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Fibonacci Trading with Bobokus

  • #841
  • Dec 3, 2007 2:05pm Dec 3, 2007 2:05pm
Quoting Bobokus
Now Once we find a low and a bounce off the Up Move Long fib, we can once again use the Retracement Fib to prject into the future and see where price is headed....T1 of the Retracement Fib. We see that once T1 of the Retracement Fib is reached the market begins to retracce again and its high was well off from reaching the Down Move Long Fib and actually comes back to the Down Move Pivot, but we have established a new High and we want to pull our Up Move fib up and raise our Support lines.Removing the Retracement Fib since it isnt needed just yet and it has served it purpose.
We will put it on the next retracement.
Now today weve had another big retracement very close to being another correction isnt it ....all thats in its way now is the Up Move Fib Short fib level, which it has tested once already.
EX
Attached Image(s) (click to enlarge)
Click to Enlarge Name: example10.gif Size: 27 KB
Click to Enlarge Name: example11.gif Size: 26 KB
  • #842
  • Dec 3, 2007 2:06pm Dec 3, 2007 2:06pm
Quoting Bobokus
Which brings us up to the current position in time ....ready for the Open on Sunday.
Looking at this last chart you can see where we are now, the Retracement Fib shows that price failed to continue up and has made its way down almost to T1 today...all thats needed now is the break of the Up Move Fibs Short Fib level, and we should see the market go to the Retracement Fibs T1.
A bounce here and just move the Retracement fib to match the markets move and youll be in tune with Cable!
EX
Attached Image (click to enlarge)
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  • #843
  • Dec 3, 2007 2:15pm Dec 3, 2007 2:15pm
It was the bounce we got when the Up Move held at its Short fib level, pulling the Retracement fib now like we would with our Swing fib and it pulls the resistance points down to where price is stalling...the pivot of the Retracement from the Up Move.Now its decision time again, will they break this level and continue up or will it fail here and retest the Pivot fib from the Up Move ?Tonight will tell the tale.
Attached Image (click to enlarge)
Click to Enlarge Name: example13.gif Size: 23 KB
  • #844
  • Dec 3, 2007 2:17pm Dec 3, 2007 2:17pm
Are these viewable...the template for the execise and the example charts ?
  • #845
  • Dec 3, 2007 2:50pm Dec 3, 2007 2:50pm
Yeah now all the images are there and the attachment is downloadable.
Thanks
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #846
  • Dec 3, 2007 6:07pm Dec 3, 2007 6:07pm
Now that price has rallied and stalled at the pivot or 50 fib from the move down off the high of 2.0831, we see the up move isnt ready to continue just yet.A break of the high today may change that, but as of now we are going to get a Daily close below 2.0641....If we dont get the close today below 2.0641 we may test the high of today before price tests support we have established with the Intraday Fib.
If price comes down and tests then bounces from the Intraday fib levels we will have a good move to pull the Swing fib across and can follow along with price movement better.
On the bounce follow price to the High of today then 2.0710/2.0730 if the High(2.0677) breaks
If the Short fib level of the Intraday fib level breaks we should see price test the low of 2.0520/2.0530 again. Targeting the T1 (2.0464) of the Intraday fib if the low breaks.
Keep in mind that the overall condition is still down and it will take a break of the high and a close tomorrow above 2.0713 to take the downside pressure off.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp1203a.gif Size: 25 KB
Click to Enlarge Name: gbp1203b.gif Size: 25 KB
  • #847
  • Dec 3, 2007 7:19pm Dec 3, 2007 7:19pm
wow, what a lesson..... excelent posting and explaining... need to digest these lessons as well as those earlier lessons... Thank you
  • #848
  • Dec 3, 2007 7:24pm Dec 3, 2007 7:24pm
Quoting sovo1970
wow, what a lesson..... excelent posting and explaining... need to digest these lessons as well as those earlier lessons... Thank you
Your welcome, hope it can help you.
  • #849
  • Dec 3, 2007 8:16pm Dec 3, 2007 8:16pm
Quoting alexfot
Hi, Bobokus! I can see all attachments and downloads work ok. I've made the exercise for EU, could you please check it? I have a doubts about where to place upmove fib, b/c it's low can be started on Aug 15 or Oct 22, or any other swing low between them, or even some other place, it much more clear with downmove fib and retracement fib.
Sorry I almost missed your post, you must have put it in the same time I was reposting the last exercise charts
Yep the problem with the Euro is it isnt making any correction moves and it been in this uptrend since I can remember.I dont normally follow it very closely but this is the most logical placement.It looks to me as if the Euro has found a bottom and may head back up now.(Chart1)
The second chart is where it is at the moment, it looks Like 1.4674 is what you'll be looking for to break on a long position.Continuing to break the Lows and we could see more weakness in it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro1203.gif Size: 24 KB
Click to Enlarge Name: euro1203a.gif Size: 23 KB
  • #850
  • Dec 3, 2007 8:35pm Dec 3, 2007 8:35pm
Quoting Bobokus
Sorry I almost missed your post, you must have put it in the same time I was reposting the last exercise charts
Yep the problem with the Euro is it isnt making any correction moves and it been in this uptrend since I can remember.I dont normally follow it very closely but this is the most logical placement.It looks to me as if the Euro has found a bottom and may head back up now.(Chart1)
The second chart is where it is at the moment, it looks Like 1.4674 is what you'll be looking for to break on a long position.Continuing to break the Lows and we could see more weakness in it.

Looks as if the Euro resonds well to Monthly/Weekly Fibs as well, they may be what you need with the Euro...cant really tell ya and be confident since each currency pair does have its own characteristics and I just dont follow the Euro enough.
Attached Image (click to enlarge)
Click to Enlarge Name: euro1203b.gif Size: 23 KB
Attached File(s)
File Type: tpl euro_monthly_weekly.tpl   3 KB | 457 downloads
  • #851
  • Dec 4, 2007 3:19am Dec 4, 2007 3:19am
hi all,

i've complied the exercise that bob gave us, it's in ms word, probably someone could convert it to pdf.

Hope this file could help you guys.
Attached File(s)
File Type: doc FibExercise.doc   510 KB | 1,552 downloads
10 pips a day, keep all my bills away.
  • #852
  • Dec 4, 2007 10:03am Dec 4, 2007 10:03am
GREAT work!! I trade fibos also and your work has really made it easier for me. my trading is exclusively GBPJPY for this season.

Anyway, I was wondering if there was a historical version of your indicator to study what it did in days and months past?

Thanks
trader77r
Enter Signature
  • #853
  • Dec 4, 2007 11:07am Dec 4, 2007 11:07am
Quoting trader77r
GREAT work!! I trade fibos also and your work has really made it easier for me. my trading is exclusively GBPJPY for this season.

Anyway, I was wondering if there was a historical version of your indicator to study what it did in days and months past?

Thanks
trader77r
if you are referring to the Bobokus_Fibo indicator I cant help you with that one, I draw everything manually, sometimes you will have to draw them on more than just the high and low of a day and the indicator is based on just the high and low of the day
  • #854
  • Dec 4, 2007 2:00pm Dec 4, 2007 2:00pm
Thanks, I understand. I use it and draw fibos maunally since there are times we need mmore.

And, again, your works is helpful and we appreciate what you are doing!

trader77r
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  • #855
  • Dec 4, 2007 2:33pm Dec 4, 2007 2:33pm
Quoting trader77r
Thanks, I understand. I use it and draw fibos maunally since there are times we need mmore.

And, again, your works is helpful and we appreciate what you are doing!

trader77r
Im Glad I could help you out then.
  • #856
  • Dec 5, 2007 10:43am Dec 5, 2007 10:43am
Hi Bobokus,

I want to make sure I have the right fib levels here. It seems you use different fib levels when you draw fibs for different trends and retracements.
Do you mind checking these levels to make sure they are the ones you use?

2.618 T4
2.382 T3
1.618 T2
1.382 T1
1 High
0.809 R1
0.618 Long
0.5 Pivot
0.382 Short
0.191 S1
0 Low
-0.382 T1
-0.618 T2
-1.382 T3
-1.618 T4

Also, will you please explain in more detail exactly what levels to leave out on certain market moves and why? These levels I got off one of your first threads that explains the "intraday fib".

Do you only use all of these levels for the shortest time frame and leave some levels out for the longer time frames? How do you determine which levels to use?

Jared
  • #857
  • Dec 5, 2007 11:41am Dec 5, 2007 11:41am
Quoting Jared
Hi Bobokus,

I want to make sure I have the right fib levels here. It seems you use different fib levels when you draw fibs for different trends and retracements.
Do you mind checking these levels to make sure they are the ones you use?

2.618 T4
2.382 T3
1.618 T2
1.382 T1
1 High
0.809 R1
0.618 Long
0.5 Pivot
0.382 Short
0.191 S1
0 Low
-0.382 T1
-0.618 T2
-1.382 T3
-1.618 T4

Also, will you please explain in more detail exactly what levels to leave out on certain market moves and why? These levels I got off one of your first threads that explains the "intraday fib".

Do you only use all of these levels for the shortest time frame and leave some levels out for the longer time frames? How do you determine which levels to use?

Jared
Your fib levels are correct
For the longer timeframe fibs (Daily & Intermediate) you dont need the extentions past 2.382/2.618 on the long side and dont need the extentions
-1.382/-1.618 since you most likely are not going to leave those fibs in place that long for them to reach those levels.
For the Intraday and Swing fibs you may want to leave them since price does have the potential sometimes to reach those levels in a days time. Today is a prime example.
Just remember the most important levels on the longer term fibs the 38.2/50 and 61.8 and the most important...sometimes once those levels are breached and the subsequent low or high is broken i will most likely be loking to move them then.
The R1 and S1 levels wont do you much good on the swing fib since the Swing fib is just for following along with price...the R1 level is the midway points between the High to the Long fib level, the S1 level is the midway point from the Low to the Short fib level.I use those 2 levels mostly during trending moves since once they are breached it is a sign of weakness in the trending move and a retracement may be next.As long as price can be maintained above or below the R1 and S1 level that trending move is still pretty stong.
To make things easier you can leave all the levles on all but the Swing fib.
Is that what you asking for ?
  • #858
  • Dec 5, 2007 11:46am Dec 5, 2007 11:46am
Quoting Jared
Hi Bobokus,

I want to make sure I have the right fib levels here. It seems you use different fib levels when you draw fibs for different trends and retracements.
Do you mind checking these levels to make sure they are the ones you use?

2.618 T4
2.382 T3
1.618 T2
1.382 T1
1 High
0.809 R1
0.618 Long
0.5 Pivot
0.382 Short
0.191 S1
0 Low
-0.382 T1
-0.618 T2
-1.382 T3
-1.618 T4

Also, will you please explain in more detail exactly what levels to leave out on certain market moves and why? These levels I got off one of your first threads that explains the "intraday fib".

Do you only use all of these levels for the shortest time frame and leave some levels out for the longer time frames? How do you determine which levels to use?

Jared
For the second part of your question I will use 2 different (1hr) charts one with the longer term Fibs (Daily & Intermediate) and use the Swing fib to measure retracements on that chart.
The other with The Intraday and Swing fib on it, Sometimes I will use the range fib if the market goes into ranging.The Range fib I use in conjuction with the 64 Envelope.
This way your chart doesnt get to cluttered. And you'll have both the longer term and Intraday views.
  • #859
  • Dec 5, 2007 11:48am Dec 5, 2007 11:48am
Bo...
what i knew from page 1 of this thread, your fibo numbers are:
0.0 Daily Low
1.0 Daily high
.809 Daily R1
.618 Daily Long
.50 Daily pivot
.382 Daily Short
.191 Daily S1
1.34 Daily Target 1
1.55 Daily Target 2
-.34 Daily Target 1
-.55 Daily Target 2

which one is true?

thanks
  • #860
  • Dec 5, 2007 11:57am Dec 5, 2007 11:57am
Quoting GaPs
Bo...
what i knew from page 1 of this thread, your fibo numbers are:
0.0 Daily Low
1.0 Daily high
.809 Daily R1
.618 Daily Long
.50 Daily pivot
.382 Daily Short
.191 Daily S1
1.34 Daily Target 1
1.55 Daily Target 2
-.34 Daily Target 1
-.55 Daily Target 2

which one is true?

thanks
The original post where i mentioned using the 34 and 55 extention levels were to be conservative targets for beginners so that it was easier to secure pips and take profit.
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