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Fibonacci Trading with Bobokus

Quoting Skunny
Hi Bo..........
hey
Quoting Bobokus
hey
Hi guys.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
Bo, so to summarize:

1. Use the Intraday Fib to target Entry, SL and Exit?
2. Enter when the candle ENTERS the trading range, or Exits the trading range?
3. Use the Swing to adjust the exit point?
4. Adjust the ID Fib to match the day, as the day progresses, to help iodentify tomorrow's trade.
5. I know the Fibs should be top to bottom. Old habits, you know.

Thanks. Your thread has been very helpful.

Tim

Quoting Bobokus
Once the Intraday targets have been met you simply start pulling the Intraday fib on the move of today and measure whatever you get for retracment off the high today with the swing. And swap ends with them, using that fib template they are drawn top to bottom always.
The intraday measures the move over the coarse of the day to project into the next day, the swing fib just gives a heads up to price movement witin the Intraday.
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Quoting ciscoguy
Bo, so to summarize:

1. Use the Intraday Fib to target Entry, SL and Exit?
2. Enter when the candle ENTERS the trading range, or Exits the trading range?
3. Use the Swing to adjust the exit point?
4. Adjust the ID Fib to match the day, as the day progresses, to help iodentify tomorrow's trade.
5. I know the Fibs should be top to bottom. Old habits, you know.

Thanks. Your thread has been very helpful.

Tim
1, 2 & 3. Use the Intraday as a guide fro an entry point from a break or bounce from its levels, Initially the target will be the T1 of it. Price action should determine the best entry, a candle opening outside the levels is the first thing to look for.
The swing fib can be used to measure the retracement or counter moves during the day ,as well as follow price to give you heads up if price will turn on you before reaching its target.By its levels getting broken in the opposite direction.
4. Once the Intraday target has been reached you dont need that fib anymore, you now look to the current day to place it on, to reset for the next trading day.
5.Thats why ive relabeled them so they can just be drawn high to low always
Quoting Bobokus
.......
As I go along I do use the other fibs and this is more of a generic or basic following of price.In example 20 I placed a Swing fib and indicated its high and low that get it in range of the overall high of the year.
I think maybe I should mention that the fib tool is only a guide, a gauge to measure price movement and if you are looking for it to hit to the pip you are gonna be disappointed. I never expect it to hit to the pip and I see alot of posts that condemn fibs because they dont hit to the pip, LOL.
All i look for from fibs is to get me in the correct area to look for turning poins,next possible highs and lows, for that purpose I have not in my experience ever seen or used anything that can even come close. Others can say whatever they want...me Ill use em just like I have been.
Hi Bo,
I had thought from what both Skunny and you had written in his thread that at least for the majors, fib extensions could be relied upon to the pip (or very close - say 5 pips). And that if an extension didn't hit to the pip but either fell short or carried on going, then the trader had made a bad choice of S/R for his Fib.

Please clarify this.
Thanks,
Ian
Quoting ianf0ster
Hi Bo,
I had thought from what both Skunny and you had written in his thread that at least for the majors, fib extensions could be relied upon to the pip (or very close - say 5 pips). And that if an extension didn't hit to the pip but either fell short or carried on going, then the trader had made a bad choice of S/R for his Fib.

Please clarify this.
Thanks,
Ian
No I never expect fibs to hit exactly to the pip, thats more of a myth because there have been instances where they will hit to the pip and someone said look it hit to the pip, then everyone tries what the other trader did thinking they would see thier trades hit to the pip and were disappointed, then they begin to say see fibs dont work.adding to the dilusion and saturation of information about fibs.
The way i look at it and use fibs when they dont reach thier extension is just a sign of weakness in the pair and you could see stalling,ranging and eventually a reversal.Fibs are merely a guide like any other tool.But there is alot of I see in ,"why did they place thier fib there in the first place?"..kinda thing. It all comes to make more sense with the more experience you have with them and the easier it becomes.
Quoting ianf0ster
Hi Bo,
I had thought from what both Skunny and you had written in his thread that at least for the majors, fib extensions could be relied upon to the pip (or very close - say 5 pips). And that if an extension didn't hit to the pip but either fell short or carried on going, then the trader had made a bad choice of S/R for his Fib.

Please clarify this.
Thanks,
Ian
My understanding of this is different brokers = different data = differrent fib levels.

"To the pip" of which broker? Because brokers are different you need to take that into consideration.
Quoting Jared
My understanding of this is different brokers = different data = differrent fib levels.

"To the pip" of which broker? Because brokers are different you need to take that into consideration.
Yep that is true, they will always be a few pips off from each other anyway.
Skunny and I have opened a thread in the Beginner Q&A section for the workshop we are wiling to make happen if anyone was interested, if so visit and tell us your thoughts, but I'll post what it is here so you can see.


Trading Bo and Skunny Style
Just An Idea From Bo'bokus and Skunny.

Although this thread idea has prior approval from Forex Factory Admin, its outcome or content is not specifically endorsed by Forex Factory, (unless the outcome is extremely successful, in which case FF will receive all the kudos)

___________________________________ ____________________________
___________________________________ ____________________________

Remember this is just an idea and is in need of refinement.

Due to the volume of emails and pm's sent to both Bo and I from seemingly good people, we've tried to figure out a way to get these traders on the right track. We've concluded that trying to do this in a text/forum format is extremely difficult and time consuming. We sincerely want the people that have the drive to learn - to have the information we possess.

Bo contacted me the other day with the idea of possibly putting together a trading skills workshop. One that doesn't sell anyone a bunch of garbage they can't interpret, but rather it would be designed to help the traders that are just starting in forex and those that have struggled to create a positive account. We are not seminar sales people, so you won't get all that flashy stuff (we will be in t-shirts and Bo will probably have his sleeves cut off and chew'n on a straw while strummin his banjo) very relaxed atmosphere. We aren't the Ferrari - driving, ego - driven type of traders; you won't hear us bragging either. We are charity oriented traders. In fact, Bo and I have already agreed to push any possible proceeds to children's charities, like the Stephen Raymond Foundation (if this becomes a reality).

If you are looking to buy a system this wouldn't be for you. (although you will probably have one before you leave). This get - together would not be a money making venture for Bo and I,(an excuse for a vacation maybe), but it will not be free either. It will take time/money on our part to get this to happen, so compensation and cost dispersion is only fair for everyone. (The last "free" one I did still cost $300). So, with that in mind, we are curious as to how many people would be interested in this type of a training opportunity.This may fall to deaf ears, but that's okay as well. If there is a need, we would be willing to do the work, if not.....no harm no foul.

If this interests you, don't be concerned with where we have it or the cost for now; we just want to know if there is any interest. If this grows legs of its own - great. The cost will ultimately depend on the amount of attendees. We want to make this as affordable as possible.

I could give you a bunch of reasons why I think this is an incredible idea/opportunity, but I fear it might look like a sales pitch.

Bo and I have active threads here at FF, so for a little taste of how we view the market you can see Bo's thread in Trading Systems "Fibonacci Trading" and mine is "Indicator Free Trading - Skunny" in Forex Discussion. (Most of you viewing already know the threads)


This will be a positive get - together, anyone that has any negativity issues - please don't respond. We want this to be a time to meet good people and learn how to profit while laughing at some of our own trading buffoonery. Egos get checked at the door - if you can't check your ego this probably isn't for you.

It is just my opinion, but if you can't become profitable with what you would learn from this possible training opportunity, you'll probably want to look for a different investment vehicle.

Some things we would focus on:

How to train, what's important, what isn't.

vHands trading - how to use and its real benefits.

The many ways to profit from understanding the market better (where to enter,exit, stops). Regardless of your system.

Reviewing charts/trades live and on vHands.

Q and A (the most important). This event should be driven by the questions you have.

And a lot more I'm sure.


Please respond to us in this thread with a simple message of interest or PM (private message) one of us. Or click on our name to get a profile and email us
Hi bobokus--today I decided to spend more time understanding Fibonacci. that's when I came upon your thread. Wanted to say thanks! I am looking forward to reading through it and participating here!
Quoting wolfeman
Hi bobokus--today I decided to spend more time understanding Fibonacci. that's when I came upon your thread. Wanted to say thanks! I am looking forward to reading through it and participating here!
Welcome to the thread then
Quoting Bobokus
Skunny and I have opened a thread in the Beginner Q&A section for the workshop we are wiling to make happen if anyone was interested, if so visit and tell us your thoughts, but I'll post what it is here so you can see.

Count me in. Look forward to learning even more.
Rod
Trade what you see, not what you think.
Tonight is a little different than last night price is already showing weakness at the open.
Ive moved my Intraday fib to include the low from today 1.9540 and the high of the previous day 1.9762, the reason is no retrace between those 2 points only a consolidation period before the rally in price last night.
On a short position the consolidation period may prove pretty tough to get through to make a new low as there was alot of buying going on both times the low was tested today.
At the writing of this price is riding the pivot of today poised to break in either direction, My plan is still wait it out until London session.
The Intraday has not had its low broken short nor its levels broken to indicate Long.Todays move is showing support at the same time with its levels being broken to indicate long already, creating the considation period we are in.The smart play here may be to wait for the high or low of today to be broken.The break of the low is a signal of farther weakness, the break of the high will get price past the Intraday fib levels and price can begin to chop at resistance levels then.
Tonight could be a key indication of the down move coming to an end, but we need to see price break 1.9677 and price be able to hold on to it.
I included a second chart tonight with a template so you can see how the high and low of today line up with previous support and resistance, (something you need to start looking at)you have to zoom way out or switch it to a 4hr or daily chart to make it easier but i think youll get the picture and one of the reasons tonight could be a key in either direction.
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Quoting maestr2
Count me in. Look forward to learning even more.
Rod
Glad to hear that, Skunny and I both are anxious now just to meet some of the people that visit our threads, its so much easier to do something like this person to person.Welcome to the thread here.
Bo,
I got a question about that retracement t1 fib that held last night, I was trying to get my charts to match up with yours and after pulling my hair out for a hour or so I looked back at the high and low of your retracement fib and according to my charts your low was out in the middle of space so I am trying to figure out how you got it there. From my charts I did get the retracement t2 fib to hit there just not the t1. Oh and I also figured out your t1 and t2's where @ different settings than mine .34 vs .382 respectively. I hope that all makes sense to you.
The area in question is in the red circle. Thanks Bo
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Shootist - Have Pip Shooters Will Travel
Quoting Shootist
Bo,
I got a question about that retracement t1 fib that held last night, I was trying to get my charts to match up with yours and after pulling my hair out for a hour or so I looked back at the high and low of your retracement fib and according to my charts your low was out in the middle of space so I am trying to figure out how you got it there. From my charts I did get the retracement t2 fib to hit there just not the t1. Oh and I also figured out your t1 and t2's where @ different settings than mine .34 vs .382 respectively. I hope that all makes sense to you.
The area in question is in the red circle. Thanks Bo
Yes that is because the market actually reached 1.9695 back on the 25th during the time the US brokers were off and thus their platforms once they got up and running again did not show this low, its things like that make it difficult on the fib accuracy, just like the overall high on most platforms it shows 2.1143, when it was actuall 2.1161.
Quoting Shootist
Bo,
I got a question about that retracement t1 fib that held last night, I was trying to get my charts to match up with yours and after pulling my hair out for a hour or so I looked back at the high and low of your retracement fib and according to my charts your low was out in the middle of space so I am trying to figure out how you got it there. From my charts I did get the retracement t2 fib to hit there just not the t1. Oh and I also figured out your t1 and t2's where @ different settings than mine .34 vs .382 respectively. I hope that all makes sense to you.
The area in question is in the red circle. Thanks Bo
Sure Shooty, come into Bo's thread and be all nice, but when your in my thread you poke fun. I think it's time you forgive me for taking the front seat in Chicago. I paid my debt by having my skeleton collapse due to you and Walt crushing me like a pop can on the way back to the hotel. I still wheeze when I breathe btw.
Robonacci com
Quoting Skunny
Sure Shooty, come into Bo's thread and be all nice, but when your in my thread you poke fun. I think it's time you forgive me for taking the front seat in Chicago. I paid my debt by having my skeleton collapse due to you and Walt crushing me like a pop can on the way back to the hotel. I still wheeze when I breathe btw.
That explaigns it then, LOL.Too bad i missed that.
Quoting Skunny
Sure Shooty, come into Bo's thread and be all nice, but when your in my thread you poke fun. I think it's time you forgive me for taking the front seat in Chicago. I paid my debt by having my skeleton collapse due to you and Walt crushing me like a pop can on the way back to the hotel. I still wheeze when I breathe btw.
LMAO, Oh Skunny I STILL laugh about that and the look on your face as we "assisted" you into the car was just priceless, it still brings tears of joy to my eyes.
Shootist - Have Pip Shooters Will Travel
Quoting Bobokus
Yes that is because the market actually reached 1.9695 back on the 25th during the time the US brokers were off and thus their platforms once they got up and running again did not show this low, its things like that make it difficult on the fib accuracy, just like the overall high on most platforms it shows 2.1143, when it was actuall 2.1161.
Ok that makes sense could I ask where you are getting the actual numbers from??
Shootist - Have Pip Shooters Will Travel
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