  • Aug 22, 2008 8:35am Aug 22, 2008 8:35am
Yep, its called bidview, found it somewhere here in FF.

Quoting M@2t
Hi kc8flg!
I want to know what indicator u use that show % change, would u share with us?
Thanks.
Attached File(s)
File Type: mq4 Bid_View2.0.mq4   18 KB | 679 downloads
  • #5,353
  • Aug 22, 2008 8:52am Aug 22, 2008 8:52am
Hi all.
What do you think about GBP/USD now?
In my opinion market wants to go short. If i did my homework correct we have two supports 1.8551 and 1.8535. And if news in next 10 minutes will be positive for USD market will move short. This is also confirmed by fib, we are at short side of long trend (since 11.12.05). What is your opinion? How do you will trade?

I have just started to read this HUGE thread (300 pages to go), thank you Bobokus for all your help for new forex traders.
  • #5,354
  • Aug 22, 2008 8:59am Aug 22, 2008 8:59am
Quoting LFB
Hi all.
What do you think about GBP/USD now?
In my opinion market wants to go short. If i did my homework correct we have two supports 1.8551 and 1.8535. And if news in next 10 minutes will be positive for USD market will move short. This is also confirmed by fib, we are at short side of long trend (since 11.12.05). What is your opinion? How do you will trade?
I dont plan on entering any more trades this week, its Friday and Bernanke is about to speak. 1.8530 is certainly within reach but its not worth it to make any more trades for me.
  • #5,355
  • Aug 22, 2008 12:34pm Aug 22, 2008 12:34pm
Anybody,
I can see that cable has broken the short we expect it to break thru,possibly it might hold price below it.Can we then say that cable will continue the journey south till we get to it's target or what else can we expect.
  • #5,356
  • Aug 22, 2008 1:10pm Aug 22, 2008 1:10pm
Quoting hiswords
Anybody,
I can see that cable has broken the short we expect it to break thru,possibly it might hold price below it.Can we then say that cable will continue the journey south till we get to it's target or what else can we expect.
I dont think there is much more going to happen today its getting close to closing time. Previous days action had us looking to buy the dip that never happened today since support failed, Sun/Mon were looking to sell rallies unless resistance fails from our Intraday levels created today.
  • #5,357
  • Aug 22, 2008 2:26pm Aug 22, 2008 2:26pm
Quoting hiswords
Sherm,
It might sound foolish,but can you teach me how price do guide you without setting stop loss?

When I trade I dont use a certain amount of pips of stoploss....the way I have learned is lets say I take a long, I will look at the candle formation formed as well as whanting to continue to make higher highs and higher lows...so lets say we begin to brake previous candles lows I will ask myself why did this happen an at what resistance point. At this point it comes down to experience and to how many pips you can let it go against you or if you simply close when the market brakes a previous candle low if you are long. Their is no right answer like I said ... you have to make that determenation yourself, but as time goes by you will you gain experience and will make better decisions. Hope this helps
  • #5,358
  • Aug 24, 2008 1:32am Aug 24, 2008 1:32am
Seems like we might have a nice chance at trading back to the intraday levels this coming up trading day, as long as we maintain a good amount of space between the intraday short and the intrada low by the the time momentum is ready to pick up(CLOSE TO FRANKY OPEN SINCE ITS A PULLBACK TRADE!!!) we might have a retracement trade. If we have no space near franky then we would relax and get ready to trade with the Intraday...let the market show you the way just have a plan in both directions.

Attached Image (click to enlarge)
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  • #5,359
  • Aug 24, 2008 4:31am Aug 24, 2008 4:31am
Quoting Bobokus
After your targets have been met, for the most part can begin pulling the next Intraday, common place to start would be from where the rejection or bounce occurs to the high or low point from there, you just keep adjusting it from there until the next high and low points are established.

If price bounces off T1 or T2 and you pull the intraday high or low to that point, does the intraday low or high on the opposite end remain fixed? If not, under what circumstances do you move it?
  • #5,360
  • Aug 24, 2008 6:53am Aug 24, 2008 6:53am
Quoting southernmind
If price bounces off T1 or T2 and you pull the intraday high or low to that point, does the intraday low or high on the opposite end remain fixed? If not, under what circumstances do you move it?
It would be from the point at which the rejection or bounce occured to the new high or low point, which establishes the next waveform going into the next trading day, new (Intraday).
Attached Image(s) (click to enlarge)
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