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Fibonacci Trading with Bobokus

Quoting Bobokus
Im done for the week now and lucky I survived through the day.
Did you take any trades last night? I was watching that weird activity early in London where there was a retrace up inside the intraday short, then the bounce back down, but showing some sort of resistance for going short as well, lots of long tails on the short side, so a conflicting view by the time a candle opened back outside the intraday short.

Then when things reversed and strongly went up and through pivot, I don't know if that would have been an entry long point at the pivot since it did look suddenly decisive to the long side (I watched it live, it suddenly made a choice where to go)...

I'm still having trouble figuring out about taking entries on reversals because by the time a reversal like this occurs, there has been a significant price move in a short time and I'm torn between seeing it as strong to jump on, or time for a small retrace. Could miss the boat waiting for a retrace, or get burned jumping in and getting retraced too far.

It would have been a good short target scalping night, just in and out for a set small number of pips without trying to hit any targets even swing.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
Quoting Thexder
Did you take any trades last night? I was watching that weird activity early in London where there was a retrace up inside the intraday short, then the bounce back down, but showing some sort of resistance for going short as well, lots of long tails on the short side, so a conflicting view by the time a candle opened back outside the intraday short.

Then when things reversed and strongly went up and through pivot, I don't know if that would have been an entry long point at the pivot since it did look suddenly decisive to the long side (I watched it live, it suddenly made a choice where to go)...

I'm still having trouble figuring out about taking entries on reversals because by the time a reversal like this occurs, there has been a significant price move in a short time and I'm torn between seeing it as strong to jump on, or time for a small retrace. Could miss the boat waiting for a retrace, or get burned jumping in and getting retraced too far.

It would have been a good short target scalping night, just in and out for a set small number of pips without trying to hit any targets even swing.
You guessed it right.Yes I did get into a couple last night and this morning, the whole trading day was a struggle I ended up having to switch modes during the action into scalping because there was so much indecision, the news early in the US session almost got me, I was short before the news come out and everything looked good but I didnt have a target set so when the bounce occured I got caught short and it made that hard bounce, it would have erased all my gains had it not come back down and give me an exit. Had to sweat that one out.After that I called it a day and turned it off for a while. Im glad I did to, I was looking short but it looks as if Cable isnt ready to go down yet.
Alot of times I will set buy and sell stops straddleing the swing fibs entire area and thats what actually got me in the trades last night I just waited untill late in the asian session before i set them, usually around 0500/0600 candles i start to look at placing them.The slower the action the longer I wait to set em.
hey Bob is this the only method you trade with or are you have other strategies?
BK
Quoting bksujal
hey Bob is this the only method you trade with or are you have other strategies?
BK
I pretty much base all my trades from fib levels, I do use other indicators but I find myself not paying much attention to them, support and resistance levels from fibs either hold or break and I trade from that mentallity.
I know for the most part all of you do some sort of backtesting and maybe even forward testing of different methods or whatever. A year or so ago I came across one of the best tools you can have to test practically any method you choose and will improve your trading skills tremendously. Its called Vhandstrade. Vhandstrade is an EA that allows you to retrade the market manually from practically any point in time. This shows you how a method would perform in realtime live conditions. You can find it on the website (mql4 .com). I hope its ok to mention a website since the EA is free to the public. Once on the website just type (Vhandstrade) in the sites search blank. It will take you to where you can download the files needed for the EA to run as well as all the directions needed to use it.
Take it from me I use it every weekend to retrade the market and I know it has helped me in the past. You can never do enough backtesting and this allows you to do that as well as trade the market in realtime conditions.
Ill post the files but the instructions are too long to try and explain here, and they do a better job than I can at explaining how to use it.
Just follow the instructions from Mql4 site and if you need help once you get it setup I can help or try and help get you started using it.
All 4 files are required for the EA to work and need to be placed in different files located in your platform files so you need to read the instructions from the website to install it properly. It is worth the trouble and one day you will be glad you did this.
My hat is off the coder behind this EA !
It is not for trading or auto trading it is only a tool that allows you to retrade the market, it just works in the same manner that a normal EA works.
You may need to go to Alpari and download the history of the currency you want to test with since your platform only holds so much history of each pair.
Attached File(s)
File Type: mq4 vHandsTrade.mq4   72 KB | 837 downloads
File Type: mq4 VisualTestingTools.mq4   26 KB | 777 downloads
File Type: mq4 vHistory.mq4   < 1 KB | 701 downloads
File Type: mq4 vTerminal.mq4   < 1 KB | 686 downloads
What would be a way to base a judgement of bias for a trade direction or neutral opinion when a session is starting, such as when to consider a swing straddle or only looking for long or short?

One thing I can think of is if the previous day high and low range has already seen a retrace, it could be considered neutral to place a straddle going into the next session because the tension is released from the last day and could go anywhere.

But if the previous day went mostly up, then going into the next session could be seen as a bias to only go long, preferably with a bounce of intraday long, but how do we know we shouldn't still go into the day with a straddle of swing, maybe we could take the short down to the retrace if there is enough room with swing targets to go low....how do we employ discretion of daily trade bias?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
Quoting Thexder
What would be a way to base a judgement of bias for a trade direction or neutral opinion when a session is starting, such as when to consider a swing straddle or only looking for long or short?

One thing I can think of is if the previous day high and low range has already seen a retrace, it could be considered neutral to place a straddle going into the next session because the tension is released from the last day and could go anywhere.

But if the previous day went mostly up, then going into the next session could be seen as a bias to only go long, preferably with a bounce of intraday long, but how do we know we shouldn't still go into the day with a straddle of swing, maybe we could take the short down to the retrace if there is enough room with swing targets to go low....how do we employ discretion of daily trade bias?
It seems as if you answered your own question if im reading this correctly.
In the situation where the previous day went up and it was clear the direction is up.(closed higher than the previous day) you would normally look for a bounce during the next day.If no bounce occurs you would be looking for a break of the previous high. The swing fib could be used to measure how far it can retrace if it occurs then base your entry from there.
To consider a short position price would have to break the Intraday fib rather then trying to scalp a short for the bounce. You would be selling into strength and it would be a high risk trade, the thing is you dont know if it will retrace the swing fib is just showing the possibilities it can go if it occurs.The envelope can help detirmine the trend as long as price stays above it your looking for bounces and the reverse if price is below.Its not a perfect way of looking at it since so many factors can change that but its better than trying to quess it.The fibs along with the envelope work well together though.Price breaking the envelope ( a candle opening) normally means ranging ahead in the next few days untill price can be maintained on either side for more than 2 days. The hard part is that transition period of when the market comes out of ranging.You will most likely know though since it is a news event that will give it the kick in the butt to continue in one direction.
As far as when to use a swing straddle type entry would be one of those days that you dont get much of a bounce or rejection so you would need more confirmation before entering and straddleing the swing fib area would be the better choice.Because you would most likely be looking for the break of the high or the low whichever the case.
Here is my current starting point going into the open. From what i can tell so far price has been as low as 2.0863 with no gap. Need a few candles from today and early Monday to get a good swing to pull the swing on though.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp1104preopen.gif Size: 26 KB
Quoting Bobokus
I know for the most part all of you do some sort of backtesting and maybe even forward testing of different methods or whatever. A year or so ago I came across one of the best tools you can have to test practically any method you choose and will improve your trading skills tremendously. Its called Vhandstrade. Vhandstrade is an EA that allows you to retrade the market manually from practically any point in time. This shows you how a method would perform in realtime live conditions. You can find it on the website (mql4 .com). I hope its ok to mention a website since the EA is free to the public. Once on the website just type (Vhandstrade) in the sites search blank. It will take you to where you can download the files needed for the EA to run as well as all the directions needed to use it.
Take it from me I use it every weekend to retrade the market and I know it has helped me in the past. You can never do enough backtesting and this allows you to do that as well as trade the market in realtime conditions.
Ill post the files but the instructions are too long to try and explain here, and they do a better job than I can at explaining how to use it.
Just follow the instructions from Mql4 site and if you need help once you get it setup I can help or try and help get you started using it.
All 4 files are required for the EA to work and need to be placed in different files located in your platform files so you need to read the instructions from the website to install it properly. It is worth the trouble and one day you will be glad you did this.
My hat is off the coder behind this EA !
It is not for trading or auto trading it is only a tool that allows you to retrade the market, it just works in the same manner that a normal EA works.
You may need to go to Alpari and download the history of the currency you want to test with since your platform only holds so much history of each pair.
Hey, I just came across this today. I really like the potential but I was wondering since you've been using it for awhile..... any idea on the best way to get data from a different time frame while testing?

I'm trading on the 4hr chart, but need to get some data from the weekly chart so that I can make an informed trade. I have an indicator on the 4hr chart that grabs that data from the weekly, but it doesn't update because I'm only testing on the 4hr I assume.

Also, is there some trick to being able to advance a full bar at a time instead of just a tick? It would be great if I could get the next 4hr bar right away instead of holding f12 for at least 30 seconds. Besides those 2 issues, this is the perfect thing, exactly what I've been looking for.
Quoting armrd08
Hey, I just came across this today. I really like the potential but I was wondering since you've been using it for awhile..... any idea on the best way to get data from a different time frame while testing?

I'm trading on the 4hr chart, but need to get some data from the weekly chart so that I can make an informed trade. I have an indicator on the 4hr chart that grabs that data from the weekly, but it doesn't update because I'm only testing on the 4hr I assume.

Also, is there some trick to being able to advance a full bar at a time instead of just a tick? It would be great if I could get the next 4hr bar right away instead of holding f12 for at least 30 seconds. Besides those 2 issues, this is the perfect thing, exactly what I've been looking for.
Yes, when you set up your template with the indicators on it set them up from the weekly chart then select 4hr during the testing.It should advance automatically when the EA is running...make sure you have the visual mode on and you can adjust the speed that the chart advance up to 30 times the normal speed of the market.Also once you start the EA at the bottom where the Tabs are (settings,results,graph etc.) check the journal tab and make sure you arnt getting an eror message that is preventing the indicator from working.
Quoting Bobokus
Yes, when you set up your template with the indicators on it set them up from the weekly chart then select 4hr during the testing.It should advance automatically when the EA is running...make sure you have the visual mode on and you can adjust the speed that the chart advance up to 30 times the normal speed of the market.Also once you start the EA at the bottom where the Tabs are (settings,results,graph etc.) check the journal tab and make sure you arnt getting an eror message that is preventing the indicator from working.
Hmm, I tried setting the template up on the weekly and selecting 4hr for the testing period. It brings up the 4hr chart but the data from the weekly is not updating. I'm trying to display the difference between 2 MAs from a weekly chart, on my 4hr chart. I don't think it's calculating any weekly data, so it can't update it.

I found a modified EA that allows chart scrolling, which would be great as I could see the weekly and lower time frames as well to pinpoint my entry like I normally would when trading.

Check out: http://forum.mql4.com/ru/4511/page9

It's in Russian, you can try babelfish to translate. Checkout komposters post with vHandsTrade_withChartScroll.mq4. I'm trying to understand what they are saying, but I can't get enough to make it work. You open up all the time frames in the currency you are going to test, turn off autoscroll, turn off chart shift, scroll to the edge of the screen... then I don't know what you do.
Quoting armrd08
Hmm, I tried setting the template up on the weekly and selecting 4hr for the testing period. It brings up the 4hr chart but the data from the weekly is not updating. I'm trying to display the difference between 2 MAs from a weekly chart, on my 4hr chart. I don't think it's calculating any weekly data, so it can't update it.

I found a modified EA that allows chart scrolling, which would be great as I could see the weekly and lower time frames as well to pinpoint my entry like I normally would when trading.

Check out: http://forum.mql4.com/ru/4511/page9

It's in Russian, you can try babelfish to translate. Checkout komposters post with vHandsTrade_withChartScroll.mq4. I'm trying to understand what they are saying, but I can't get enough to make it work. You open up all the time frames in the currency you are going to test, turn off autoscroll, turn off chart shift, scroll to the edge of the screen... then I don't know what you do.
Im not sure what your trying to accomplish with it then will be compatible with Vhands it only alows for the timeframe being tested and cant be switched once its started, also if your on the mgl4 site at the top right is a selection of languages you can display the page in.Rus,CH, or English
Quoting Bobokus
Im not sure what your trying to accomplish with it then will be compatible with Vhands it only alows for the timeframe being tested and cant be switched once its started, also if your on the mgl4 site at the top right is a selection of languages you can display the page in.Rus,CH, or English
With the chart scroll, it will allow you to test like normal using the vHandsTrade ea but it will automatically scroll all the charts you have open on different time frames to keep current with the test. You will only be able to trade on the time frame tab you are testing (ex: GBPUSD/4HR (visual)), but you can still automatically follow along with other time frames tabs open (ex: GBPUSD/M15, GBPUSD/Weekly) to make further informed decisions.

As for the language selection, it doesn't appear to do translations... there just seems to be several different versions of the site as I can't find the thread I posted in the English section.
Almost good enough to consider an intraday retrace if things should start looking long from here on.
Attached Image
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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  • | IP
Quoting Bobokus
I know for the most part all of you do some sort of backtesting and maybe even forward testing of different methods or whatever. A year or so ago I came across one of the best tools you can have to test practically any method you choose and will improve your trading skills tremendously. Its called Vhandstrade. Vhandstrade is an EA that allows you to retrade the market manually from practically any point in time. This shows you how a method would perform in realtime live conditions. You can find it on the website (mql4 .com). I hope its ok to mention a website since the EA is free to the public. Once on the website just type (Vhandstrade) in the sites search blank. It will take you to where you can download the files needed for the EA to run as well as all the directions needed to use it.
Take it from me I use it every weekend to retrade the market and I know it has helped me in the past. You can never do enough backtesting and this allows you to do that as well as trade the market in realtime conditions.
Ill post the files but the instructions are too long to try and explain here, and they do a better job than I can at explaining how to use it.
Just follow the instructions from Mql4 site and if you need help once you get it setup I can help or try and help get you started using it.
All 4 files are required for the EA to work and need to be placed in different files located in your platform files so you need to read the instructions from the website to install it properly. It is worth the trouble and one day you will be glad you did this.
My hat is off the coder behind this EA !
It is not for trading or auto trading it is only a tool that allows you to retrade the market, it just works in the same manner that a normal EA works.
You may need to go to Alpari and download the history of the currency you want to test with since your platform only holds so much history of each pair.
Thought You might like the instructions for the back testing.
Attached File(s)
File Type: pdf vTerminal.pdf   923 KB | 1,051 downloads
File Type: pdf Testing Visualization.pdf   888 KB | 1,059 downloads
File Type: pdf Testing Visualization_Trade History.pdf   722 KB | 1,126 downloads
Looking like a small retracement from the move down is building up here, gonna wait till aound 0500/0600 candles maybe even wait till London opens before making an entry though. All day there has been alot of indecision since the the fall in price today and it has me in a wait and see mode.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp1106.gif Size: 26 KB
sell zone GBPUSD 2.0848-2.0870...definitely profit
{Link Removed}]
Quoting kenari05
sell zone GBPUSD 2.0848-2.0870...definitely profit
Id like to just see it start moving.
Im thinking short as well ...around 2.0845/2.0860
GBP/USD has been in a channel since Oct.22nd, a break of the low today will finally bring it out of this channel and open the door for a correction. From a longer term standpoint ,If this correction does occur I would look for price to settle around 2.0650 then 2.0575 if it gives way.History repeats itself and Cable usually corrects to its 50% retracement as viewed from the Daily chart(2.0575).From the Intermediate Fib drawn on 10.22.07 through 11.02.07.Dont look for it to happen overnight however, a correction can take several days to complete.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchannel.gif Size: 33 KB
Click to Enlarge Name: gbpchannelzoom.gif Size: 27 KB
Quoting kenari05
sell zone GBPUSD 2.0848-2.0870...definitely profit
how do you know ???
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