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Fibonacci Paradise

  • #1,161
  • Edited 2:16pm Jul 9, 2010 2:11pm | Edited 2:16pm
Bartster

Yessiree, that is the idea. with a tight stop moving to break even asap.
If it comes back and takes you out, no biggie, because you know were the next level is.

If it were not late Friday I would be in that long.

Good weekend to you
  • #1,162
  • Jul 9, 2010 2:11pm Jul 9, 2010 2:11pm
Quoting Eggster
Bartster

Yessiree, that is the idea.

If it were not late Friday I would be in that long.

Good weekend to you
Thank you. See you Monday.


Bartstop
  • #1,163
  • Jul 9, 2010 2:24pm Jul 9, 2010 2:24pm
Then back up... no stress to .39..... an easy .46... pushing it to .49

Just as an example... same on all TF's
  • #1,164
  • Jul 9, 2010 2:46pm Jul 9, 2010 2:46pm
Quoting bartstop
Tell me if I have this right. The chart is your entry. And this post is how you find your target. Right?

http://www.forexfactory.com/showpost...postcount=1046
how is there open long on your gy one hour chart? move your red fib up a smidge to line up with blue...
  • #1,165
  • Jul 9, 2010 3:33pm Jul 9, 2010 3:33pm
Quoting ThomKnight
how is there open long on your gy one hour chart? move your red fib up a smidge to line up with blue...
The red fib has completed so it stays until the 138 is broken, correct?

I actually moved the blue fib down a smidge. Now you can't see the line.
Attached Image (click to enlarge)
Click to Enlarge Name: gy prz1.gif Size: 27 KB
  • #1,166
  • Jul 9, 2010 3:57pm Jul 9, 2010 3:57pm
Quoting Eggster
Then back up... no stress to .39..... an easy .46... pushing it to .49

Just as an example... same on all TF's
I'm assuming this is what you mean? But how do you know when to close your trade if price bounces off the 138 every time?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gy m1 1.gif Size: 21 KB
Click to Enlarge Name: gy m1 2.gif Size: 21 KB
Click to Enlarge Name: gy m1 3.gif Size: 21 KB
Click to Enlarge Name: gy m1 4.gif Size: 21 KB
  • #1,167
  • Jul 9, 2010 3:59pm Jul 9, 2010 3:59pm
Quoting bartstop
The red fib has completed so it stays until the 138 is broken, correct?

I actually moved the blue fib down a smidge. Now you can't see the line.
wild on my charts it is closed out perfectly and then price did a (relatively) massive retrace... so... either your pulling is wrong or your data is... because that was a 1.38 hit.

good weekend all!
  • #1,168
  • Jul 9, 2010 4:12pm Jul 9, 2010 4:12pm
Quoting ThomKnight
wild on my charts it is closed out perfectly and then price did a (relatively) massive retrace... so... either your pulling is wrong or your data is... because that was a 1.38 hit.

good weekend all!
I'm a little confused. Are you talking about the 6 pip pierce of the 138? To me that's just slop in the data.
  • #1,169
  • Jul 9, 2010 4:16pm Jul 9, 2010 4:16pm
Quoting bartstop
I'm a little confused. Are you talking about the 6 pip pierce of the 138? To me that's just slop in the data.
Same thing on FXDD.
Attached Image (click to enlarge)
Click to Enlarge Name: gy fxdd.gif Size: 22 KB
  • #1,170
  • Jul 10, 2010 5:40am Jul 10, 2010 5:40am
Quoting Eggster
Yes , look for respect..38..50..62 off the first swing (any time frame)

now do the same on the last swing, remember pivots
This + patience = as much money as you would like to make.

Eggster, Is your name Craig ?
  • #1,171
  • Jul 11, 2010 5:40pm Jul 11, 2010 5:40pm
Good luck this week chaps. I thought I'd start the week with a couple of cable charts. The first one is where the current 4h is but I think it is pierced. On my chart it is through the 138 by 15 pips.

Attached Image (click to enlarge)
Click to Enlarge Name: gu110710.JPG Size: 109 KB


This is for Eggster. I haven't pulled this in a 61.8 style but gone looking more for several point of respect.

Attached Image (click to enlarge)
Click to Enlarge Name: gu110710alternate.JPG Size: 108 KB


MD.
Keep smiling
  • #1,172
  • Jul 12, 2010 2:59am Jul 12, 2010 2:59am
Morning. I have been studying Thom's stuff for months and more recently Eggsters. Both are good and both I believe I am getting my head around, certainly Thom's chart. I now find myslf betwixted and between and can't make my mind up on the best approach. Here's a couple of examples. The first chart is where I believe Thom my have fibs set at the moment, pierced and looking short but we have run into the 38 on the larger fib.

Attached Image (click to enlarge)
Click to Enlarge Name: gyThom.png Size: 19 KB


This one is where Eggster might, I say might have things set. A completed fib where he may have taken a reverse trade when the red fib 138 hit the 38 of the black fib.

Attached Image (click to enlarge)
Click to Enlarge Name: gyEggster.png Size: 20 KB


Hmmm, shall I look long on my idea of the Eggster or let the torpedos fly to quote a Scotsman and sell a short??? Both fibs look right and I should probably take the shortest target. For me indecision, I won't trade, one must be certain in one's conviction. This is the kind of thing that I am struggling with.

MD.
Keep smiling
  • #1,173
  • Jul 12, 2010 3:41am Jul 12, 2010 3:41am
Well chaps I couldn't control my mouse button and have taken a couple of longs on this swing fib taking the view we head long for a short while.

Attached Image (click to enlarge)
Click to Enlarge Name: gy120710_15min.png Size: 13 KB


MD.
Keep smiling
  • #1,174
  • Jul 12, 2010 4:00am Jul 12, 2010 4:00am
I'm getting consistent at this now...losing that is. Thoroughly pissed off. I'm pulling the plug on the live account. Sorry I'm whinging, Knew I shouldn't have traded.

Had enough, MD.
Keep smiling
  • #1,175
  • Jul 12, 2010 5:42am Jul 12, 2010 5:42am
Hi MD

Have you fallen off a bicycle lately?

Same thing here, gotta get back on, keep the training wheels on(tiny lot sizes).

The training wheels reduce the pain, then you can perceive more market info.

Did you notice you have been getting in at s/r each trade.

If there was a long to be taken from the bounce, the 133.23... previous low
should of been TP


I bet if you tried those BMX tricks,you would get pretty banged up!
  • #1,176
  • Jul 12, 2010 6:09am Jul 12, 2010 6:09am
Quoting Eggster
Hi MD

Have you fallen off a bicycle lately?

Same thing here, gotta get back on, keep the training wheels on(tiny lot sizes).

The training wheels reduce the pain, then you can perceive more market info.

Did you notice you have been getting in at s/r each trade.

If there was a long to be taken from the bounce, the 133.23... previous low
should of been TP


I bet if you tried those BMX tricks,you would get pretty banged up!
I'm using 0.01 lot sizes, can't get much smaller lol.

It's not the amounts that's the problem, it's when you get 5, 6 or 7 trades wrong in a row using something where you shuold be getting 5, 6 or 7 right in a row that alarm bells start ringing and makes me realise that I am getting something fundamentally wrong. So rather than start revenge trading I stop. I will go back to demo until I get my head straight and stop confusing myself.

MD.
Keep smiling
  • #1,177
  • Jul 12, 2010 6:18am Jul 12, 2010 6:18am
Quoting Misterdaz
I'm using 0.01 lot sizes, can't get much smaller lol.

It's not the amounts that's the problem, it's when you get 5, 6 or 7 trades wrong in a row using something where you shuold be getting 5, 6 or 7 right in a row that alarm bells start ringing and makes me realise that I am getting something fundamentally wrong. So rather than start revenge trading I stop. I will go back to demo until I get my head straight and stop confusing myself.

MD.
Happened to me about 3 weeks ago, just on DEMO though . . know how you feel.
20 pips a day isn't too much to ask . . .
  • #1,178
  • Jul 12, 2010 6:48am Jul 12, 2010 6:48am
I hope I haven't thrown everyone for a loop, just wanted to show you how I "see" things.

I just found this on another thread

"Use what works for you" is such good advice. Each trader has to find that place, and when they do, they know it. It is amazing how we are wired so differently. A good example is how people see the dancer. I saw this sometime ago and thought it was interesting. Traders should try this: Which way is the girl turning?

http://www.perthnow.com.au/fun-games...-1111114517613
  • #1,179
  • Jul 12, 2010 6:58am Jul 12, 2010 6:58am
Hi Guys

MrD, Bartster you both have a pretty good grasp of this.

I would suggest getting a copy of The Disciplined Trader, by Mark Douglas.

Turn off the computer, get a highlighter and read it cover to cover, and then again.

Seriously,
EGG

If you have already read it, read it again!
  • #1,180
  • Jul 12, 2010 10:45am Jul 12, 2010 10:45am
Quoting Eggster
Hi Guys

MrD, Bartster you both have a pretty good grasp of this.

I would suggest getting a copy of The Disciplined Trader, by Mark Douglas.

Turn off the computer, get a highlighter and read it cover to cover, and then again.

Seriously,
EGG

If you have already read it, read it again!
Eggster, I don't have a problem with discipline once I'm in a trade. I set my target and my s/l immediately incase of unforseen events. I never move my stop further away, only closer if suits. I do get easily distracted and can easily drift to other ideas. I suppose my discipline lacks where I should choose a method and stick to it, do not deviate, concentrate on one thing and get it right before moving on. I blame no one but myself, you have thrown me no loops just other ideas so please please stick around. If I had stuck to what I know of Thom's stuff this morning I would not have taken any longs. Oh and I can't blame your methods for that either as clearly I missed the cue if I was taking a reversal trade, just me getting my fingers burnt.

I think the book might be one for a bit of poolside holiday reading.

MD.
Keep smiling
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