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Fibonacci Trading with Bobokus

  • #1,381
  • Jan 12, 2008 10:54pm Jan 12, 2008 10:54pm
Quoting brucehvn
Ok, here's my stab at the exercise. In the first chart, we see where I've drawn my intraday fibs for trading on the 17 of Aug. On the 17th, we see T2 hit to the short side one last time and then the levels hold.

On the second chart, the intraday levels have been redrawn for trading on the 20th. We see the levels hold as support now for a few days before the price finally moves up and eventually hits the target. Since the price never reached a target on the 20th, 21st, or 22nd, I leave those same intraday levels in place until something gets hit. On the 23rd, T1 gets passed and on the 24th, T2 gets hit.

While I'm waiting patiently for the targets to be hit, I can use a swing fib to try and scalp some pips on the ups and down, but that's a different exercise

Bruce
That would be correct, you get an A, little easier to see that happening now isnt it.
Same thing happens on the higher timeframes just on a much larger scale
  • #1,382
  • Jan 13, 2008 12:23am Jan 13, 2008 12:23am
Quoting Bobokus
That would be correct, you get an A, little easier to see that happening now isnt it.
Same thing happens on the higher timeframes just on a much larger scale
Thanks Bo. This was a valuable exercise for a couple reasons. One is that it shows that intraday trades don't always happen in one day. It's easy to think that if you are trading the intraday fibs, then you should complete a trade one way or the other every day, but that's not always the case. The other reason is that it illustrates how the intraday fibs do not need to necessarily be redrawn every day.

I had picked a random week for testing in vHands. I picked the last week in Sept, the 24-28. I found in vHands that I was struggling to make good trades that week. The problem was that I was redrawing the intraday fibs every day regardless of whether a target was hit or not. After doing this exercise I went back and found that week in Sept was similar. After hitting the target the first day of trading, the next three days never came close to hitting even the high or low of the intraday fibs. On the last day of trading, T2 was hit. By leaving my intraday fibs where I drew them on the 2nd day, I was able to have more profitable swing trades during the week and a lot less false intraday trades until the target was finally hit on Friday.

Great stuff!

Bruce
  • #1,383
  • Edited 12:42am Jan 13, 2008 12:29am | Edited 12:42am
Quoting brucehvn
Thanks Bo. This was a valuable exercise for a couple reasons. One is that it shows that intraday trades don't always happen in one day. It's easy to think that if you are trading the intraday fibs, then you should complete a trade one way or the other every day, but that's not always the case. The other reason is that it illustrates how the intraday fibs do not need to necessarily be redrawn every day.

I had picked a random week for testing in vHands. I picked the last week in Sept, the 24-28. I found in vHands that I was struggling to make good trades that week. The problem was that I was redrawing the intraday fibs every day regardless of whether a target was hit or not. After doing this exercise I went back and found that week in Sept was similar. After hitting the target the first day of trading, the next three days never came close to hitting even the high or low of the intraday fibs. On the last day of trading, T2 was hit. By leaving my intraday fibs where I drew them on the 2nd day, I was able to have more profitable swing trades during the week and a lot less false intraday trades until the target was finally hit on Friday.

Great stuff!

Bruce
Very good, Im glad that it helped you. It will give you some more ammo to take into trading.
During that week there was some ranging before it resumes its uptrend, but during wednesday of that week it show'd its hand.
  • #1,384
  • Jan 13, 2008 4:21am Jan 13, 2008 4:21am
Quoting acidguy
wow, nice posts.
i am just all about fibos. was trying to define my own style and since i know some psychology and mind mechanics i definetely keep with fibionacci lines.

the nice things is they are not just lines, they are psychological placces in which many people put sl or tps, also many brokers like to hunt there, you just have to learn to use them and take them to your advantage.

so far i have been testing many indicators and some fail misserably until finally i found one which has boosted my success a lot.

of course everything can not be left to fibos alone, you have to know about price action, whats moving the market, if its equities, carry trade, forex speculators or earnings taking, that helps a lot and allow you to take great decisions.

if anyone needs some good fibo indicators just pm me. i am ready to help.
I'm just starting to read Bo' thread and was trying to copy his fib settings into my charts. However I find it tedious that everytime I change from swing fib to intraday fib I have to manually key in everything from scratch again. Do you know how to save them in MT4?

Thanks.
  • #1,385
  • Jan 13, 2008 5:09am Jan 13, 2008 5:09am
Quoting joyrider
I'm just starting to read Bo' thread and was trying to copy his fib settings into my charts. However I find it tedious that everytime I change from swing fib to intraday fib I have to manually key in everything from scratch again. Do you know how to save them in MT4?

Thanks.
1-Double click on the fib you want to have (let's say the intraday).

2- Right click on fibo --> fib property

3- Press OK

4- Next fib you make will be exactly like the one you just clicked.

Edit : So to "save them", keep them in a Template or in a chart like this image below, so you can copy them afterward.
Attached Image (click to enlarge)
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  • #1,386
  • Jan 13, 2008 5:40am Jan 13, 2008 5:40am
Quoting joyrider
I'm just starting to read Bo' thread and was trying to copy his fib settings into my charts. However I find it tedious that everytime I change from swing fib to intraday fib I have to manually key in everything from scratch again. Do you know how to save them in MT4?

Thanks.
This is what I've been using. I took some code that was posted here before and modified it to my specifications into a script that you can run for each set of fibs you want to add to the chart. The script will run, draw the fibs, then exit, so you don't need to remove it later.

The tool will allow you to specify a timeframe as a starting point and it will base the high/low of the fibs of the previous timeframe, but it's expected that the user will then drag them to whatever high/low points are desired afterward. The nice thing about this tool is it also allows you to specify a starting date/time which is good when in the strategy tester. You can add fibs during testing without them not appearing on the chart because they are set in the future.

Here is the description and parameter setting list from the code:

Description
This script will draw a set of Bobokus fibs on a chart and then exit. The user can specify multiple parameters for the fib set including color, name, timeframe, etc. It is expected that this will be used to put the fibs on the chart, whereby then the user can adjust them to the high/low points as desired. This script just keeps people from having to modify the fib names, etc. each time.

User Inputs

  1. ShowRS - Flag to indicate whether to show the R1/S1 levels. Swing fibs and retracement fibs do not require these levels.
  2. ShowAsRay - Flag to indicate whether the "Ray" setting is set on the fib set. The Ray setting if on makes the fibs extend all the way to the right side of the screen. This can be toggled later via the fib properties.
  3. ShowAboveH4 - Flag to indicate whether this set of fibs should be shown on timeframes greater than H4. This is helpful to reduce clutter when viewing daily, weekly, monthly charts. Typically, intraday and swing fibs should have this set to false.
  4. Fibo_Num - Integer value to help uniquely identify this set of fibs. Fib object names are derived from Fibo_Num, Fibo_Name, and TimeFrame. This number generally doesn't need to be changed unless you have 2 sets of a particular fib like Intraday.
  5. Fibo_Name - String that describes this fib set. This will be displayed on each level of the fib. It is also used to make the unique name of the fib set in the objects list. Fib object names are derived from Fibo_Num, Fibo_Name, and TimeFrame.
  6. TimeFrame - String value to indicate where starting values should be calculated. Valid values are "H1", "H4", "D1", "W1", and "MN1". The script will look to the previous period specified for high/low values to set the starting point of the fib set. It is expected that the user will move the fib set once shown on the chart.
  7. Fibo_color - The color to draw the fib set.
  8. Cust_Time - This variable indicates the date/time that should be used as a starting point for the fib set. If not changed, then the current date/time is used. This setting is useful for testing in the strategy tester to put the fibs on a particular date. The format of this field is: "yyyy.mm.dd hh:mm". For example, to set the starting date to Sep 24, 2007 at 00:00 server time, then set this field to: 2007.09.24 00:00

To use this, copy it to your <MetaTrader Location>\experts\scripts folder. Then either compile the script in the meta editor, or restart MT4. It should then show up in the navigator under "Scripts".

Attached File(s)
File Type: mq4 MT4-Bobokus-Fibos.mq4   9 KB | 1,884 downloads
  • #1,387
  • Jan 13, 2008 5:57am Jan 13, 2008 5:57am
LOL. Everyone loves having indi's drawn for them.

What's wrong with manually drawing/pulling your own fibs? It's the best way to learn price action.

I bet this sounds like i'm an old fart. I'm not knocking the hard work put in from anyone coding indicators and automating their trading system as much as they can. I'm as lazy as the next guy!!

I just think it's a good idea for anyone learning a new system like Bo's , to pull the fibs themselves. Get a feel for the system first, then ... once your comfortable with everything automate as much as possible and enjoy the rewards

trendchaser & brucehvn, nice job !! I really do appreciate the effort it takes to code this stuff. I wish I had the patience to learn it
  • #1,388
  • Jan 13, 2008 7:33am Jan 13, 2008 7:33am
Brucehvn - thanks for your script/ input in post 1386 very useful to someone such as me a complete amateur just starting to read this thread and trying to get to grips with fibos.
Just one question the data you have put in can be used on all currency pairs not just GBP/USD?
Also thanks Bo for all the info provided - much to learn
  • #1,389
  • Jan 13, 2008 9:58am Jan 13, 2008 9:58am
Thank you Bricehvn & Hansbrocks. Save me a lot of trouble.
  • #1,390
  • Jan 13, 2008 1:46pm Jan 13, 2008 1:46pm
Quoting Bobokus
Figures 4 & 5
Hello Bobokus ,
Thank you very much for the fibo lessons. Great materials. Such a guidance is nowhere available . Thanks again.

I have a query : When I study the fig 4 and fig 5 ( exercises ) , the fib drawn in 5 is little confuse me. . The fig 4 fib is not yet complted i.e it touched the sswing low and start rising . I understand this fib ok

But the fig 5 the fib drawn is differently. ie The swing hihg is taken middle of the previuos full fib fig 4 . Actually the fig 5 fib has to start from the fig 4 swing high ?. Is it what I want to know ?

Are they have any particular reason for starting the fig 5 fib level in different swing high ?

If I am altogether wrong please ignore this point .

I have attahced the chart .
Attached Image
  • #1,391
  • Jan 13, 2008 2:05pm Jan 13, 2008 2:05pm
I am sorry I forget to show my intended fib level . That was my question ?
Here is the chart
Attached Image
  • #1,392
  • Jan 13, 2008 2:10pm Jan 13, 2008 2:10pm
Quoting asv102
Hello Bobokus ,
Thank you very much for the fibo lessons. Great materials. Such a guidance is nowhere available . Thanks again.

I have a query : When I study the fig 4 and fig 5 ( exercises ) , the fib drawn in 5 is little confuse me. . The fig 4 fib is not yet complted i.e it touched the sswing low and start rising . I understand this fib ok

But the fig 5 the fib drawn is differently. ie The swing hihg is taken middle of the previuos full fib fig 4 . Actually the fig 5 fib has to start from the fig 4 swing high ?. Is it what I want to know ?

Are they have any particular reason for starting the fig 5 fib level in different swing high ?

If I am altogether wrong please ignore this point .

I have attahced the chart .
This high was selected because it was the rejection point from the previous days Intraday.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: ex2.gif Size: 21 KB
  • #1,393
  • Jan 13, 2008 2:16pm Jan 13, 2008 2:16pm
Quoting asv102
I am sorry I forget to show my intended fib level . That was my question ?
Here is the chart
During the coarse of that day trading it would have looked somethin like this, Once the first low was established and price tested the levels of the Intraday you could start pulling the swing on this little retracement to measure and see its movement possibilities.
Does that answer your question..Keep in mind now the exercise was just that to show something about movement and identifying when it starts to reverse.
Attached Image (click to enlarge)
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  • #1,394
  • Edited 2:26pm Jan 13, 2008 2:23pm | Edited 2:26pm
Thank you for the clarification.

I understand that rejection point.

So, this is applicable for low also whenever price make a rejection from the prev low. ?

Also,. From this answer can I consider the intraday lower high for the top and higher lows can be taken into consideration while drwaing fibs ? Hope I understand clearly and not digging too much on this point !!!
  • #1,395
  • Jan 13, 2008 2:24pm Jan 13, 2008 2:24pm
Quoting Bobokus
That would be correct, you get an A, little easier to see that happening now isnt it.
Same thing happens on the higher timeframes just on a much larger scale
Thanks Bo for this exercise and to Brucehvn for his work at it and for your answer to him.

This has cleared up so much for me. I for one now know that I have been doing it wrong. Some how I had got the wrong read on this point.

Now if I can get my fibs reset things should be much much clearer.

Thanks Bo and Brucehvn
  • #1,396
  • Jan 13, 2008 2:43pm Jan 13, 2008 2:43pm
In early trading support seems to be holding for the meantime and cable is currently at 1.9588
  • #1,397
  • Jan 13, 2008 2:54pm Jan 13, 2008 2:54pm
Quoting leis
Brucehvn - thanks for your script/ input in post 1386 very useful to someone such as me a complete amateur just starting to read this thread and trying to get to grips with fibos.
Just one question the data you have put in can be used on all currency pairs not just GBP/USD?
Also thanks Bo for all the info provided - much to learn
Yes, you can use it on any currency pair. It doesn't require a saved template, it will just go by the prices on your current chart.

Bruce
  • #1,398
  • Jan 13, 2008 4:21pm Jan 13, 2008 4:21pm
thanks brucehvn I appreciate the reply
  • #1,399
  • Jan 13, 2008 6:05pm Jan 13, 2008 6:05pm
Quoting Bobokus

Originally Posted by brucehvn http://www.forexfactory.com/images/buttons/viewpost.gif
Ok, here's my stab at the exercise. In the first chart, we see where I've drawn my intraday fibs for trading on the 17 of Aug. On the 17th, we see T2 hit to the short side one last time and then the levels hold.

On the second chart, the intraday levels have been redrawn for trading on the 20th. We see the levels hold as support now for a few days before the price finally moves up and eventually hits the target. Since the price never reached a target on the 20th, 21st, or 22nd, I leave those same intraday levels in place until something gets hit. On the 23rd, T1 gets passed and on the 24th, T2 gets hit.

While I'm waiting patiently for the targets to be hit, I can use a swing fib to try and scalp some pips on the ups and down, but that's a different exercise

Bruce
endquote

That would be correct, you get an A, little easier to see that happening now isnt it.
Same thing happens on the higher timeframes just on a much larger scale
Thanks for this Bo and Bruce,
I too was drawing the Intraday just from high to low in each calendar day and only starting it in the previous day if there was no significant swing low in that day.
So the correct way is to re-draw it after it has hit a target and completed a swing high/low, you don't then wai5t for the next day? Is that correct?

Ian
  • #1,400
  • Jan 13, 2008 6:07pm Jan 13, 2008 6:07pm
At this point Im on the sidelines until S & R gets tested and we get at least one move completed. I dont normally open a trade on Sunday's until something happens first so I can gauge if the sentiment is the same as it left off on Friday.
Early on this afternoon nothing of any note happend as of yet other than ranging back and forth is a tight range. It appears that support may be holding in the early going and im going to make my first play off that if it continues.
Attached Image (click to enlarge)
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