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Fibonacci Trading with Bobokus

  • #341
  • Oct 24, 2007 1:42am Oct 24, 2007 1:42am
Quoting Thexder
Since it looks like a high probability of a retrace at least to start out tonight's play, taking a swing short is a good idea and already we have a T1/T2 target met on a swing, poised to head more toward intraday zone. Possible trendline collision.
Yes if it can break through here, we will be testing support of the Intraday zone.Your following along with the swing is also correct, Its right at the limit as far as amout of minimum pips for a swing of 30 pips but mine is the same.If the trendline breaks we are first looking for a bounce from the Intraday levels.
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  • #342
  • Oct 24, 2007 3:16am Oct 24, 2007 3:16am
From the way I've updated the swing, the retrace bounce from the intraday has stayed within the swing zone and at this moment anything could happen, it could consolidate a while bumping between swing long and intraday zone, or it could blast off either way clean.

Since it bounced from intraday, what would be the next thing to watch for (assuming there was no long taken from within the intraday, we had no 1 hour confirmation that a bounce would go long, it did so within 1 candle and it would have been a gamble to take a long?)

The swing high is "too close" to the top stall area from earlier, and the swing low is around the intraday pivot. Both seem like tricky areas if price approaches either cleanly on the current swing.

I would only feel confident if it did consolidate for at least one swing and get down to a more manageable size for entry either direction.
Attached Image
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #343
  • Oct 24, 2007 6:13am Oct 24, 2007 6:13am
This is showing a long entry but it has stalled out.The 0800 candle is a valid long entry but the failure here now to continue up is a sign to exit.A break of the trendline it is riding up would confirm it. as a failure.I would keep pulling my swing and look for it to break out of the swing high and low.This has the appearance of.....Ranging.
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  • #344
  • Oct 24, 2007 11:10am Oct 24, 2007 11:10am
Today is one of those days to go and do something else.I took the short trade after the dust settled from the news and im very lucky to be able to get out of it, Im done until London session this is starting to look ugly.
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  • #345
  • Oct 24, 2007 12:13pm Oct 24, 2007 12:13pm
I agree with Bobokus. Today a bad trade.
  • #346
  • Oct 24, 2007 1:00pm Oct 24, 2007 1:00pm
Hi Bobokus,

Can you say if your fib method works also with the GBP/JPY currency? I have been following your method from Power FX then you stop posting, I am lucky to find your posting again. I will try to implement your method and hoping I will get some help from you.

Can you say on a approximate average, how much pips can be made conservatively on a daily or weekly basis on the method is mastered?

Thank You.

M. Hafiz
  • #347
  • Oct 24, 2007 1:27pm Oct 24, 2007 1:27pm
Quoting mhafiz
Hi Bobokus,

Can you say if your fib method works also with the GBP/JPY currency? I have been following your method from Power FX then you stop posting, I am lucky to find your posting again. I will try to implement your method and hoping I will get some help from you.

Can you say on a approximate average, how much pips can be made conservatively on a daily or weekly basis on the method is mastered?

Thank You.

M. Hafiz

Im sure it could, but more backtesting as well as forward testing would have to be done, since i dont really trade Geppy much anymore. It will have its own characteristics. As far as pip average there is no set amount that any currency is going to yield, you have to just take what the market gives. If you become proficient 20-30 pips a day doesnt seem outrageous though.
  • #348
  • Oct 24, 2007 3:53pm Oct 24, 2007 3:53pm
wow, nice posts.
i am just all about fibos. was trying to define my own style and since i know some psychology and mind mechanics i definetely keep with fibionacci lines.

the nice things is they are not just lines, they are psychological placces in which many people put sl or tps, also many brokers like to hunt there, you just have to learn to use them and take them to your advantage.

so far i have been testing many indicators and some fail misserably until finally i found one which has boosted my success a lot.

of course everything can not be left to fibos alone, you have to know about price action, whats moving the market, if its equities, carry trade, forex speculators or earnings taking, that helps a lot and allow you to take great decisions.

if anyone needs some good fibo indicators just pm me. i am ready to help.
  • #349
  • Oct 24, 2007 7:35pm Oct 24, 2007 7:35pm
Even though we may not get much movement Ive reset for tonight, same procedure as every night just following along as the asian session turns into the London session and maybe we can get a good gauge of price movement tonight.May end up being another scalping session like today was.Unless something happens to change my mind like a break of the high, my bias is to the short side.Price is already testing the Intraday zone I just dont trust an early break here, me Ill wait for later and a few more hourly candles to decide.. if I miss one its no big deal there is always the next trading day.
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  • #350
  • Edited 8:19pm Oct 24, 2007 7:57pm | Edited 8:19pm
Here are 2 templates with the current fibs set up on them
One will show the fibs from the daily, but can be viewed from any timeframe.
The other(Fibs10_24_1hr) is the current trading view
The daily set wont have to be adusted very often but the fibs10_24 need to be adjusted as the chart evolves over time.
You can add any indicators you like to them just be sure you pay attention to the fib levels as you come across them.

To add them to your platform, Open the platform from windows then select and open the Templates folder then simply drag and drop the templates into the folder.Restart your platform and you should be able to add the template from the template icon on the platform now with the Modified Fibs on them.

They are set up for GBP/USD, but the fibs can be transferred to another currency and chart.To do so just select the fib you want to move, view the properties and that will make it you default fib..then just repeat the process for each one.
Attached File(s)
File Type: tpl daily10_24fibs.tpl   3 KB | 762 downloads
File Type: tpl fibs10_24_1hr.tpl   4 KB | 780 downloads
  • #351
  • Oct 24, 2007 9:27pm Oct 24, 2007 9:27pm
Quoting mhafiz
Hi Bobokus,

Can you say if your fib method works also with the GBP/JPY currency? I have been following your method from Power FX then you stop posting, I am lucky to find your posting again. I will try to implement your method and hoping I will get some help from you.

Can you say on a approximate average, how much pips can be made conservatively on a daily or weekly basis on the method is mastered?

Thank You.

M. Hafiz
Give it a shot and see how it goes, Id use it on 1hour timeframe.
Attached File(s)
File Type: tpl gbp_yen10_24.tpl   4 KB | 594 downloads
  • #352
  • Oct 24, 2007 9:33pm Oct 24, 2007 9:33pm
Looked good last night anyway...but no guarantee's
+120 and +70 by the looks of it, 2 good entries(yellow arrows)
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  • #353
  • Oct 24, 2007 9:55pm Oct 24, 2007 9:55pm
For those that have been asking me for the Euro...here ya go have fun. Heres a pic of the chart and the template.
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Attached File(s)
File Type: tpl euro_10_24.tpl   4 KB | 578 downloads
  • #354
  • Oct 25, 2007 11:51am Oct 25, 2007 11:51am
hey bob these templates are for meta trader?
Regards,
Bk
  • #355
  • Oct 25, 2007 11:56am Oct 25, 2007 11:56am
Quoting bksujal
hey bob these templates are for meta trader?
Regards,
Bk
Yes MT4
  • #356
  • Oct 25, 2007 12:57pm Oct 25, 2007 12:57pm
Quoting Bobokus
Yes MT4
ok and one more thing wanted to ask you is thar can i use this everyday for the respective pairs?
regards,
BK
  • #357
  • Oct 25, 2007 3:46pm Oct 25, 2007 3:46pm
Quoting bksujal
ok and one more thing wanted to ask you is thar can i use this everyday for the respective pairs?
regards,
BK
Sure can, just select each fib and move it up as needed.
  • #358
  • Oct 25, 2007 7:03pm Oct 25, 2007 7:03pm
My Fib starting point for the night ahead.
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  • #359
  • Oct 25, 2007 7:04pm Oct 25, 2007 7:04pm
For those that are watching the Euro, here the starting point for the night ahead.
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  • #360
  • Oct 25, 2007 7:06pm Oct 25, 2007 7:06pm
If you like the GBP/Yen here is where I would start with it going into tonight.
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