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Fibonacci Trading with Bobokus

  • #1,201
  • Jan 7, 2008 5:01pm Jan 7, 2008 5:01pm
Quoting Bobokus
Youve really picked this up and made it your own and thats what it is all about, finding your niche and I believe youve found yours.
Now if only I could make it work full scale overnight - it's not ready for mass production yet.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,202
  • Edited 5:14pm Jan 7, 2008 5:01pm | Edited 5:14pm
The market or previous waveforms actually shows me the area that indicated point of no return , very similar to what you see Thexder doing on the M1, I just use the 1 hour for the same purpose.I let the chart detirmine the stop or stop and reverse point. I dont really agree with using a set number as a stoloss ...previous support or resistance mokes better sense, sometimes it can be close to 100 pips or more but you will most likely have the break of a swing fib or Intraday levels ahead of that to signal an exit.

Ok, this is helpful info. I have the problem of holding onto a trade after pulling the swing fib you mentioned (I always follow current PA with a swing fib) even after it retraces past the 61.8 level beacuse it may still be above the long level of a larger older fib. I count on it to still have a long bias, however sometimes it still keeps moving against me and I take an excessive loss eventually. This brings up another question, how much will you allow a trade to go against you if you are looking from the perspective of a larger fib?
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  • #1,203
  • Jan 7, 2008 6:07pm Jan 7, 2008 6:07pm
personally i dont like vhands. its a great program, but its just not live.
currently im in long and going to bed. good night!
  • #1,204
  • Jan 7, 2008 6:23pm Jan 7, 2008 6:23pm
Quoting Jared

Haven't tried daily much, I'll test it more and get back to you. I don't mind a large drawdown if I am very confident in my trade. So far I haven't had the confidence for a large drawdown so I have been trading on the hour charts keeping in mind the bias of the daily.
I just went through 2 years on the daily with vHands. It was very profitable in testing but I still don't think I have confidence to wait out massive drawdowns that last 2-3 months. However, I didn't get stopped out at all during the test.
  • #1,205
  • Jan 7, 2008 6:46pm Jan 7, 2008 6:46pm
Quoting Jared
I just went through 2 years on the daily with vHands. It was very profitable in testing but I still don't think I have confidence to wait out massive drawdowns that last 2-3 months. However, I didn't get stopped out at all during the test.
ok, try the same concept to the 4 hour now
  • #1,206
  • Jan 7, 2008 9:52pm Jan 7, 2008 9:52pm
Quoting Shootist
Bo,
Quick question Sir, The Intermediate fib has the possiblity of going lower than the low of my daily fib level if this happens then the intermediate fib should become the new Daily or am I thinking all wrong? Thanks. Hope you and your family had a good Holiday!!

P.S. This is on the gbp/usd since I didnt metion that earlier!!
Sorry wasn't able to get back to this til now.
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Shootist - Have Pip Shooters Will Travel
  • #1,207
  • Edited 2:03am Jan 8, 2008 1:48am | Edited 2:03am
Hey Bo,
I decided wine-o trading again and it's working out!

I'm long cable from the swing break out and using the M1 for stop walking, with 2 mini lots. One got stopped out around swing T2 and the other is still in play, it just struck intraday T1 and is retracing now. Either way I've locked in around +30 pips banked and the other stop is in play to give another +30 and counting, or more if the M1 shows a new bottom to move up to near Intraday T1.

I'll post the pretty pictures in my journal when it's all over. I've killed the emotion. It's all strictly business now. Or wait...is Drunk an emotion??

Update: JUst hit Intraday T2, but no new place to move my stop yet, waiting for the spike retracement. My open trade is around +70 right now.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,208
  • Jan 8, 2008 2:25am Jan 8, 2008 2:25am
NICE ONE Thexder

That bit of UK Housing news helped to get things moving a little.
  • #1,209
  • Jan 8, 2008 2:35am Jan 8, 2008 2:35am
I'm still in with my last lot, we're blasting past T2 now and I'm up about +100 and +30 from the first lot
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,210
  • Jan 8, 2008 3:31am Jan 8, 2008 3:31am
And I'm out with both lots combining to give just under 100 pips if counting it as 2 separate trades. And sure enough the charts are dive bombing just after I exit.


I'll post in my journal what I did.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,211
  • Jan 8, 2008 4:27am Jan 8, 2008 4:27am
Quoting Thexder
And I'm out with both lots combining to give just under 100 pips if counting it as 2 separate trades. And sure enough the charts are dive bombing just after I exit.


I'll post in my journal what I did.
Looking forward to reading this. Great trading . Will be interesting to compare your notes with Bo's later.

I was on the sidelines watching, following on the 1hr TF. Have yet to define a coherent fib plan.
  • #1,212
  • Jan 8, 2008 6:28am Jan 8, 2008 6:28am
Quoting Thexder
Hey Bo,
I decided wine-o trading again and it's working out!

I'm long cable from the swing break out and using the M1 for stop walking, with 2 mini lots. One got stopped out around swing T2 and the other is still in play, it just struck intraday T1 and is retracing now. Either way I've locked in around +30 pips banked and the other stop is in play to give another +30 and counting, or more if the M1 shows a new bottom to move up to near Intraday T1.

I'll post the pretty pictures in my journal when it's all over. I've killed the emotion. It's all strictly business now. Or wait...is Drunk an emotion??

Update: JUst hit Intraday T2, but no new place to move my stop yet, waiting for the spike retracement. My open trade is around +70 right now.
Its certainly makes it easier,LOL.
You slush.
  • #1,213
  • Jan 8, 2008 6:34am Jan 8, 2008 6:34am
Quoting Shootist
Sorry wasn't able to get back to this til now.
Its correct with one exception move the low now of the overall daily fib back to the low of Oct 2006, the reason is we are still in this up trend we just need more information in the overall fib or more history to measure since we finnaly fell through a 61.8 on it.
The Intermediate is correct you want it to measure the movement down from this correction.If we make a new low you want to keep pulling it to the low.But after tonights session it may me over, short term anyway.But this fib will show the retrace points for the correction, that need to be broken to open up the topside again.
  • #1,214
  • Jan 8, 2008 6:36am Jan 8, 2008 6:36am
Quoting ChowClown
Looking forward to reading this. Great trading . Will be interesting to compare your notes with Bo's later.

I was on the sidelines watching, following on the 1hr TF. Have yet to define a coherent fib plan.
With alot of backtesting and sticking to one pair you'll start to see or get a feel for it.
If you build it they will come (pips)
  • #1,215
  • Jan 8, 2008 6:50am Jan 8, 2008 6:50am
Hey getting some movement here, what Ill be watching for now is if the Intraday levels begin to hold and finally begin to support price.So far as usual cable has retraced from the intraday move to the pivot(50).If it can support price the remainder of the day and we get a higher daily close we can start buying dips with a little more confidence.
Be watchful now as each waveform developes ( higher highs and lows or lower highs and lows).There is also some risk of ranging since price has made an attempt to test resistance now.
Key area now becomes (1.9823-1.9928), resistance levels built up over the past 5 days or so.
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  • #1,216
  • Jan 8, 2008 7:13am Jan 8, 2008 7:13am
This is what i meant earlier about ranging and this is what we need to price to break from and the extentions have a better chance of getting hit on a day to day basis.
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  • #1,217
  • Jan 8, 2008 7:51am Jan 8, 2008 7:51am
Its just banging off the pivot now
  • #1,218
  • Jan 8, 2008 7:55am Jan 8, 2008 7:55am
Quoting jicjoc
Its just banging off the pivot now
It just needs another kick in the pants.
  • #1,219
  • Jan 8, 2008 8:12am Jan 8, 2008 8:12am
hmmm, my eternal failure - timing struck again. I went long too early.
Its starting to come around though
  • #1,220
  • Jan 8, 2008 8:18am Jan 8, 2008 8:18am
There some housing news later this morning maybe that will get it going today
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