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Fibonacci Trading with Bobokus

  • #1,981
  • Jan 31, 2008 7:03am Jan 31, 2008 7:03am
Quoting galaxymom
Bo

In your examples, in these posts, you moved the Intraday Fib High. Have I misunderstood, I thought once pulled for the new day you left it in place?

http://www.forexfactory.com/showpost...&postcount=454

http://www.forexfactory.com/showpost...&postcount=455

Thanks
Not necessarily, there will be times when the move from one day continues into the next day before making any kind of retracement and you'll need to include all of the move in the Intraday fib.
  • #1,982
  • Jan 31, 2008 7:11am Jan 31, 2008 7:11am
Choppy market last night I had one loser on a short, but my buy stop was picked up, if I hadnt have woke when I did I would probobly taken a loss so far today...whew glad I woke up when I did.
Looks like we are going ranging, I may sit the rest of the day out and wait for a break from this range...May have to do some scalping with the Swing.
  • #1,983
  • Jan 31, 2008 7:40am Jan 31, 2008 7:40am
Hey i have heared lot about fabo. Please help me. Iam new on this thread. Are these setting still correct ?
For day fibo (on daily chart)
Quote
0.0 Daily Low
1.0 Daily high
.809 Daily R1
.618 Daily Long
.50 Daily pivot
.382 Daily Short
.191 Daily S1
1.34 Daily Target 1
1.55 Daily Target 2
-.34 Daily Target 1
-.55 Daily Target 2

For Intraday (for 4 hour chart)
Quote
0.0 Intermediate Low
1.0 Intermediate High
.809 Intermediate R1
.618 Intermediate Long
.50 Intermediate Pivot
.382 Intermediate Short
.191 Intermediate S1
Note - There is no target specified for intermediate term

For Swing (for 1 hour chart)

Quote
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 -1.618
S1- 0.191
R1- 0.809
I want to confirm right setting. Iam too late on this thread.
Hey u guys not using stoploss. Am i correct ? How u manage ur trades when it goes against u ?
  • #1,984
  • Jan 31, 2008 7:48am Jan 31, 2008 7:48am
Quoting Bobokus
Choppy market last night I had one loser on a short, but my buy stop was picked up, if I hadnt have woke when I did I would probobly taken a loss so far today...whew glad I woke up when I did.
Looks like we are going ranging, I may sit the rest of the day out and wait for a break from this range...May have to do some scalping with the Swing.

I am normally a day trader, the absolute lowest TF I normally looked at was the 4hr and sometimes the 1hr to get the right timming. Made my decisions off of the weekly and daily. But the markets are tough these days, With all the turmoil and foot long sub primes with turkey it's getting hard to trade off of the daily, so I've had to adapt to scalping off of the 1hr and 15min charts for 20 pips a shot. Your fibs work wonders for that as they can work wonders on the daily too once this mess is cleaned up.
To be successful in this biz you must adapt to market conditions and your fibs have helped me adapt to these conditions. I have always used fibs but not in this way. Thanks for the enlightenment Bobokus, you have been a great help.
Just Trade It
  • #1,985
  • Jan 31, 2008 8:15am Jan 31, 2008 8:15am
Quoting cyberdude
Hey i have heared lot about fabo. Please help me. Iam new on this thread. Are these setting still correct ?
For day fibo (on daily chart)


For Intraday (for 4 hour chart)

Note - There is no target specified for intermediate term

For Swing (for 1 hour chart)


I want to confirm right setting. Iam too late on this thread.
Hey u guys not using stoploss. Am i correct ? How u manage ur trades when it goes against u ?
You can just use these settings:
261.8 T4
238.2 T3
161.8 T2
138.2 T1
100 High
61.8 Long
50 Pivot
38.2 Short
0 Low
-38.2 T1
-61.8 T2
-138.2 T3
-161.8 T4

You dont necessarily need the higher extensions on the higher timeframe fibs. I rarely use T3 and T4 levels.
  • #1,986
  • Jan 31, 2008 8:17am Jan 31, 2008 8:17am
Quoting Big Wave Rider
I am normally a day trader, the absolute lowest TF I normally looked at was the 4hr and sometimes the 1hr to get the right timming. Made my decisions off of the weekly and daily. But the markets are tough these days, With all the turmoil and foot long sub primes with turkey it's getting hard to trade off of the daily, so I've had to adapt to scalping off of the 1hr and 15min charts for 20 pips a shot. Your fibs work wonders for that as they can work wonders on the daily too once this mess is cleaned up.
To be successful in this biz you must adapt to market conditions and your fibs have helped me adapt to these conditions. I have always used fibs but not in this way. Thanks for the enlightenment Bobokus, you have been a great help.

Thats one of the reasons I opened this thread to show that fibs can help any method you choose.
  • #1,987
  • Jan 31, 2008 8:20am Jan 31, 2008 8:20am
Im going to bo out of touch today..Good luck trading today.
  • #1,988
  • Jan 31, 2008 8:21am Jan 31, 2008 8:21am
hi Bo.... i'd like to thank you for you're teaching....

i'm not a good writer...... i've been lurking in this thread for 3 weeks now and believe me... it's worth it every single second of it... page 1 till 40 is a must read for the new comer, i think.. well thanks bo for all the knowledge...
once again thanks...

for the gratitude let me applied the knowledge...

G/U give or take daily basis H1 for the trigger

short from 1.9905 s/l at 1.9970 no TP let the pip comes.... if i must pick Tp 1.9642 is the first target
i hope this will do some thing for this thread
1.9642 is the midle of my intermediate fib
thank again bo
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struggle in life is never ending
  • #1,989
  • Jan 31, 2008 8:47am Jan 31, 2008 8:47am
im thinking about going short in 15 mins
I dont know if the move has been exhausted already or not though?
  • #1,990
  • Jan 31, 2008 8:55am Jan 31, 2008 8:55am
Quoting jicjoc
im thinking about going short in 15 mins
I dont know if the move has been exhausted already or not though?
BO gave me a useful tip yesterday....look at the 00:00gmt opening level to guage who has the upper hand - we're still above that level. An hrly close below might make shorts a better bet....
  • #1,991
  • Jan 31, 2008 8:56am Jan 31, 2008 8:56am
wont be happening now.
possibly a long move in the next hour.

the 'cable update thread' guys reckon theres a lot of resistance around 19850
  • #1,992
  • Jan 31, 2008 9:01am Jan 31, 2008 9:01am
Quoting jicjoc
the 'cable update thread' guys reckon theres a lot of resistance around 19850
...interesting view - my charts suggest 850 as support all day...
  • #1,993
  • Jan 31, 2008 9:04am Jan 31, 2008 9:04am
Quoting ChowClown
...interesting view - my charts suggest 850 as support all day...
i just went short when it hit 19875. stop well above the long. i could get screwed here...
  • #1,994
  • Jan 31, 2008 9:08am Jan 31, 2008 9:08am
Quoting jicjoc
i just went short when it hit 19875. stop well above the long. i could get screwed here...
...fingers crossed for you.
  • #1,995
  • Jan 31, 2008 9:10am Jan 31, 2008 9:10am
crap, i am gonna get screwed here.
i thinking about hedging my positions now...
  • #1,996
  • Jan 31, 2008 9:27am Jan 31, 2008 9:27am
maybe this will help jic

aqua trend line is from dailytrend line red trend line from hourly trend line

triple top in the tops that's why i put my stops right there

i'm a longer term basis...

1.9885 is the middle line of the action n plenty of pin bars
1.9855 is the support

if u look at the daily chart the uptrend is begging for a retrace

thats my bass for a short
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struggle in life is never ending
  • #1,997
  • Jan 31, 2008 9:47am Jan 31, 2008 9:47am
For fvck sake.

I closed & reversed my short for a loss of 20 pips. Now im down 20 pips on my reversal position too
Forex with your own money is not easy.
To all aspiring traders, forget about results from demo accounts. Its nothing like the same...
  • #1,998
  • Jan 31, 2008 10:10am Jan 31, 2008 10:10am
Quoting jicjoc
For fvck sake.

I closed & reversed my short for a loss of 20 pips. Now im down 20 pips on my reversal position too
Forex with your own money is not easy.
To all aspiring traders, forget about results from demo accounts. Its nothing like the same...
Scalping is really tough. You need lots of discipline -which can take years to develope.

I gave up on scalping - it drove me emotionally crazy and I start doing stupid impulsive trades. I now trade only when there is trend on 4H chart & with my new found market flow methods from Bo - I stop looking for entries when 1H intraday fibs are broken in counter trend direction.

As you say demo is night and day to real money trading. Just turn off the computer and do something physical - it will relief the emotional energy. This energy somehow has the ability to blind you subconsiciously and you start doing trades that are not in your trading plan.
  • #1,999
  • Jan 31, 2008 4:53pm Jan 31, 2008 4:53pm
Bo,

Where would you pulled the intraday fib yesterday? As is or low of 1 or 2?

I don't think it matters that much but what are your general rules when things are a little unclear?

Thanks.
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  • #2,000
  • Feb 1, 2008 2:50am Feb 1, 2008 2:50am
Hi Bo,
had good performance at beginning of the week when the market was trending... unfortunately as soon as the market entered into ranging I lost all my gains.

Any hints how such a ranging market can be traded the best way? Fibs just worked on smaller timeframes... would this have been the right place to use a Ranging Fib? And... how would you have drawn that?

Any help is appreciated... thanks.

BTW... when looking at my fibs I recognized that we might be trading a "diamond" reversal formation at the moment. In fact I only trust my fibs... but... still very interesting...
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