Fibonacci Trading with Bobokus | Page 9 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

fibonacci trading log 2 replies

Need help Bobokus Fibo template 1 reply

Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies

Attachments: Fibonacci Trading with Bobokus
Exit Attachments

Fibonacci Trading with Bobokus

  • #161
  • Oct 15, 2007 11:29pm Oct 15, 2007 11:29pm
Quoting Thexder
A possible extra range fib to consider, the entire two day long move of the past 2 days has a fib trading zone sitting right beneath the current trading zone from yesterday's range, which may help provide resistance if price enters today's trading range and tires to break short of it, it might bounce due to the longer two day range long fib. If price can break short of today's trading zone (and fall into the past 2 day's combined trading zone) then this zone may inhibit today's short from going beyond the current Intraday Low (yesterday's low around 320) so I would target yesterday's low more heavily than yesterday's T1 around 280, expecting a bounce from 320 if it does go that low.

The oval is the past two day's retracement zone, the rectangle is the current intraday zone.
Yes when the possibility of ranging is present you always look to target the previous lows and highs first. Backtesting has shown that when the 62 envelope is crossed the possibiity for ranging is high now. Hence my target on a short of 2.0320
  • #162
  • Oct 16, 2007 2:05am Oct 16, 2007 2:05am
Was there a recent GMT time shift due to DST or something this week? It seems based on my MT4 charts this week I've gone from being GMT -5 to GMT -6. It's confusing me...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #163
  • Oct 16, 2007 3:10am Oct 16, 2007 3:10am
Yes Hello to everyone from our "old" chat room days. Making this as short as I can because I don't want to clutter the Bo thread.

Bo ,You mentioned demo trading and money management. Along those lines something that has helped me immensely was to open an account where I can trade for pennies. It just eases the transition between demo and what is serious money for me. I try to always spend a few trades with the pennies before the dollars with any new method or one that I have tweaked.
  • #164
  • Oct 16, 2007 6:59am Oct 16, 2007 6:59am
Quoting SKUNNY
Hey PT what's up? Hope all is well with you.
All is well Skunny and I hope the same for you. I had just stopped in to say hello to Bo and support his new thread which I am reading daily. Hope you and all the guys are doing great!

Your friend,
PT/TB
Zone Breakout Method
  • #165
  • Edited 7:22am Oct 16, 2007 7:08am | Edited 7:22am
Missed this one..slept right through it. Honestly expected the break of the high but looks like the short was the correct call last night, if you took the short its up about 40 pips or so and me I would be exiting now and bank what i had.
Attached Image (click to enlarge)
Click to Enlarge Name: oct16a.gif Size: 23 KB
  • #166
  • Oct 16, 2007 7:24am Oct 16, 2007 7:24am
Quoting PowerTrader
All is well Skunny and I hope the same for you. I had just stopped in to say hello to Bo and support his new thread which I am reading daily. Hope you and all the guys are doing great!

Your friend,
PT/TB
Good to see ya around and kickin PowerTrader
  • #167
  • Oct 16, 2007 9:07am Oct 16, 2007 9:07am
Hi Bobokus,
For your post #165, where would you enter? I suppose, once in, you would hold unless the other side (top) of the box is crossed, or a candle opens above the box. It seems you have given multiple examples of where to enter. I understand there are choices for entry but where do you prefer? Right at the fib or is the price action the stronger influence which might dictate in the box or out?
I really enjoy this thread!
  • #168
  • Oct 16, 2007 9:33am Oct 16, 2007 9:33am
Quoting TEugene
Hi Bobokus,
For your post #165, where would you enter? I suppose, once in, you would hold unless the other side (top) of the box is crossed, or a candle opens above the box. It seems you have given multiple examples of where to enter. I understand there are choices for entry but where do you prefer? Right at the fib or is the price action the stronger influence which might dictate in the box or out?
I really enjoy this thread!
Actually Post 154 was for the entry's, post 165 was just me suggesting that if anyone was in a short position from the London session to get out of the short.
For an entry though the most conservative entry would be wait for a candle to open on the other side of the fib level...the entry short would have been the open of the 0800 candle(2.0351) short with a target of 2.0320/2.0280.
I just didnt want anyone to get caught in the short once the US session kicked off and take the profit they had and put it n the bank.
  • #169
  • Oct 16, 2007 9:46am Oct 16, 2007 9:46am
I hope Bo doesn't mind but there is a nice example of how to take a short trade on a bounce of the trading zone. Look at your 1 hr GBP chart and notice there is a rejection of the 38 Intraday fib after the low of the day was made. I am showing this on a 15 minute chart since it makes the rejection a bit clearer. Price trades down through the trading zone in the Asian session and early London session. Price hits 2.0291 and travels all the way back up to the 38 intraday fib. It tests the fib twice and then you have a nice bearish candle. Conservative entry would be at the close of that candle @ 2.0240. I also pulled a swing fib from the high and low of the short up move and you could have entered when the candle penetrated the 61 swing fib @ 2.0246. Bo may have entered earlier based on his experience.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp short 161007.gif Size: 36 KB
  • #170
  • Oct 16, 2007 10:03am Oct 16, 2007 10:03am
Dave,

I had taken the bounce as you suggested. Wish I had caught it earlier but I was waiting for it to break strong support area I have marked. Notice I took that sell right as we got at 50% Fib. This is a great thread Bo and it is good to see the guys.
Attached Image (click to enlarge)
Click to Enlarge Name: cableriver11.gif Size: 25 KB
Zone Breakout Method
  • #171
  • Oct 16, 2007 11:27am Oct 16, 2007 11:27am
I actually missed this one, after sleeping through the London session i didnt want to get in one untill the dust settled after the news.. even then its too undirectional for me. Im looking to reset and go again tonight during the London session if i dont sleep through it again.
  • #172
  • Oct 16, 2007 11:52am Oct 16, 2007 11:52am
Even though I'm not live trading I was watching this unfold and thinking where could I possibly trust an entry, it moved so far and right through the whole intraday trading zone, I didn't know if a candle open below the whole zone is still a valid entry or if it's too risky (I was expecting elastic retrace of the surge down, which it did do, but it resumed short. Who's to say it would not just go back up and stay up?).
Another case of stick to the rules and trust them for better or worse.

Where would be a good place for a stop with an entry like this (mental stop or otherwise)? Looking back, the top of the trade zone is the obvious choice but in real time it would look like a big loss potential. Maybe I'm not ready yet to handle getting in at the bottom of a big sudden move...build up the funds first and see a few more events for reassurance.

What if the price on that first candle had closed within the trade zone instead of beneath it. Would we be then watching for an entry breaking out of the trading zone rather than getting in while it's in the trading zone?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #173
  • Oct 16, 2007 12:30pm Oct 16, 2007 12:30pm
Quoting Thexder
Even though I'm not live trading I was watching this unfold and thinking where could I possibly trust an entry, it moved so far and right through the whole intraday trading zone, I didn't know if a candle open below the whole zone is still a valid entry or if it's too risky (I was expecting elastic retrace of the surge down, which it did do, but it resumed short. Who's to say it would not just go back up and stay up?).
Another case of stick to the rules and trust them for better or worse.

Where would be a good place for a stop with an entry like this (mental stop or otherwise)? Looking back, the top of the trade zone is the obvious choice but in real time it would look like a big loss potential. Maybe I'm not ready yet to handle getting in at the bottom of a big sudden move...build up the funds first and see a few more events for reassurance.

What if the price on that first candle had closed within the trade zone instead of beneath it. Would we be then watching for an entry breaking out of the trading zone rather than getting in while it's in the trading zone?
The open of the 0800 candle was the entry ,the problem is you would have to suffer through about 35-40 pips against you in that trade(35-40pips is not too bad, its alot but not too bad) ...and it came very close to having to accept a loss, anything above the Long fib level from the Intraday fibs and you would have to close it, This is just the nature of the beast this will happen again. As long as we are still in this ranging between 2.0250 and 2.0450 we are going to see it more often.
If a candle had closed inside the zone between the Long and Short fibs yes you would wait for the breakout from there.
I missed the trade sleeping through it but I see if I had been in it i would have been sweating that one out.
Looking back we had a pretty good idea that 2.0320 was gonna act as support and a possible bounce point and with the 0700 candle traveling that far in 1 hour and close at 2.0352 it doesnt leave much room for profit if you are targeting 2.0320. Weigh the options.It is better to miss a trade that doesnt look too good than to loose one.Sometimes sitting on the sidelines is the correct trade.The market isnt going anywhere it will be here tomorrow and the day after that...you dont miss anything by not taking a trade you dont like.
  • #174
  • Oct 16, 2007 1:47pm Oct 16, 2007 1:47pm
Hey guys, throwing in my $.02 on this last move. I've been trying to tame GY (yea I know good luck).
Because this pair generally moves too fast for short term fib entries (the way we use them on cable), with GY you need to enter more often than not on the retracement instead of trying to fly into the waterfall. This morning I watched this pig fall and I was a bit bitter I missed my signal 1 bar before the drop but I waited for the retracement. Because I had a perfect cross on the 38 fib with a support projection I was hoping it would retrace that far and it did, I took the trade short as it hit the 38. Now I realize this isn't how we normally get into trades on the cable, it is a great way to look at GY for those out there that think they can handle pain and suffering of this pair. Obviously if I had gotten into this trade after the monster bear candle I would have been in the red by -90....before it turned black, instead I put that 90 into my grocery/diaper fund

My real point being.....when you understand your in a strong bear move like the one we just experienced, wait for an entry on a retrace this way your stops can be very tight. When they eat fast they need to burp, get in on the burp.
You could have done the same on GU. Just something to keep in mind
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gy.gif Size: 19 KB
Click to Enlarge Name: gu.gif Size: 22 KB
Robonacci com
  • #175
  • Oct 16, 2007 7:17pm Oct 16, 2007 7:17pm
Just cant seem to get out of this ranging. Dont like taking the break of the low here, if the range continues to hold theres not enough room for a short there for my taste.May sit this one out tonight.Im going with a pending order on the break of 2.0380 Long. So no good call tonight gonna have to see more, a bounce from the low of today or Friday would be nice but if it does im still looking for a small range day ahead.If im wrong and i miss one here well ..I dont care.
Attached Image (click to enlarge)
Click to Enlarge Name: oct17.gif Size: 23 KB
  • #176
  • Oct 16, 2007 8:10pm Oct 16, 2007 8:10pm
Hey Mr. Kus, here is my cable channel (4Hr) it is my opinion based on this channel that is creeping south that a break of my diagonal trend line will result in a test of the bottom of the channel depending on where the fib lines end up. If it doesn't break I'll look for it to walk slowly up this trend line slope until it breaks.

Talk to you soon BoBo,
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 21 KB
Robonacci com
  • #177
  • Oct 16, 2007 9:00pm Oct 16, 2007 9:00pm
Quoting SKUNNY
Hey Mr. Kus, here is my cable channel (4Hr) it is my opinion based on this channel that is creeping south that a break of my diagonal trend line will result in a test of the bottom of the channel depending on where the fib lines end up. If it doesn't break I'll look for it to walk slowly up this trend line slope until it breaks.

Talk to you soon BoBo,
Im watching it, just dont like it too much yet
Attached Image (click to enlarge)
Click to Enlarge Name: oct17a.gif Size: 23 KB
  • #178
  • Oct 16, 2007 10:35pm Oct 16, 2007 10:35pm
I had one more thought about that "long" candle short entry from last night, about buying on the candle opening after price blasted down through the whole trading zone.

It's nothing new or revolutionary but next time that happens I think I might try to trail the price action before blindly taking a new candle open after such a move.

We all must expect that it's likely price will retrace after such a big candle, so why not stair step behind it on a 5 minute chart and time the entry.

After that new 1 hour sell trigger candle opens, looking at a 5 minute chart, if price does continue to fall, get in on the short break of any local price channels that may have formed at the bottom of the long move, but if price seems to be going up for a retrace, expect it to reach the trade fib zone of that long candle, and just put a sell stop beneath each 5 minute candle as it climbs, moving the order with the new 5 minute candles until triggered.

When it falls again, we're in. Since we've committed to selling on that 1 hour version of the candle we're following at 5 minute steps, no need to look for fancy price confirmations of the sell, all we're doing is fine tuning to maximise profit and tighten up a stop.

If price should retrace beyond the trade zone of that big candle, maybe consider that it would have been a bad trade to enter on that new 1H candle and stay out.

Chart on the left is 1H, on the right is M5 with short green lines showing incremental placements of a short order and the long green line showing 50% retracement general target to expect where price should fall again if it makes it beyond there.
Attached Image (click to enlarge)
Click to Enlarge Name: Cable.jpg Size: 57 KB
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #179
  • Oct 16, 2007 10:51pm Oct 16, 2007 10:51pm
Quoting Thexder
I had one more thought about that "long" candle short entry from last night, about buying on the candle opening after price blasted down through the whole trading zone.

It's nothing new or revolutionary but next time that happens I think I might try to trail the price action before blindly taking a new candle open after such a move.

We all must expect that it's likely price will retrace after such a big candle, so why not stair step behind it on a 5 minute chart and time the entry.

After that new 1 hour sell trigger candle opens, looking at a 5 minute chart, if price does continue to fall, get in on the short break of any local price channels that may have formed at the bottom of the long move, but if price seems to be going up for a retrace, expect it to reach the trade fib zone of that long candle, and just put a sell stop beneath each 5 minute candle as it climbs, moving the order with the new 5 minute candles until triggered.

When it falls again, we're in. Since we've committed to selling on that 1 hour version of the candle we're following at 5 minute steps, no need to look for fancy price confirmations of the sell, all we're doing is fine tuning to maximise profit and tighten up a stop.

If price should retrace beyond the trade zone of that big candle, maybe consider that it would have been a bad trade to enter on that new 1H candle and stay out.

Chart on the left is 1H, on the right is M5 with short green lines showing incremental placements of a short order and the long green line showing 50% retracement general target to expect where price should fall again if it makes it beyond there.
That actually sounds like a good idea.
  • #180
  • Oct 17, 2007 4:10am Oct 17, 2007 4:10am
Trend line held, I can't wait for this sucker to get out of this channel. It's getting old.

Hey Bo, do you think we might see this continue through Dec again.....LOL.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 22 KB
Robonacci com
13 traders viewing now