Fibonacci Trading with Bobokus

It's sitting at 473 if I sell right now for 100 pips profit - and I'm considering that. Look at the ranging - mirror image of yesterday. I can get back in later if I want to "hold" the long.

Im done for the Day, waiting to see what develops tonight.

We have RICS data later today and meybe that will get things going again.

Since it's during Asia it could help set up a good swing at least.
Right now I decided to put a stop under the ranging. If I'm taken out it'll be like what happened yesterday and it's for my own protection of funds.

We may see a bounce now,Retracement pivot from the low last week so far has held but the day aint over yet.Id like to see price test the levels of the Swing, we may have more good short trades here lineing up.

Hey Bo, I really appreciate your efforts here and the efforts you put into my thread as of late. You have an awesome thread here, I hope many will try to learn how fibs can work for them.

I dont think many are willing to learn though, everyone has to go through that indicator and method hopping phase first. And your welcome, I'll help anytime you need it.

I'm glad I was initiated through that almost 2 years ago. I'm ready now - I'm an Fx Adult (but that's about the only realm where this status holds).

Well Bobokus, i am willing to learn. I have already been through the indicator hopping phase. I joined this thread very late and for the past week i have been trying to read it in its entirety. I think i have the gist of your theory. I will PM you my understandings and i would love to be taken under the wings...

Bo,
Some others are here learning and "lurking" around we just remain silent (unless someone asks for an intervention of course!!) but never fear we are here.

I went through the same stage, I thought I knew what I was doing before I even opened my first account.
Back in mid late 80's I was in the US Navy and when we were over seas we would have to exchange our currency into whatever country we were in. We'll one of the oldtimers I went on the road with alot would watch the currency rates and got me interested into what he was doing.What he would do is wait for the shift in the values and change the currencies back and forth, Of coarse it would only yeild a few dollars but it was free money and he was very good at it. It got me to thinking ...what if you could do this on a much larger scale ?.
We'll after my tour was over and I got out I looked into it, found out at the time only the larger financial institutions and banks traded currencies and it just wasnt available to the general public.
So I figured I would do the next best thing and become a stock broker, I went to school and got my series 6 and 63 licenses (lived in Georgia at the time) and went to work for a brokerage Im not gonna name....I found out that wasnt what I thought it was going to be either.I thought once you were licensed and hired by one of the (better) institutions you would get to start trading.....Boy was I ignorant then.I was put at a table with all the other new guys and all we did was call on retired couples and individuals they had on a list, to try and sell them these useless Mutual Funds...but they had a pretty perspectus. They didnt care if the customer made money or not it was all about the commisions. I left that pretty quick, everytime I called on one of these potential clients I felt like I was talking to my Grandmother.
Long story short...years later I see while surfing the Internet, that there are brokerages offering accounts to trade currencies.OMG...I was gonna be rich !
First thing I do is open a Live account and start trading....surely I was gonna start making money right from the start I finally got what I wanted after all these years...guess what It isnt as easy as it seemed, I blew out accounts and realised...Hmmm maybe I better do some demo trading to figure this out first.I then tried every possible indicator and method you could find on the these and other threads...at best you could break even.
Once I started to take a step back and look at the market without all the indicators it started to make more and more sense.
I had used things like the Fib tool before but i never really understood what i was doing. I found and read alot of information about using them and all the people who say they dont work...Ive seen it all.
But to me the market was all about support and resistance...the fib tool just fits this type trading the best, so i spent the better part of 2 years experimenting with them and I started to see things in a differnet light, and No fibs are not exact they dont hit to the pip...and how stupid is that to think they hit to the pip or they dont work....LOL.
The market is an ever evolving thing but support and resistance seems to pass the test over time better than any trading method ive come across. I just simply use fibs to point out the possible areas and the same thing can be accomplished by drawing horizontal lines on your chart at all the past support and resistance areas, but youll find you could just simply draw the fib tool on the chart and solve alot of handwork.
Its not all I use to trade but I use it as the basis for the overall markets condition and trade from there.this thread is simply to make you aware of support and resistance...fibs are just the easiest way to accompish this. I cant train anyone here how to trade based off fibs ....over time you will have to develope your own trading skills and hopefully be able to make better use of the tools (fibs)
Dont want to scare anyone off , I just wanted you to know that its the experience that you will develope yourself over time and use some of the things you find here on this forum as well as the rest of the world to help you on your journey. I have a saying that most of the people around me hear me say...You take what you find works for you and throw the rest away.

Shooty, you always make me laugh ! Post more would ya?

I'll certainly do what I can

I see ya in here Shooty, Im not going anywhere just yet.

Hey Bo,

You must really be knocking um dead as I see some of the real old timers (if you know what I mean) hanging around your thread trying to learn what they were never taught before.

Great Job,

PT

Sounds like that Will Smith movie about happyness

For me a changing market can be simulated by changing currency pairs. When I get time I want to pick another pair and see if I can crack its code for how it moves and how I can spot the key levels as it moves. I already tried that once and was lost. It's a good skill to develop a way to view any pair and learn how it works and how to adapt to it, then the method becomes adaptation, which never should become obsolete when things change.

I know whatcha mean PT, and thanks.

You'll find it for each pair...its there.

Hi Bobokus ;


First of all Great work on this thread i am a new member and i just joined this but i like Fibs so you will see me asking alot ofcourse i am new to this but i like studying ... Good Luck keep it up ...

Glad to have you in the thread then, If you havnt done so already there are a couple of exercises back in the thread, probably in the middle now but they will help catch you up to the point we are now.