Fibonacci Trading with Bobokus

You can probably get the feed from any non US based broker, I use Saxo so I can start watching the market at 1pm central on Sundays to get one up on the gaps that occur.

Bo;
Here are the yearly and monthly trendline I told you about, on a daily & monthy chart.

Yes the longer term trendlines will get respect or carry some weight with them, its the smaller timeframe trendlines that can be trouble some...a sideways market can move sideways through them and give the impression of a break.

Hey Bo,
Did you see earlier today, when price crossed above the daily long and got as high as 1.9635? Would you have been tempted to go long here at all? Or do you take any of the long moves when were in such a powerful downward move?

Would you be able to post a pic of what your Daily view now looks like? Price is now the lowest its been since March and im a little confused about how to go from here.

I would've been tempted to go long there but I've learned a lot since yesterday.
If i was awake,I definitely would've taken the short move after it rebounded from here.

Price just bounced off the long from yesterday. Im in, missed about 20 pips initially, but im hoping it will make the daily low at least so thats enough for me.

Thanks
John

Remember we are still in a down trend and in a down trend we want to sell the rallys, when i do take a long position (its a scalp)most times i would have exited at the Intraday fib levels in hopes of getting another sell there.
Before we want to take long trades and have confidence in them we want the price to rally past the previous days 61.8 level and maintain it from there if the price action remains bullish we start to follow the price to begin buying dips or bounces.
Here is the Daily ive got on my laptop, sorry im traveling today.

I just realised this is what you meant i think, the trading view.
Yesterday we saw price try and break into the Intraday levels of Wednesday 3 times and fail this was a sign the down move is still strong. The Intraday of just yesterday's move shows the target potential and it was met. Now its trying to rally back from that. In order to get the downside pressure off today need to close above the Intraday Long of today. Hope that makes sense.

For today we just need to see where things are gonna finish for the day above or below the Intraday levels of today.I would wait to take long Intraday positions for another day, maybe still scalp until we have confirmation that the down move is slowing.If not you could get caught in a bad trade.
For a short trade a opening below the Intraday levels is an entry, but its Friday and if it gets too late in the day...let it go

Hey Bo, when your intraday target is hit like yesterday. You moved your lower intraday fib before the end of the day, infact shortly after it and pulled back. My question is in your opinion, do the old levels still carry weight? When considering other trade opportunities that align themselves near those levels?

Yes they are still there but not as significant as the current ones,unless they are from a fib from the higher timeframes or area of time we are still watching.You'll habe to excuse my charts since it didnt have time to set them up properly, my stepson is using this platform on this laptop so I had to throw some togeter.Once I get to a stopping point here i can set one up and get it posted.

Hi Bo,

Just wanted to say " Great sight" and very informative !!!!!

Thanks for sharing your knowledge.

AZ-Heat

We'll thank you and I hope you can gain something from the thread that you can take with you and apply to your trading.

A couple of months ago my stepson started showing a little interest in what i do on my computer all the time and began watching as I would trade sometimes, he got to the point of interest he decided he wanted to try it out. I though OK this is probably a good thing that he shows a desire to want to learn something other than PC games and I started coaching him a little and explaigning what this type of market was and what was being traded.How the market worked , how I use fibonacci and support and resistance. I asked how he's been doing with his account and he said good, but i hadnt looked at it until this morning when i used it to make those posts. Im rather proud of what ive found from the trading hes been doing very good.I just hope he can keep this up over time.
Keep in mind he is only 16 years old.
The point is anyone can do this.....................

I have to post this in text since i cant edit the name off it.

Interbank FX, LLC

Account: 1769630Name: XXXXCurrency: USD2008 January 11, 15:34Closed Transactions:TicketOpen TimeTypeSizeItemPriceS / LT / PClose TimePriceCommissionTaxesSwapProfit686371382007.12.19 16:10balanceDeposit1 000.00702433332008.01.03 14:55sell0.10gbpusd1.97490.00000.00002008.01.03 15:141.97470.000.000.002.00702584242008.01.03 15:55sell0.10gbpusd1.97081.97431.96702008.01.03 17:291.97430.000.000.00-35.00702501112008.01.03 17:29buy0.10gbpusd1.97430.00001.97832008.01.03 18:091.97480.000.000.005.00702788062008.01.03 17:57sell stop0.10usdjpy109.400.000.002008.01.03 18:10109.49cancelled702820782008.01.03 18:18sell0.10usdjpy109.430.00109.002008.01.03 20:37109.210.000.000.0020.14703212842008.01.03 23:41buy0.10gbpusd1.97320.00000.00002008.01.04 00:031.97350.000.000.003.00702821592008.01.03 18:19buy limit0.10gbpusd1.96500.00000.00002008.01.04 05:091.9718cancelled703143542008.01.03 22:35buy limit0.10gbpusd1.96900.00000.00002008.01.04 05:091.9716cancelled704199232008.01.04 08:18buy0.30gbpusd1.97180.00001.97802008.01.04 10:021.97800.000.000.00186.00703785072008.01.04 08:18buy0.30gbpusd1.97180.00001.97802008.01.04 10:021.97800.000.000.00186.00704467292008.01.04 10:17sell0.30gbpusd1.97780.00000.00002008.01.04 12:491.97430.000.000.00105.00703785752008.01.04 06:58sell0.30gbpusd1.97080.00001.96502008.01.04 12:491.97440.000.000.00-108.00703960102008.01.04 07:30sell0.30gbpusd1.96880.00001.96502008.01.04 12:491.97440.000.000.00-168.00706097442008.01.07 01:32sell0.30gbpusd1.97040.00000.00002008.01.07 03:181.97060.000.000.00-6.00706211742008.01.07 01:27sell0.30gbpusd1.97080.00000.00002008.01.07 03:181.97060.000.000.006.00706509382008.01.07 04:37sell stop0.30gbpusd1.96780.00000.00002008.01.07 06:121.9700cancelled706614492008.01.07 06:15sell0.30gbpusd1.96940.00000.00002008.01.07 06:521.97110.000.000.00-51.00706193882008.01.07 01:17buy0.30gbpusd1.97230.00000.00002008.01.07 09:481.97240.000.000.003.00706438462008.01.07 04:13buy0.30gbpusd1.97070.00000.00002008.01.07 12:571.97210.000.000.0042.00708242292008.01.07 19:37sell0.30gbpusd1.97050.00000.00002008.01.07 20:011.97050.000.000.000.00708554392008.01.07 23:03sell0.30gbpusd1.96820.00000.00002008.01.08 00:171.96780.000.000.0012.00708257012008.01.07 19:19buy stop0.30gbpusd1.97070.00000.00002008.01.08 00:211.9685cancelled708990092008.01.08 04:06buy0.30gbpusd1.97240.00000.00002008.01.08 04:131.97120.000.000.00-36.00708996792008.01.08 04:13sell0.30gbpusd1.97121.97310.00002008.01.08 06:531.97310.000.000.00-57.00709062322008.01.08 06:53buy0.30gbpusd1.97311.97021.97612008.01.08 07:081.97610.000.000.0090.00709077112008.01.08 06:53buy0.30gbpusd1.97310.00000.00002008.01.08 15:361.97340.000.000.009.00708877832008.01.08 03:06sell stop0.30gbpusd1.97021.97311.96212008.01.08 15:371.9732cancelled710811832008.01.08 21:17sell0.30gbpusd1.97140.00000.00002008.01.09 11:011.96320.000.00-2.61246.00710866352008.01.08 22:49sell0.30gbpusd1.97250.00000.00002008.01.09 11:011.96320.000.000.00279.00711109892008.01.09 05:56sell0.30gbpusd1.97320.00000.00002008.01.09 11:121.96430.000.000.00267.00711054342008.01.09 02:14sell limit0.30gbpusd1.97650.00000.00002008.01.09 11:121.9639cancelled711684612008.01.09 11:11buy0.50gbpusd1.96431.96191.96632008.01.09 12:031.96370.000.000.00-30.00713208112008.01.10 09:49buy0.60gbpusd1.95971.95970.00002008.01.10 11:281.96070.000.000.0060.00714443922008.01.10 14:24buy0.60gbpusd1.95840.00000.00002008.01.10 14:501.96140.000.000.00180.00714454202008.01.10 14:10sell stop0.60gbpusd1.96110.00000.00002008.01.11 04:081.9623cancelled715793692008.01.11 03:40buy0.60gbpusd1.96341.96030.00002008.01.11 05:521.96030.000.000.00-186.00715514982008.01.10 23:48sell0.60gbpusd1.96011.96410.00002008.01.11 09:131.95440.000.000.00342.00715766742008.01.11 03:04sell0.60gbpusd1.96271.96410.00002008.01.11 09:131.95430.000.000.00504.00716952362008.01.11 13:50sell0.10gbpusd1.95530.00000.00002008.01.11 14:241.95740.000.000.00-21.00716918192008.01.11 13:39buy0.10gbpusd1.95710.00000.00002008.01.11 14:241.95700.000.000.00-1.00 0.000.00-2.611 848.14Closed P/L:1 845.53Open Trades:TicketOpen TimeTypeSizeItemPriceS / LT / P PriceCommissionTaxesSwapProfitNo transactions 0.000.000.000.00 Floating P/L:0.00Working Orders:TicketOpen TimeTypeSizeItemPriceS / LT / PMarket Price No transactions Summary:Deposit/Withdrawal:1 000.00Credit Facility:0.00 Closed Trade P/L:1 845.53Floating P/L:0.00Margin:0.00Balance:2 845.53Equity:2 845.53Free Margin:2 845.53 Details:[IMG]file:///C:/Program%20Files/Interbank%20FX%20Trader%204A/Jakesaccnt.gif[/IMG]Gross Profit:2 544.53Gross Loss:699.00Total Net Profit:1 845.53Profit Factor:3.64Expected Payoff:57.67 Absolute Drawdown:33.00Maximal Drawdown:363.00 (24.66%)Relative Drawdown:24.66% (363.00) Total Trades:32Short Positions (won %):18 (61.11%)Long Positions (won %):14 (71.43%)Profit Trades (% of total):21 (65.63%)Loss trades (% of total):11 (34.38%)Largestprofit trade:504.00loss trade:-186.00Averageprofit trade:121.17loss trade:-63.55Maximumconsecutive wins ($):6 (505.14)consecutive losses ($):3 (-282.00)Maximalconsecutive profit (count):888.39 (5)consecutive loss (count):-282.00 (3)Averageconsecutive wins:3consecutive losses:2

Looks like you taught him well !!! 180% return.

I'm next

How long has he had the account?

AZ-Heat

His first trade was January 3rd

Nice one Bo!

He also has a great teacher btw!

you can save the statement in html, then select all and place in a Excel worksheet to maintain the formatting

this is also the way to take the data and perform complex statistical analysis to improve the MM portion vs. static lot size
Thanks for all you have done here

All thats on this laptop is wordpad and notepad.I can repost it once i get home and open this account from there, it looks better in its original form.

Well thats very encouraging. Now I can't wait for the class now!!!!

Me either Its gonna be alot of fun.