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  • #5,941
  • Sep 23, 2008 8:44am Sep 23, 2008 8:44am
It's bouncing back and forth between intraday long and intraday high. there is also a powerful up trend short fib a top and down trend short below. I put my buy stop and sell stop above and below former two
Quoting TheLegace
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.
  • #5,942
  • Sep 23, 2008 8:52am Sep 23, 2008 8:52am
Start with reading in the mid 300's, Bo shows alot of good charts with explinations. You could also start at 380, he has some good charts somewhere around 382 or so.
Also download some of the pdf attachments by clicking on the paperclip in upper right corner of the pages.

Happy Pippin'
KC

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!
  • #5,943
  • Sep 23, 2008 9:43am Sep 23, 2008 9:43am
The breakout shown about six hours ago on the M30 chart looks to be gaining strength on the H1 chart......
Attached Image (click to enlarge)
Click to Enlarge Name: eurodollar h1 -1.gif Size: 44 KB
  • #5,944
  • Sep 23, 2008 11:21am Sep 23, 2008 11:21am
Hi,

I'm trying to catch up.

At which point will you consider short on EURUSD, will it be the intraday swing short which I think is around 1.4609 or the swing short based on the daily chart around 1.4700?

thank you.
  • #5,945
  • Sep 23, 2008 11:35am Sep 23, 2008 11:35am
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!
Try viewing the videos in post 1, they are very helpful though not so clear [blurry].
  • #5,946
  • Sep 23, 2008 11:47am Sep 23, 2008 11:47am
I am new to this thread. While I have posted a couple times based on my own use of the Fibonacci Extension/Expansion tool, I admittedly have not yet read thru this thread.

However, I see your use of the Fibonacci Retracement tool between resistance and support. I set the tool up so it could be drawn in either the up or down direction. I drew horizontal lines at the high and low of what I will call the "Open Range"....being the first six completed hours of the session, basically the asian market. Then I applied the fib. retracement to these levels.

I see from this that there were two good opportunities so far in this session to enter short when the price fell down thru the low. Both runs reached the target I labeled "Target 3", which is the 100% level in the 38%, 62%, 100% sequence.

Is this an acceptable application of the strategy this thread is based upon? (See H1 chart attached)
Attached Image (click to enlarge)
Click to Enlarge Name: eurodollar h1 -2.gif Size: 39 KB
  • #5,947
  • Sep 23, 2008 12:05pm Sep 23, 2008 12:05pm
Quoting watchout4me
Hi,

I'm trying to catch up.

At which point will you consider short on EURUSD, will it be the intraday swing short which I think is around 1.4609 or the swing short based on the daily chart around 1.4700?

thank you.
At this point it wouldnt be considered going back into a short market unless we get a Daily close below 1.4600, shorts from this point back to the Intraday levels and the Retracement fib levels should be considered scalps until these levels are broken.
  • #5,948
  • Sep 23, 2008 12:16pm Sep 23, 2008 12:16pm
Quoting traderathome
I am new to this thread. While I have posted a couple times based on my own use of the Fibonacci Extension/Expansion tool, I admittedly have not yet read thru this thread.

However, I see your use of the Fibonacci Retracement tool between resistance and support. I set the tool up so it could be drawn in either the up or down direction. I drew horizontal lines at the high and low of what I will call the "Open Range"....being the first six completed hours of the session, basically the asian market. Then I applied the fib. retracement to these levels.

I see from this that there were two good opportunities so far in this session to enter short when the price fell down thru the low. Both runs reached the target I labeled "Target 3", which is the 100% level in the 38%, 62%, 100% sequence.

Is this an acceptable application of the strategy this thread is based upon? (See H1 chart attached)

Very similar picture, from Yesterdays Intraday movement and the current position of the swing (resistance). Price attempted to rally earlier but failed to break the swings(resistance) levels and is now showing signs of weakness and farther reracement into the Intraday and Daily Retracement levels.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurointraday.gif Size: 17 KB
Click to Enlarge Name: eurocurrentswing.gif Size: 18 KB
  • #5,949
  • Sep 23, 2008 12:19pm Sep 23, 2008 12:19pm
Quoting Bobokus
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.
i took 80 pips. I didnt think it was going to break the high so closed it once it got beat off

Im not into holding long positions so it was a good trade...
Attached Image (click to enlarge)
Click to Enlarge Name: gu2309_80pips.gif Size: 30 KB
  • #5,950
  • Sep 23, 2008 12:19pm Sep 23, 2008 12:19pm
You can also view the 4 hour lasts movement by measuring from the low of Friday to yesterdays high, which is very similar to using the Retracement fib used on the Daily chart.
  • #5,951
  • Sep 23, 2008 12:22pm Sep 23, 2008 12:22pm
Quoting jicjoc
i took 80 pips. I didnt think it was going to break the high so closed it once it got beat off

Im not into holding long positions so it was a good trade...
Good catch, the high failing to break was a bad sign to your long position, nicely done !
  • #5,952
  • Sep 23, 2008 12:39pm Sep 23, 2008 12:39pm
And when the price broke down thru "Target 3" after two nice trade runs, I switched to drawing the fib retracement tool between yesterday high and the previous low in the vacinity of "Target 3", thus expanding the S&R range to accomodate extended targets...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurodollar h1 -2.gif Size: 39 KB
Click to Enlarge Name: eurodollar h1 -3.gif Size: 38 KB
  • #5,953
  • Sep 23, 2008 1:00pm Sep 23, 2008 1:00pm
Quoting Bobokus
At this point it wouldnt be considered going back into a short market unless we get a Daily close below 1.4600, shorts from this point back to the Intraday levels and the Retracement fib levels should be considered scalps until these levels are broken.
Do you think it would be a good time to buy if we see it bounce the 4601 short intraday fib ?

Thanks
  • #5,954
  • Sep 23, 2008 1:11pm Sep 23, 2008 1:11pm
Quoting chuckpumpkin
Do you think it would be a good time to buy if we see it bounce the 4601 short intraday fib ?

Thanks
Certainly, a bounce from any one of the levels is valid, its just that the deeper it retraces the weaker the bounce tends to be. Another point is at this time of day we also stand the chance of consolidation soon. If weve established a high and low for the day I would also look at those levels since they are what will be in the way of a long trade right now, which will most likely turn into todays Intraday, a rejection from those levels then would be your exit signal.
  • #5,955
  • Sep 23, 2008 3:34pm Sep 23, 2008 3:34pm
I had stop sell and buy above and below down trend short and retracement high, short got hit in the most awkward moment for a loss. Bo, why would I needed not to put those two today? I thought those should have been good positions for breakouts... See attached
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled-1.jpg Size: 231 KB
  • #5,956
  • Sep 23, 2008 3:39pm Sep 23, 2008 3:39pm
Thanks Bo,
question about your intraday fibs on this post (first pic)
http://www.forexfactory.com/showpost...postcount=5945

1 - Why didnt you pull the intraday from the low on friday to the high on monday?
See first pic...
1a - I thought that the intraday fib was the last big uninterrupted wave, and not strictly the last fib of the last 24hour day?

1b - Is that little pullback from fridays close to mondays open at 1.4437 enough of a retracement to call it a different wave to the big wave from thursday to monday?

2 - Or would it be the case that you would place both fibs on the chart?
2a - Then primarily look for buy positions (in this situation). By looking for Price Action indicating a bounce around firstly the small intraday fibs, and if that doesnt happen then a bounce off the big fib?

Its just that i recall being caught before by fake bounces from intraday fibs inside bigger fibs. The correct bounce, of course, came from the bigger fib!


3 - Ive been playing around with an entry system (and exit too actually) whereby i look for PA (higher higs and lows) on the 5 minute chart around the inner intraday fib level. Its working well on GU. Not tried on EU yet.
Do you do something similiar?

4 - Would you have taken any of the entries long indicated by the up arrows in my second pic?

Thanks again!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu2309_myfib.gif Size: 31 KB
Click to Enlarge Name: eu2309_bos_fib.gif Size: 31 KB
  • #5,957
  • Sep 23, 2008 4:19pm Sep 23, 2008 4:19pm
Quoting jasius
I had stop sell and buy above and below down trend short and retracement high, short got hit in the most awkward moment for a loss. Bo, why would I needed not to put those two today? I thought those should have been good positions for breakouts... See attached
You were selling at a possible bounce point from the Intraday levels, I was looking at it in the opposite view I took the early bounce but got closed out when it failes at the high, from then I was looking for it to retrace again for another possible bounce which it did but has turned into a ranging market now since it cant at this point push any higher and the support levels from the previous Intraday are still supporting it.
  • #5,958
  • Sep 23, 2008 4:42pm Sep 23, 2008 4:42pm
Quoting jicjoc
Thanks Bo,
question about your intraday fibs on this post (first pic)
http://www.forexfactory.com/showpost...postcount=5945

1 - Why didnt you pull the intraday from the low on friday to the high on monday?
See first pic...
1a - I thought that the intraday fib was the last big uninterrupted wave, and not strictly the last fib of the last 24hour day?

1b - Is that little pullback from fridays close to mondays open at 1.4437 enough of a retracement to call it a different wave to the big wave from thursday to monday?

2 - Or would it be the case that you would place both fibs on the chart?
2a - Then primarily look for buy positions (in this situation). By looking for Price Action indicating a bounce around firstly the small intraday fibs, and if that doesnt happen then a bounce off the big fib?

Its just that i recall being caught before by fake bounces from intraday fibs inside bigger fibs. The correct bounce, of course, came from the bigger fib!


3 - Ive been playing around with an entry system (and exit too actually) whereby i look for PA (higher higs and lows) on the 5 minute chart around the inner intraday fib level. Its working well on GU. Not tried on EU yet.
Do you do something similiar?

4 - Would you have taken any of the entries long indicated by the up arrows in my second pic?

Thanks again!

Very similar to what I will do on the larger timeframes, in this case I wanted to measure the last leg of this push up from the opening of sunday where it made a low of basically a consolidation period to the current high, since were looking at 700+ pips of movement they basically have taken the Intraday option away since it becomes a higher timeframe fib at that point, switch the chart to a 4 hour and youll see what I mean. Placing it there just gives me more of a swings view than an Intraday.

1b. No it isnt, there was only the pause in momentum there that created a small consolidation period, normally it would all be the Intraday but the amount of movement is enormous for the Euro. I think I mentioned it in one of my recent posts to be sure and look at this last full 700 pip movement when considering possible support levels, better viewed from the 4 hour.

2 & 2a. Yes, all you need do is pull the low back if those levels drawn on Monday were blown through. With the strength of this move up I was looking for a shallow retracement and the movement from just Monday was what I would have used.

3. Yes thats the same I do, its more of the medium risk type entry. I just look at the 1 hour periods being broken as stronger S & R breaks and more reliable than the smaller timeframes. Basically looking for it to begin to trade higher or lower than the previous periods.

4. Yes I took the first one but not the second since I didnt know if it may retrace deeper into the moves from last week and all the waves from that point is it just working its way down. Im waiting on the next day now to base an entry from, let whats going to happen today happen and give a better view for tomorrow.

Good questions....
  • #5,959
  • Sep 23, 2008 5:55pm Sep 23, 2008 5:55pm
Hey guys, my laptops been down, so I couldn't really post much. My question of the day was could todays ranging day have been predicted. I am using a template for long term fibs I downloaded a while ago, theres an up trend and downtrend setup and everything, and right now the price looks like its inbetween a very tiny band. I decided to stay out of today, because the day just seemed very ranging, but I am looking at the my daily/h4 charts and the ranging day might have been obvious to me maybe early in the day, I'm wondering what you guys think. \

Thanx
TheLegace.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.09.23.08.gif Size: 16 KB
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  • #5,960
  • Sep 23, 2008 6:08pm Sep 23, 2008 6:08pm
how do you combine swing fibo and intraday fibo together?

do you sometimes consider the swing fibo first?

I've seen the videos - they are great, just need more clarification.


thanks
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