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Fibonacci Trading with Bobokus

  • #1,621
  • Jan 18, 2008 5:13am Jan 18, 2008 5:13am
Quoting Bobokus
I have no doubts you will survive it with profits
Despite all my recent luck I sometimes get the "What if it's only temporary" anxiety. I"m still used to losing more than winning but I'm also a pessimist.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,622
  • Jan 18, 2008 5:20am Jan 18, 2008 5:20am
After the mayhem last night it looks to have reversed once again, so now we are looking for shorts again and I will use the Retracement and the Intraday levels. Once the move its in now is over another swing will be available for a guide to the next step so patience in needed now.
If your in profit for the day its best to sit on the sidelines now...end of week.
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  • #1,623
  • Jan 18, 2008 8:19am Jan 18, 2008 8:19am
Quoting Thexder
And if I'm having the luck I'm having in October conditions, I'm happy.
Over the weekend I'll do some zooming out of January and see how it looks - I've had the 1 day at a time blinders on all week!
Great,
and would you like to show the result here?
Thanks!
Success is the small sum of efforts, repeated day in and day out.
  • #1,624
  • Jan 18, 2008 9:33am Jan 18, 2008 9:33am
for the wonderful indicators that u have created! Just what I WAS LOOKING FOR! This is a great thread, and as I get the time want to read up. As u just continue churning out better and better versions and indicators! Thanks you so very much!

ut2DaMax
  • #1,625
  • Jan 18, 2008 6:53pm Jan 18, 2008 6:53pm
Quoting dhalsim
Great,
and would you like to show the result here?
Thanks!
In both cases of October and January the entire activity is contained within a range of as tight as 250 pips for long periods of ranging before any trending occurs, and we are still able to make a daily success of it. In these ranges I can get from 10 to 30 per trade in tight conditions, but as I saw in some days I can snag 70 out of a better move once it starts trending. So it's consoling to see this type of result.
Attached Image(s) (click to enlarge)
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,626
  • Jan 18, 2008 11:44pm Jan 18, 2008 11:44pm
Quoting Thexder
In both cases of October and January the entire activity is contained within a range of as tight as 250 pips for long periods of ranging before any trending occurs, and we are still able to make a daily success of it. In these ranges I can get from 10 to 30 per trade in tight conditions, but as I saw in some days I can snag 70 out of a better move once it starts trending. So it's consoling to see this type of result.
Thank you,
maybe i will do some backtest during spring festival,
do you use fibs trading longer time frame?
Success is the small sum of efforts, repeated day in and day out.
  • #1,627
  • Jan 19, 2008 4:34pm Jan 19, 2008 4:34pm
Quoting dhalsim
do you use fibs trading longer time frame?
I don't look back beyond the previous day currently since I've found something that may work for me, so I'm focusing on mastering what I can do within the single day based on some influence from the previous day bias, but eventually I'll look at the bigger picture. I need to develop something secure as a priority because otherwise I'll be constantly system hopping and never getting anywhere. Eventually I want to learn to use longer time frames so I don't have to sit around all night but for now I "need a job and will take whatever I can get"
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,628
  • Jan 20, 2008 5:42am Jan 20, 2008 5:42am
Hi Bo

I went back and reread the thread again and this is what I found out.

I think I went left when I should have went right and got on an old back road some where and got lost in the woods. Could you please look at the following charts and let me know if I am back out of the woods and back on the big road. I sure hope so.

Thank You for being patient with me.
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  • #1,629
  • Jan 20, 2008 6:47am Jan 20, 2008 6:47am
Quoting Thexder
I don't look back beyond the previous day currently since I've found something that may work for me, so I'm focusing on mastering what I can do within the single day based on some influence from the previous day bias, but eventually I'll look at the bigger picture. I need to develop something secure as a priority because otherwise I'll be constantly system hopping and never getting anywhere. Eventually I want to learn to use longer time frames so I don't have to sit around all night but for now I "need a job and will take whatever I can get"
Great, I have backtested 2007.01 and 2007.10,
swing fibo really works,
and your pdf file helped a lot
Wishing that you could use longer time frames soon,
then we could see your trading examples
Success is the small sum of efforts, repeated day in and day out.
  • #1,630
  • Jan 20, 2008 7:06am Jan 20, 2008 7:06am
Quoting Forex It
Hi Bo

I went back and reread the thread again and this is what I found out.

I think I went left when I should have went right and got on an old back road some where and got lost in the woods. Could you please look at the following charts and let me know if I am back out of the woods and back on the big road. I sure hope so.

Thank You for being patient with me.

They are basically in the correct position on the Daily chart, just where youve got your Retracement, I have a Down Trend fib and the bounces up in price that occur are the retracements now.Once those levels of the Uptrend began to give away this down move turned into more than a retracement its a correction now.Ive also moved the low of Uptrend fib back to the low in nov 2005, to bring more history from the uptrend into play on mine.
Here are templates of my Daily and 1 hour, you can load these to your templates folder and open a chart then just place the template on it and all the fibs will be on it already set up.
Sometime today I may be able to get a new thread started that may be a little easier to understand and follow.
Attached File(s)
File Type: tpl daily0120.tpl   3 KB | 587 downloads
File Type: tpl gbp0120.tpl   11 KB | 563 downloads
  • #1,631
  • Jan 20, 2008 1:28pm Jan 20, 2008 1:28pm
Simple Trading
I was originally going to start another thread about simplifying what I do but the more I began to put down on print the more I realized I cant simplify what I do in trading its not beginner level and there is no way to simplify this. After talking to my partner today he made me realize that restarting my thread and trying to simplify it would result in the same thing. Then after going over all I had prepared to open the new thread with it was 15 posts long just for the beginning, it would take my entire book to try and explain everything I do and a lot of what I do just isn’t for the entire world to know. It dawned on me then that I just need to start at the basics of trading S&R here at this point and edit the first post to revert everyone to this post and this point on. The biggest reason is that it’s not really important what or how I do something its how do we get you at the beginner level to be successful. What we will do here is start where I did with S&R and then you will be able to develop your own skills from the simplest of methods. The best way to simplify something is to strip it down and start from the beginning just like I started from and developed what I do from this, so from this point on we need to start back at the beginning of how I did what I did and you will be able to develop your skills from this the same way I did. The basics of this are just taking trades with the flow of the market.
What we have to get you to do is make the decision to enter all on your own, if you get into the mentality of what would someone else do in this situation or that situation then you’ve already lost. Its not what someone else would do but what you would do and learning basic S&R is how we can get you into doing this. I recommend this with a demo account and you are insane if you are using a live account to learn with.
To start with we identify the last S&R area that price has already shown us. The same principle is true on the larger timeframes but we will use the 1 hour timeframe and take the breaks of the last S&R points, we will use the simple Swing fib and pull across these points. Once the S&R area is broken we will enter and take profit at the 138.2 and the 161.8 extensions. We will most likely take small gains but it’s not the point its learning to trade first and foremost, skills will come later. Don’t worry about pip count trading is not a contest of how many pips you make and everyone makes this mistake in the beginning thinking they have to average a certain number of pips per day…ludicrous. For 1 thing it isn’t the pip count you trying to increase or average a certain number of it’s the balance increase on the account you’re trying to raise. Stop thinking in pip count and start thinking in balance count.
With that in mind this is the starting point for today and unless something happens before the open of these US brokers we will start here.
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  • #1,632
  • Jan 20, 2008 4:54pm Jan 20, 2008 4:54pm
Sounds like a great idea. Thanks.
  • #1,633
  • Jan 20, 2008 5:01pm Jan 20, 2008 5:01pm
Quoting Bobokus
Simple Trading
I was originally going to start another thread about simplifying what I do but the more I began to put down on print the more I realized I cant simplify what I do in trading its not beginner level and there is no way to simplify this. After talking to my partner today he made me realize that restarting my thread and trying to simplify it would result in the same thing. Then after going over all I had prepared to open the new thread with it was 15 posts long just for the beginning, it would take my t

Robonacci com
  • #1,634
  • Jan 20, 2008 5:41pm Jan 20, 2008 5:41pm
Thanks Bo. The basic building materials is what I (we) need.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,635
  • Jan 20, 2008 6:01pm Jan 20, 2008 6:01pm
Quoting galaxymom
Thanks Bo. The basic building materials is what I (we) need.
I hear ya mommy,

Bo is one anal awesome trader that talks over my head, I'm an idiot though.... So Bo tells me anyway

where's the love
Robonacci com
  • #1,636
  • Jan 20, 2008 8:09pm Jan 20, 2008 8:09pm
Any opinions on taking a short? The last 4 candles are hammering down against the same price, but the 2 things working against me are...this is sitting above the even 1.9500, and also not much swing has really developed, just a drop down and now a hammer. It could barely pierce and then take off long.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,637
  • Jan 20, 2008 8:23pm Jan 20, 2008 8:23pm
Quoting Thexder
Any opinions on taking a short? The last 4 candles are hammering down against the same price, but the 2 things working against me are...this is sitting above the even 1.9500, and also not much swing has really developed, just a drop down and now a hammer. It could barely pierce and then take off long.
go ahead and short to 485 if you need to trade, but its sun/mon trade cautiously Thexy man. lol
Robonacci com
  • #1,638
  • Jan 20, 2008 8:33pm Jan 20, 2008 8:33pm
So far I'm not pending anything. I don't like where it's sitting and staying out is a good way to break even on a bad situation. I think I want something more defined to form if I were to listen to my own advice. I've seen times like this where even within my valid trading hours of choice, there is a blip and then a reverse and I would always note things were riding too close to the edge and any small noise could cause problems. So that's it for me until something starts swinging. Swings are safer to play with than hammers...well I could elaborate on that but I won't.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,639
  • Edited 8:45pm Jan 20, 2008 8:43pm | Edited 8:45pm
Quoting Thexder
Any opinions on taking a short? The last 4 candles are hammering down against the same price, but the 2 things working against me are...this is sitting above the even 1.9500, and also not much swing has really developed, just a drop down and now a hammer. It could barely pierce and then take off long.
Thex,

I know I am not the guy you are looking for , but don't short this right now IMO. take a breath on it. I dunno your RR or trade make up but assuming shorter term,not now. Why the rush? nothing screaming to me sell. I see more upside then down right NOW.. who knows we might see a quick 30-50 pip pop up here.

wait for a break down below1.9507 ish better 1.9480. . . Save your ducats sir for some good vino also please share with me as always I know nothing, my opinion only


Sizz

edit nvrmind you got it heheh
  • #1,640
  • Jan 20, 2008 8:47pm Jan 20, 2008 8:47pm
Indeed my swing low is currently at 507 and if I took anything it would be below that, but shorting into 500 doesn't feel right, especially after such a big down move already. I'm feeling a retracement is in order by now (speculation however is nothing). I think the biggest problem for me is the way it's just stabbing at 507 rather than moving around freely like a nice drunkie staggering around the empty streets at 4am, trying to figure out where to go next.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
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