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  • #5,921
  • Sep 21, 2008 6:04pm Sep 21, 2008 6:04pm
Quoting alex12
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.
Ceratainly its possible, but it takes time, most dont want to hear that since they hope that there is a magical holy grail way of trading when its just not the case. Forex isnt a mechanical devise it will always change over time and trading in part is learning how to change your trading with it. Experience in my opinion is the one thing that will make you successful, its not the methods or the indicators its what you learn over time and how you yourself have to adapt to the conditions in Forex. Its the simplest of things that will work in the long run and using fibs once you understand better how they can be applied are one of the steps in gaining that experience.
You can use fibs as a stand alone method, but most will not feel comfortable or have enough confidence in just fibs to trade them as a stand alone method.
There is hope, just dont expect it to happen overnight. Im in my 7th year of trading and I didnt know repeatable success until the 5th year.
  • #5,922
  • Sep 21, 2008 6:07pm Sep 21, 2008 6:07pm
Quoting jasius
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?
For now use the high and low established on Friday, we may have to pull the high of this until we see some retracement but for now the high and low of Friday. Same with the Euro.
  • #5,923
  • Sep 21, 2008 6:23pm Sep 21, 2008 6:23pm
Quoting Bobokus
Ceratainly its possible, but it takes time, most dont want to hear that since they hope that there is a magical holy grail way of trading when its just not the case. Forex isnt a mechanical devise it will always change over time and trading in part is learning how to change your trading with it. Experience in my opinion is the one thing that will make you successful, its not the methods or the indicators its what you learn over time and how you yourself have to adapt to the conditions in Forex. Its the simplest of things that will work in the long run and using fibs once you understand better how they can be applied are one of the steps in gaining that experience.
You can use fibs as a stand alone method, but most will not feel comfortable or have enough confidence in just fibs to trade them as a stand alone method.
There is hope, just dont expect it to happen overnight. Im in my 7th year of trading and I didnt know repeatable success until the 5th year.
Thanks Bob , it sounds very encouraging.
  • #5,924
  • Sep 21, 2008 7:09pm Sep 21, 2008 7:09pm
and retracement fibs on Friday high or leave them, especially since eurusd retracement high has barely been broken

Quoting Bobokus
For now use the high and low established on Friday, we may have to pull the high of this until we see some retracement but for now the high and low of Friday. Same with the Euro.
  • #5,925
  • Edited 7:16pm Sep 21, 2008 7:15pm | Edited 7:16pm
Quoting jasius
and retracement fibs on Friday high or leave them, especially since eurusd retracement high has barely been broken
For the Euro we want to leave it on the initial retracement it since we want to know if it will reach its target range, failure to do so is a sign of low momentum in the push up and it will return to the downtrend.
Cable has already met its target at T1 and it can be moved up.
  • #5,926
  • Sep 22, 2008 8:33am Sep 22, 2008 8:33am
No retracement yet, getting kinda impatient. I would expect price to stop at my downtrend short level @ 1.4706 for EU and 1.8749 on GU. Anyone else agree?

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,927
  • Sep 22, 2008 8:42am Sep 22, 2008 8:42am
The way I see it is if it breaks the level of 8483, meaning a close above it has the potential to head higher to 8750-8800 without much holding it back, maybe a pull back around the 8570 area.
But maybe our residant expert Mr Bo can help shed some light on it better than I can.

Happy Pippin'
KC


Quoting TheLegace
No retracement yet, getting kinda impatient. I would expect price to stop at my downtrend short level @ 1.4706 for EU and 1.8749 on GU. Anyone else agree?

TheLegace.
  • #5,928
  • Sep 22, 2008 2:20pm Sep 22, 2008 2:20pm
Quoting TheLegace
No retracement yet, getting kinda impatient. I would expect price to stop at my downtrend short level @ 1.4706 for EU and 1.8749 on GU. Anyone else agree?

TheLegace.
It doesnt appear that they will retrace today, may only get some consolidation before they continue on up tomorrow.
  • #5,929
  • Sep 22, 2008 3:56pm Sep 22, 2008 3:56pm
Piercing candle forming. looks like it's retracing. Bo, do we move the intraday to today's high and Friday's low in both pairs? What about retracement?
  • #5,930
  • Sep 22, 2008 4:32pm Sep 22, 2008 4:32pm
Quoting jasius
Piercing candle forming. looks like it's retracing. Bo, do we move the intraday to today's high and Friday's low in both pairs? What about retracement?
On your Daily move the Retracement all the way up to the current high on both pairs now.Both have more than achieved their target range.
For the Intraday with Cable just on todays movement, with the Euro for Intraday use todays high back to the low of Sunday.
  • #5,931
  • Sep 22, 2008 8:54pm Sep 22, 2008 8:54pm
Bo, Could you post you current graph with the fibs on it please ?

Thanks
  • #5,932
  • Sep 22, 2008 9:22pm Sep 22, 2008 9:22pm
Quoting chuckpumpkin
Bo, Could you post you current graph with the fibs on it please ?

Thanks
Sure, here's GBP/USD.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp0922.gif Size: 19 KB
  • #5,933
  • Sep 23, 2008 12:33am Sep 23, 2008 12:33am
Hey Bo, great thread.
Thank you for sharing your technique with us. I know WE have the obligation to read all of it before asking you questions. But, uh, now itīs almost 400 pages and despite being very interesting, I (and I suppose other guys too) donīt have the time needed to read all of it. So, would it be possible to have a basic step-by-step from the very basics about your techniques?
I donīt mean to take your time, it would be something like this:
1. open your daily chart
2. add the x fibonacci
3.connect this point to that point
4. then open the hourly chart...

I do think it would help a lot people who does not have much time right now.

Of course, you may ignore my request, and someday I will try to read the whole thread.

Thank you. And good trades to all of you guys!
  • #5,934
  • Sep 23, 2008 3:57am Sep 23, 2008 3:57am
anyone gone long on gu in the last few minutes? Looks like a valid bounce from intraday long to me?
  • #5,935
  • Sep 23, 2008 4:20am Sep 23, 2008 4:20am
That was a nice run from Friday thru Monday, based on fibonacci extension applied to standard bollinger band squeeze on Friday....went all the way to the 1000% level. Who would have thunk.....! (See M15 chart attached).

And that nice pullback (up) from the run down we have been getting, may be a trend reversal, or just a pullback. Either way it itself is due for a retrace, and maybe we are getting it, based on the fib extension applied to the M30 chart (attached).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurodollar m15 -2.gif Size: 46 KB
Click to Enlarge Name: eurodollar m30 -1.gif Size: 42 KB
  • #5,936
  • Sep 23, 2008 4:40am Sep 23, 2008 4:40am
I have set alert for 1.4685 (session low is 1.4680). It might run another leg down. Currently it is ranging in the 62% - 162% area. It could go either way....
Attached Image (click to enlarge)
Click to Enlarge Name: eurodollar m30 -2.gif Size: 42 KB
  • #5,937
  • Sep 23, 2008 6:26am Sep 23, 2008 6:26am
Quoting redmounts
Hey Bo, great thread.
Thank you for sharing your technique with us. I know WE have the obligation to read all of it before asking you questions. But, uh, now itīs almost 400 pages and despite being very interesting, I (and I suppose other guys too) donīt have the time needed to read all of it. So, would it be possible to have a basic step-by-step from the very basics about your techniques?
I donīt mean to take your time, it would be something like this:
1. open your daily chart
2. add the x fibonacci
3.connect this point to that point
4. then open the hourly chart...

I do think it would help a lot people who does not have much time right now.

Of course, you may ignore my request, and someday I will try to read the whole thread.

Thank you. And good trades to all of you guys!
I think one of the thread members is working on just that, a guide to help condense some of the things in here.
  • #5,938
  • Sep 23, 2008 6:28am Sep 23, 2008 6:28am
Quoting jicjoc
anyone gone long on gu in the last few minutes? Looks like a valid bounce from intraday long to me?
Yes, it is a vaild signal or was. It was only good for about 40 pips before rolling back on itself after failing too break the high. Could be a ranging day if it bounces again.
  • #5,939
  • Sep 23, 2008 6:34am Sep 23, 2008 6:34am
Quoting traderathome
I have set alert for 1.4685 (session low is 1.4680). It might run another leg down. Currently it is ranging in the 62% - 162% area. It could go either way....

Euro looks to be in the same boat as Cable, its made a vaild bounce but rolled back on itself before even reaching yesterdays high. May see deeper retracement or some ranging. We'll know more once the US session opens.
  • #5,940
  • Sep 23, 2008 6:58am Sep 23, 2008 6:58am
Hey guys. I am wondering are anyones long term s/r levels being tested at the moment or am I going crazy. The levels for my downtrend fibs that span months are being tested and yesterday on gu the price got rejected not by much though and right now is beong tested. I am waiting for U.S open now though for some action.

Thanx
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
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