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Fibonacci Trading with Bobokus

  • #1,801
  • Jan 26, 2008 4:19pm Jan 26, 2008 4:19pm
Quoting galaxymom
BO

Please tell me how to get the envelope set up.

to be clear: Are you drawing the M, W, and D candles from the last H/L or from the last candle?

Thank you
The envelope is just an aid in seeing the hourly trending moves. Its in the basic MT4 indicators, under the Indicators icon at the top you'll see a selection named oscillators the envelope is an oscillator. Select the envelope and a pop up will appear, you can set the period from anything from 50 - 100 and youll get pretty close to the same effect.
Period..............50 to 100
Shift..................0
MA method ....Simple
Apply to...........Close
Deviation........ 0.05
It will only work correctly on the 1 hour timeframe, the different timeframes would require different settings.

I dont normally trade from the set time period fib like the high and low of the previous month and week, there are traders who use those very successfully, but before when I mentioned them I was only showing an example of the 2 different way to draw fibs, 1. Tagged to time (high and lows of previous week and month) 2. Tagged to price ( highs and lows regardless to amount of time, merely the trending type moves however long they may be) I use more of the 2nd way, it suits my style more.
  • #1,802
  • Jan 26, 2008 10:25pm Jan 26, 2008 10:25pm
Quoting Bobokus
Even though this time the break of the low worked out it wasnt the picture perfect setup i was looking for but ill put these in the bank, Done for now till we get another break short or another waveform develops from now into the US session.Price has hit my target 2 of the the swing set and target 1 from the Intraday set so ill close my shorts here.
Bo

Does this mean you are trading both the Intraday and the Swing?

Thanks
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,803
  • Jan 26, 2008 10:31pm Jan 26, 2008 10:31pm
Quoting galaxymom
Bo

Does this mean you are trading both the Intraday and the Swing?

Thanks
Yes, you got it
Success is the small sum of efforts, repeated day in and day out.
  • #1,804
  • Jan 27, 2008 2:21am Jan 27, 2008 2:21am
Bo

This is GJ, I'm trying to duplicate what you're teaching and showing on GU. Does this look correct? Is this the correct Intraday fib? Am I correct that there is no Intermediate Fib as yet? From where would I pull a retracement fib? But for now I don't think price is reversing, but just bouncing off the Hi. Is my Up Trend fib the same as the retracement fib for now? What else did I forget? LOL

Thanks for your patience,
Attached Image (click to enlarge)
Click to Enlarge Name: gj fibs.gif Size: 29 KB
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,805
  • Jan 27, 2008 3:06am Jan 27, 2008 3:06am
Next question: from studying the charts so far and doing the first exercise, it looks like to me that you adjust the high of a double top to the high of the peak of the second leg of the M if it is lower. Same with the double bottom. (haven't seen a higher one to ask about) Am I seeing that correctly?

Your humble student
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,806
  • Jan 27, 2008 3:31am Jan 27, 2008 3:31am
Bo

Is this where I draw the D fib or is it the leg that is the down trend?
Attached Image (click to enlarge)
Click to Enlarge Name: gu fibs.gif Size: 36 KB
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,807
  • Jan 27, 2008 4:10am Jan 27, 2008 4:10am
Quoting Bobokus
That would be correct, remember wicks from the candles dont count thats onlt a penetration not a break
Bo, so this is just like with the fib levels, TL's are penetrated by the wicks, but that does not mean the candle has formed on the other side - that would have to be a break with the body of the candle as in the break of a fib?

(Can't say I didn't warn you Bo )
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,808
  • Edited 8:16am Jan 27, 2008 8:02am | Edited 8:16am
Quoting galaxymom
Bo

This is GJ, I'm trying to duplicate what you're teaching and showing on GU. Does this look correct? Is this the correct Intraday fib? Am I correct that there is no Intermediate Fib as yet? From where would I pull a retracement fib? But for now I don't think price is reversing, but just bouncing off the Hi. Is my Up Trend fib the same as the retracement fib for now? What else did I forget? LOL

Thanks for your patience,
GY isnt going to respond the same way GBP will to fib levels.GY is the end result of GBP and USD/Yen, Me personally I trade GY from the USD/Yen and the GBP charts by just taking GY when the 2 majors break in the same direction. Using fibs the way I use them on GBP, youll most likely end up with some false breaks.
You can try them if you like but to answer your question, Yes they are correct but your Uptrend should be the Retracement though.
  • #1,809
  • Jan 27, 2008 8:05am Jan 27, 2008 8:05am
Quoting galaxymom
Next question: from studying the charts so far and doing the first exercise, it looks like to me that you adjust the high of a double top to the high of the peak of the second leg of the M if it is lower. Same with the double bottom. (haven't seen a higher one to ask about) Am I seeing that correctly?

Your humble student
When your pulling the Daily fibs(Uptrend,Downtrend, Retracement) yes you continue to pull the highs and lows to the new ones made, whichever the case is at the time until price begins to move in the opposite direction.
  • #1,810
  • Jan 27, 2008 8:08am Jan 27, 2008 8:08am
Quoting galaxymom
Bo, so this is just like with the fib levels, TL's are penetrated by the wicks, but that does not mean the candle has formed on the other side - that would have to be a break with the body of the candle as in the break of a fib?

(Can't say I didn't warn you Bo )

To me a wick isnt a break only a test, it needs to be the candle opening to the opposite side for me to consider it a break. Be careful when trusting trendlines, price can break a trendline in a sideways market...the higher timeframe your trendline is on the better.
  • #1,811
  • Jan 27, 2008 8:11am Jan 27, 2008 8:11am
Quoting galaxymom
Bo

Does this mean you are trading both the Intraday and the Swing?

Thanks
Yes I base my trading decisions from the Intraday and follow price with the Swing, the current conditions and price action will detirmine my reaction if the Swing shows me something that is counter to my trade.
  • #1,812
  • Jan 27, 2008 8:13am Jan 27, 2008 8:13am
Master BO,

Just finished page 10, Light bulbs are turning into spotlights.

You are a Master Teacher, thank you so much.

I am feeling totally validated in how I have been working my fibs on vhands, etc., almost fearless again! LOL

Thank you, thank you, thank you!!!!!!
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,813
  • Jan 27, 2008 8:20am Jan 27, 2008 8:20am
Quoting galaxymom
Master BO,

Just finished page 10, Light bulbs are turning into spotlights.

You are a Master Teacher, thank you so much.

I am feeling totally validated in how I have been working my fibs on vhands, etc., almost fearless again! LOL

Thank you, thank you, thank you!!!!!!

Hey, fearless Gal from Texas right !
  • #1,814
  • Jan 27, 2008 6:45pm Jan 27, 2008 6:45pm
Bo

RE: updating the Intraday fib, would you now move the low to Fridays low and leave the high at Fridays high or leave it in place as it is?

Thanks
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,815
  • Jan 28, 2008 1:45am Jan 28, 2008 1:45am
Just closed a long for 33 pips profit on a scalp. I love scalping with fibs! I also like the fact that as soon as London opens, there is usually some predictable (with fibs) action within the first hour.

It sailed passed T1 in a couple of minutes.
Attached Image (click to enlarge)
Click to Enlarge Name: fib1.28.jpg Size: 125 KB
  • #1,816
  • Jan 28, 2008 9:27am Jan 28, 2008 9:27am
These fibos are amazing! I cant believe how easy it is, you can watch it go to a level and close it ON THE PIP. I have never seen anything this accurate.
(except for my system) Looking into a merger of systems that my be explosive.
Thanks to BO
Just Trade It
  • #1,817
  • Jan 28, 2008 10:45am Jan 28, 2008 10:45am
Quoting galaxymom
Bo

RE: updating the Intraday fib, would you now move the low to Fridays low and leave the high at Fridays high or leave it in place as it is?

Thanks
Sorry Mom, im too late to respond to this one to help ya. Ive been tyed up with my own trades and trying to record some instructional videos.
  • #1,818
  • Jan 28, 2008 10:47am Jan 28, 2008 10:47am
Quoting Jared
Just closed a long for 33 pips profit on a scalp. I love scalping with fibs! I also like the fact that as soon as London opens, there is usually some predictable (with fibs) action within the first hour.

It sailed passed T1 in a couple of minutes.
I take it you had a successful day then...great job.
  • #1,819
  • Jan 28, 2008 10:48am Jan 28, 2008 10:48am
Quoting Big Wave Rider
These fibos are amazing! I cant believe how easy it is, you can watch it go to a level and close it ON THE PIP. I have never seen anything this accurate.
(except for my system) Looking into a merger of systems that my be explosive.
Thanks to BO

Are we good or what ?...LOL
  • #1,820
  • Jan 28, 2008 10:49am Jan 28, 2008 10:49am
Quoting Bobokus
Sorry Mom, im too late to respond to this one to help ya. Ive been tyed up with my own trades and trying to record some instructional videos.
No problem, Bo, but what would you have done?
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
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