Fibonacci Trading with Bobokus

Quoting Bobokus

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For the most part it would depend on where the candle opens, as weak as cable has been lately its wise to wait a few candles and see if once it makes a move up or something does support from a new fib pulled on it hold up price with its levels. In short I would wait until support holds after a bounce from this area.

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Quoting maxster

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I just went through and re-read some of your posts - and it is much clearer now.

So in todays situation when price broke short and you took profit then when price re-entered the intraday zone and broke the long fib you would go long. You would then start pulling the swing fib as price moved to get an idea where it is going or getting stuck - bascially looking for a place to get out.

Not sure why I didn't see it before.

So obviously the biggest issue is false breakouts of the trading intraday zone. I am going to go practice last year's hourly candles the next few days can you tell me what to eye for to detect false breakouts? I am pretty good at identifying trending/consolidation price movement.

Thanks again.

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Quoting Bobokus

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Previous support or resistance areas and the higher timeframe fib levels

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Quoting Bobokus

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I see why cable is so strong this morning, The Fed has dropped interest rates .75 this morning and threw a monkey in the wrench. That explains the breaking of resistance levels. Hmm cable was moving up 5hrs prior to the announcement..think about that.

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Quoting Thexder

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I saw something in my local news about stock markets being crazy around the world due to something like this yesterday and today. Maybe all of that is tied in together.

This is why I don't try to figure out the stock market. Too many fundamentals to worry about. In forex, well, just see my signature. S/R reigns over even the interest rates. The only thing that makes S/R quiver is nonfarm.

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Quoting Thexder

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I remember last year when I had the same sudden lightbulb getting a little brighter when I realized about letting candles get trapped in the intraday zone and then seeing which end they escape, and trying to tie the swing into that - then I'd open the chart to get ready for a trading day and see that red Daily line across the screen either just above or below where I would have wanted to trade out of the intraday zone, and I'd be wondering...is that going to block me...or help me...or is it irrelevant right now....

You know...I still don't know...

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Quoting eegle

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Can someone please help me with vHands...Can you give me the steps to do this..

1. I want to put in a Sell Stop order (sell below market price) at lets say 1.9811 with NO Stop Loss with 1 lot..

1. I want to Take Profit at say 1.9766...

What exact steps do I take..all Im able to execute now is a simple buy order..
Im wasting a lot of time I could be testing

Thanks
Greg D

Greg D

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Quoting eegle

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Can someone please help me with vHands...Can you give me the steps to do this..

1. I want to put in a Sell Stop order (sell below market price) at lets say 1.9811 with NO Stop Loss with 1 lot..

1. I want to Take Profit at say 1.9766...

What exact steps do I take..all Im able to execute now is a simple buy order..
Im wasting a lot of time I could be testing

Thanks
Greg D

Greg D

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Quoting eegle

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Love this thread!!!

Thexder let me see if I have it correctly...the main difference between your useage of the Swing Fib between you and Bo is that Bo enters when candle closes after breaking the short or long fib...You, on the other hand enter on the long or short bias when the price hits the Swing Long or Swing Short-bingo you are generally IN!!! Is this basically correct?

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Quoting Thexder

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The main difference is I still don't really know exactly what Bo does! He tells us the safest thing to do is wait for a candle to close/open after breaking a short/long fib (for fibs higher than swing level mostly, I think I got the idea early on that for swing it's the high/low that's broken, not the inner levels, hence the theorem "once price breaks out of the high or low of a fib it usually reaches at least T1")...and then he'll go and do something like trading a "clean break" where a candle just blasts on through without having time to close/open, or a not so clean break with some form of voodoo associated with it, and while I'd be waiting for a close, he took the trade 20 pips ago and ended in +40 while I got -700041.

I think taking the high/low instead of long/short of a swing may be done because the swing is the smallest form of fib so the extremes of it are the most meaningful data set to trade, otherwise it's too microscopic. Plus with it being so small, it's easier to meet its targets quickly. When the intraday high/low is broken, if we take that break, we could be stuck for a few days and a bunch of draw down along the path, so we work on the inner levels. But then one day another light bulb went on, with the idea of "using the swing fib to execute the bigger fibs", what if a swing fib ends up sitting inside the intraday fib just below the intraday high level, and the swing is looking to break for a high long entry? Well in meeting the swing targets, it will also break the intraday high and the candles could go for a big "surprise" move way past swing T1 and head up +50 to hit intraday T1. So I started getting the idea of taking a swing scalp but if the probability was good for something bigger, try to figure a way to let it run once in the trade. So I started looking for ways to not just exit at swing T1, or "when to use swing as a scalp vs a long term aid". Scalping could be used when the swing says to go counter trend, or when the swing is floating around in the middle of nowhere with not much longer term sense of direction, or some longer term S/R looming.

So somehow I ended up developing something with the swing, close to what you said. I would look for the swing long or short bias, and enter on the swing high/low break (not long/short inner level break). And I started to find that when just looking for the swing targets, I could trade this despite what the other fib level biases were - if intraday was biased short (the day starts out with candles between intraday low and short) I could still take a swing long bias trade from a swing high break and reach a swing T1 most often. Then I saw I could somehow profit while still learning the bigger picture method (and I'm still trying to learn that).

So when I had at least something to work with I spent day and night with candles and coffee pots (this was before Bo introduced wine to the "system"). Wrote a few novels...

And so the swing scalp was born.

I feel like I'm sitting on a talk show couch right now...better than the one in the shrink's office.

No matter what methods I end up using in the long run, I got where I am now because rather than resist the notion of strangers coming along and trying to take over a thread's main concept, modifying the method until it's unrecognizable within the 3rd page like all the other methods out there, Bo always encouraged us to make it work for us, fibs are a tool, use them however you can, etc, all opinions welcome and considered useful. I've participated in other threads where I thought I had some good ideas or at least important questions for clarification and I got slammed for raising my hand. So I left. And here I am, always willing to help others with anything I feel I understand or to share in the confusion when I don't.

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Quoting eegle

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1. When price breaks in favor of your bias lets say short--it breaks the Swing Low, goes down 15 pips then reverses up, how long do you let it go before bailing out? In other words do you use a particular Swing fib level to exit your trade if it triggers the Swing Low and then reverses?

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Quoting Thexder

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The main difference is I still don't really know exactly what Bo does! He tells us the safest thing to do is wait for a candle to close/open after breaking a short/long fib (for fibs higher than swing level mostly, I think I got the idea early on that for swing it's the high/low that's broken, not the inner levels, hence the theorem "once price breaks out of the high or low of a fib it usually reaches at least T1")...and then he'll go and do something like trading a "clean break" where a candle just blasts on through without having time to close/open, or a not so clean break with some form of voodoo associated with it, and while I'd be waiting for a close, he took the trade 20 pips ago and ended in +40 while I got -700041.

I think taking the high/low instead of long/short of a swing may be done because the swing is the smallest form of fib so the extremes of it are the most meaningful data set to trade, otherwise it's too microscopic. Plus with it being so small, it's easier to meet its targets quickly. When the intraday high/low is broken, if we take that break, we could be stuck for a few days and a bunch of draw down along the path, so we work on the inner levels. But then one day another light bulb went on, with the idea of "using the swing fib to execute the bigger fibs", what if a swing fib ends up sitting inside the intraday fib just below the intraday high level, and the swing is looking to break for a high long entry? Well in meeting the swing targets, it will also break the intraday high and the candles could go for a big "surprise" move way past swing T1 and head up +50 to hit intraday T1. So I started getting the idea of taking a swing scalp but if the probability was good for something bigger, try to figure a way to let it run once in the trade. So I started looking for ways to not just exit at swing T1, or "when to use swing as a scalp vs a long term aid". Scalping could be used when the swing says to go counter trend, or when the swing is floating around in the middle of nowhere with not much longer term sense of direction, or some longer term S/R looming.

So somehow I ended up developing something with the swing, close to what you said. I would look for the swing long or short bias, and enter on the swing high/low break (not long/short inner level break). And I started to find that when just looking for the swing targets, I could trade this despite what the other fib level biases were - if intraday was biased short (the day starts out with candles between intraday low and short) I could still take a swing long bias trade from a swing high break and reach a swing T1 most often. Then I saw I could somehow profit while still learning the bigger picture method (and I'm still trying to learn that).

So when I had at least something to work with I spent day and night with candles and coffee pots (this was before Bo introduced wine to the "system"). Wrote a few novels...

And so the swing scalp was born.

I feel like I'm sitting on a talk show couch right now...better than the one in the shrink's office.

No matter what methods I end up using in the long run, I got where I am now because rather than resist the notion of strangers coming along and trying to take over a thread's main concept, modifying the method until it's unrecognizable within the 3rd page like all the other methods out there, Bo always encouraged us to make it work for us, fibs are a tool, use them however you can, etc, all opinions welcome and considered useful. I've participated in other threads where I thought I had some good ideas or at least important questions for clarification and I got slammed for raising my hand. So I left. And here I am, always willing to help others with anything I feel I understand or to share in the confusion when I don't.

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Quoting Bobokus

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You take the things that work for you and throw the rest away.

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Quoting Thexder

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Kind of like the cork in the bottle...

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Quoting Thexder

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I've participated in other threads where I thought I had some good ideas or at least important questions for clarification and I got slammed for raising my hand. So I left. And here I am, always willing to help others with anything I feel I understand or to share in the confusion when I don't.

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