Euro Forex Pro weekly 24-28, May, 2010

[Sive Morten]

That was a hit at bull's eye. How did you calculate 1.2355? I can't see any confluence level or LOP here..

Hi Sentinel,
well, there is no particular magic with it. I usually use for t/p 10 pips + to Fib support.
In fact, there was a B&B daily trade and 1.2344 - is 0.618 retracement. So, 10 pips + is 1.2355.

May be it will go down further, I do not know for now. 1.2355 is just a reasonable or Logical profit objective.

 

[aerokan]

Now that it has touched 1.2344 what is the next move?

Thanks
aerokan

 

[Sentinel]

Hi Sentinel,
well, there is no particular magic with it. I usually use for t/p 10 pips + to Fib support.
In fact, there was a B&B daily trade and 1.2344 - is 0.618 retracement. So, 10 pips + is 1.2355.

May be it will go down further, I do not know for now. 1.2355 is just a reasonable or Logical profit objective.

Chapter 6 Page 92:

"3. Once the trade is entered, set your stop loss beyond a deeper Fibonacci retracement level, and your profit objective a bit before the 618 retracement '*' of the entire contra move, i.e. the move that is opposite the original thrust."

Looks like I should read Joe's books once again.

 

[yingkotj]

SIVE

Good Morning, Jim,
Well, in general, these stuff works as follows - You should sell rallies when trend is bearish and buy deeps when it's bullish. Do not jump in move, do not buy ro sell breakouts. You can see that my enter also was not perfect, so in 90 % of times you can't catch absolute max or min. But, you can enter much better.
Concerning timing. For example i want to enter short on 1-hour chart and down move has started already (like it was on Friday) All that I do - just waiting until the first move down will finish. When I see that retracement has started- I calculate Fib resitances and switch to 5-min chart and track how market acts around this resistances. When I see signs of strong push down on 5 -min chart from 60-min Fib. resistance. I sell the rally. Sometimes I even use retracement on 5 min chart from retracement of 60-min. But this is not nesesary.
So, if you what to open on daily - use daily and hourly. Weekly - weekly and daily and so on.

Hope it helps
Sive

HI SIVE,I HAVE BEEN FOLLOWING YOUR THREAD FOR WEEKS NOW AND I MUST SAY YOU REALLY KNOW WHAT YOU ARE DOING,I QUITE AGREE WITH YOUR METHOD OF TRADING THAT U JUST EXPLAINED TO JIM,BUT DON'T YOU THINK USING DAILY AND 1 HOUR TIME FRAME ARE TO FAR APART? SKIPPING 4 HOURS TIME FRAME MAY LEAD TO LOSE OF SOME GOOD TRADES.WHAT DO YOU THINK?

 

[Sive Morten]

Chapter 6 Page 92:

"3. Once the trade is entered, set your stop loss beyond a deeper Fibonacci retracement level, and your profit objective a bit before the 618 retracement '*' of the entire contra move, i.e. the move that is opposite the original thrust."

Looks like I should read Joe's books once again.

I've read it 4 times, may be 5. From time to time I re-read some chapters. Its really good stuff, Sentinel.

Now that it has touched 1.2344 what is the next move?

Thanks
aerokan

Huh, you think it's just a money machine, right?
We'll see it tomorrow, look for my daily update.

HI SIVE,I HAVE BEEN FOLLOWING YOUR THREAD FOR WEEKS NOW AND I MUST SAY YOU REALLY KNOW WHAT YOU ARE DOING,I QUITE AGREE WITH YOUR METHOD OF TRADING THAT U JUST EXPLAINED TO JIM,BUT DON'T YOU THINK USING DAILY AND 1 HOUR TIME FRAME ARE TO FAR APART? SKIPPING 4 HOURS TIME FRAME MAY LEAD TO LOSE OF SOME GOOD TRADES.WHAT DO YOU THINK?

It's very personal... for me hour chart and daily are major time frames. Probably, because I trade futures. I use 4-time chart, but its not so important for me as hourly.
But I use it still.

 

[My Hosting Team]

Thanks for the analysis Sive.

 

[aerokan]

Huh, you think it's just a money machine, right?
We'll see it tomorrow, look for my daily update.

Guess what!!! I do think it's a money machine and u'r analysis my lottery ticket

I am demo trading based on your analysis and with it i was able to double the account from 5000 to 10000 in just 2-3 days (3 lots per trade/ one trade at a time/ 50 point StopLoss and trailing profit of 11.5 pips(if 4 digit pip measurement is considered)) It is working out since the average difference between open and Max or Min is around an average of 17 pips and most of the values around that. Even the average difference of max-min for a given hour is 33 pips for the last 5 months. Combining this data with the support and resistance levels of your analysis and with trailing stops i am able to do that without registering a single loss.

In the demo trading account that you do on the site, I observed that the time it takes to close the orders is high enough to hit the stoploss order first and even turning profitable trades into losing ones. If u could use different stoploss and takeprofit levels with or without trailing stops, the account would be a lot better....

Then again, I am just a rookie and there are lot of things i might not have considered. Lot of things change from demo to live accounts. Since I already blew my live account I may not be the better judge

 

[Marau]

Joe Smith?

Chapter 6 Page 92:

"3. Once the trade is entered, set your stop loss beyond a deeper Fibonacci retracement level, and your profit objective a bit before the 618 retracement '*' of the entire contra move, i.e. the move that is opposite the original thrust."

Looks like I should read Joe's books once again.

Who is that Joe, Sentinel ( if we may take knowledge..)?

 

[Dori]

Thanx Sive,

Do you happen to know if DiNapoli pack comes for Meta 4 too ? And do you have the link where can i buy it too ?

Thank you very much

 

[Rubin Hood]

Who is that Joe, Sentinel ( if we may take knowledge..)?

They are talking about Joe DiNapoli's book:

Amazon.com: Trading with DiNapoli Levels: The Practical Application of Fibonacci Analysis to Investment Markets…

This is the technical method Sive uses in his trades. For terminology and better understanding, consider reading it. (We don't want to wear the expert down by repeating the same questions over and over now do we?)