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  • #5,661
  • Sep 4, 2008 11:44am Sep 4, 2008 11:44am
Quoting prov1813
Short 7763, 7728 and 7705, closed at 7708, 7705 and 7691 respectively.

Net pips 92.

Nice job ! , now its Miller time.
  • #5,662
  • Sep 4, 2008 11:50am Sep 4, 2008 11:50am
Quoting Bobokus
Nice job ! , now its Miller time.
Thanks, current candle is tempting, should it fail @ 7751, but, better wait it out for another setup tonight.
  • #5,663
  • Sep 4, 2008 12:00pm Sep 4, 2008 12:00pm
Quoting prov1813
Thanks, current candle is tempting, should it fail @ 7751, but, better wait it out for another setup tonight.

Bah, dont risk it. Its better to be able to say "i hate I missed the rest of that" rather than "I wish I hadnt done that". Its been a successful day leave it at that no matter what it does from here on out today.
  • #5,664
  • Sep 4, 2008 4:28pm Sep 4, 2008 4:28pm
thanks galaxymom for replying me again...i want to ask prov1813 a question.


what currency pair do you trade and what time frames do you use?do you use some other indicators with the fib?

happy pips taking
  • #5,665
  • Sep 4, 2008 4:44pm Sep 4, 2008 4:44pm
Bo,

I took a long scalp after seeing how quickly the GU feel after it broke the intraday low levels. I took about 20 pips on the bounce of T2, however I think this is what some people might call a "high risk" trade. When would taking a bounce of the T2 be appropriate?

Your thoughts?
Attached Image
  • #5,666
  • Sep 4, 2008 5:00pm Sep 4, 2008 5:00pm
Quoting Bobokus
Do you have your fib levels set to 66 and 68% instead of a 61.8%. If so Im not sure I can help you with that one since I dont look for those retracement levels. That sounds like someones custom settings they use personnally and Im not sure I could tell someone legitimately what to do with those levels since I dont use them. Thats more of a question for the orignator of those levels.
61.8% is what i ment to say, sorry. 66% and 61.8... here is uj now on the 1hr, and I'm getting a buy signal as it has reached its 3rd fib support level (I use the default settings for support and target levels)

however on the daily, not only did it break my fork, but theres a long red candle forming, so im not too sure if I should take the trade...again maybe a retrace for a short is best bet here...

what do you think?
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  • #5,667
  • Sep 4, 2008 5:35pm Sep 4, 2008 5:35pm
Quoting logiktrader
Bo,

I took a long scalp after seeing how quickly the GU feel after it broke the intraday low levels. I took about 20 pips on the bounce of T2, however I think this is what some people might call a "high risk" trade. When would taking a bounce of the T2 be appropriate?

Your thoughts?
At first I dont recommend taking trades from the target levels in order to catch a retracement at least until youve got a good bit of experience under your belt, the main reason is that if your in a strong trending move like what were seeing today, you simply dont know that it will retrace enough for there to be a profit in it, very risky.
The way to look at retracements is price will first have to break a previous candles high in a downtrending move and a previous candles low in an uptrending move, what that tells you is that price is breaking the high or low point of the previous trading period which in our case is the last 1 hour period. You need to see a break like this before considering playing a retracement even then there are no quarantees. Go back in history and look at the big trending moves during each day, look for what I just descibed and see how many times it would be successful. Also when playing retracements look no farther than the Intraday inner levels as a target range since your trading in reverse and if there isnt enough room for profit dont take the trade.
  • #5,668
  • Sep 4, 2008 5:39pm Sep 4, 2008 5:39pm
Quoting big_pipin
61.8% is what i ment to say, sorry. 66% and 61.8... here is uj now on the 1hr, and I'm getting a buy signal as it has reached its 3rd fib support level (I use the default settings for support and target levels)

however on the daily, not only did it break my fork, but theres a long red candle forming, so im not too sure if I should take the trade...again maybe a retrace for a short is best bet here...

what do you think?

LOL...its no problem. Anytime you see price retrace more than 61.8% of the move your measuring is an early indication of a possible reversal of direction in accordance to that timeframe. As far as playing against the trending direction my last post gives a little info on that, its trading counter trend and much more risky that just waiting out the retracement. When your trading retracements your selling into strength in an uptrend and buying into weakness in a downtrend.
  • #5,669
  • Sep 4, 2008 9:32pm Sep 4, 2008 9:32pm
Todays is a trading day that for my personal taste is not worth trading. I will let the market move at will and participate again next week (NONFARM SUCKS LOL). Ill be back next week an so will the markets , I am not willing to place my hard earn pips in a low probabilty trading day. Goodluck everyone and let the pips be with you lol
  • #5,670
  • Sep 4, 2008 9:43pm Sep 4, 2008 9:43pm
Quoting Shermenator
Todays is a trading day that for my personal taste is not worth trading. I will let the market move at will and participate again next week (NONFARM SUCKS LOL). Ill be back next week an so will the markets , I am not willing to place my hard earn pips in a low probabilty trading day. Goodluck everyone and let the pips be with you lol
I would like to see a really bad NFP in the AM, may get another good retrace or spike to short from after the dust settles. But yes, if its been a good week for you protect whatcha got and enjoy your weekend it starts all over again next week.
  • #5,671
  • Sep 4, 2008 9:49pm Sep 4, 2008 9:49pm
Quoting Bobokus
I would like to see a really bad NFP in the AM, may get another good retrace or spike to short from after the dust settles. But yes, if its been a good week for you protect whatcha got and enjoy your weekend it starts all over again next week.

Awsome post...I just learned a way to trade the news when its expected to go against the current trend...it will be a spike like you said before it goes back to its current trend, so this is when I have to look for signals to trade back with the trend ...sick post lol
  • #5,672
  • Sep 4, 2008 10:12pm Sep 4, 2008 10:12pm
Quoting Shermenator
Awsome post...I just learned a way to trade the news when its expected to go against the current trend...it will be a spike like you said before it goes back to its current trend, so this is when I have to look for signals to trade back with the trend ...sick post lol
Love those news spikes into the inner levels, possible good ride towards the trend...
  • #5,673
  • Sep 4, 2008 10:56pm Sep 4, 2008 10:56pm
All you have to worry about is if will be enough to change the market sentiment which isnt likely, so a good size spike would be a good thing. And remember Support and Resistance levels either hold or they dont no matter what direction it takes.
  • #5,674
  • Sep 5, 2008 4:58am Sep 5, 2008 4:58am
Bo, in your ever evolving thread I want to be sure I'm up to date. Daily and / or Weekly time frames fibs pull uptrend, downtrend, retracements as needed for confirming uptrend, downtrend, or retracing market. 1 hour time frame fibs pull intraday encompassing 24 hours plus or minus hours in previous day or present if new or past intraday highs and lows are valid. Pull support and resistance fibs for direction and testing of levels for entries and exits off intraday fib. In adjusting uptrend and downtrend fibs move highs and lows if price making higher highs or lower lows. Move intraday from day to day if 1) intraday targets hit or 2) significant retracements occur in intraday pricing, ( Both as intraday highs and lows are made). Use retracement fib for direction on Daily or Weekly time frames and once pricing is retricted to retracing price levels and not trending up or down. Base entries in the direction of the trend on breaking support or resistance. Base entries counter to the direction of the trend on test failures of key fib levels not necessarily just the testing of highs or lows, but pivot points and other levels. Moves are stronger if tested or confirmed by both the higher and lower time frame fibs. Watch envelope for confirmation of trends or retracements. After entering trades adust stop loss to break even and target area points if possible. Let market take trade out. Be aware of daily events not so much to trade off as to evaluate market effect on trades. Anything else I have forgotten. Thanks Bo
  • #5,675
  • Sep 5, 2008 8:30am Sep 5, 2008 8:30am
Quoting kpt1956
Bo, in your ever evolving thread I want to be sure I'm up to date. Daily and / or Weekly time frames fibs pull uptrend, downtrend, retracements as needed for confirming uptrend, downtrend, or retracing market. 1 hour time frame fibs pull intraday encompassing 24 hours plus or minus hours in previous day or present if new or past intraday highs and lows are valid. Pull support and resistance fibs for direction and testing of levels for entries and exits off intraday fib. In adjusting uptrend and downtrend fibs move highs and lows if price making higher highs or lower lows. Move intraday from day to day if 1) intraday targets hit or 2) significant retracements occur in intraday pricing, ( Both as intraday highs and lows are made). Use retracement fib for direction on Daily or Weekly time frames and once pricing is retricted to retracing price levels and not trending up or down. Base entries in the direction of the trend on breaking support or resistance. Base entries counter to the direction of the trend on test failures of key fib levels not necessarily just the testing of highs or lows, but pivot points and other levels. Moves are stronger if tested or confirmed by both the higher and lower time frame fibs. Watch envelope for confirmation of trends or retracements. After entering trades adust stop loss to break even and target area points if possible. Let market take trade out. Be aware of daily events not so much to trade off as to evaluate market effect on trades. Anything else I have forgotten. Thanks Bo
Actually thats pretty good !
  • #5,676
  • Sep 5, 2008 9:33am Sep 5, 2008 9:33am
I am not taking the short at the break of the previous candles low simply because of time of the day...

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  • #5,677
  • Sep 5, 2008 10:17am Sep 5, 2008 10:17am
Quoting kpt1956
Bo, in your ever evolving thread I want to be sure I'm up to date. Daily and / or Weekly time frames fibs pull uptrend, downtrend, retracements as needed for confirming uptrend, downtrend, or retracing market. 1 hour time frame fibs pull intraday encompassing 24 hours plus or minus hours in previous day or present if new or past intraday highs and lows are valid. Pull support and resistance fibs for direction and testing of levels for entries and exits off intraday fib. In adjusting uptrend and downtrend fibs move highs and lows if price making higher highs or lower lows. Move intraday from day to day if 1) intraday targets hit or 2) significant retracements occur in intraday pricing, ( Both as intraday highs and lows are made). Use retracement fib for direction on Daily or Weekly time frames and once pricing is retricted to retracing price levels and not trending up or down. Base entries in the direction of the trend on breaking support or resistance. Base entries counter to the direction of the trend on test failures of key fib levels not necessarily just the testing of highs or lows, but pivot points and other levels. Moves are stronger if tested or confirmed by both the higher and lower time frame fibs. Watch envelope for confirmation of trends or retracements. After entering trades adust stop loss to break even and target area points if possible. Let market take trade out. Be aware of daily events not so much to trade off as to evaluate market effect on trades. Anything else I have forgotten. Thanks Bo
Thanks kpt for that great summary and thanks Bo for you concurrence. I feel a lot smarter for having read it.
  • #5,678
  • Sep 5, 2008 12:38pm Sep 5, 2008 12:38pm
Bobokus, Shermanator and friends,

Another positive week for me! Thanks you guys for all time that you've been
speding to help us with this strategy!

I still have a lot to learn but I could see some improvement this week like
get in the market closed to the best time and be a little more patient when
market goes against me for awhile.

On the other hand, I'm still fighting when waiting the market to get to the Target point, I'm getting off earlier still. So I will focus on it next week!
But the most important part is that I'm consolidating this strategy in my mind
day by day and having profits with it !

thanks again and have a nice weekend!
  • #5,679
  • Sep 5, 2008 1:28pm Sep 5, 2008 1:28pm
Quoting psneto
Bobokus, Shermanator and friends,

Another positive week for me! Thanks you guys for all time that you've been
speding to help us with this strategy!

I still have a lot to learn but I could see some improvement this week like
get in the market closed to the best time and be a little more patient when
market goes against me for awhile.

On the other hand, I'm still fighting when waiting the market to get to the Target point, I'm getting off earlier still. So I will focus on it next week!
But the most important part is that I'm consolidating this strategy in my mind
day by day and having profits with it !

thanks again and have a nice weekend!
Thats good news, now its time to enjoy your weekend, to clear your mind so you can do it all over again next week. Your progressing from the majority to the minority.
  • #5,680
  • Sep 5, 2008 5:15pm Sep 5, 2008 5:15pm
Hi Bob.
I used to trade patterns with fiboacci ratios ( Gartly- Butterfly -Three Drives-HS) but the problem was that you do not get the signals so often but since I have studied and applied your system I get signals much more often .I still trade the patterns only when the it is confirmed by your system otherwise I consider the pattern invalid.
I am going through the whole thread slowly in order to get the feel for the system .As your system is spread all over the thread and I missed the tradingroom session I try to read and have a "written trading plan of your system".
On page 345 post 5167 one of the members ( Jren07) has written a very systhematic trading plan of your system.
I would appreciate if you let us know if you agree with that trading plan or you would like to add or modify that system.
Thanks for sharing your system and knowledge so generously with all of us.
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