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The attached H4 chart, showing the fib extensions applied to the pinch of the standard Bollinger band, indicate the potential for a downside move.....
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  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 740 Posts
Don't want to sound rude here - but maybe some of the new fib posters can start their own thread displaying how they use fibs. It's a different method than Bo's and I'm sure others are willing to learn and would help alleviate some of the clutter of learning mutipls fibs strat's in one thread. Just a thought guys.
"Wishful thinking dies hard." Igor T.
The attached H4 chart, showing the fib extensions applied to the pinch of the standard Bollinger band, indicate the potential for a downside move.....
Attached Image (click to enlarge)
Click to Enlarge Name: eurodollar h4.gif Size: 51 KB
Quoting FxChi
Don't want to sound rude here - but maybe some of the new fib posters can start their own thread displaying how they use fibs. It's a different method than Bo's and I'm sure others are willing to learn and would help alleviate some of the clutter of learning mutipls fibs strat's in one thread. Just a thought guys.

Ok, I am gone to "Fibonacci Trading Ideas" forum. I apologize if my posts were inappropriate. I did not mean to "clutter" your board. Good trading to all.
Hes not trying to run you away, its just no one understands what your doing since the logic is different than the logic in this thread, he's just saying you should open a thread to explaign more of what your doing is all.
I took a pretty risky short on EU today, since candle closed kinda far from actual short level I decided to take the short anyway, ended up closing 32 pips, it was an ok scalp, I closed out because it's pretty late in the day and the price looked like it was retracing. Right now price is coming back down, but Ill take what I can get on days like these. I sincerely hope I am taking the trade right way. I think I also saw a GU oppurtunity that I missed, but looked very nice. You guys mind telling me what you think? I don't mean to be a trader that contributes against the trading because I like this methodology very much and hope I am following it. But with the winning trades Ive been banking, I think that I might be trading allright.

Thank You For Everything
TheLegace.
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"If voting changed anything, they'd make it illegal" - Emma Goldman
Quoting TheLegace
I took a pretty risky short on EU today, since candle closed kinda far from actual short level I decided to take the short anyway, ended up closing 32 pips, it was an ok scalp, I closed out because it's pretty late in the day and the price looked like it was retracing. Right now price is coming back down, but Ill take what I can get on days like these. I sincerely hope I am taking the trade right way. I think I also saw a GU oppurtunity that I missed, but looked very nice. You guys mind telling me what you think? I don't mean to be a trader that contributes against the trading because I like this methodology very much and hope I am following it. But with the winning trades Ive been banking, I think that I might be trading allright.

Thank You For Everything
TheLegace.

Your doing fine, the more experience you gain the easier it will get.
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Aloha, I too took a position in EU today (demo) but it was the opposite of TheLegace; I went long on the open of the 0700 candle. Bo, was my reasoning incorrect? I saw that the intraday long had been broken, a new high was made from the previous day and the 0700 candle opened above the 0600.
Your thoughts are greatly appreciated.
A lawn mower is not an effective tool to pick-up dog poop!
OK, Bo, we had the move down which I missed. Could you show us where you would have entered and why?

Also, when is the time to move fibs? So confused about that...Yesterday highs and lows were fine for the beginning of the day today, but when you move later on? Every time at the closing of the day or sometimes in the mid of the day?
Quoting Jazflyer
Aloha, I too took a position in EU today (demo) but it was the opposite of TheLegace; I went long on the open of the 0700 candle. Bo, was my reasoning incorrect? I saw that the intraday long had been broken, a new high was made from the previous day and the 0700 candle opened above the 0600.
Your thoughts are greatly appreciated.

The logic is correct but when it opens that far away from the Intraday long level you need to ask yourself if its worth it or not. It had every indication it could have been a breakout but it immediately failed. When its trending down or trickeling down like it was dont forget to place resistance levels above price from the movement down , those are what will be in the path of it if it were to break long.
1st chart shows where they were prior to todays movement, the second chart shows where they are going into tomorrows trading, so dont forget if you enter long in a market that wants to show reversals from 1 day to the next to treat each trade as a scalp and watch for fib levels drawn from higher timeframes.
This is the reverse of what we had in the previous days when the Intraday would indicate short but the support levels drawn from the 4 hour chart continued to support price and create the ranging between those levels.
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Quoting jasius
OK, Bo, we had the move down which I missed. Could you show us where you would have entered and why?

Also, when is the time to move fibs? So confused about that...Yesterday highs and lows were fine for the beginning of the day today, but when you move later on? Every time at the closing of the day or sometimes in the mid of the day?
Yesterday did provide an established high and low point to use as the Intraday we are just stuck in a market driven by panic right now and it does make it confusing. When it gets into these type conditions zoom out to the 4hour it will eliminate some of the noise from the lower timeframe or the 1 hour, theres no rule we have to trade strictly on the 1 hour, different conditions require different approches sometimes, recognising it early enough is the hard part. Times like these are why I recommend everyone learn with a demo because the market will throw so many different conditions at you over your career trading that trading over time really has its benefits from experience gained. Each time you experience a new wrinkle or condition you learn from it and are better prepared the next time you see similar conditions.
Your not necessarily doing anything wrong merely learning something new, in the long run it will better prepare you for the future.
Just remember this...When in doubt , zoom out.
Quoting Bobokus
The logic is correct but when it opens that far away from the Intraday long level you need to ask yourself if its worth it or not. It had every indication it could have been a breakout but it immediately failed. When its trending down or trickeling down like it was dont forget to place resistance levels above price from the movement down , those are what will be in the path of it if it were to break long.
1st chart shows where they were prior to todays movement, the second chart shows where they are going into tomorrows trading, so dont forget if you enter long in a market that wants to show reversals from 1 day to the next to treat each trade as a scalp and watch for fib levels drawn from higher timeframes.
This is the reverse of what we had in the previous days when the Intraday would indicate short but the support levels drawn from the 4 hour chart continued to support price and create the ranging between those levels.
Hi,Bob

I have a question.
So for tomorrow we make the trading decison based on intraday levels(blue) or retracement levels (purple)?

Thanks
Attached Image (click to enlarge)
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The resistance levels you pulled came from the high of Monday. Would those be similar to the intermediate fibs and or the range fibs placed earlier? I guess my question is: Are resistance fibs pulled at any particular time frame, i.e. the beginning of the present trend? If so, how does that differ from intermediate, or range fibs for that matter.

Aloha
btw been reading the post for about 2 weeks and am 1/2 way through. Apologies if this was already discussed.
A lawn mower is not an effective tool to pick-up dog poop!
Quoting speedarad
Hi,Bob

I have a question.
So for tomorrow we make the trading decison based on intraday levels(blue) or retracement levels (purple)?

Thanks
We always want to make our entry decisions based on what happens with the Intraday. The higher timeframe fibs are the obstacles that must be overcome once momentum starts and a direction is taken. Either the momentum is strong enough to break them or it isnt and price will retreat from them. If you enter its the price action or reaction when it reaches those levels to tell you your next move.
Quoting Jazflyer
The resistance levels you pulled came from the high of Monday. Would those be similar to the intermediate fibs and or the range fibs placed earlier? I guess my question is: Are resistance fibs pulled at any particular time frame, i.e. the beginning of the present trend? If so, how does that differ from intermediate, or range fibs for that matter.

Aloha
btw been reading the post for about 2 weeks and am 1/2 way through. Apologies if this was already discussed.
In a sense yes they would be similar but we dont use the Intermediate or the Range any more, weve renamed them to make better use of them. Like the Swing fib you can use the Resistance fib on any movements that are trending down, the Support fib can be used on any movement that is going up.
When you place a fib on movement that is going up you pulling a support fib.
When you place a fib on movement that is going down your pulling a resistance fib, regardless of what they have been named. Its a battle of Support and Resistance one or the other is holding or being broken.
No appology needed.
Quoting Bobokus
We always want to make our entry decisions based on what happens with the Intraday. The higher timeframe fibs are the obstacles that must be overcome once momentum starts and a direction is taken. Either the momentum is strong enough to break them or it isnt and price will retreat from them. If you enter its the price action or reaction when it reaches those levels to tell you your next move.
Thank you Bob, that was my tought too ,just wana make sure I got it right!
I would have to agree with you on that. Seperate threads for seperate systems.
Much easier, but I have been ignoring the users that post their own method seperate from Bo's. His strategy is working for me, so I think I'll be sticking with it.

Happy Pippin'
KC

Quoting FxChi
Don't want to sound rude here - but maybe some of the new fib posters can start their own thread displaying how they use fibs. It's a different method than Bo's and I'm sure others are willing to learn and would help alleviate some of the clutter of learning mutipls fibs strat's in one thread. Just a thought guys.
Is anyone short on both cable and fiber?i saw a rejection on intraday short on fiber and a break on short in cable.Hope am right!
Quoting hiswords
Is anyone short on both cable and fiber?i saw a rejection on intraday short on fiber and a break on short in cable.Hope am right!
I just took on GU and Im not sure if fibers EU, but I have taken shorts on both. I set TPs from T1, but I am very doubtful if it will actually reach there, I will just have to wait until it tests levels.

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