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  • #6,721
  • Oct 30, 2008 7:08pm Oct 30, 2008 7:08pm
Quoting speedarad
British pound vs.US Dollar.
Britsh pound also go by the name \"cable\" wich is use by traders sometime.
Thanks for your answer!!
  • #6,722
  • Oct 30, 2008 7:12pm Oct 30, 2008 7:12pm
Quoting TheLegace
You should seriously check out www.babypips.com this thread will be impossible to learn until you read through the introduction about forex.
I know ,I have been in tha web and is great , but is too many things to remenber, some people named, cable, sterling,pound....sorry!
  • #6,723
  • Oct 30, 2008 8:59pm Oct 30, 2008 8:59pm
Here lately Ive seen some confusion over the support and resistance fib tools and their use, the truth is a fib tool is used as either a support tool or a resistance tool.
When you place a fib across price movement that is going up your placing a support fib tool since this shows the support levels to price.
When you place a fib across price movement that is going down you placing a resistance fib tool since this shows the resistance levels to price.
All fib tools are one or the other regardless of the naming. In the charts are examples that may help clear this up, the reasoning behind even using names on each tool used is to display its purpose and what its levels are showing support or resistance too.
The first 2 charts here show the Monthly with the Uptrend and the Downtrend fib tools...the Uptrend is a support fib and the Downtrend fib is a resistance fib.
The next 2 charts are of the Daily where we have the last leg of this downtrend measured and the retracement we just recently have. The Downtrend fib is still a resistance fib and the Retracement fib is a support fib since it shows the support levels to price from this move up (the retracement). We see that the Downtrend fib levels offered enough resistance to price that we see it rejected. Now the Retracement shows the support levels to price as it falls from the rejection from resistance.
The last 2 charts we have the Intraday and the Swing, today the Intraday is a resistance fib the Swing is a support fib. If we would be in a long market the Intraday would be a support fib since its used on daily movement that can be either bearish or bullish, same with the Swing. It depends on which way the market is moving.
Hopefully this can clear the confusion up some. Just remember a fib tool is either showing support levels or resistance levels and by the levels we are referring to the inner levels 38.2,50,61.8 (Short,Pivot,Long).
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  • #6,724
  • Oct 31, 2008 1:28am Oct 31, 2008 1:28am
I have taken a short on EU, this time with much more careful entry, I just picked it up as Bo does it, very good, you just need to find a price point where you think price is needs to break, I am a bit tied up so I can't explain in detail, but maybe after. So far this trade is up 5 pips, target is 2651 entry at 2775. Hopefully I can score 119 pips, plus planning a GU trade as soon it breaks a specific price point I have in mind.

So far based on Resistance level, the price is going to move extremely far into downtrend, so the retracement for GU and EU may be over.

Wow, just as I am posting this price is going down quick. My eu is 20 pips up and my GU short is up 1 pip. Good Luck everyone.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,725
  • Oct 31, 2008 1:48am Oct 31, 2008 1:48am
So far my trades are up about 120 pips total, trade is going really well. I made that many pips in 20 min. I hope I can get good profits today.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,726
  • Oct 31, 2008 2:45am Oct 31, 2008 2:45am
Quoting TheLegace
So far my trades are up about 120 pips total, trade is going really well. I made that many pips in 20 min. I hope I can get good profits today.

Good ride today,friend i believe what u see too.Am up 150pips all together,waiting for both trades to hit my target.I also steal some pips on both gj and ej but am out of those two with 250pips.Will wait for 4h enter those two again.
Happy pipping guyz!!!!!!!!!
  • #6,727
  • Oct 31, 2008 2:55am Oct 31, 2008 2:55am
Allright I closed my two trades at 272 pips, it is a friday and I just want to secure my pips, trades beat expectations and and made up for major losses this week.

I learned alot from the trade, about entry, gotta love a trade where it goes extremely well and you learn something great.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,728
  • Oct 31, 2008 3:10am Oct 31, 2008 3:10am
Quoting TheLegace
Allright I closed my two trades at 272 pips, it is a friday and I just want to secure my pips, trades beat expectations and and made up for major losses this week.

I learned alot from the trade, about entry, gotta love a trade where it goes extremely well and you learn something great.

TheLegace.
Fine, I close with 110 pips
  • #6,729
  • Oct 31, 2008 3:13am Oct 31, 2008 3:13am
Quoting TheLegace
Allright I closed my two trades at 272 pips, it is a friday and I just want to secure my pips, trades beat expectations and and made up for major losses this week.

I learned alot from the trade, about entry, gotta love a trade where it goes extremely well and you learn something great.

TheLegace.
OHHH and what were yours trades??? well If I can know..
  • #6,730
  • Oct 31, 2008 4:08am Oct 31, 2008 4:08am
Am out of all my positions,waiting for what fiber will do on 4hour chart
  • #6,731
  • Edited 9:07pm Oct 31, 2008 8:55pm | Edited 9:07pm
Quoting Bobokus
Here lately Ive seen some confusion over the support and resistance fib tools and their use, the truth is a fib tool is used as either a support tool or a resistance tool.
When you place a fib across price movement that is going up your placing a support fib tool since this shows the support levels to price.
When you place a fib across price movement that is going down you placing a resistance fib tool since this shows the resistance levels to price.
[font=Georgia][size=3]All fib tools are one or the other regardless of the naming. In the charts are examples that may help clear this...

Thanks Bo,

This detailed post was very helpful...

While I know you've said this in many ways previously, this was very clear and precise (not that you haven't been clear in the past). I guess for people like me it just takes longer to get it. I have been in profit at the end of the week since I have been looking at the market the way you suggest, but there are obvious weaknesses in my understanding.

Like all great teachers, Bo, first you told us what you were going to teach us, then you taught us, now you're telling us what you taught us... repetition is a pain in the backside sir, but very, very effective.

Thank you for taking the time to continue this thread.

Regards
  • #6,732
  • Edited 5:17am Nov 1, 2008 1:56am | Edited 5:17am
Guys.


I use Dealbook 360 , but I am not a fan of their FIB tool.


I have downloaded Bobokus' Fib tool, and am wondering if anyone knows how to import it into Dealbook, or if ite even possible?
  • #6,733
  • Nov 1, 2008 5:49am Nov 1, 2008 5:49am
Quoting Niandra_lade
Guys.


I use Dealbook 360 , but I am not a fan of their FIB tool.


I have downloaded Bobokus' Fib tool, and am wondering if anyone knows how to import it into Dealbook, or if ite even possible?
Most of the stuff posted in this forum is for MetaTrader, you will have to customize Dealbook to simulate the tools posted here.
  • #6,734
  • Nov 1, 2008 1:27pm Nov 1, 2008 1:27pm
Quoting Niandra_lade
Guys.


I use Dealbook 360 , but I am not a fan of their FIB tool.


I have downloaded Bobokus' Fib tool, and am wondering if anyone knows how to import it into Dealbook, or if ite even possible?
It's not that difficult to draw the fibs yourself. If you don't like Dealbook you should switch to a MT4 dealer, but if your stuck its not that difficult. What you can do is install a MT4 demo somewhere pop in the templates, and just open up each specific fibs are just put in the parameters on Dealbook, or you could just draw them yourself and modify them based on the template. I think there was a video on the first page that described each of the fibs and what levels you needed and what they were called. Good Luck.

Anyway my monthly statement came in today, overall the month was a slight loss, but only because the biggest losses when I was playing around with higher lots, I think overall I netted pips, just lost money because of higher lots. But I am really happy, I am looking at the month and there is consistency in wins, and the losses from the beginning were mostly due to mistakes and emotions that got in the way, but that sure as hell wont happen next month. I lost a lot, but I gained almost all of it back, which is great, but I don't want to keep doing this every month, but I am not worried, because next month I will net profits. I have finally figured out my strategy. How to enter, how setup and how to exit, and this past week the method I have used has been working wonderfully. Now there won't be too many mistakes and next month will be a good profit and hopefully I can grow my account to the ultimate goal, 1 standard lot, but that still far away. I have to aim toward .1 mini lots, then one, which I hope I can accomplish.

Anyway Good Luck to you all, I am saving all my monthly statements and going to see how I develop as a trader, maybe make it an example for others or something.

Thanx a lot Bo and Sherm and everyone for everything. Good Luck to you all, and I hope to never stop trading, because it's really fun.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,735
  • Nov 3, 2008 12:32am Nov 3, 2008 12:32am
I hope we are watching fiber and cable closely.Can anyone advice on what might happen 2moro,usa election day.
Never tired of pipping!!!!!!!!!LOL
  • #6,736
  • Nov 3, 2008 12:43am Nov 3, 2008 12:43am
Quoting hiswords
I hope we are watching fiber and cable closely.Can anyone advice on what might happen 2moro,usa election day.
Never tired of pipping!!!!!!!!!LOL

What I believe should happen is all based on who the world whants worldwide to get elected as president and worldwide theirs a president looked as bullish for the Us and the other canditate is looked as bearish for the Us...its up to us the trader to see what the world sees of each canditate and swim with the river not against it.
  • #6,737
  • Nov 3, 2008 1:31am Nov 3, 2008 1:31am
Sherm!!!!
Long time bro,thanks for that answer.Am delighted hearing from u once again.What will you call a short on fiber for now?
  • #6,738
  • Nov 3, 2008 1:43am Nov 3, 2008 1:43am
Quoting hiswords
Sherm!!!!
Long time bro,thanks for that answer.Am delighted hearing from u once again.What will you call a short on fiber for now?

Well I am looking more into buying the usd right now since intermarketly as we speak the usd is whanting to get some strenght since the tnote is going up and the dow is doubletopping and oil is doubletopping as well ....meaning I am looking at some strenght for the usd and some strengh for the yen pairs for right now so I have made some pips so far ...so it really comes down to how I see price reacting to my levels and if it goes with aligning with what I am looking intermarketly I will either go heavy or scalp...it really comes down to what I whant to do at the moment
  • #6,739
  • Nov 3, 2008 1:46am Nov 3, 2008 1:46am
This is the only trade I am currently short in ...
I have already scaled out some of this trade so I am letting the rest run and maybe later I will add to it

Attached Image (click to enlarge)
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  • #6,740
  • Nov 3, 2008 2:15am Nov 3, 2008 2:15am
Quoting Shermenator
This is the only trade I am currently short in ...
I have already scaled out some of this trade so I am letting the rest run and maybe later I will add to it

Attachment
Am also short on it,but i took it as a scalp looking for what i can do on the jpy crosses soon.
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