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Fibonacci Trading with Bobokus

  • #1,721
  • Jan 22, 2008 11:57pm Jan 22, 2008 11:57pm
Right now I have a fib pulled across the range of pre London, almost 100 pips, and I think I'm going to stay out unless something shapes up within there. I get that way after I exit one trade, I feel weird getting back into another, like if this breaks short again now. I'd rather see some up movement to the swing inner fibs before any pending shorts.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,722
  • Jan 23, 2008 3:32am Jan 23, 2008 3:32am
Being impacted by the news at the moment. Was heading down and suddenly jumped from 568 to 580 (gap) on my chart, now going nuts. No trades!
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,723
  • Jan 23, 2008 3:34am Jan 23, 2008 3:34am
Hey Bo,
Im just wondering about the templates you post.
You have a vertical "dashed" marker inserted on each daily close, and also on a weekly close.
How did you do this?
I would like to do something similiar but on the M1 Timeframe, and have hourly "dashed" markers.

Thanks
John
  • #1,724
  • Jan 23, 2008 3:36am Jan 23, 2008 3:36am
Quoting jicjoc
I would like to do something similiar but on the M1 Timeframe, and have hourly "dashed" markers.
Yeah me too, I do a lot of chart crosshairing on that one because I can't clearly track it.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,725
  • Jan 23, 2008 3:41am Jan 23, 2008 3:41am
I just thought of something.

With all the wide ranging and chaotic looking candles on days like today, I can place "swing" scalp fibs right in the middle of nowhere even across 2 adjacent huge candles and trade it successfully, but when I look back at what I did during the day I think...how did I get the fib THERE and why did it WORK?

Then I realized....this is called walking the fib along as cycles complete...
I've become a demon offspring of Bo & Skunny.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,726
  • Jan 23, 2008 4:30am Jan 23, 2008 4:30am
Quoting jicjoc
Hey Bo,
Im just wondering about the templates you post.
You have a vertical "dashed" marker inserted on each daily close, and also on a weekly close.
How did you do this?
I would like to do something similiar but on the M1 Timeframe, and have hourly "dashed" markers.

Thanks
John
If you use MT4, I think this is just the "Show Period Seperators" checkbox you tick in the chart's properties.
As for hourly closes, can't help ya, sorry.
Carpe Divitiae
  • #1,727
  • Jan 23, 2008 4:31am Jan 23, 2008 4:31am
dude, you dont need the H1 timeframe to trade fibs.
In fact i think such a high TF can be misleading. You dont really see price action until you get down to M1.

I find it ideal to have both the H1 (zoomed out so you can see 2 full days), and the M1(zoomed in so you can see almost a full day) open side by side.

Then just wait for price to tell you what its doing
  • #1,728
  • Jan 23, 2008 5:22am Jan 23, 2008 5:22am
I just missed a valid short swing trade that was a nice ideal looking clean break and at the moment could have had me at T1 and with a stop for break even if I wanted to let it ride. I was downstairs sitting in the recliner and my laptop had the screen saver covering the charts.
Never trade with blinders on.

And this swing T1 brings us to an Intraday long fib bounce from yesterday's movement. It will either continue the swing short beyond T1 or go long for a bigger fib bounce. I think. What do I know anyway.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,729
  • Jan 23, 2008 6:21am Jan 23, 2008 6:21am
Quoting PiPr Pro
Thanks again for a great thread. I checked my GU fibs tonight and had everything the same as yours EXCEPT the daily range that just hit the 138.2. I noticed you have already pulled your fibs forward to the previous target and resistance even though there had been no retrace above the 0 support yet. I understand your fib placement, but are you not concerned it's possible we could still hit a 161.8 extension. Can you help guide me?
My concern for now is to find if the lastest or closeset support to price will hold as sort of an early indication of reversal in direction here or possible consolidation on the daily, if these levels can hold, then i can start aiming for the 138 extensions on long positions, if they dont nothing has changed in the direction and I know long trades are still scalps.Short positions I'll aim for the 138 extension.
Im not concerned about the 161 extension unless we fall out below 1.9450 then it comes back into play.
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  • #1,730
  • Jan 23, 2008 6:27am Jan 23, 2008 6:27am
Quoting jicjoc
Hey Bo,
Im just wondering about the templates you post.
You have a vertical "dashed" marker inserted on each daily close, and also on a weekly close.
How did you do this?
I would like to do something similiar but on the M1 Timeframe, and have hourly "dashed" markers.

Thanks
John
In the properties of the chart I have the grid off and the period separators on.
  • #1,731
  • Jan 23, 2008 6:48am Jan 23, 2008 6:48am
So far this morning 2 consecutive shorts have completed and pulled price down into the Intraday levels of yeterday, from here just waiting for the next move.looking to see if support can hold here and push price back up, if it does will the resistance from the swing hold and produce another short. Leaving my swing here until price attempts to come back up, since we dont know if they are through pushing it down yet.
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  • #1,732
  • Jan 23, 2008 8:01am Jan 23, 2008 8:01am
Quoting Bobokus
So far this morning 2 consecutive shorts have completed and pulled price down into the Intraday levels of yeterday, from here just waiting for the next move.looking to see if support can hold here and push price back up, if it does will the resistance from the swing hold and produce another short. Leaving my swing here until price attempts to come back up, since we dont know if they are through pushing it down yet.

Bo,

Where would you have entered the short trades?
  • #1,733
  • Jan 23, 2008 8:18am Jan 23, 2008 8:18am
Quoting maxster
Bo,

Where would you have entered the short trades?
The 2 shorts are indicated here by the black arrows,entry's can be the break of the low (the safer entry) or the rejection from the fibs levels.
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  • #1,734
  • Jan 23, 2008 11:26am Jan 23, 2008 11:26am
WOW. I use fibos more for observation on E.W counts and what not.
I need to read more of this thread as I am interested in learning more about your style of fibos.
I didn't think there was more to learn. Well thats my "I learned something new today" See you tomorrow.
Just Trade It
  • #1,735
  • Jan 23, 2008 11:28am Jan 23, 2008 11:28am
Quoting Big Wave Rider
WOW. I use fibos more for observation on E.W counts and what not.
I need to read more of this thread as I am interested in learning more about your style of fibos.
I didn't think there was more to learn. Well thats my "I learned something new today" See you tomorrow.

Welcome to the thread then
  • #1,736
  • Jan 23, 2008 1:03pm Jan 23, 2008 1:03pm
Hey Bo, a couple of questions and sorry if you answered them before I just can't remember.

1) You mentioned you use 2 different brokers, one for trading and one for charts. The one for trading was interbank right? What was the one for charts (that has more accurate data, especially for Sunday)?

2) If I remember correctly, you either are in a trade or you are out, you don't scale out or anything like that. Now, what about when the market is moving in a certain direction based on a longer term fib such as the daily but has pullbacks with the swing fib during scalps? Do you exit and re-enter on each scalp scenario, or do you leave 1 trade in the direction of the longer term fib bias, and then scalp along the way with other trades? A good example of this is the moves we had in the past 24 hours. There were 2 shorts, but you could have left a trade open and rode it all the way down to the 1.947 level, as well as scalped those 2 shorts. Do you see what I am saying?

I guess a different way to phrase that question is do you always enter and exit based off the swing fib and use the larger fibs as a guide which direction price is going, or is it the other way around?
  • #1,737
  • Jan 23, 2008 1:28pm Jan 23, 2008 1:28pm
Quoting Jared
Hey Bo, a couple of questions and sorry if you answered them before I just can't remember.

1) You mentioned you use 2 different brokers, one for trading and one for charts. The one for trading was interbank right? What was the one for charts (that has more accurate data, especially for Sunday)?

2) If I remember correctly, you either are in a trade or you are out, you don't scale out or anything like that. Now, what about when the market is moving in a certain direction based on a longer term fib such as the daily but has pullbacks with the swing fib during scalps? Do you exit and re-enter on each scalp scenario, or do you leave 1 trade in the direction of the longer term fib bias, and then scalp along the way with other trades? A good example of this is the moves we had in the past 24 hours. There were 2 shorts, but you could have left a trade open and rode it all the way down to the 1.947 level, as well as scalped those 2 shorts. Do you see what I am saying?

I guess a different way to phrase that question is do you always enter and exit based off the swing fib and use the larger fibs as a guide which direction price is going, or is it the other way around?
1.I use several different brokers, My live accounts are with FXCM and Saxo, I use the Interbank with MT4 for charts, I do still have a mini account with Interbank but I just dont use it and need to close it. Sundays and holidays I use the Saxo feed.

2. Correct im either in or out., I base 80% of my trades from the Intraday fib levels and those are trading within the daily fibs. Using the swing fib is scalping to me withwhich i do the other 20%. The swing fib I use as a tool to follow price with and scalp when nothing else is available. those 2 shorts from last night, i didnt take the first one but i took the 2nd, I closed it since i was expecting a bounce from the Intraday levels, I am currently Long at 1.9485 and following with my swing fib.
  • #1,738
  • Jan 23, 2008 2:53pm Jan 23, 2008 2:53pm
Traded this as an example of the setup and execution of a simple S&R break.
Once price established a high and low that the swing could be pulled across, I set a buy stop above and a sell stop below it.Targeting the T1 level only, in and out of the market with a quick profit.The first chart demonstrates the set up. The next post are the examples of the entry and the target met. This occurs over and over almost every single day. Its not the pips count but the money in the bank and the balance growing.

Continued.............
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  • #1,739
  • Jan 23, 2008 2:56pm Jan 23, 2008 2:56pm
These 2 charts show the entry and the target being met and exiting the trade.
Attached Image(s) (click to enlarge)
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  • #1,740
  • Edited 7:27pm Jan 23, 2008 7:10pm | Edited 7:27pm
Quoting Bobokus
These 2 charts show the entry and the target being met and exiting the trade.
So your bias is long because yesterday price trended up. And if the price broke the short fib you would also go short.

I assume these are high proability trades compared to the scalps.

Do you use stop orders for entry?

You also have the daily Trend set, and range (retracement) set so you would basically use those fib levels as potential S/R - and if one of those were close to the current intraday long you would proably also like to see price break the higher time frame fib as well before entry.

Am I understanding this correctly?
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