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  • #7,901
  • Apr 9, 2009 10:02am Apr 9, 2009 10:02am
Ok, trade closed with loss, quite big loss.

But after fact i see where i should exit - On picture 2 swing fib i can see price didnt opened above swing fib long.. and time is London closing soon..

Next time i will look for those factors not to get this kind of loss

Banzai.


Best,
Tom
  • #7,902
  • Apr 9, 2009 10:17am Apr 9, 2009 10:17am
Quoting tfflyer
Helou,

Picture 1
I have entered long on first bounce candle after price bounced from intraday fibs.. Yet keeping this one, but not getting confident on this trade...

Picture 2
Will folow with swing for stop loss.

If price will close above picture 2 swing fib - this will give me some confident for keeping in this trade..

Best,
Tom

When the market broke the intradays high for the first time and then failed to maintain ...at that moment the sentiment had changed ...look at the big sell off it had. From that point on your swing fibb actually became the most important fibb so you would of wanted to start looking to hold shorts and scalp longs. We also did not have space to trade longs mate.
  • #7,903
  • Apr 9, 2009 10:32am Apr 9, 2009 10:32am
I try to go long, when the price bounce from intraday low... If the price will test low twice...or st... Is it right to thing like that?
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  • #7,904
  • Apr 9, 2009 10:39am Apr 9, 2009 10:39am
Quoting Fana
I try to go long, when the price bounce from intraday low... If the price will test low twice...or st... Is it right to thing like that?

Look at the time of the day your looking for a retracement to that sell off...meaning you want a great amount of traders to participate when the volume will decrease. By knowing this if you enter from a 1 hour chart your probability of being right decreases....

Here is how my chart look from a 4 hour....if you see we have a 38.2 from the weekly chart as well as the 38.2 from the 4 hour chart thats why I was taking short ...and you had a bullish intraday and that is ok but as soon as the sentiment change in the 1 hour chart that was the signal that the larger timeframes took over the intraday levels and to start placing more attention on the swing fibb....

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  • #7,905
  • Apr 9, 2009 10:50am Apr 9, 2009 10:50am
Shermenator, thank you.
  • #7,906
  • Edited 11:29am Apr 9, 2009 11:01am | Edited 11:29am
Here is the trade I took...when ever I take a trade in the crosses I am always looking at the majors..( I primerly just fibb my majors) Since I expected a sell off in the eurusd I got in the eurgbp short...

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  • #7,907
  • Apr 9, 2009 11:23am Apr 9, 2009 11:23am
[quote=Shermenator;2660999]Look at the time of the day your looking for a retracement to that sell off...meaning you want a great amount of traders to participate when the volume will decrease. By knowing this if you enter from a 1 hour chart your probability of being right decreases....

Here is how my chart look from a 4 hour....if you see we have a 38.2 from the weekly chart as well as the 38.2 from the 4 hour chart thats why I was taking short ...and you had a bullish intraday and that is ok but as soon as the sentiment change in the 1 hour chart that was the signal that the larger timeframes took over the intraday levels and to start placing more attention on the swing fibb....




Very useful point for me...

Thank You.

Best,
Tom
  • #7,908
  • Apr 9, 2009 12:03pm Apr 9, 2009 12:03pm
Quoting Fana
I try to go long, when the price bounce from intraday low... If the price will test low twice...or st... Is it right to thing like that?
If you are going to go long make sure your stop loss is out of the range of the market...
  • #7,909
  • Apr 9, 2009 12:42pm Apr 9, 2009 12:42pm
Shermenator, Now I think, that go long wasnt very good idea, I had small SL... I tryed to draw st... Please correct me,, am trying better understand the mkt. Thank you, its very good that you help us.
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  • #7,910
  • Apr 9, 2009 4:31pm Apr 9, 2009 4:31pm
GU on my projection... My first attemp to draw it right...
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  • #7,911
  • Apr 9, 2009 4:51pm Apr 9, 2009 4:51pm
I think that it is better to understand for me now. Example... when we have some big movement down, like EUR/USDdaily(white resistance fibo), its named resistance because when the movement is over, and price turned up, it has to break levels of resistance, which are formed from that big movement down... And how strong was the movement down and this new movement, this is quatify by white fibo. Long resistance is the point which is "resistance fail" because when its broken, this new movement up is perhaps stronger, then previous downtrend... The same is from uptrend. New supports are made. And short fibo from it is "support failed"...
Am i right? I hope that i can already see the light somewhere from dark...
  • #7,912
  • Apr 10, 2009 3:24pm Apr 10, 2009 3:24pm
I have repaired white "resistance" low... I think, that current situation is very interesting. Two important levels... retracement pivot holds, but its only pips... to resistance level... Now I prefer to trane failure of the retracement pivot...
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  • #7,913
  • Apr 10, 2009 4:07pm Apr 10, 2009 4:07pm
Fana,
now Your fibs start looking better, i think.

But there is few more that You would like to se on Your charts. Bigger up move fib and bigger down move fib, just my opinion..

Keeep fishing ;]



Best,
Tom
  • #7,914
  • Apr 13, 2009 3:35am Apr 13, 2009 3:35am
Here it is... due to my earlyer predictions...
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  • #7,915
  • Apr 13, 2009 3:38am Apr 13, 2009 3:38am
Also Cable... Now both pairs, i went short...
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  • #7,916
  • Apr 13, 2009 4:28am Apr 13, 2009 4:28am
Quoting Fana
Also Cable... Now both pairs, i went short...

Your betting on dollar strenght...just make sure your risk is controlled...Keep in mind the gbpusd is still showing some bullish strenght...
  • #7,917
  • Apr 13, 2009 5:12am Apr 13, 2009 5:12am
The concept of Fibonacci Forex trading is being used by millions of Forex traders all around the world. These numbers forecast the coming oscillation in the Forex charts. Though, at the same time, the prediction made cannot be proclaimed as flawless and straight hitting to the mark, the closeness it gets to is quite amazing. The Fibonacci levels are very elementary and fundamental concepts which need to be grasped before delving into the risky environment of Forex trading.

If you are interested you can read the rest of the article at Fibonacci theory.
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  • #7,918
  • Apr 13, 2009 8:28am Apr 13, 2009 8:28am
Quoting magnumt
The concept of Fibonacci Forex trading is being used by millions of Forex traders all around the world. These numbers forecast the coming oscillation in the Forex charts. Though, at the same time, the prediction made cannot be proclaimed as flawless and straight hitting to the mark, the closeness it gets to is quite amazing. The Fibonacci levels are very elementary and fundamental concepts which need to be grasped before delving into the risky environment of Forex trading.

If you are interested you can read the rest of the article at [url="http://forex-news-help.blogspot.com/2009/04/forex-trading-methods-fibonacci-trading.html"]Fibonacci...

Fibbs simply help you find areas of bargain and show you how far a move can travel before it not being a bargain as well as the areas that it turns into retail price. Fibbs by no chance have a specific number, fibbs are just areas but traders tend to look at them like exact number and thats a huge flaw in there trading.
  • #7,919
  • Apr 15, 2009 1:52am Apr 15, 2009 1:52am
Up 12 pips going south.
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  • #7,920
  • Apr 15, 2009 3:11am Apr 15, 2009 3:11am
I have been following this thread for a while now just lurking in the background, afraid that I do not have enought knowledge or experience to post anything. After about two months of trading Bobokus Fibo's practice and live trying to understand them I would like to ask a question...

I am posting a chart up following KPT1956 on the EUR/USD 1 HR. I see that you have your Intraday Fibs different from mine. I would like to know whay you drew them on the downtrend instead od the uptrend like I did. I not trying to criticize anyone here just trying to learn.

Seem to be the way I have them the pair turned back upwards right at the intraday short.

I am guessing that there is no right and wrong way to draw them or is there? Although sometimes I can't figure out why they didn't work so I must have drawn them incorrectly.

Could someone shed more light here so that I can get a better grasp on this method. I have had much success so far but also much dissapointment also.

Once Again no harm ment here just want to learn

Thanks

Alden
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