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Fibonacci Trading with Bobokus

  • #1,581
  • Jan 17, 2008 4:55pm Jan 17, 2008 4:55pm
Quoting Bobokus
Heres 2 examples of the more obvious ones

hey bo as u know i have been with the skunny thread from the beginning and studying his charts... i notice on this chart something.... skunny on 2 charts he posted when he had two big pinbars side by side (like on this chart) had fibbed those for high low break.... it would have given you a better entry in this particular case.... is there something to that or am i reading into skunnys charts too much? It would sem to make sense as 2 side by side pinbars would seem to be price action saying that the bulls and bears were battling pretty hard and a breakout was coming one way or the other.... or maybe not...

thanks in advance

d
  • #1,582
  • Jan 17, 2008 5:23pm Jan 17, 2008 5:23pm
Quoting dagoods
hey bo as u know i have been with the skunny thread from the beginning and studying his charts... i notice on this chart something.... skunny on 2 charts he posted when he had two big pinbars side by side (like on this chart) had fibbed those for high low break.... it would have given you a better entry in this particular case.... is there something to that or am i reading into skunnys charts too much? It would sem to make sense as 2 side by side pinbars would seem to be price action saying that the bulls and bears were battling pretty hard and a breakout was coming one way or the other.... or maybe not...

thanks in advance

d
No there isnt anything wrong with doing that I use a horizontal line below the support level or lows of candles very similar for the same purpose, you just better be sure when entering this way because its almost jumping the gun sorta.
  • #1,583
  • Jan 17, 2008 6:07pm Jan 17, 2008 6:07pm
Bo

You may have already answered these questions, and if so, sorry to be redundant.

1. What is 62 envelope w/ deviation (0.05), is it a MA? How do you set it if not?

2. When drawing the Weekly fib it is for the past week? Daily, yesterday's daily candle or the high/low of the swing of the daily candles?

3. Hourly is it the swing of the hourly candles?
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,584
  • Jan 17, 2008 6:23pm Jan 17, 2008 6:23pm
Quoting galaxymom
Bo

You may have already answered these questions, and if so, sorry to be redundant.

1. What is 62 envelope w/ deviation (0.05), is it a MA? How do you set it if not?

2. When drawing the Weekly fib it is for the past week? Daily, yesterday's daily candle or the high/low of the swing of the daily candles?

3. Hourly is it the swing of the hourly candles?

1. The envelope is in the oscillators of the MT4 platform, its is based from MA's.Its only used as an aid to help identifying the trending moves on the 1 hour timeframe. Its described in more detail back at the beginning I think.It doesnt necessarily need to be 64, it can be anything from 50 to 100 and youll get the same effect.

2. The weekly fib is drawn on the high and low points of the previous week.

3. The swing can be used to measure basically 1 single movement to many movements ,it all depends on what you want is to show you.
  • #1,585
  • Jan 17, 2008 6:31pm Jan 17, 2008 6:31pm
Quoting Bobokus
1. The envelope is in the oscillators of the MT4 platform, its is based from MA's.Its only used as an aid to help identifying the trending moves on the 1 hour timeframe. Its described in more detail back at the beginning I think.It doesnt necessarily need to be 64, it can be anything from 50 to 100 and youll get the same effect.

2. The weekly fib is drawn on the high and low points of the previous week.

3. The swing can be used to measure basically 1 single movement to many movements ,it all depends on what you want is to show you.
Are we looking at daily within the weekly hi/low when we fib in regards to top down?
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,586
  • Jan 17, 2008 6:49pm Jan 17, 2008 6:49pm
Quoting galaxymom
Are we looking at daily within the weekly hi/low when we fib in regards to top down?
I start with a monthly chart and draw a fib on the previous months candle, then switch the same chart to a weekly chart and draw a fib on the previous weeks candle then switch the same chart to a daily chart.Then just watch the action to those from the Daily viewpoint, sometimes even switch it to an hourly chart.
  • #1,587
  • Jan 17, 2008 7:29pm Jan 17, 2008 7:29pm
Good day of trading today, So far the retrace is getting support from the pivot of the Intraday levels, and as long as they continue to hold im looking to buy at some point, should wait until the London session or just before the London open since price can range back and forth before then.
Lets see if todays open price holds up as well as it did last night. If we get another dip in price Im looking for it to test 1.9650 and price action up to that point will detirmine my move in the event that happens.
On a long position the Intraday Targets wont be open unless 1.9800 gives way, and it may be difficult under these conditions also 1.9791 is the 50 fib(Pivot) from the last leg down of this correction move.
Wait and see mode for time being.
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  • #1,588
  • Jan 17, 2008 7:34pm Jan 17, 2008 7:34pm
Quoting Bobokus
Good day of trading today, So far the retrace is getting support from the pivot of the Intraday levels, and as long as they continue to hold im looking to buy at some point, should wait until the London session or just before the London open since price can range back and forth before then.
Lets see if todays open price holds up as well as it did last night. If we get another dip in price Im looking for it to test 1.9650 and price action up to that point will detirmine my move in the event that happens.
On a long position the Intraday Targets wont be open unless 1.9800 gives way, and it may be difficult under these conditions also 1.9791 is the 50 fib(Pivot) from the last leg down of this correction move.
Wait and see mode for time being.
nice review for a country boy
  • #1,589
  • Jan 17, 2008 7:36pm Jan 17, 2008 7:36pm
Quoting PiPr Pro
nice review for a country boy

aint it though
  • #1,590
  • Jan 17, 2008 7:44pm Jan 17, 2008 7:44pm
Quoting PiPr Pro
nice review for a country boy
forgot the picture - Bo & Skunny - growing Fibonacci Traders
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  • #1,591
  • Jan 17, 2008 7:46pm Jan 17, 2008 7:46pm
Quoting PiPr Pro
forgot the picture - Bo & Skunny - growing Fibonacci Traders
LOL, thats a good one
  • #1,592
  • Jan 17, 2008 7:50pm Jan 17, 2008 7:50pm
That must be Skunny in the picture, his stomach is covered up.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,593
  • Jan 17, 2008 7:51pm Jan 17, 2008 7:51pm
Quoting Thexder
That must be Skunny in the picture, his stomach is covered up.
LOL, cant be me then
  • #1,594
  • Jan 17, 2008 9:04pm Jan 17, 2008 9:04pm
Hey Bo - note the subtle difference where you and I drew the fib low.

  1. Did you chose yours due to the double touch on the wicked candles?
  2. Would you ever change a fib placement if later you noticed a better touch of a internal fib?
  3. What this really boils down to IF you are taking extension targets for TP is that additional range created if the fib is stretched out we all know sometimes the fib hits to the pip. Any commentary from you would help.

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  • #1,595
  • Jan 17, 2008 9:12pm Jan 17, 2008 9:12pm
Quoting PiPr Pro
Hey Bo - note the subtle difference where you and I drew the fib low.

  1. Did you chose yours due to the double touch on the wicked candles?
  2. Would you ever change a fib placement if later you noticed a better touch of a internal fib?
  3. What this really boils down to IF you are taking extension targets for TP is that additional range created if the fib is stretched out we all know sometimes the fib hits to the pip. Any commentary from you would help.

Im just looking at it as more of using the low of that consolidation period
I will move them around some but its usually just to take a measurement off a smaller swing like ive looked at it from the low of the 1100 candle as well, I just pulled it back to capture the last 24 hour period. Mine is just on the low and high of the day.
  • #1,596
  • Jan 17, 2008 9:25pm Jan 17, 2008 9:25pm
Quoting Bobokus
Im just looking at it as more of using the low of that consolidation period
I will move them around some but its usually just to take a measurement off a smaller swing like ive looked at it from the low of the 1100 candle as well, I just pulled it back to capture the last 24 hour period. Mine is just on the low and high of the day.
do you have a definite number of candles or hours that must pass to be considered consolidation? In the example here another 5 hours before my fib low there was a lower low.
  • #1,597
  • Jan 17, 2008 10:11pm Jan 17, 2008 10:11pm
Today's Asian swing setup is straddling just outside the fib long and short of yesterday's high and low, so if a swing high/low break occurs, it's also already gone long or short from yesterday's range. Sounds like a good possible setup is in place.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,598
  • Jan 18, 2008 12:00am Jan 18, 2008 12:00am
Quoting Thexder
Today's Asian swing setup is straddling just outside the fib long and short of yesterday's high and low, so if a swing high/low break occurs, it's also already gone long or short from yesterday's range. Sounds like a good possible setup is in place.
yes, my sell-stop order is ready
Success is the small sum of efforts, repeated day in and day out.
  • #1,599
  • Jan 18, 2008 1:54am Jan 18, 2008 1:54am
Hey Bo I have a quick question...If Im using the intraday and the Swing also what rules do I use for entry...Do I use the Short-Long on the Intra Day and then take my take profit from the T1 or T2 from the Swing Set or do I enter on the Short-Long on the Swing setup and TP on the Swing Setup also?

thanks

Greg D
  • #1,600
  • Jan 18, 2008 2:08am Jan 18, 2008 2:08am
hey bo.. at wat level you looking to buy man...??
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