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Fibonacci Trading with Bobokus

  • #1,941
  • Jan 30, 2008 12:08pm Jan 30, 2008 12:08pm
Quoting Big Wave Rider
I just spent the last 20 minutes adding all of this, Their staying
LOL, they are just the midway points from the 61.8 -100, and the midway point from the 38.2 to the low. I used them more during ranging markets but they arent necessary. Use them and see what you think,if you dont like then you can always remove em later.
  • #1,942
  • Jan 30, 2008 1:20pm Jan 30, 2008 1:20pm
Quoting ChowClown
...ah and just spotted a 5min short T1 yet to be completed around 9840.
9840 completed on the announcement.
  • #1,943
  • Jan 30, 2008 1:46pm Jan 30, 2008 1:46pm
Bye, Bye dollar
Just Trade It
  • #1,944
  • Jan 30, 2008 1:47pm Jan 30, 2008 1:47pm
Watching now to see if they'll push it to yesterday's hrly T1 targets: - i have 9961 and 9972.
  • #1,945
  • Jan 30, 2008 2:11pm Jan 30, 2008 2:11pm
Is anyone really making profits from this system? I feel fibonacci is a good tool to study retracement levels but trading based on Fibonacci I feel is more like a speculative/predictive trading.
prepare for worst & expect the best
  • #1,946
  • Jan 30, 2008 2:23pm Jan 30, 2008 2:23pm
right who traded it? 100 pips in 4 mins
  • #1,947
  • Jan 30, 2008 2:27pm Jan 30, 2008 2:27pm
Not me, it's way past my bedtime now...I'm not well versed in the 11:59am to 11:59pm EST time frame...

Although had I been in on that, M1 would have managed it splendidly, preserving all of its glory.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #1,948
  • Jan 30, 2008 2:35pm Jan 30, 2008 2:35pm
Quoting tony_dtrader
Is anyone really making profits from this system? I feel fibonacci is a good tool to study retracement levels but trading based on Fibonacci I feel is more like a speculative/predictive trading.
Its not a system as much as is it a different approach to using the fib tool, the only way to answer that question is,open a demo and find out for yourself, everyone sees something different from Fibonacci and will trade it differently. There is more to it than just the fib tool, half is learning the market your trading and simple price action.
No matter what you use to trade in Forex or any other market, its gambling nothing more nothing less.Fibonacci is just one of the tools of the trade.
  • #1,949
  • Jan 30, 2008 2:39pm Jan 30, 2008 2:39pm
Quoting jicjoc
right who traded it? 100 pips in 4 mins
I didnt either, I'll let it go. Ive learned its not going anywhere I can still trade it tomorrow and ive already made all I need for the day.
  • #1,950
  • Jan 30, 2008 3:01pm Jan 30, 2008 3:01pm
Quoting AZ-Heat
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 went long at 1.9873 and got out at 1.9910. Still looking for the "Dump"
I think some time after everyone collects their interest the drop could come. Or I could be totally wrong ( I've been before & before & before.......)

AZ
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #1,951
  • Jan 30, 2008 3:42pm Jan 30, 2008 3:42pm
Quoting tony_dtrader
Is anyone really making profits from this system? I feel fibonacci is a good tool to study retracement levels but trading based on Fibonacci I feel is more like a speculative/predictive trading.
To me Bo's methods are using fibs to follow market movement or flow. It is not about predicting direction but a structured way of following it to where it wants to go - then having a target in mind where to take profits.

After using Bo's method and tracking the price flow for a couple of weeks I have a much better feel for price and what it is doing - combining this with what price action or candles are suggesting and then following a higher timeframe trend - it is awesome.

It is unfortunate but everyone seems to be concerned about does a system make money or is it any good - when all one needs to do is get experience in price action and how price flows then that magic money making system will come to you all on its own. I wish I found this thread when I started 1.5 years ago it would of save me a lot of pain.

Keep up the good work Bo.
  • #1,952
  • Jan 30, 2008 3:55pm Jan 30, 2008 3:55pm
Quoting maxster
To me Bo's methods are using fibs to follow market movement or flow. It is not about predicting direction but a structured way of following it to where it wants to go - then having a target in mind where to take profits.

After using Bo's method and tracking the price flow for a couple of weeks I have a much better feel for price and what it is doing - combining this with what price action or candles are suggesting and then following a higher timeframe trend - it is awesome.

It is unfortunate but everyone seems to be concerned about does a system make money or is it any good - when all one needs to do is get experience in price action and how price flows then that magic money making system will come to you all on its own. I wish I found this thread when I started 1.5 years ago it would of save me a lot of pain.

Keep up the good work Bo.
We'll said.
  • #1,953
  • Jan 30, 2008 4:37pm Jan 30, 2008 4:37pm
Before this thread there was no way that the 1H chart would give me hints that the move which started more than a week ago is ending or at least stalling - no way.

Bo is the Leprechaun!

Follow him to your pot of gold!
  • #1,954
  • Jan 30, 2008 6:57pm Jan 30, 2008 6:57pm
Quoting maxster
Before this thread there was no way that the 1H chart would give me hints that the move which started more than a week ago is ending or at least stalling - no way.

Bo is the Leprechaun!

Follow him to your pot of gold!
LOL, I wish I could remember what it was the leprechaun from Lucky Charms use to say...
Glad Its helped with your trading though.
  • #1,955
  • Jan 30, 2008 9:16pm Jan 30, 2008 9:16pm
Hello Bobokus,

I am new to your thread and very interested in learning how to use the fib tool to make better trading decisions. I have watched the videos you have posted and I am currently going through the posts at the new starting point. Is there anywhere you can point me too to get a good explanation on the 3 fibs that you set up (names, time frames, etc.) just to make it easier to follow the thread. Any help is greatly appreciated.

Thanks,
wc
  • #1,956
  • Jan 30, 2008 9:21pm Jan 30, 2008 9:21pm
Quoting wave catcher
Hello Bobokus,

I am new to your thread and very interested in learning how to use the fib tool to make better trading decisions. I have watched the videos you have posted and I am currently going through the posts at the new starting point. Is there anywhere you can point me too to get a good explanation on the 3 fibs that you set up (names, time frames, etc.) just to make it easier to follow the thread. Any help is greatly appreciated.

Thanks,
wc
I'm new also, but my advise is to go to post #1 and work your way through the entire thread, the information and examples are polished diamonds. There are templates in the last 5 pages that will make is easier, but there is nothing like doing it all from scratch to really learn and understand the concepts.

Happy learning
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #1,957
  • Jan 30, 2008 10:04pm Jan 30, 2008 10:04pm
Thanks for the advice Galaxymom. I guess I will be taking it from the top.
  • #1,958
  • Jan 30, 2008 10:58pm Jan 30, 2008 10:58pm
Bo, i don't quite get your comment. The whole point of tls is that price can break them anytime, and a break of a tl simply ends current trend . So a break of tl means that either trend is turning, or we are entering sideways market.

Even on sideways market tls work fine, if you know how to use them.

In fact they work on any market, and any timeframe. Practice with them, and you notice that you do not need other indicators.

R


Quoting Bobokus
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.
  • #1,959
  • Jan 31, 2008 12:01am Jan 31, 2008 12:01am
Hello all I am making my first post but have been watching this thread and using vhands for some time.

I have a couple of questions:

a) In using vhands I have noticed that some areas of support and resistance line up with subsequent fibonaccis while others do not line up at all. My question is would these areas where they line up be the best places to pull the fibonacci from.

b) I have also been using the bottom and top of multi bar advance/retracements and places where there has been a double or triple as places to pull the fibonacci from.

I ask because these are places where in using vhands I find seem to give the most accurate retracements.

Am I on the right track

Thanks for all your help this thread is most useful

Pooch
  • #1,960
  • Edited 12:50am Jan 31, 2008 12:04am | Edited 12:50am
As I was watching this tonight, I could see the strong support from the 3 fib levels concentrated in the yellow ellipse and then watching the double bottom forming and the T1 of the Swing showing where price was headed. The fact it bounced back from the Day Short to that support level again was really strong, and look where the price went. With a bounce off of the Day Pivot I think the Swing T2 / Intraday Long Fib levels might just be a good target to let it run to, or is there too much resistance at the next concentration? Time will tell.

This has been working like clock work, amazing, wonderful, I like what I see.

( not sure about that last walk of the Swing, but it was pretty close to where price was going.)
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Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
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