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  • #5,901
  • Sep 18, 2008 5:48pm Sep 18, 2008 5:48pm
Quoting jicjoc
http://www.forextester.com/

im just testing this out, and i must say it looks great. very similiar setup to metatrader, multiple TF allowed (my only beef with vhands).

try out the demo and see...
I was using it as well, its just a bit annoying when it comes to drawing fibs and stuff. But as soon as adjustment is done its get. A tip though is not to make the speed of the bars to fast, its just bad when trying to learn. Make sure you use minute bars that you can download from like alpari data center(from website). Me personally always made it to fast and still can't help but make it slower, but I will say its good for learning.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,902
  • Sep 18, 2008 10:13pm Sep 18, 2008 10:13pm
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.
Bo, thanks for sharing your wisdom.
1.When you set your stop order above the previous 1 hour period do you set it right at the high of the previous 1 hr candle (allowing for spread of course), or do you add say 5 pips to prove itself?
2. Can you please explain further your last comment "thats waiting for a candle opening above or below the Intraday levels"...I understand the first two options...but you have lost me here!
  • #5,903
  • Sep 19, 2008 8:43am Sep 19, 2008 8:43am
Hey bo or anyone, I am really starting to trade well, I just wanted to ask you a question. I just want to make sure that all my trades aren't flukes, so far things are pretty consistent.

I took a trade today, I just wanted to know if you though it was a good idea. I plotted resistance fibs on the chart below, and these levels have held very well and are very strong. It broke a resistance level, and then my intraday short level then pivot. I think that gave me confirmation to go long. Right now the trade is up about 26 pips right away. I was waiting for this breakout since early this morning because I saw quite a bit of consolidation between resistance levels. As I am writing this post my trade just went to 40 pips and breaking the daily high. So the trade is going well. I am not sure what target to set, but I will just wait for price action to tell me that.

Thanx a lot.
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"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,904
  • Sep 19, 2008 11:18am Sep 19, 2008 11:18am
Quoting ihop
Bo, thanks for sharing your wisdom.
1.When you set your stop order above the previous 1 hour period do you set it right at the high of the previous 1 hr candle (allowing for spread of course), or do you add say 5 pips to prove itself?
2. Can you please explain further your last comment "thats waiting for a candle opening above or below the Intraday levels"...I understand the first two options...but you have lost me here!

1.Yes you want it to prove its moving higher or lower than the previous period so an example for cable is 6-8pips above a high and 5pips below a low.

2.A bounce would be when price makes a bullish move then retraces into the levels then a candle opening above the long level is a long signal
A rejection would be a bearish day and price retraces into the levels then a candle opening below the short level is a short signal.

You would want to see the levels penetrated or tested before entering. This type entry used to be pretty safe but the conditions in the market this year make this type entry just as risky as the others.
  • #5,905
  • Sep 19, 2008 11:24am Sep 19, 2008 11:24am
Quoting TheLegace
Hey bo or anyone, I am really starting to trade well, I just wanted to ask you a question. I just want to make sure that all my trades aren't flukes, so far things are pretty consistent.

I took a trade today, I just wanted to know if you though it was a good idea. I plotted resistance fibs on the chart below, and these levels have held very well and are very strong. It broke a resistance level, and then my intraday short level then pivot. I think that gave me confirmation to go long. Right now the trade is up about 26 pips right away. I was waiting for this breakout since early this morning because I saw quite a bit of consolidation between resistance levels. As I am writing this post my trade just went to 40 pips and breaking the daily high. So the trade is going well. I am not sure what target to set, but I will just wait for price action to tell me that.

Thanx a lot.
You did exactly what you should have, were still seeing the reaction to our levels on the Retracement fib from the Daily chart, until today price has been stuck between the Intraday levels and the higher timeframe support from the retracement fib. The retracement fib from the Daily wins out this time. Played out very well, bank what youve got before the end of the day it will start all over again next week.
  • #5,906
  • Sep 19, 2008 11:58am Sep 19, 2008 11:58am
how did you draw that resistance fib? From the recent lows? I got retracement form the lows but it looks nothing like your resistance. COuld you show 4 hour picture?


Quoting TheLegace
Hey bo or anyone, I am really starting to trade well, I just wanted to ask you a question. I just want to make sure that all my trades aren't flukes, so far things are pretty consistent.

I took a trade today, I just wanted to know if you though it was a good idea. I plotted resistance fibs on the chart below, and these levels have held very well and are very strong. It broke a resistance level, and then my intraday short level then pivot. I think that gave me confirmation to go long. Right now the trade is up about 26 pips right away. I was waiting for this breakout since early this morning because I saw quite a bit of consolidation between resistance levels. As I am writing this post my trade just went to 40 pips and breaking the daily high. So the trade is going well. I am not sure what target to set, but I will just wait for price action to tell me that.

Thanx a lot.
  • #5,907
  • Sep 19, 2008 12:01pm Sep 19, 2008 12:01pm
Oh I see, I moved my retracement (your resistance) to the yesterday's high

that raises a valid question (one more time): when is it time to move retracement and intraday fibs? every time the new highs were made? not it current E/U case...

Quoting jasius
how did you draw that resistance fib? From the recent lows? I got retracement form the lows but it looks nothing like your resistance. COuld you show 4 hour picture?
  • #5,908
  • Sep 19, 2008 12:06pm Sep 19, 2008 12:06pm
Quoting jasius
how did you draw that resistance fib? From the recent lows? I got retracement form the lows but it looks nothing like your resistance. COuld you show 4 hour picture?

He's using this one to see if we are going to reach the target range from it. If it reaches its target range we can continue to pull the high then, or if it fails at the high again we can then pull it up to the current high because at that point we want to know the support levels since it may retrace again from a second rejection.
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  • #5,909
  • Sep 19, 2008 12:06pm Sep 19, 2008 12:06pm
Quoting Bobokus
The envelope is an oscillator but MA based. You can use anything from a 50 to a 100 on the 1 hour to get the same effect, its not something you want to base your trades from just a visual aid as to see trending movement. Its not necessary if you can tell if its trending. It can help see when trending movements are over better than when they begin since the market is most likely ranging before going into trending movement.
let me state that the envelope is the number 1 indicator in my opinion.
When life gives you lemons, make lemonade
  • #5,910
  • Sep 19, 2008 12:15pm Sep 19, 2008 12:15pm
Quoting micho
let me state that the envelope is the number 1 indicator in my opinion.

If it helps you continue to use it if it doesnt just dump it. Over the years youll find things that suit your style from what you see others using or other methods and some will work but most wont. You keep what works for you and throw the rest away. Only a few will continue to use fibs because they may find it doesnt work for them and may just confuse what they are trying to accomplish with trading, but something else does and they find they have a better feel for other things.
  • #5,911
  • Sep 19, 2008 12:21pm Sep 19, 2008 12:21pm
Quoting Bobokus
If it helps you continue to use it if it doesnt just dump it. Over the years youll find things that suit your style from what you see others using or other methods and some will work but most wont. You keep what works for you and throw the rest away. Only a few will continue to use fibs because they may find it doesnt work for them and may just confuse what they are trying to accomplish with trading, but something else does and they find they have a better feel for other things.
When life gives you lemons, make lemonade
  • #5,912
  • Sep 19, 2008 12:45pm Sep 19, 2008 12:45pm
Is the strategy the same for daily?

Quoting Bobokus
He's using this one to see if we are going to reach the target range from it. If it reaches its target range we can continue to pull the high then, or if it fails at the high again we can then pull it up to the current high because at that point we want to know the support levels since it may retrace again from a second rejection.
  • #5,913
  • Edited 1:16pm Sep 19, 2008 12:51pm | Edited 1:16pm
Quoting Bobokus
You did exactly what you should have, were still seeing the reaction to our levels on the Retracement fib from the Daily chart, until today price has been stuck between the Intraday levels and the higher timeframe support from the retracement fib. The retracement fib from the Daily wins out this time. Played out very well, bank what youve got before the end of the day it will start all over again next week.
Hey bo, you do not know how great I feel about that. This week has been the best week of trading of my life, I banked about 300 pips, if i can do the same things in the next two weeks then I will start trading live and I cannot wait. I closed my trade with 71 pips, the market might keep trying to make higher highs, but I'm happy with what I banked. Unfortunately I wasn't to prepared so I didn't get a chance to get into GU today, I missed a really good long oppurtunity, but no matter. I am also happy because now my mobile phone works with MT4 and I can access charts anywhere I might be and trade too.

Thanx for everything(you to Shermanator) Have a great weekend guys.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,914
  • Sep 19, 2008 1:00pm Sep 19, 2008 1:00pm
Quoting jasius
Is the strategy the same for daily?
Yes, the Retracement fib is from the daily chart its measuring the amount of retracement we get into this downtrend weve been in. Where we have it placed now is the initial retracement weve gotten and the first 2 times price has fallen since then it has proved to be support so we continue to look for price to make bounces and continue up, until there is a break of its support levels then we start looking for short opportunities again.
  • #5,915
  • Sep 19, 2008 3:59pm Sep 19, 2008 3:59pm
oops, I meant intraday fibs. When do we move them?

Quoting Bobokus
Yes, the Retracement fib is from the daily chart its measuring the amount of retracement we get into this downtrend weve been in. Where we have it placed now is the initial retracement weve gotten and the first 2 times price has fallen since then it has proved to be support so we continue to look for price to make bounces and continue up, until there is a break of its support levels then we start looking for short opportunities again.
  • #5,916
  • Sep 19, 2008 5:39pm Sep 19, 2008 5:39pm
Quoting jasius
oops, I meant intraday fibs. When do we move them?
Pretty much every day, unless we get those days that dont retrace and run into the next day before any retracement happens, those become higher timeframe movements since they span more than just a 24 hour period. Every so often there will be days that the market ranges in a tight range for several days and we may have to leave an Intraday in place until there is movement as long as its levels are being respected.
  • #5,917
  • Sep 21, 2008 3:53pm Sep 21, 2008 3:53pm
Bob.

My question might not be relevant in this thread but I have to ask you.
I have got a professinal job and make a good and decent living of it but the truth is that i hate my job . Since I have become familiar with trading nearly a year ago I noticed that this is the sort of job I would like to have as I really enjoy it. As one of the philosophers says " find a job that you like you will always be on vacation".
I am trading live (not Demo) but with pennies as I want to be hurt if I make mistake and I learn more if I am punished for my mistakes as opposed to paper trading .
During the last year I have studied tirelessly Elliot waves ,patterns ,fibonacci and read many books and attended a couple of workshops until I saw your thread a couple of month ago and I am going through it with passion .
I feel that your system suits my mentality and I have been successful with it but my question is, what are the prospects of trading (using your system in my case), is it possible to make a good /decent living out of it so that hopefully I can do it full time in future .
I would be grateful if you give me an idea about it and some information about your personal success so that I know there might be a hope for me to
get rid of my job in future and do trading full time as you do.
As I have noticed you do not like to boast about your success in the thread so I would not mind if you sent me a pm when you get the chance please.
  • #5,918
  • Sep 21, 2008 4:50pm Sep 21, 2008 4:50pm
alex12

I do not believe that is the right question to ask, a system which is successful to him and others does not mean you will have the same success. All interpret charts and use indicators differently, there is no hard set of rules that say do this and that. The only way which you can realize the potential of Fibonacci is to try demo'ing for awhile until you become comfortable with it. Fibonacci is not a mechanical system as to when to buy/sell, you can view it as a set of probabilities to make a decision.

I am also trying to learn how to make use of Fibonacci, and I must admit that it does help, but you cannot solely depend it as always working to an exact science. I use it to confirm entries and exits, it has improved my trading alot instead of just shooting blindly with no rules.
  • #5,919
  • Sep 21, 2008 5:56pm Sep 21, 2008 5:56pm
are we moving intraday gbpusd? I have it on Sept 16th low and 18th high. Should we move it to Friday's high/low? eurused didn;t move outside the previous day's high/lows (16th and 18th as well)

do we consider Friday's moves a swing?
  • #5,920
  • Sep 21, 2008 5:57pm Sep 21, 2008 5:57pm
Quoting et_phonehome_2
alex12

I do not believe that is the right question to ask, a system which is successful to him and others does not mean you will have the same success. All interpret charts and use indicators differently, there is no hard set of rules that say do this and that. The only way which you can realize the potential of Fibonacci is to try demo'ing for awhile until you become comfortable with it. Fibonacci is not a mechanical system as to when to buy/sell, you can view it as a set of probabilities to make a decision.

I am also trying to learn how to make use of Fibonacci, and I must admit that it does help, but you cannot solely depend it as always working to an exact science. I use it to confirm entries and exits, it has improved my trading alot instead of just shooting blindly with no rules.
Of course ,I agree with you that I might not be as successful as Bob even if I learn his system. As Bob always mentions you can teach many people to play piano but not many of them will really be good at it .But I would like to know the prospects if I try to learn and apply the system correctly .
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