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Fibonacci Trading with Bobokus

  • #941
  • Dec 9, 2007 9:10pm Dec 9, 2007 9:10pm
When I enter a trade in the opposite direction it cancels out the current trade so I'd have to enter double the amount to stop the one and enter the new one.

You've given me a safety net of reassurance that I can follow while I learn the bigger picture as you have just begun to re-invent for us all. I don't exactly know how I latched onto the smallest of time frames in the 1 hour domain, but I have, and have learned to adapt to it for now. I feel I can survive now but I want to grow.

Continue!
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #942
  • Dec 9, 2007 9:19pm Dec 9, 2007 9:19pm
Quoting Thexder
When I enter a trade in the opposite direction it cancels out the current trade so I'd have to enter double the amount to stop the one and enter the new one.

You've given me a safety net of reassurance that I can follow while I learn the bigger picture as you have just begun to re-invent for us all. I don't exactly know how I latched onto the smallest of time frames in the 1 hour domain, but I have, and have learned to adapt to it for now. I feel I can survive now but I want to grow.

Continue!
Thats one of the reasons I stopped trading with FXCM, they only let you play in one direction.I still have an account with them, I left the bare minimum in it but i havent even opened it other than to check their news flashes. I hear they are changing so you can hedge but I havnt checked into it.
  • #943
  • Dec 9, 2007 10:09pm Dec 9, 2007 10:09pm
Quoting Bobokus
Thats one of the reasons I stopped trading with FXCM, they only let you play in one direction.I still have an account with them, I left the bare minimum in it but i havent even opened it other than to check their news flashes. I hear they are changing so you can hedge but I
havnt checked into it.
They have changed it. You can hedge on the same currency in opposite directions. Now if only they had better spreads..........
  • #944
  • Dec 9, 2007 10:10pm Dec 9, 2007 10:10pm
Quoting Jared
They have changed it. You can hedge on the same currency in opposite directions. Now if only they had better spreads..........
I heard they were looking into offering an Mt4 platform, is that true as well?
  • #945
  • Dec 9, 2007 10:53pm Dec 9, 2007 10:53pm
Quoting Bobokus
I heard they were looking into offering an Mt4 platform, is that true as well?
Yup they are going to introduce MT4 next year. No further confirmation when it is going to be launch, just early 2008.
  • #946
  • Dec 10, 2007 1:57am Dec 10, 2007 1:57am
There's the long scalp.
The stop was safely behind swing low since the high/low range was less than 40.
Attached Image
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #947
  • Dec 10, 2007 4:33am Dec 10, 2007 4:33am
As we make new highs now , pull the Retracement fib high up to each new high that is made to bring up the support levels of it as we go.They will provide the most likely bounce points on a fall back.
Intraday targets have already been met so I am for now out of the market and gonna get some sleep.
Daily momentum has started to shift up so things look good for a move up as long as the support levels of the Retracement fib hold.
Attached Image(s) (click to enlarge)
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  • #948
  • Dec 10, 2007 6:03am Dec 10, 2007 6:03am
lol - i placed a buy order at home before leaving work. i cant remember the exact numbers but the price was about 2.0330, sl was 2.0300 and i was hoping for 20 pips or more.
Im on a unix box here at work and no access to MT4, so i just checked the price on xe.com and its shot up to over 2.0400!

Hoo rah!
  • #949
  • Dec 10, 2007 7:10am Dec 10, 2007 7:10am
Since I had such a long bias from the daily action, I didn't actually close out that long scalp I posted. I put a stop at the swing low but left it with a very big TP to allow it to grow if it wanted. I woke up with that TP taken out and my other daily long in play, 138 pips locked in the account and currently 114 still open on top of it from the 2 orders together.
Finally something is working.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #950
  • Dec 10, 2007 7:49am Dec 10, 2007 7:49am
Hey Thex, do you trade full lots or .1 etc?
Do you use trailing sl? Or some kind of EA to lock in profit?
Or is it all manual?

How do you manage all your trades from work? or are you a full time trader?

Edit - Bo, same questions, at you too please if you dont mind answering?
Thanks all
john
  • #951
  • Dec 10, 2007 8:09am Dec 10, 2007 8:09am
Quoting jicjoc
Hey Thex, do you trade full lots or .1 etc?
Do you use trailing sl? Or some kind of EA to lock in profit?Or is it all manual?
How do you manage all your trades from work? or are you a full time trader?
It's a mini account so the smallest lot size is 1 full pip (vs 10 pips minimum on a full account). No micro lots possible.

I haven't figured out any rules for ongoing trades like the daily I'm in now so it's currently set at free trade if it goes way down to break even where I got in last week. By the end of today I'll see what's happened and try to figure out a good place to move it or if I expect a retracement tomorrow I may leave it on free trade and let it do what it wants.

The method I've been looking at for the past few months with the short term entry/exit didn't require any thought, I had a fixed stop at either a 50% or 100% retracement, depending how wide a fib swing was, and a fixed target price at a fib extension so it was just set and forget, exit with one or the other and no changes after it's set.

I'm working from home so I have access to the screen 24/7 but when I was in my last full time slave (I mean salary) position I could still access my account because it's a java platform. With my previous broker before this one, they were using the same java platform but I could also use my cell to log into one of their special HTML bare bones interfaces and get live quotes and enter/cancel orders if I wanted to manage things that way. Sometimes I'd move stops during lunch from a burger joint. Too bad I was always in losing trades back then, I had a slick setup for the times (a few summers ago)
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #952
  • Dec 10, 2007 4:12pm Dec 10, 2007 4:12pm
From the Daily chart we see that the Long Fib level (61.8) from the last Swing down has held and price looks to stall here for today.Momentum is still showing long condition.So buying dips is preferred.Short trades should be considered scalps at this point unless we make a strong move down to 2.0334. A Daily close tomorrow below 2.0406 and the sentiment could change to Short for the immediate term.

From the 1 hour trading view, I see momentum has slowed and we should see consolidation.I would like to see a small fall back to the Retracement fib and the Intraday fib levels and buy the bounce from there.Im looking to buy dips in the 2.0330/2.0390 range. If we get no fallback I will take the break of the high and trail with a stoploss behind each of the previous candles in case we see a false breakout and subsequent retrace.For targets im looking for 2.0550/2.0580 same as our resistance points.They align nicley with the Intradays T1 and T2.

Resistance points
Todays High...............2.0488
DownMoves Short Fib.. 2.0554
UpMoves Long fib....... 2.0584
Target 1 of retracement fib....2.0606

Support points
Minor...Intraday fib levels
Major...Retracement fib levels.

Once we get into the Asian/London sessions follow along with the swing fib and pay attention to the T1 and T2 levels of it if the high of today breaks before we see a fallback or retrace.
Another note is the upper trendline drawn from the high of Nov 28th to the high of Dec 4th, it seems to be showing a good resistance point as well today.
Attached Image(s) (click to enlarge)
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  • #953
  • Dec 10, 2007 4:23pm Dec 10, 2007 4:23pm
Hey Bo, what's up with the "Senior Member" status? Do you wear depends now? Taking Geritol on a regular basis? Are you getting enough fiber? I could go on and on, but I'm sure you don't think I'm funny at this point, so why waste the extra effort. I might be sending some traders to your thread, so they can become familiar with the flow of fibs. So, take good care of them.
Robonacci com
  • #954
  • Edited 4:56pm Dec 10, 2007 4:43pm | Edited 4:56pm
Quoting SKUNNY
Hey Bo, what's up with the "Senior Member" status? Do you wear depends now? Taking Geritol on a regular basis? Are you getting enough fiber? I could go on and on, but I'm sure you don't think I'm funny at this point, so why waste the extra effort. I might be sending some traders to your thread, so they can become familiar with the flow of fibs. So, take good care of them.
I think ive made too many posts or someone has seen me taking my daily Metamucil dont know which it is yet .

Send em over Ill try and help em.

....Did you ever get that Pig to sing yet?
  • #955
  • Dec 10, 2007 4:58pm Dec 10, 2007 4:58pm
Quoting Bobokus
I think ive made too many posts or someone has seen me taking my daily Metamucil dont know which it is yet .

Send em over Ill try and help em.

....Did you ever get that Pig to sing yet?
Funny, no I haven't got a pig to sing yet, but it's a long term goal.
Robonacci com
  • #956
  • Dec 10, 2007 7:37pm Dec 10, 2007 7:37pm
Since I've looked at nothing but cable for a few months I thought I'd just look at some other pairs and see how they look with my fib colored eyes now. I was lost! It's like I'd have to start all over again if I chose to trade another pair (didn't look at GBP/JPY which is known to work).

I hope the characteristics of cable don't change anytime soon or I'll be stuck.
I didn't put too much effort into it, maybe it's the very short term nature that behaves differently but if I can make sense of longer term I'd be ok. I better do some research on the side to be sure my skills are transferable.

One problem is trying to determine what part of the day is the dormant part for a given pair. And looking at the simple major banking hours I don't think is good enough for that. You have to become familiar with the pair by staring at it day after day and know when it moves. I know cable now and I never want to leave it!
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #957
  • Dec 10, 2007 8:45pm Dec 10, 2007 8:45pm
Ok the fear is gone for now. I chose some random days throughout all the MT4 history available back to april 2005 and the fibs have behaved all along, so I hope they continue to.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #958
  • Dec 11, 2007 1:44am Dec 11, 2007 1:44am
Normally this would have been a T1 exit scalp trade but instead I used it to enter another mini lot on the daily long position and I set the stop wide to accommodate a daily range.
Attached Image (click to enlarge)
Click to Enlarge Name: Cable.jpg Size: 32 KB
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #959
  • Dec 11, 2007 3:07am Dec 11, 2007 3:07am
Quoting Thexder
Ok the fear is gone for now. I chose some random days throughout all the MT4 history available back to april 2005 and the fibs have behaved all along, so I hope they continue to.
What pairs though man?
I tried eurusd, usdchf and it was mad stuff. No applicable fibs at all as far as i could see...

Btw Bo i came to much the same conclusion as you last night (without reading the thread btw) and bought after a retracement down. Very nice pips lol!
In fact i've already made more this week, than i used to do in a month of my previous system. lol
  • #960
  • Dec 11, 2007 5:27am Dec 11, 2007 5:27am
Quoting jicjoc
What pairs though man?
I tried eurusd, usdchf and it was mad stuff. No applicable fibs at all as far as i could see...

Btw Bo i came to much the same conclusion as you last night (without reading the thread btw) and bought after a retracement down. Very nice pips lol!
In fact i've already made more this week, than i used to do in a month of my previous system. lol

Excellent !
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