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  • #6,441
  • Oct 17, 2008 2:39am Oct 17, 2008 2:39am
Here is a low risk entry on UJ short. Notice three things:

1. The bearish trendline, touching resistance to the pip!

2. The fibs taken from the previous trend, and as you can see, where price touches the TL and the 61.8% fib level, we had a nice short set up.

3. MACD...some of you use it, some dont, but I didn't short near 100 - 170 because macd still looked strong. Also look for a falling histogram to indicate a possible bearish move.

up 40 pips at the moment
Attached Image (click to enlarge)
Click to Enlarge Name: ujfib.JPG Size: 245 KB
  • #6,442
  • Oct 17, 2008 8:47am Oct 17, 2008 8:47am
First and foremost, thank you for opening my eyes to Fibs here. Have learned lots and will continue to learn by trading with Fibs live. Now for my question to anyone, really..

With regards to my trade here on the EURUSD:

1) I entered long on the first green arrow near the close price of the candle seeing how the price stalled on the intraday pivot for a possible bounce back. Kept the trade open even when the next candle broke the pivot as it closed above the swing low as well as the intraday short. Would the more experienced traders here have closed it or turned around and shorted?

2) I would have turn around and shorted if price on the next candle had closed just beyond the break but that candle headed straight for the Swing T1, and I wanted to wait for the close to see if it might yet pullback, would anyone have shorted it once price broke the intraday short?

3) When price seem to stall at T1 (there was also another strong support there), I decided to go long and hedge the first trade buying in round at T1, but pulled out both longs when the price broke T1 with a few minutes left to the candle or I would have broken even... and by the looks of the current chart made some good pips. That I would put it to a newbie panic attack but otherwise, how would you have managed your stop loss in this trade?

I understand different pairs have different factors involved, but on a pure fibs basis, how else can I improve on this trade?
Attached Image (click to enlarge)
Click to Enlarge Name: 10-17-2008 9-22-44 PM.png Size: 44 KB
I need to put up stop losses.
  • #6,443
  • Oct 17, 2008 9:18am Oct 17, 2008 9:18am
Quoting bjpumping
hello bo,i posted some comment though shermenator answered some but i was thinking you were going to comment on my other questions...but anyway,i want you to help me clarify something...please can you post your daily chart for both gbp/usd and eur/usd? i am sorry for the stress but i will be very very glad if you can help post them...i want to see your fib on the daily chart to clarify somethings on my chart.

happy pips taking
Sure here is the setup on GBP
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpuptrend.gif Size: 25 KB
Click to Enlarge Name: gbpdowntrend.gif Size: 18 KB
Click to Enlarge Name: gbpretracement.gif Size: 19 KB
Click to Enlarge Name: gbpretracement2.gif Size: 20 KB
Click to Enlarge Name: gbpintraday.gif Size: 24 KB
  • #6,444
  • Oct 17, 2008 9:22am Oct 17, 2008 9:22am
Quoting bjpumping
hello bo,i posted some comment though shermenator answered some but i was thinking you were going to comment on my other questions...but anyway,i want you to help me clarify something...please can you post your daily chart for both gbp/usd and eur/usd? i am sorry for the stress but i will be very very glad if you can help post them...i want to see your fib on the daily chart to clarify somethings on my chart.

happy pips taking
And here is the Euro
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurouptrend.gif Size: 23 KB
Click to Enlarge Name: eurodowntrend.gif Size: 21 KB
Click to Enlarge Name: euroretracement.gif Size: 22 KB
Click to Enlarge Name: euroretracement2.gif Size: 22 KB
Click to Enlarge Name: eurointraday.gif Size: 27 KB
  • #6,445
  • Oct 17, 2008 10:17am Oct 17, 2008 10:17am
Quoting swap
First and foremost, thank you for opening my eyes to Fibs here. Have learned lots and will continue to learn by trading with Fibs live. Now for my question to anyone, really..

With regards to my trade here on the EURUSD:

1) I entered long on the first green arrow near the close price of the candle seeing how the price stalled on the intraday pivot for a possible bounce back. Kept the trade open even when the next candle broke the pivot as it closed above the swing low as well as the intraday short. Would the more experienced traders here have closed it or turned around and shorted?

2) I would have turn around and shorted if price on the next candle had closed just beyond the break but that candle headed straight for the Swing T1, and I wanted to wait for the close to see if it might yet pullback, would anyone have shorted it once price broke the intraday short?

3) When price seem to stall at T1 (there was also another strong support there), I decided to go long and hedge the first trade buying in round at T1, but pulled out both longs when the price broke T1 with a few minutes left to the candle or I would have broken even... and by the looks of the current chart made some good pips. That I would put it to a newbie panic attack but otherwise, how would you have managed your stop loss in this trade?

I understand different pairs have different factors involved, but on a pure fibs basis, how else can I improve on this trade?
My suggestion is wait until it actaully shows that its trading higher, if it is a bounce it wil begin to break the previous candles high. An example is I took the long once the 0500 candle broke the 0400 candle high, I went long at 3467 but was stopped out at 3468 on the 0700 candle because I held out to long waiting on the break of the previous high. I didnt enter again because it never shown a bounce point since then until just a few hours ago, I skipped that one since I didnt want to go long just below the Intraday short level. I would short it again if it breaks short but if not Ill wait until next week.
Traded GBP very similar but lost that one today and looking at the action on it I would leave it alone for the day. I took the long on it at 7323 and closed it for a 33 pip loss.
  • #6,446
  • Oct 17, 2008 10:37am Oct 17, 2008 10:37am
Quoting Bobokus
My suggestion is wait until it actaully shows that its trading higher, if it is a bounce it wil begin to break the previous candles high. An example is I took the long once the 0500 candle broke the 0400 candle high, I went long at 3467 but was stopped out at 3468 on the 0700 candle because I held out to long waiting on the break of the previous high. I didnt enter again because it never shown a bounce point since then until just a few hours ago, I skipped that one since I didnt want to go long just below the Intraday short level. I would short it again if it breaks short but if not Ill wait until next week.
Traded GBP very similar but lost that one today and looking at the action on it I would leave it alone for the day. I took the long on it at 7323 and closed it for a 33 pip loss.
From what I've seen from your earlier posts (im only to page 20 of this thread), am I right to say you base your entry points mainly from the intraday short/long and the swing high/low and moving the swing fib to use the short/long as a gauge to exit?

For a breakthrough trade, do you generally wait for the close of the breaking candle?
I need to put up stop losses.
  • #6,447
  • Oct 17, 2008 10:44am Oct 17, 2008 10:44am
Quoting swap
From what I've seen from your earlier posts (im only to page 20 of this thread), am I right to say you base your entry points mainly from the intraday short/long and the swing high/low and moving the swing fib to use the short/long as a gauge to exit?

For a breakthrough trade, do you generally wait for the close of the breaking candle?
Right, the object is to base your trade entry from the action or reaction to the Intraday levels, the swing can be used as an aid to follow closer to price and help manage your trades.
Its better to wait for a candle to close since each candles range isnt detirmined until it is closed.
  • #6,448
  • Oct 17, 2008 10:58am Oct 17, 2008 10:58am
Quoting Bobokus
Right, the object is to base your trade entry from the action or reaction to the Intraday levels, the swing can be used as an aid to follow closer to price and help manage your trades.
Its better to wait for a candle to close since each candles range isnt detirmined until it is closed.
Glad to know I'm not misinterpreting how you apply fibs.

Why is the Low of the Up Trend on your EUR pulled to only 2005 whilst the GBP goes to 2001? Both seems to have that bit of retracement around 2004.

Also, when do you set your stoploss to BE? The crazy tails today both EUR and GBP seem to put in a spot where I either sit through 50pip reversals or have the stops taken out early. I stayed off the GBP entirely today.

Thanks again for the help, Bobokus.
I need to put up stop losses.
  • #6,449
  • Oct 17, 2008 11:04am Oct 17, 2008 11:04am
Quoting swap
Glad to know I'm not misinterpreting how you apply fibs.

Why is the Low of the Up Trend on your EUR pulled to only 2005 whilst the GBP goes to 2001? Both seems to have that bit of retracement around 2004.

Also, when do you set your stoploss to BE? The crazy tails today both EUR and GBP seem to put in a spot where I either sit through 50pip reversals or have the stops taken out early. I stayed off the GBP entirely today.

Thanks again for the help, Bobokus.

The Euro hasnt retraced into its uptrend like GBP has, Until the Short level of this current placement is broken with a Daily close below that level its still good, at that point it becomes more than a correction to the uptrend.
Yep its Friday too so the correct play for today on either may be to just watch or go do something else.
Setting to BE is based on what going on at the time really, there is no set rule for that. Its more of adapting to what you see happening.
  • #6,450
  • Oct 17, 2008 1:58pm Oct 17, 2008 1:58pm
Thx Bo For Posting The Charts.

Please How Do You Pull Your Fibs On The 4hour Charts?do You Use Intraday As In The 1 Hour Charts As Well..or How Do You Pull Your Fibs On The 4 Hour Chart?


Market Was Funny Today But I Hope Everyone Was Able To Make Some Pips.

Happy Pips Taking
  • #6,451
  • Oct 17, 2008 2:11pm Oct 17, 2008 2:11pm
Quoting big_pipin
Here is a low risk entry on UJ short. Notice three things:

1. The bearish trendline, touching resistance to the pip!

2. The fibs taken from the previous trend, and as you can see, where price touches the TL and the 61.8% fib level, we had a nice short set up.

3. MACD...some of you use it, some dont, but I didn't short near 100 - 170 because macd still looked strong. Also look for a falling histogram to indicate a possible bearish move.

up 40 pips at the moment
Out +7 pips. Oh well, at least i made something. Up 374 pips this week, and hope you all have a great weekend.
  • #6,452
  • Oct 17, 2008 3:42pm Oct 17, 2008 3:42pm
Quoting bjpumping
Thx Bo For Posting The Charts.

Please How Do You Pull Your Fibs On The 4hour Charts?do You Use Intraday As In The 1 Hour Charts As Well..or How Do You Pull Your Fibs On The 4 Hour Chart?


Market Was Funny Today But I Hope Everyone Was Able To Make Some Pips.

Happy Pips Taking

The 4 hour works the same as the 1 hour, but I dont use the Intraday fib on it since most 4 hour movements or waveforms are larger and may contain several days. I just use the Support or Resistance fib tools the same as I would the Intraday and swing on the 1 hour.
  • #6,453
  • Oct 17, 2008 3:44pm Oct 17, 2008 3:44pm
Quoting big_pipin
Out +7 pips. Oh well, at least i made something. Up 374 pips this week, and hope you all have a great weekend.
All that matters is youve finished the week with a positive balance, today I took a loss overall, but the week was very good and 374 is a very good week.
  • #6,454
  • Oct 17, 2008 9:56pm Oct 17, 2008 9:56pm
Quoting big_pipin
Out +7 pips. Oh well, at least i made something. Up 374 pips this week, and hope you all have a great weekend.
Good job...
  • #6,455
  • Oct 18, 2008 4:05am Oct 18, 2008 4:05am
Just wanna say Hello to all Traders...


CableGuy
Learning, is a never ending processs...
  • #6,456
  • Oct 18, 2008 1:01pm Oct 18, 2008 1:01pm
Am I right in thinking that for usdchf the intraday fib should be left on the hi and lo of 10/16 until we break out of the chop?
  • #6,457
  • Oct 18, 2008 1:41pm Oct 18, 2008 1:41pm
Hi Bo
Can you please post an insight of Gbp/Yen
Thank you
  • #6,458
  • Oct 19, 2008 2:23pm Oct 19, 2008 2:23pm
hi bo,thx for the reply to my question.if i may ask again,the chart u posted for eurusd and gbpusd...do you still use 1.34 and 1.55 as your extension on the fibs? cos my extensions aint the same value with your extensions.

i wish every trader the best this week.

happy pips taking
  • #6,459
  • Oct 19, 2008 2:58pm Oct 19, 2008 2:58pm
I can answer that for ya, Bo uses the 1.382, 1.618, -.382, and the -.618 as the T1 and T2 targets on his charts.

Happy Pippin'
KC

Quoting bjpumping
hi bo,thx for the reply to my question.if i may ask again,the chart u posted for eurusd and gbpusd...do you still use 1.34 and 1.55 as your extension on the fibs? cos my extensions aint the same value with your extensions.

i wish every trader the best this week.

happy pips taking
  • #6,460
  • Oct 19, 2008 7:49pm Oct 19, 2008 7:49pm
Quoting Rasheed
Just wanna say Hello to all Traders...


CableGuy

Hello Rasheed and welcome to our thread.
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