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Fibonacci Trading with Bobokus

  • #61
  • Oct 10, 2007 6:37pm Oct 10, 2007 6:37pm
Quoting Bobokus
Perform this exersize with the swing fib on todays GBP/USD 1hour chart:
1. place it from top to bottom from the high of the 0900 candle where it made its high earlier today to the low of the 0400 candle. and observe what happens with price and the fib levels.
2.now swing the low to the low in made on the 1100 candle and observe the candles and fib levels after it.
3 swing the high now to the high of the 1400 candle and observe the candles and fib levels after 1400.
4 Swing the low now to the low of the 1800 candle and observe what has happened since the 1800 candle...

Do you see how price has respected the levels and where it made its reversal of directions at ?
This what you will see me refer to as following the market with the swing fib.The purpose is to find that break away from them or use them once you are in a trade to watch for the market to turn against you.

The market is a Lamborghini and Im giving you the keys to it.
I am really new to Fibs. trying o catch up with you. I ready to learn.
  • #62
  • Oct 10, 2007 7:16pm Oct 10, 2007 7:16pm
We may have missed the boat on a short this afternoon, just seen what is causing the early movement...bad RICS data out of UK. I hate when price moves this early...too many false signals during the asian session. Intraday fib pulled on just todays movement confirms a short but too late to enter now.If there is enough strength to this move it can go to 330/310. The next few candle will confirm and we may have to play a retracement off this.
The Intraday fib pulled across both yesterday and today i am more comfortable with and offers the safer entry's.Price will enter the Trade Zone tonight it looks, If we do get a bounce from here 390ish or the Pivot 365ish we will know this fib is the valid one and can trade the breakout on a bounce and short a break of 340.The short however does not have alot of room below Support levels of 300/280/250 are what I show and would use as exits on stalling since we still have yet to break away from this ranging.
Ideal situation would be for price to consolidate inside this area between 390/340...then we start to look for the breakout from there.

I am Looking to go long on a bounce off of 2.0390
Targeting the previous highs 2.0450/2.0475

---------------------------------------------
I will Short on a break of 2.0340
Targeting 2.0300/2.0280

Pull the swing fib along to help detirmine good entry's and follow the market with once a trade is entered.Just like we did in the excersize this afternoon.
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  • #63
  • Oct 10, 2007 7:21pm Oct 10, 2007 7:21pm
Quoting Thexder
It keeps spiraling in, reversing at any one of the three center fib levels of each new swing, mostly the outer .382 and .618 set, sometimes the 0.5 center.

When a new day is ready to take over the price action, when it's ranged in tight like this, what do we look for in a break? When it's a tight range it's harder to discern a valid break once things start moving again.
Good demonstation of a consolidation period, if price could have brokem through all the 3 levels it stood the chance to rally and go up or dip and go down..if you notice the swing fib would have shown exit points at the extentions and made a pretty good scalping type trade,On the last point we pulled it too in the excersize.
  • #64
  • Oct 10, 2007 7:22pm Oct 10, 2007 7:22pm
Quoting Belgarion
I am really new to Fibs. trying o catch up with you. I ready to learn.
Welcome to the thread then!
  • #65
  • Oct 10, 2007 8:13pm Oct 10, 2007 8:13pm
Right now (9:10pm ET) I have a candle opening inside the intraday range at around 383 so it's locked in and heading for the pivot. Still no swing fibs drawn since the original breakout because it's still heading down from the break.

Am I on track?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #66
  • Oct 10, 2007 8:18pm Oct 10, 2007 8:18pm
Quoting Thexder
Right now (9:10pm ET) I have a candle opening inside the intraday range at around 383 so it's locked in and heading for the pivot. Still no swing fibs drawn since the original breakout because it's still heading down from the break.

Am I on track?

Yep, would be nice to see it slow down now and consolidate before the London open
  • #67
  • Oct 10, 2007 9:11pm Oct 10, 2007 9:11pm
Hey Bo, just want to send a message to all that are following what you are teaching.

I have traded with Bo for some time now and only because of his extensive back testing (100's and 100's of hours) he is able to share this very credible approach to GU. I'll be watching and putting in my 2 cents where it might be helpful. ( with Bo's OK) I'm very shy so it may take me a while (NOT)

Thanks for spending your valuable time trying to help others. It is a great Fib lesson for sure.
Robonacci com
  • #68
  • Oct 10, 2007 9:21pm Oct 10, 2007 9:21pm
Quoting SKUNNY
Hey Bo, just want to send a message to all that are following what you are teaching.

I have traded with Bo for some time now and only because of his extensive back testing (100's and 100's of hours) he is able to share this very credible approach to GU. I'll be watching and putting in my 2 cents where it might be helpful. ( with Bo's OK) I'm very shy so it may take me a while (NOT)

Thanks for spending your valuable time trying to help others. It is a great Fib lesson for sure.
No need to thank me, i dont need my ego stroked, only doin it because its good to give back once in a while. Good Karma
  • #69
  • Oct 10, 2007 9:45pm Oct 10, 2007 9:45pm
Quoting Bobokus
No need to thank me, i dont need my ego stroked, only doin it because its good to give back once in a while. Good Karma
No need? Well then..... I take it back As you know Bo, I use a plethora of Gann line projections in conjunction with your enter/take profit areas. I would love to help people understand the Gann lines, but I have yet to put into a format that people can follow. Maybe following your thread will encourage me to start my own. However, it does take a tremendous amount of time to do this "thread thing" right, so for now I'll just meander around here for a while.
Robonacci com
  • #70
  • Oct 10, 2007 9:53pm Oct 10, 2007 9:53pm
Quoting SKUNNY
No need? Well then..... I take it back As you know Bo, I use a plethora of Gann line projections in conjunction with your enter/take profit areas. I would love to help people understand the Gann lines, but I have yet to put into a format that people can follow. Maybe following your thread will encourage me to start my own. However, it does take a tremendous amount of time to do this "thread thing" right, so for now I'll just meander around here for a while.
LOL, np
  • #71
  • Oct 10, 2007 9:56pm Oct 10, 2007 9:56pm
Meander may not have been the right word...lol, intently absorbing your teachings is much better. (people may take that the wrong way)lol.
Robonacci com
  • #72
  • Oct 10, 2007 10:15pm Oct 10, 2007 10:15pm
The 11pm ET candle opened above the intraday long fib and this also coincides with putting the candle inside the recently drawn swing channel (drawn down to the bottom of the candle 2 hours ago).

So we're still waiting for London open and we're consolidating with two sets of trade channels stacked right on top of each other, swing and intraday.

When the time comes to consider a trade, if we break long of the swing channel, is this considered strong (and is there any resistance near overhead?)
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #73
  • Oct 10, 2007 10:22pm Oct 10, 2007 10:22pm
Quoting Thexder
The 11pm ET candle opened above the intraday long fib and this also coincides with putting the candle inside the recently drawn swing channel (drawn down to the bottom of the candle 2 hours ago).

So we're still waiting for London open and we're consolidating with two sets of trade channels stacked right on top of each other, swing and intraday.

When the time comes to consider a trade, if we break long of the swing channel, is this considered strong (and is there any resistance near overhead?)
Here's something else you can do to give you more confirmation draw a trendline across the tops of the candles from today, then one from the low of Tuesday to the low from this last waveform..it will form a triangle, and you can wait for a candle to form on either side as confirmation. The swing fib can be drawn now and if you notice the Short fib is right there with the Long fib of the Intraday so we still may drift back down...better to wait for the London session when the action will pick up. this may take off and run but im not gonna take this one. This is what i meant by we get alot of false signals during the asian session(Time of Day). Its better to miss a trade than to loose one

Yes resistance ahead of price are the fib levels from the larger fibs we are using Daily,Intermediate and Range...pay attention when price approaches those.we will most likely move the swing fib around more as the night developes just keep swinging it around as we go and you will notice when it starts to break away from it...then use the Intraday fib levels i mentioned in my post earlier for an entry.
  • #74
  • Oct 10, 2007 10:43pm Oct 10, 2007 10:43pm
If I drew my upper trend line across the tops properly, the candle has already penetrated it and is also testing the swing long. I haven't drawn in the daily, range or intermediate fibs so I'm flying blind on that, but I'm not trading right now, just following along the system to learn it.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #75
  • Oct 10, 2007 10:56pm Oct 10, 2007 10:56pm
Quoting Thexder
If I drew my upper trend line across the tops properly, the candle has already penetrated it and is also testing the swing long. I haven't drawn in the daily, range or intermediate fibs so I'm flying blind on that, but I'm not trading right now, just following along the system to learn it.
That would be correct, remember wicks from the candles dont count thats onlt a penetration not a break
  • #76
  • Oct 10, 2007 11:17pm Oct 10, 2007 11:17pm
gonna log out and get some sleep before London session
  • #77
  • Oct 10, 2007 11:46pm Oct 10, 2007 11:46pm
Hey Bo got a quick question for ya,

Did you move your intermediate high too the new high when it was broken on 9/28 or the high of 10/1? Just wondering what will make you move those daily fibs. Thanks man.
Shootist - Have Pip Shooters Will Travel
  • #78
  • Oct 11, 2007 8:02am Oct 11, 2007 8:02am
Quoting Shootist
Hey Bo got a quick question for ya,

Did you move your intermediate high too the new high when it was broken on 9/28 or the high of 10/1? Just wondering what will make you move those daily fibs. Thanks man.
My Daily high i wont move untill a new is established.My daily high is back on 7/24
  • #79
  • Oct 11, 2007 8:07am Oct 11, 2007 8:07am
Last night was interesting..seems the news has price turned again and we are headed short again,breaking 340 here will be my confirmation.My buy stop i had set last night got picked up but turned against it pretty quick by the looks of it...lost 20pips from it. Doesnt matter now I reversed my position now and watching to see if 2.0340 breaks.
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  • #80
  • Oct 11, 2007 8:12am Oct 11, 2007 8:12am
Quoting Shootist
Hey Bo got a quick question for ya,

Did you move your intermediate high too the new high when it was broken on 9/28 or the high of 10/1? Just wondering what will make you move those daily fibs. Thanks man.
Just reread your question about the Intermediate not the Daily fib...and no Im not going to move it since we made o bounce off the Short fib from that set, i want to leave it until the trading zone of that one is broken through or the extentions are hit from it.
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