Fibonacci Trading with Bobokus

Quoting Bobokus

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They are the same settings as the other fibs, less the R1 and S1 levels.They arnt really needed with a swing fib since they are mostly very short term.
but they are;
0.........Low
0.382...Short
0.5......Pivot
0.618...Long
1.0......High
the Conservative extentions I recommend are;
-0.34
-0.55
1.34
1.55
The extentions i use are a little more aggressive ;
-0.382
-0.618
1.382
1.618

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Quoting bksujal

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Okay so now let me start with the same levels and then i can add the swing levels later will that be fine?
Regards,
Bksujal

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Quoting niceguy777

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Well, what it shows you, is that instead of applying various constructs (Fibs etc.) onto the candlesticks as you go, and trying to figure out where it will go next based on those, there is a framework that the candlesticks move to all the time, that is fractal in nature, and based on the Fibonacci.

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Quoting niceguy777

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That seemed clear to me when I saw your thread. You aren't using the framework though. That's why I suggested it may be of help. It makes things clearer, and I feel sure you in particular would see the incredible patterns that I see.

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Quoting Bobokus

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If this Daily 2.0259 gives way there is room below.

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Quoting Thexder

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Bounced right off the Daily long as if by magic, but the night is young. Swimming into the intraday zone.

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Quoting Thexder

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When the consolidation periods drag out so that each new swing fib is tighter to a point where a break high from there can almost occur by random noise, how do you play that move when it does start leaving the tight squeeze range it's spiraled into?

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Quoting Thexder

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I just thought of something interesting about entering on the high/low of a swing while chasing a move toward an anticipated direction, such as tonight, trying to chase price upward into and possibly beyond the intraday zone.

On that previous chart of the swing high break, with a failure to continue past T2, if a small profit is taken and you don't leave any lots in play, you don't have to sweat out the retrace after the T2 failure, where price goes lower than your entry and you hope it comes back. If you take the profit at T2 after noting the stall, then you don't worry if it goes way south, you have nothing to lose, and if it goes far enough south you take a short anyway and don't miss that movement....

And if price does recover back toward that prior T2 stall, like it's doing right now, the current swing high happens to be the old swing T2 we stalled at, and we'd technicaly be eligible to go long again on this current swing high break and pick up right where we left off when we sold at T2 before.

So we lose spread for getting out and back in, plus whatever few pips we sit out before re-entry to make sure price is going the right way. We save on the stress of the retrace if we had held the first long position.

In the chart, 4 candles are circled showing two long entries based on swing high breaks. The left most of 4 candles is beating against the red resistance that was previously tested and is part of a swing high. On candle 2 the high is broken and reaches T2, then stalls. One could take the 10 or so pips after seeing a stall and get all out, otherwise stay in and take the heat down to the purple line on the 3rd candle.

With the extreme movement today and the fact we've already retraced somewhere within the intraday zone, price really is free to take off up or down, it's done it's minimum expected retracement obligation, so staying in after a T2 failure is risky today anyway. It just happens to work out in the "long run" (forgive the pun).

So on the 4th candle we can update the swing fibs between candle 2 and 3 for the down movement, and we get a long break of the new swing high at the lower blue line, and easily blast to the T2 of this new swing. Note the exit of the first T2 (top red line) is the same as the re-entry of the new swing high at the lower blue line and we played it safe by exiting and re entering.

Now at the new T2 we're approaching the intraday long and it's time to see if it stalls or shows strength (price action discretion time).

Edit* I need to do something about that lime green and cheese orange color scheme for next time.

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Quoting Thexder

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I have it stuck in my head to avoid the Asian session anyway, except maybe a few hours before London if things look like they're picking up.

It's too bad London is 1 or 2am for me and lately most of the action starts around 4am. I need a fib respecting pair that starts at 7am and goes to 5pm, or else become a vampire. I wonder if I look back in the charts and see if anything adequate happens in just the US time frame on cable or if I really do have to stay up all night from now on...

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Quoting Bobokus

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Ive closed my long positions as we are banging against the Long fib from the Intraday fib and my swing fib is telling me we have topped out temporarily, In a wait and see mode until another opportunity arises.

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Quoting bksujal

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hey bob what do you think about the euro? for some time the intraday short has been hit and still not gone south? Please do your analysis and post your comments thanks.
WAITING FOR YOUR REPLY.
Regards,
Bksujal

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Quoting PowerTrader

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Bo,

Great post and great call on the long positions and the close. I like that you posted your chart with orders in place. It proves to the skeptics what the rest of us knew and that is your Fibonacci system is working and the proof is in the positive pips.

PT

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