Fibonacci Trading with Bobokus

Quoting Thexder

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I was in the kitchen when it broke out, otherwise I'd have taken it. I usually haven't been paying attention after London because I've been having enough luck early in the night and was fearful of over trading, still am.

I'd feel worse if I had been at negative pips and then missed this one.

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Quoting Thexder

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Just got back home and checked the chart. HAD I been in this long, I would have been stopped at 710 after getting in at 647 or so.

Bo, you promised this will happen again tomorrow...right? I'm staying awake all night! Don't wanna miss a thing

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Quoting maxster

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Bo,

Hope you don't mind looking at the EUR as I want your input on my placment of the Fibs on the charts below especially since you already have the GBP fibbed.

From looking at the chart I placed the UP trend using the weekly, and the retracement from the daily.

In my current trading plan - I am looking to long EUR on a pullback - I want to try using your fib techiques to enter with better timing and price.

I will start roving/following price with the swing set to execute long on break of swing high.

Comments please - also what are your guidelines on moving/redrawing the swing set - I would think these guidelines would also apply to the higher timeframe fibs as well as the small swing set. After studying so far I am aware that the fib should be redrawn after the target is reached & don't refib if the S/R levels are still in play (such as the intraday fib from Tuesday where hi lo was not broken until Thursday) - any other key points you can share?

Thanks agaain.

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Quoting RandyG67

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Bo,

Thanks for putting all of this together. I really like the way you've identified all of the Fib lines and how you've simplified applying them through your top-down method a pulling them. I like nice, simple, repeatable methods.

And in the spirit of simple and repeatable, I have a question.....

Is there validity in turning on the period separators and pulling fibs for the high/low of the previous period across all time frames? That being pulling a fib for the previous month on a Daily chart, the previous week on the 4-hour chart, etc... And pretty much leaving it at that, at least for awhile until I'm more comfortable pulling the proper swings.

Thanks,
Randy

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Quoting Bobokus

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You've got it the same way I would pull these. Your uptrend is on the last move up from the weekly chart, the move down from the high was just a retracement to the uptrend so your retracement fib is correct and from the 1 hour your following price with your Intraday and swing inside those 2 larger timeframe fibs...nice job.The only other thing you may need is if the euro makes another attempt short you could pull a fib from the low to the high it tops out at here to see its bounce points.

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Quoting maxster

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Normally I would look for price to enter the area between the green & the thicker white dash MA then look to price action like the current latest bar, candle support strong close (like in the chart) and wait for another bar providing action of flow through - no doji or closing below last close - then I would enter the trade.

With the intraday fib I now have a much more accurate price level as before I alway question myself is this price retrace far enough yet.

I also pull the swing fib as you suggested. To enter long would you wait for a bar to open above the swing long fib as well assuming that the next open will be above the intraday long fib - would waiting for the open of a swing long fib break be the correct entry timing?

Thanks again.

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Quoting RandyG67

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Let's say you pull a fib to an upward swing. There is a small retrace to this upward move and you pull your retracement fib.

I guess the best thing would be is that there is confluence between the two? If not, do you lend more weight to the initial upward swing fib levels or the Targets of your retracement fib pull?

Or, like most things Forex, sometimes price respects one and other times it respects the other?

Thanks,
Randy

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Quoting Bobokus

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Kinda generalized , but The more time the fib is pulled across the stronger its levels will be.
If price has moved into an uptrending move where the levels of your Intraday fib show price respecting the levels and bouncing from them you want to continue to buy the dips. If price makes a turnaround or shift in momentum from a long condition to a short condition the next day you may see the levels of the previous days Intraday fib broken to the short side then evertime the levels are tested price is rejected ,at that point you shift into selling the rallies. The same thing happens to fibs on the Daily chart just on a much larger scale, but you will come to be able to recognize this from the 1 hour timeframe and the Intraday fib as it will be the first to show this.
The retracement fib is used once price has been in a trending move and shows signs of reversing from the Intraday fib.
This last movement is a prime example since the low made the 22nd , if youll notice that on the 22nd price made more than a 61.8% retracement from the 21st indicating we could be seeing a reversal beginning, now as each day comes along you continue to pull the high of the Retracement fib to each new high which in turn raises the bounce points from its levels up and if the move up is to continue these levels will hold. If we get to the point we stop pulling the high of it and price begins to test the levels without making new highs and the levels fail and price breaks the short fib level of your retracement fib...your targeting T1 of it ...Short. If they hold you continue to buy the dips that bounce from it...same as with the Intraday levels. These examples are of Cable which I trade, but the principle works on all the Majors.

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Quoting maxster

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" If we get to the point we stop pulling the high of it and price begins to test the levels without making new highs and the levels fail and price breaks the short fib level of your retracement fib...your targeting T1 of it ...Short. "

Bo,

I just want to clarify above that you are refering to trading the daily - where when the daily retracement short fib is broken your target will be the retracement T1. And of course with the 1H when the intraday short fib is broken your target is T1.

Also thank you for clarifying the swing fib on how you use it - so you bascially use the swing fib to guide you on price levels such that if you are currently long and a swing fib short is broken it gives you a warning that the move may be ending. Whereas if price bounces from the swing inner fibs price is indicating support for continued upmove.

So obviously if one uses the daily timeframe retracement fib and price breaks the retracement long fib level - then when one trades the 1H intraday long fib breakout you are in sync with the higher timeframe resulting in a high proability trade.

It is simple & structured - I feel like I have been fighting the market all these years.

Thanks again Bo.

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