I hope your weekend was enjoyable as well.
What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies
fibonacci trading log 2 replies
Need help Bobokus Fibo template 1 reply
Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies
DislikedThis month all i do, morning go to work, then read Fx Forum, work, read, work, read. And i finally i decide, i MUST know this amazing knowledge... FIBONACCI.
I learn trough online and pay my GURU, but after the payment he kept silence, and that really worry me.
Thank you Mr Bobokus, because in this hattic world still there are people like you, sharing your knowledge with others.
May god bless you... keep up this good work. I ll alway reading your writting...Bekenu people salute you.
---my broken English, sorry---Ignored
DislikedWith the Euro now that weve had some movement, were looking for it to make a low so we can establish the resistance points, to keep the selling pressure on. If the selling pressure is to continue we can expect it to occur at these points. Ive switched this 4 hour chart to a 1 hour just to get a quick perspective.
If this is not the low we continue to pull the low of the resistance tool to give us our resistance points to price once it does establish a low. Continue pulling the low of this until it retraces.Ignored
DislikedI just took a GBP short. I see a small H&S pattern below our retracement fibs, and price has been respecting resistance fib, also price just closed below intraday short, and we also have a break of the upper TL price had been respecting. I'm targeting the lows at 5534. Wish me luck. Entries @ 5660, 5672, 5692.Ignored
DislikedThe move down was quick and deep so there may be some retracement before it can continue down, just be wary. If its met its low for the day advance your Intraday to todays movement to give yourself the resitance levels to this movement.Ignored
DislikedThanks Bo. I'm also keeping an eye on the S&P right now. It seems like the 2 move pretty similarly right now. It has a few more points to retrace to before it meets it's .50 retracement.
Have you noticed any similarities between the indices and cable? I think S&P works pretty well, but I'm curious if you've seen that maybe DJIA or Nasdaq tracked more closely.Ignored
DislikedThanks Bo. I'm also keeping an eye on the S&P right now. It seems like the 2 move pretty similarly right now. It has a few more points to retrace to before it meets it's .50 retracement.
Have you noticed any similarities between the indices and cable? I think S&P works pretty well, but I'm curious if you've seen that maybe DJIA or Nasdaq tracked more closely.Ignored
DislikedFor now they may correlate but it wont last, they dont have a history of tracking with each other.Look more at the Dollar index for a view of dollar strength against the other majors, theres more of an inverse correlation there.Ignored
DislikedMaybe it was pure luck, but I closed my cable trade about 10 minutes before the 1 hr close because I saw a 5 minute pin bar on S&P, which isn't the PA I wanted to see as it's close to the .50 level. Cable shot up immediately after.
I use dollar index too and I definitely find value in it. I guess as traders we just need to be aware of everything around us and try to use it to our advantage.
Will keep monitoring the PA on cable though. Perhaps the backside of the TL may be a nice spot to see what happens there.Ignored
DislikedTry this change your RSI from 14 to 50, its tracking with price set that low and not really helping since its movments are tracking so closely.Then look to buy rally's in price when its above 50 and selling rally's when it below 50. It will remove some of the whip and show you a view closer to matching price to a 50MA and show the trending movements better.
Put a 14 ma on your chart and look at the points the RSI move above and below the 50 level, it should be closely matching the points price breaks a 14 ma on the chart. Thats what the rsi is showing you at that setting.Basically trading from a 14MAIgnored
DislikedI use the RSI more to find patterns in it and look for buy/sell signals. But I don't use it to detect oversold/overbought b/c it can't tell you that (don't use it that much for regular divergences either). On my 1 hr chart it's showing me a small buy signal, that will only be invalidated with price trading below 5592. I kind of use RSI the way John Hayden uses it, but definitely not the way Welles Wilder intended. The 50 setting will be too slow for my application, but setting it that high will show me something different so I'll definitely give it a shot. Thanks for the idea...see if I can put it to use.Ignored
DislikedRight now the RSI is trading in the downtrend channel. If it remains in this channel it will remain bearish, so that is the preference for now. RSI will need to be above 60 and above this channel for me to think that it's bullish. The 2 boxes on the PA and RSI show the small buy signal. I'm not favoring the bull scenario though as the PA seems bearish. So if anything I'm looking for a re-entry with RSI towards the top of this channel @ 60 level, but I think I'm done trading now. LOL. It took me time to get used to trading with it, but I can't trade without it now.Ignored