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  • #5,861
  • Sep 15, 2008 8:14pm Sep 15, 2008 8:14pm
Quoting silkrhino
Hi Bo,

I just made it through all 390 pages of this thread. Something I should have done a long time ago.

I'd like to commend you on your patience as well as the clear and concise format in which you have presented your framework throughout the various lessons in the thread. You done good! You've got to be the smartest redneck on FF by far.

What is your reasoning for switching over to the Euro as of late?

PS. Can someone please post the indicator and EA for me so I can retire.
The area that I need to work on at this stage is my own true scalping method and the Euro with the smallest spread is the easiest to scalp.Im 2 dimensions deep now and I just want to add another dimension to what I do now and If my theories are correct and forward testing continues to be positive scalping will fill the gap.
I wish we could program an EA to trade from fibs, its been attempted believe me. The intuition part is always missing.
  • #5,862
  • Sep 15, 2008 8:31pm Sep 15, 2008 8:31pm
Quoting jicjoc
Thanks for those Bo, They're the same as mine. WooHoo!
I just realised that it doesnt really matter what the name is on the fibs, in fact the name's themselves were to me misleading as i didnt understand what move they related to.
What really matters is you know which move is which, and have all the fibs in the right places.

Q1 - Now im just wondering about entering opposite positions on the euro and cable. Would you ever do this?

The situation wont arise now as cable just dropped but for a while there it was going up and euro was going down.
Q1a - Would an opposite ever make make sense, or just very rarely anyway?


Im wondering aswell about when the intraday is inside and conflicting with a bigger fib as it is with gu and eu now.

Todays intraday on eu and gu are bearish but the move from thursday night to sunday night was bearish.
Q2 - What would make you take a bearish break from todays intraday levels?
Personally ive no interest in anything bearish these days only a quick scalp

Also i not that the intraday levels have already been broken long and now maybe holding. Is that decent analysis? Longs only ?

Q2a - Are you keeping an eye on the news and the banks going under?
Does news affect you much? Is it something you watch for? i dont. Just the fibs and PA



Q3 - Also Eu and Gu have been so very alike recently i was wondering why you've changed to eu
Sure I take both directions, in the case with the Euro and Cable, these are actually some of the best trading conditions for me since the volitilty gets so high these days and we have continued 200+pip days, I can remember times when the Euro would only move 70-90 a day. Trading against the grain can be dangerous but the opportunity's are there, Im just not going to recommend trading counter to the trending moves to newer traders or trading the Intraday type retracements.

Q2. That would be the correct method of choice since weve recently seen support holding indicating we could continue to retrace into the downtrends on both pairs. Scalp type mode on short positions until it retraces and you see resistance holding then you'll know the sentiment has switched to shorts again. Still look for your entry's from what happpens at your Intraday levels...just get up on the wheel when price is testing levels from a higher timeframe.
The time of day may come into play on a break this early and normally it would come back for a second opportunity as the next sessions get going.

Q2a.I do and I recommend that traders watch and pay attention to the news events because of the effects it can have on sentiment...the thing about the news is just ask yourself is it enough to change the sentiment, if its not dont worry about it.Its just going to cause spikes for you to get a good entry on. Support and resistance levels either hold or they dont ..its just that simple.

Testing my pure scalping technology out and so far it looks pretty good, the Euro with the smallest spread is just the easiest to scalp.Large lot small target, very small targets.
  • #5,863
  • Edited 9:00pm Sep 15, 2008 8:42pm | Edited 9:00pm
Bo,

when those 3-4 candles all had the same support in GU and EU, was that sign to set buy stop above them and go long? Even though initially the same support got broken?
  • #5,864
  • Sep 15, 2008 8:43pm Sep 15, 2008 8:43pm
Quoting Bobokus
The area that I need to work on at this stage is my own true scalping method and the Euro with the smallest spread is the easiest to scalp.Im 2 dimensions deep now and I just want to add another dimension to what I do now and If my theories are correct and forward testing continues to be positive scalping will fill the gap.
I wish we could program an EA to trade from fibs, its been attempted believe me. The intuition part is always missing.
Thats great, I hope you get it nailed!

Just being sarcastic about the EA/indicator comment. After reading through the entire tread I can't count how many times people would just jump in out of no where and ask for the Indicator, it became quite amusing at a certain point and I admire your patience.
  • #5,865
  • Sep 15, 2008 9:15pm Sep 15, 2008 9:15pm
Quoting jasius
Bo,

when those 3-4 candles all had the same support in GU and EU, was that sign to set buy stop above them and go long? Even though initially the same support got broken?
You can, its just safer to wait for the next sessions since it can still bounce back and forth. Odds are better waiting, even if we miss the move by waiting id rather be able to say "I hate I missed that" rather than " I wish I hadnt dont that".
  • #5,866
  • Sep 16, 2008 3:45am Sep 16, 2008 3:45am
Gu is really backing itself into a corner now. Trendline above and below. Looking forward to the breakout. I hope its bullish!
  • #5,867
  • Sep 16, 2008 5:28am Sep 16, 2008 5:28am
Bobokus, I have a question for you...

Which way do you trade the market when price is inbetween Resistance and Support fibs - strictly on the 4h chart?

Here is chart:
Attached Image (click to enlarge)
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  • #5,868
  • Sep 16, 2008 6:08am Sep 16, 2008 6:08am
Quoting jicjoc
Gu is really backing itself into a corner now. Trendline above and below. Looking forward to the breakout. I hope its bullish!
Looks as if everyone is waiting on the US news today before taking a position.
  • #5,869
  • Sep 16, 2008 6:13am Sep 16, 2008 6:13am
Quoting Liquid
Bobokus, I have a question for you...

Which way do you trade the market when price is inbetween Resistance and Support fibs - strictly on the 4h chart?

Here is chart:
As of now everything looks as if it wants to go back long, since support from the Resistance fib has initially held, todays news out of the US should give it the kick in the pants its waiting for.
Intraday is indicating short but its struggling with the support levels from the move up that ended last week a break of those is necessary before it can turn back to a short market again. The pivot of the resistance fib is being tested again now.
  • #5,870
  • Sep 16, 2008 6:58am Sep 16, 2008 6:58am
I took a very great long yesterday on GU, and EU, I was wondering if it seemed appropriate if if it just was a fluke. Yesterday for GU the intraday short/pivot levels held, since price was in a large movement up and was retracing, since levels held very well long was the appropriate move yesterday? The trade failed to meet any targets, but since I entered trade very late in the day, I decided just close, which was a good move and banked about 90 pips total.

Thanx.
TheLegace
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,871
  • Sep 16, 2008 10:49am Sep 16, 2008 10:49am
Woke up this morning to find my short was hit @ 1.7886 with my stop loss @ 7980 and my TP @ 7650, and I just moved my stop to the previous hour bar high @ 7836 so I'll have 50 pips locked in (as long as nothing major happens ), before heading to work.

If 7700 level breaks I look for my tp to be hit later today, but either way I'm happy with at least 50 pips.

Happy Pippin'
KC
Attached Image (click to enlarge)
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  • #5,872
  • Sep 16, 2008 11:05am Sep 16, 2008 11:05am
Nice job guy's, any positive pips are a good thing.
  • #5,873
  • Sep 16, 2008 3:56pm Sep 16, 2008 3:56pm
Looks like I got stopped out @ 7836 about 2 1/2 hours ago. 50 pip profit, I'll take what the market will give me.

Happy Pippin'
KC

Quoting kc8flq
Woke up this morning to find my short was hit @ 1.7886 with my stop loss @ 7980 and my TP @ 7650, and I just moved my stop to the previous hour bar high @ 7836 so I'll have 50 pips locked in (as long as nothing major happens ), before heading to work.

If 7700 level breaks I look for my tp to be hit later today, but either way I'm happy with at least 50 pips.

Happy Pippin'
KC
  • #5,874
  • Sep 16, 2008 4:29pm Sep 16, 2008 4:29pm
Bobokus

I'm having a hard time telling if price will pierce through the fib levels or not. I am always using some other system on lower timeframes to determine whether to take the trade or not, but then that defeats the purpose of using fibonacci to
trade.

Do you use any indicators to help you determine when to enter a trade?
When going long, are you looking for a close above the fib levels? I presume you are using the one hour chart to enter or do you use the lower time frames for an entry? I know that if one waits for a close to pierce the fib line, it is possible that price may have gone too far, what would you do then?
  • #5,875
  • Sep 16, 2008 6:31pm Sep 16, 2008 6:31pm
Quoting et_phonehome_2
Bobokus

I'm having a hard time telling if price will pierce through the fib levels or not. I am always using some other system on lower timeframes to determine whether to take the trade or not, but then that defeats the purpose of using fibonacci to
trade.

Do you use any indicators to help you determine when to enter a trade?
When going long, are you looking for a close above the fib levels? I presume you are using the one hour chart to enter or do you use the lower time frames for an entry? I know that if one waits for a close to pierce the fib line, it is possible that price may have gone too far, what would you do then?
Simple explanation is going back to the post I made a few days ago about the different entry strategy's, the most risky being judging if the Day has been bearish or bullish then just setting limit orders on the fib levels themselves. medium level is more of what I do or look for and thats the reaction to the fib levels from one period to the next. and example is if the day was bullish we would be looking for a bounce, if price retraces to the Intraday levels you simply wait for the previous 1 hour period highs to be broken, by setting stop orders above the previous 1 hour period then if price bounces first clue is previous period or candle highs will begin to break, the buy stop above the previous candle highs enters or picks you up on its way. The other way use to be the safest entry but this year is proving that to be just as risky...and thats waiting for a candle opening above or below the Intraday levels.
  • #5,876
  • Sep 16, 2008 6:50pm Sep 16, 2008 6:50pm
Here's what im looking at now.
The most crucial of the three is the weekly which is showing a lovely bullish Pin bar at very strong resistance. That for me is the start of a big bull run.
The problem with that is its a weekly and may take time to break.

At the minute price is fighting its way between the bearish intraday levels and the bullish levels from end of last week.

I think the answer to ET's question is that no-one knows whats going to happen at these levels. All you have is probabilities. If it starts making higher highs and lows at the levels (or vice versa) at a lower TF then that is usually my entry.
Price has been moving quckly recently. just watch price bang between the levels

Bo it would be great if you could show us how you traded the last few days. What with so many relevant fibs on the chart, its hard to find an entry that has room to move...
Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: gu1709_all3.jpg Size: 211 KB
  • #5,877
  • Sep 16, 2008 9:02pm Sep 16, 2008 9:02pm
Bo,

Did you only move your intraday fib to the bottom of today for both GU and EU after the moviment of today and kept the others as you charts from yesterday?

thanks for your help!
  • #5,878
  • Sep 16, 2008 10:51pm Sep 16, 2008 10:51pm
Hi,

Can you please give me your indicators that show Average trading range for daily and past 10 days? If it is available anywhere please give me the link.

Thank you,
Rgds,
Vijaybhalaji AP
Quoting kc8flq
Woke up this morning to find my short was hit @ 1.7886 with my stop loss @ 7980 and my TP @ 7650, and I just moved my stop to the previous hour bar high @ 7836 so I'll have 50 pips locked in (as long as nothing major happens ), before heading to work.

If 7700 level breaks I look for my tp to be hit later today, but either way I'm happy with at least 50 pips.

Happy Pippin'
KC
  • #5,879
  • Sep 16, 2008 10:54pm Sep 16, 2008 10:54pm
Hi Bobokus,

You have very interesting thread. I have been reading and experimenting your strategies for past one week. Can you please guide or explain more clearly your stop loss rules?.. As I am finding it difficult to place the stop loss if the trade is opened in the next candle open after the break of the intraday short or intraday long!.

Thank you,
Vijaybhalaji AP
Quoting Bobokus
Simple explanation is going back to the post I made a few days ago about the different entry strategy's, the most risky being judging if the Day has been bearish or bullish then just setting limit orders on the fib levels themselves. medium level is more of what I do or look for and thats the reaction to the fib levels from one period to the next. and example is if the day was bullish we would be looking for a bounce, if price retraces to the Intraday levels you simply wait for the previous 1 hour period highs to be broken, by setting stop orders above the previous 1 hour period then if price bounces first clue is previous period or candle highs will begin to break, the buy stop above the previous candle highs enters or picks you up on its way. The other way use to be the safest entry but this year is proving that to be just as risky...and thats waiting for a candle opening above or below the Intraday levels.
  • #5,880
  • Sep 17, 2008 7:16am Sep 17, 2008 7:16am
Quoting jicjoc
Here's what im looking at now.
The most crucial of the three is the weekly which is showing a lovely bullish Pin bar at very strong resistance. That for me is the start of a big bull run.
The problem with that is its a weekly and may take time to break.

At the minute price is fighting its way between the bearish intraday levels and the bullish levels from end of last week.

I think the answer to ET's question is that no-one knows whats going to happen at these levels. All you have is probabilities. If it starts making higher highs and lows at the levels (or vice versa) at a lower TF then that is usually my entry.
Price has been moving quckly recently. just watch price bang between the levels

Bo it would be great if you could show us how you traded the last few days. What with so many relevant fibs on the chart, its hard to find an entry that has room to move...
Thanks
Other than taking a short on the euro Monday I havnt made any Intraday trades this week, Ive been focusing my attention on another project. Its appears that Cable and the Euro are both ranging and the only thing we can do right now is scalping. The Retracement fib continues to offer support while the same time Intraday levels are containing price on top, so its caught in this range until something happens to give them a kick in the pants to get things moving.
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