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Fibonacci Trading with Bobokus

Trade going fine and up 160 at the moment. When we hit 1.3334 I will pull 1/2 off and move stop up to entry.


Quoting spillini
Looking to buy this pair at around the 61.8 % level here. Will wait for open to see where we jump after that crap from Greece today.

My Trade: If price is around current levels when market opens I will buy from this level and add another buy if we hit 1.3165. Stoploss is at 1.300, ( Approx. 166 pips ) with my T/P #1 @ 1.3334 and T/P #2 @ 1.3500
Please do not vouch for me.
An explanation is needed here as the price breeched the 61.8 % Fib level. This is no surprise and it is welcome. This invites the opportunity to add to the previous trade down to the 76.8 level as I did as shown here. Price still did not come close to the stops and has recovered. This is a good example of staying with the trend. Also, the spike on 2/16/12 was kneejerk off of a news release.
Update: trade is +325 pure pips.




Quoting spillini
My stops find 2 recent lows that have supported in the past. I dont go by anything in this thread from Bobkus or whatever. These are my parameters. See chart and you can see why I put my stop where I did. Look for green arrows to see the lows. Any time you see 2 lows supported at the same level, you can bet your ass its a good support level.
Attached Image (click to enlarge)
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Please do not vouch for me.
Spillini, can you explain your reason for going long?

If its a breakout strategy then of course its an expected long.

But from fibonacci levels we are still in short zone.
Please explain in detail why you think we are in a short area????


Quoting Chroniclez
Spillini, can you explain your reason for going long?

If its a breakout strategy then of course its an expected long.

But from fibonacci levels we are still in short zone.
Please do not vouch for me.
Is this thread active now?
TRADE WHAT U SEE NOT WHAT U WANT TO SEE.
I have waited for a little retrace after the initial 124.995 downward movement (on which is measured the black Fibonacci retrace). The price retrace only 38.2 from that movement (Fibonacci painted in black) coinciding with the decrease under the 61.8 Fibonacci retrace of the Friday's up movement (Fibonacci painted in red). I set the initial stop loss on the 125.391 (38.2 of the Friday's up movement) and as the price continued to drop I have decreased it gradually. Now the stop loss is locked on profit on 124.41 (72.4 pips) and I am still decreasing it as the times passes.

Attached Image (click to enlarge)
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Thank you BoBokus, it's a great honor trading in your own style today.
Created an indy that automatically draws fibs from higher timeframe pivots.

You can add/remove timeframes in the array in MQL - int timeframeArray[] = {1440,10080,43200};

I also created a .NET app that can change fib colours and line prices with a click of a button, so you don't have to leave fib profiles scattered on your chart; it's spaghetti code, so i won't release it.

USDCAD - Weekly
http://i.imgur.com/D2XJs.png

Can easily see that the daily TF (orange box) is sell but we're at a monthly 50% and weekly 38.2% support....hmmm
Attached File(s)
File Type: mq4 Fibs-MTF.mq4   5 KB | 1,664 downloads
Politics is the womb in which war develops.
Thanks, FiatFap. Will check out the app. I still think Bobokus' method is the best. But I'm struggling with the fibs on daily. Now hardly have time intra-day.
Make this thread alive again please
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
No keep it dead. I am so confused from so many methods that I am getting analysis paralysis. Please limit the number of methods. I cannot brain these anymore ...
I have seen the enemy, and it is me.
Quoting Bobokus
I would like to open a thread to discuss trading based on fibonacci, I know there are alot of traders out there including myself who trade with nothing but Fibs and I would like to share, along with gain some knowledge with other Fib traders. I have tried numerous methods but about a year or so ago I started looking more and more at fibs and began to see the repetitive nature and how price reacted to them. I have become pretty successful with Fibs now and think I can give something back, because I remember how hard it was to get started trading...
hello sir, i want this indicator can u share?

thanks
why did the people that trade fibs successfully stop posting on this thread?
I am a silent follower of this thread for a long time. Finally decided today to participate actively. Wonderful thread it must go on. New traders will be benefited. I will try my best to post here.
Quoting Debarghya
I am a silent follower of this thread for a long time. Finally decided today to participate actively. Wonderful thread it must go on. New traders will be benefited. I will try my best to post here.
Well, thanks for trying...
IBfx Sporadic Traded Account... All Time Return: 33.9%
Where is bobokus website now? Any one know?
i think its very good application and i will use on my next day trade and will share the experience with you..


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Quoting Debarghya
I am a silent follower of this thread for a long time. Finally decided today to participate actively. Wonderful thread it must go on. New traders will be benefited. I will try my best to post here.
Are you still following Bobokus' method? It seems like the best method for fibonacci. It's a pity the thread is dead!
fibo indicator can't able to find it ,Somebody have this indicator pls share it to me .thank you
Attached Image
BEFORE YOU EVER CONSTRUCT A STRATEGY USING FIBONACCI INDICATORS OF ANY SORT, look at the following picture:

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Doesn't it look like it could be modeled using a Fibonacci? Of course!
However, I will tell you one thing about the above picture. It has nothing to do with financial markets.Its a diffusion experiment.
FACT: applying FIBONACCI with its 100 different lines to a market is an excercise in FUTILITY. You will not make money using this method, you will waste time, trying to turn coal into gold. I have no idea how this thread has 400+ pages of content and "Discussion". You might as well try applying the Mandelbrot fractal to the price action and that could actually have something come from it.

So why do so many people swear by the Fibo' ?
The same reason a broken clock is right twice a day, except with a FIBO it can be right as many times as you redraw it.
Don't waste your time, you are just feeding the trolls.
Chart. Waiting to pull back or go up: I am watching it.
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