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Fibonacci Trading with Bobokus

  • #1,921
  • Jan 30, 2008 9:58am Jan 30, 2008 9:58am
HOT DAMM, I figured out how to edit my fibo's (by accident of course)
Now I have to go look at Bo's levels so I can set them, lable them and start to use them on my favorite pairs.
Just Trade It
  • #1,922
  • Jan 30, 2008 10:00am Jan 30, 2008 10:00am
Quoting jicjoc
When is that news due Bo? Im down 40 pips here
Looks like almost all of this week's profits are gone now...

Lesson learned

Can someone explain to me what the numbers on the news, on the front page mean?
How do you know if the news forecast is good for gbp or bad for gbp?
What am i missing here?

It's called economics, it's worth studying if you plan to be a trader.
Just Trade It
  • #1,923
  • Jan 30, 2008 10:04am Jan 30, 2008 10:04am
Quoting jicjoc
When is that news due Bo? Im down 40 pips here
Looks like almost all of this week's profits are gone now...

Lesson learned

Can someone explain to me what the numbers on the news, on the front page mean?
How do you know if the news forecast is good for gbp or bad for gbp?
What am i missing here?
The news i am talking about is the interest rate statement this afternoon, a cut of another .5 is most likely already priced in.The thing about the news events are you cannot count on the currency to follow the direction the news event says it should go its best to sit out the news events and look for your opportunities after the dust settles. Tradaing the news are succer bets.
  • #1,924
  • Jan 30, 2008 10:05am Jan 30, 2008 10:05am
Quoting maxster
Bo,

I followed the up move from last week live and am still amazed!!

One of the things I always try to believe is "surrender to the market" - the road to that critical belief is to follow Bo's Fib teachings!

Looks like cable is testing yesterday's intrday levels again - so if price open above them again you would look to go long.
....hmm well the hrly pin just printed looks tempting....but i'll scalp off the 5min for the time being.
  • #1,925
  • Jan 30, 2008 10:13am Jan 30, 2008 10:13am
Quoting ChowClown
....hmm well the hrly pin just printed looks tempting....
Especially with the buried (Deep down) inverted head & shoulders at its bottom end.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,926
  • Jan 30, 2008 10:19am Jan 30, 2008 10:19am
Quoting Bobokus
The news i am talking about is the interest rate statement this afternoon, a cut of another .5 is most likely already priced in.The thing about the news events are you cannot count on the currency to follow the direction the news event says it should go its best to sit out the news events and look for your opportunities after the dust settles. Tradaing the news are succer bets.




The best way to trade the news is to do it like a drunken cowboy, shooting left, shooting right, reload quick and do it again, then you start asking questions of what just happened once the smoke clears only to see you lost money. The best way to trade the news is to trade it 1 hour after the news release. Then it's really priced in. Normally there is a big spike up, then down, then back up again, and then back down to intraday levels where it will start to go in a normal trending wave. Up or down but you wont know until it happens.
Just Trade It
  • #1,927
  • Jan 30, 2008 10:23am Jan 30, 2008 10:23am
You can listen to it live and other market news 24-7 on Bloomberg radio.

http://www.bloomberg.com/index.html?Intro=intro3#
Just Trade It
  • #1,928
  • Jan 30, 2008 10:23am Jan 30, 2008 10:23am
Quoting ChowClown
....hmm well the hrly pin just printed looks tempting....but i'll scalp off the 5min for the time being.
I wouldnt touch it, its getting that look of they know somethng we dont look to the current action.
  • #1,929
  • Jan 30, 2008 10:38am Jan 30, 2008 10:38am
Quoting Bobokus
I wouldnt touch it, its getting that look of they know somethng we dont look to the current action.
...interesting...what is putting you off at the moment in the PA?
  • #1,930
  • Jan 30, 2008 10:56am Jan 30, 2008 10:56am
Quoting ChowClown
...interesting...what is putting you off at the moment in the PA?
Looks as if someone wants it down or is selling the crap out of what they've got, then others are trying to protect their position (pin bar), Im not convinced there is a winner yet and I would wait it out until one side gives up. Draw a horizontal line at the open price of today 1.9891. I see all the action above this level early now all the action is below it, It wont change from its current state until a candle is opened above this again. Getting too close to enter a trade and have to sweat it out...better to wait and attack when one side or the other becomes weak.
  • #1,931
  • Jan 30, 2008 10:58am Jan 30, 2008 10:58am
Quoting Bobokus
Looks as if someone wants it down or is selling the crap out of what they've got, then others are trying to protect their position (pin bar), Im not convinced there is a winner yet and I would wait it out until one side gives up. Draw a horizontal line at the open price of today 1.9891. I see all the action above this level early now all the action is below it, It wont change from its current state until a candle is opened above this again. Getting too close to enter a trade and have to sweat it out...better to wait and attack when one side or the other becomes weak.
Thanks for the tip, Bo - v useful
  • #1,932
  • Jan 30, 2008 11:09am Jan 30, 2008 11:09am
Quoting Bobokus
Looks as if someone wants it down or is selling the crap out of what they've got, then others are trying to protect their position (pin bar), Im not convinced there is a winner yet and I would wait it out until one side gives up. Draw a horizontal line at the open price of today 1.9891. I see all the action above this level early now all the action is below it, It wont change from its current state until a candle is opened above this again. Getting too close to enter a trade and have to sweat it out...better to wait and attack when one side or the other becomes weak.
...ah and just spotted a 5min short T1 yet to be completed around 9840.
  • #1,933
  • Jan 30, 2008 11:16am Jan 30, 2008 11:16am
Correct me if I am wrong

T5 4.236
T4 2.618
T3 2.382
T2 1.618
T1 1.382
HIGH 1
LONG 0.618
PIVOT .5
SHORT 0.382
LOW 0
T1 -0.382
T2 -0.618
T3 -1.382
T4 -2.618

I am missing the support and resistance levels, what are those?
Just Trade It
  • #1,934
  • Edited 2:53pm Jan 30, 2008 11:16am | Edited 2:53pm
I have a feeling that we might get the old "Pump & Dump" today.I am leaning to the short side myself. I look for price to go back upin the "Pump" where I will be looking to short for the "Dump".I've had some good scalps today, but would like to see a fast run with at least 100 pips in the end. I'm looking to scalp the 1.9870 area back up 30-50 pips before news, Wish me luck!

AZ

P.S. Great videos Bo, You have shown me the light!
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #1,935
  • Jan 30, 2008 11:17am Jan 30, 2008 11:17am
Quoting Big Wave Rider
Correct me if I am wrong

T5 4.236
T4 2.618
T3 2.382
T2 1.618
T1 1.382
HIGH 1
LONG 0.618
PIVOT .5
SHORT 0.382
LOW 0
T1 -0.382
T2 -0.618
T3 -1.382
T4 -2.618

Ok am I missing any thing?
All except for the T5 I dont use,and your T4 -2.168 should be -1.618
  • #1,936
  • Jan 30, 2008 11:19am Jan 30, 2008 11:19am
Quoting Big Wave Rider
Correct me if I am wrong

T5 4.236
T4 2.618
T3 2.382
T2 1.618
T1 1.382
HIGH 1
LONG 0.618
PIVOT .5
SHORT 0.382
LOW 0
T1 -0.382
T2 -0.618
T3 -1.382
T4 -2.618

I am missing the support and resistance levels, what are those?


Got it

Resistance 0.809
Support 0.191
Just Trade It
  • #1,937
  • Jan 30, 2008 11:22am Jan 30, 2008 11:22am
Quoting Big Wave Rider
You can listen to it live and other market news 24-7 on Bloomberg radio.

http://www.bloomberg.com/index.html?Intro=intro3#

Hey Big Wave,

Thanks for the link, works great!

AZ
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #1,938
  • Jan 30, 2008 11:29am Jan 30, 2008 11:29am
Quoting AZ-Heat
Hey Big Wave,

Thanks for the link, works great!

AZ
Your welcome. It's what I listen to on busy (news, earnings) days or when I'm sick of my own music.
At least 1 hr for Europe and 1 hr for NY is all you really need, any more than than and it gets annoying.
Just Trade It
  • #1,939
  • Jan 30, 2008 11:52am Jan 30, 2008 11:52am
Quoting Big Wave Rider
Got it

Resistance 0.809
Support 0.191
Dont worry about those , they can be left out.
  • #1,940
  • Jan 30, 2008 12:02pm Jan 30, 2008 12:02pm
Quoting Bobokus
Dont worry about those , they can be left out.

I just spent the last 20 minutes adding all of this, Their staying
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