Fibonacci Trading with Bobokus

Quoting Thexder

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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.

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Quoting Bobokus

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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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Quoting Rocroy

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If you decide to start all over again here, please edit the first post so that beginners can find this place

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Quoting Rocroy

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Hi Bo,

starting from basics is a great idea, but isn't it a bit odd that this new start will now be hidden somewhere in the middle of this thread? Imho, a new thread would be better. Name it eg Fib basics?

If you decide to start all over again here, please edit the first post so that beginners can find this place, start from here and then return to the beginning (sounds a bit strange, doesn't it?).

R

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Quoting Thexder

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The first post is already updated to point to page 109.

By the way, do we need special privileges to edit old posts? I can't seem to edit anything of mine back beyond a few days, it seems to become set it stone after a few days.

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Quoting Bobokus

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Simple Trading
I was originally ...

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Quoting Rocroy

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Bo,

is there some sort of rule of thumb what fib cycle to use? If you always take the last one, you easily end up using mini movements, which may result to very small scale trading.

For instance, in this chart it would have been better to use the prevous fib cycle and trade it?

R

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Quoting Bobokus

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You dont have the edit button on your old posts ?

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Quoting Thexder

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Only for the most recent few days. Like just now I checked back in this thread a few days to the post where I replied to the cartoon and said it must be Skunny because the stomach is covered - I can no longer edit that, but I can edit anything from today and maybe yesterday.

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Quoting Thexder

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Only for the most recent few days. Like just now I checked back in this thread a few days to the post where I replied to the cartoon and said it must be Skunny because the stomach is covered - I can no longer edit that, but I can edit anything from today and maybe yesterday.

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Quoting Bobokus

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With a swing fib I will leave in it place as long as price is honoring its levels and has not reversed on it, for instance in the chart you posted as long as price stays short leave it where it is, until the levels are broken through to the long side.Another general rule of thumb is not to pull across any movement of less than 30 pips from high to low, you will get too zoomed into price even for scalping.

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Quoting Thexder

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I just checked my journal and I can edit the very first post but I'm locked out of my other non-recent posts. Must be a first-post of thread starter exemption?

Bo, can you edit anything from page 1 here besides post 1?

Now we're not only trying to crack the Forex code, we're trying to figure out how the Factory works too.

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Quoting Rocroy

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Sounds reasonable, thanks. That 30 pip limit is probably good for cable, some crosses may need more, maybe 50-60.

R

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Quoting Thexder

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Ok now we're starting to swing. Time to get pending.
I moved swing low down 1 to match the noise that occurred over the last 5 hours.
Still don't know if I really want to short right now. Things are micro-consolidating half in and half outside the top of that 5 hour range spot so it's still wait and see mode for now. If it can go higher than 530 I"ll say it's starting to move for the day finally.

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Quoting Thexder

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By the way, despite recent evidence to the contrary, I don't mean to start making trade calls. Just kind of doing some real time learning and exercises in how to interpret what's unfolding. Been over-eager lately but it'll settle itself down.

This helps show thought processes. I remember a few months ago wondering what the rationale may have been for certain choices and it's hard to see just by looking back at a done-day and trying to guess why things were or weren't considered.

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