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  • #6,901
  • Nov 13, 2008 5:31pm Nov 13, 2008 5:31pm
[quote=boyeros;2348773]Today in eur/gbp went down at london open closing behain intraday low,the next candlestick closed over intraday low.
1)In this case should i pull the intraday to the new low?
2)Could i aplay the answer of question 1 to the retracement in the daily?
3)Bobokus since nob 10 market did not risk our tarket ,i placed resistan fib .Yesterday we got new low and high ,what i should do whit resistan fib[/q

uot

BOBOKUS I DID A MISTAKE THE CANDLESTICK WAS AT 7 AM MIAMI TIME THE ONE THAT CLOSED BEHAIN INTRADAY
  • #6,902
  • Nov 13, 2008 5:42pm Nov 13, 2008 5:42pm
price hit 61.8 ret of last larger downmove, hopefully there'll be some longing opportunity from the new intraday long after a potential pullback
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  • #6,903
  • Nov 13, 2008 6:04pm Nov 13, 2008 6:04pm
Quoting Bobokus
Wheweee...big day today. Congrats to those that got in the short with GBP. Now just sit back and dont get anxious to give any back wait for the counter move to happen now then make another attempt.
Could you please post your charts 4 hours and 1 hours (eur /usa)
  • #6,904
  • Nov 14, 2008 12:31am Nov 14, 2008 12:31am
Quoting Rasheed
This 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---
Sorry to hear about that but I'm glad you finally found Bo's thread. You know that saying "The best things in life are free" or something to that affect. I think that applies to this great thread...
  • #6,905
  • Edited 4:49am Nov 14, 2008 4:16am | Edited 4:49am
Quoting islandtrader
price hit 61.8 ret of last larger downmove, hopefully there'll be some longing opportunity from the new intraday long after a potential pullback
we got the intraday long touch, buy stop above last candles high

edit: got out at BE, I lost confidence with this setup
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  • #6,906
  • Edited 7:23am Nov 14, 2008 7:08am | Edited 7:23am
Quoting jasius
got whipsawed so many times on both UJ and EU today. Bo, could you comment?
Whip is one of the problems we face when trading a 1 hour chart since it can be so choppy, what I do when I start seeing this is to zoom out the same chart to a 4 hour view, it will remove some of the chop and help keep your perspective on direction. The larger timeframes will show the whip in the smaller ones by the way the candles form out...long wicks on both ends without making any progress, once you see progress in either direction on the larger timeframe it should be true on the smaller one as well. When in doubt zoom out.
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  • #6,907
  • Edited 7:56am Nov 14, 2008 7:21am | Edited 7:56am
[quote=boyeros;2348801]
Quoting boyeros
Today in eur/gbp went down at london open closing behain intraday low,the next candlestick closed over intraday low.
1)In this case should i pull the intraday to the new low?
2)Could i aplay the answer of question 1 to the retracement in the daily?
3)Bobokus since nob 10 market did not risk our tarket ,i placed resistan fib .Yesterday we got new low and high ,what i should do whit resistan fib[/q

uot

BOBOKUS I DID A MISTAKE THE CANDLESTICK WAS AT 7 AM MIAMI TIME THE ONE THAT CLOSED BEHAIN INTRADAY
This should be what your looking at with the Euro at the moment, yesterday created a supportive wave but has met resistance in the Retracement levels. If support hold and we get a bounce from the Supportive wave on the 4 hour which is the same thing now as the Intraday on the 1 hour well see it test the resistance levels from our Retracement fib again. A break of todays Intraday levels and the 4 hour supportive wave and we'll see either a double bottom type formation or continuation in the down trending.
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  • #6,908
  • Nov 14, 2008 8:25am Nov 14, 2008 8:25am
Can someone explain to me how you are taking longs on GU with the way things have been this week?
  • #6,909
  • Nov 14, 2008 8:59am Nov 14, 2008 8:59am
Quoting Bobokus

This should be what your looking at with the Euro at the moment, yesterday created a supportive wave but has met resistance in the Retracement levels. If support hold and we get a bounce from the Supportive wave on the 4 hour which is the same thing now as the Intraday on the 1 hour well see it test the resistance levels from our Retracement fib again. A break of todays Intraday levels and the 4 hour supportive wave and we'll see either a double bottom type formation or continuation in the down trending....
Bo, I assumed that the retracement fib you put - since it's more a shorter time frame fib - would rather be used as a support fib, but not anymore as resistance fib. Price broke up and down several times that I considered it invalidated and put more emphasis fibbing A - B swing down, providing the resistance levels. In the end it doesn't make much difference since price was more or less sideways, but am interested if my assumptions about how to apply those fibs are flawed.

Also I assumed that the way you use the fibs work only in one direction, as support or resistance, and once broken are not used in a sense of role reversal, i.e. that a support failure would become resistance after price moves down and tests this level again.
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  • #6,910
  • Nov 14, 2008 10:23am Nov 14, 2008 10:23am
Quoting islandtrader
Bo, I assumed that the retracement fib you put - since it's more a shorter time frame fib - would rather be used as a support fib, but not anymore as resistance fib. Price broke up and down several times that I considered it invalidated and put more emphasis fibbing A - B swing down, providing the resistance levels. In the end it doesn't make much difference since price was more or less sideways, but am interested if my assumptions about how to apply those fibs are flawed.

Also I assumed that the way you use the...
The retracement fib tool is drawn from the daily, on the smaller timeframes it may appear that levels are broken but to the larger timeframe they are only penetrated. In this instance there was a break long through the retracements levels initially but the downtrending levels proved to be to strong and price has retreated from those points back short. The Retracement fib in this case is a support fib but once price has broken to the other side of them they will act as resitance now and we want to leave the retracement in place until its target range is met or a new high is made above the cuurrent one, then we can advance the tool to that retracement.
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  • #6,911
  • Nov 14, 2008 4:57pm Nov 14, 2008 4:57pm
In Eur Usa We Did Not Risk Our Tarket T1 .
Bo For Monday I Will Trade Scalper ,and I Will Place A Resistance Fib At 1.2856 And 1.2389 Since We Did Not Risk The Tarket ,will Not I ?.
1)should I Place An Intraday For Moday?.
2)if I Place An Intraday And Price Colse Behain The Intraday Low ,but A Few Hour Later Price Close Over The Intraday Low Should I Pull It ,to The New Low?
3)gbp Usa In The Daily We Olready Risk Our Retracement Tarket But Was Not The Down Trend Tarket .one Time That We Get The Down Trend Tarket And Make The New Retracement ,should We Place A New Down And Retracement Fib.?

Please If Any Of Me Question Does Not Make Sence Let Me.

Reward
  • #6,912
  • Nov 15, 2008 10:25am Nov 15, 2008 10:25am
Bo, As experienced as you are, do you still keep any kind of trade journal? I've been thinking about doing one, but not sure what to put in it. Have any tips on starting one? Also, Do you keep any past screen shots of trades to remind you of unusual market conditions? Sometimes when I have a sucessful trade and I can't remember the exact market conditions why I entered and exited. Again, thanks for you experienced insights you give from time to time.
  • #6,913
  • Nov 16, 2008 9:41am Nov 16, 2008 9:41am
Quoting boyeros
In Eur Usa We Did Not Risk Our Tarket T1 .
Bo For Monday I Will Trade Scalper ,and I Will Place A Resistance Fib At 1.2856 And 1.2389 Since We Did Not Risk The Tarket ,will Not I ?.
1)should I Place An Intraday For Moday?.
2)if I Place An Intraday And Price Colse Behain The Intraday Low ,but A Few Hour Later Price Close Over The Intraday Low Should I Pull It ,to The New Low?
3)gbp Usa In The Daily We Olready Risk Our Retracement Tarket But Was Not The Down Trend Tarket .one Time That We Get The Down Trend Tarket And Make The New Retracement ,should...
I think your gettig confused on the names of the tools. If price is going down the tool you place on that movement is a resistance fib tool it doesnt matter what the name is on the tool its always a resistance tool since its inner levels are above price. If price is going up its always a support fib tool since its levels will be below price. placing a fib from the high 2856 back to the low of 2389 is placing a tool across price moving up its levels will be below price making it a support tool.
The Intraday for friday's movement is on the high and low point of the day since its obvious what the high and low were, those levels created by fridays movement project out into sunday/monday.
All it means when a target range isnt met from one day to the next is that there wasnt enough momentum to push that far, and T1 levels are usually only met during trending conditions. If its not trending you most likely wont see it reach T1.
GBP, as long as price continues to drop I would leave the retracement tool as is, if the trending down continues it may reach T2. We dont necessarily wait for target levels from a downtrend or uptrend tool since you may be waiting a long time. We wont move the Retracement fib unless we get a new retracement into the Downtrend. In the case of GBP we have established a new low and a new leg down to this downtrend so you can place you downtrend like posted below.
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  • #6,914
  • Nov 16, 2008 9:54am Nov 16, 2008 9:54am
Quoting kpt1956
Bo, As experienced as you are, do you still keep any kind of trade journal? I've been thinking about doing one, but not sure what to put in it. Have any tips on starting one? Also, Do you keep any past screen shots of trades to remind you of unusual market conditions? Sometimes when I have a sucessful trade and I can't remember the exact market conditions why I entered and exited. Again, thanks for you experienced insights you give from time to time.
Not really I dont get to trade much Intraday anymore maybe a day or 2 a week. I have too many other things going on and I dont have the time to stay up through the London session to really trade anymore. Im attempting to move more into an educator/trainer type career and it doesnt leave much time to get to trade its almost impossible to do both.
Market conditions and surviving them are all part of building up your experience level and irreplaceable. I tried to keep extensive records but the files will get so large they become a job all to themselves and I wish that I would have kept some of them because they would come in pretty handy now. For yourself its not a bad idea to keep some type of record, just for your own experience. The only thing thats hard to keep up with is market sentiment everything else is technical and mechanical.
  • #6,915
  • Nov 16, 2008 6:48pm Nov 16, 2008 6:48pm
Bo If Friaday Was Moday .we Did Not Risk Our Tarket(next Day Traday ) Should We Trady As Scalper.
  • #6,916
  • Nov 16, 2008 7:08pm Nov 16, 2008 7:08pm
Quoting boyeros
Bo If Friaday Was Moday .we Did Not Risk Our Tarket(next Day Traday ) Should We Trady As Scalper.
Fridays Intraday are the levels you look at for Monday. I think its reach the target instead of risk the target is what you mean. Weve had the Euro reach its target range already here early in todays trading, amd if it rallies up here you can measure from the high of Friday now to the low we just created for your Intraday until Mondays movement is over, if this isnt the low just keep pulling it until it begins to retrace.
You almost always want to wait for some movement to happen this early in the week to get a perspective of sentiment. I wouldnt normally trade until after some movement has occured.
  • #6,917
  • Nov 16, 2008 8:06pm Nov 16, 2008 8:06pm
bo the chart should be like that
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  • #6,918
  • Nov 16, 2008 8:11pm Nov 16, 2008 8:11pm
bo should like that
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  • #6,919
  • Nov 16, 2008 8:16pm Nov 16, 2008 8:16pm
Quoting kpt1956
Bo, As experienced as you are, do you still keep any kind of trade journal? I've been thinking about doing one, but not sure what to put in it. Have any tips on starting one? Also, Do you keep any past screen shots of trades to remind you of unusual market conditions? Sometimes when I have a sucessful trade and I can't remember the exact market conditions why I entered and exited. Again, thanks for you experienced insights you give from time to time.
I think is a great idea to have a journal and have some notes.I (try to) use a journal in Microsoft Excel format which is very easy to use and it doesn't take to long to review your trades at the end of the week or month.
If you're interested let me know I send you a sample.
  • #6,920
  • Nov 16, 2008 8:30pm Nov 16, 2008 8:30pm
Quoting boyeros
bo should like that

The GBP can just be left on the high and low of friday, the Euro can be from the high of friday to the current low since it has met its target range from friday.
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