Fibonacci Trading with Bobokus | Page 101 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

fibonacci trading log 2 replies

Need help Bobokus Fibo template 1 reply

Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies

Attachments: Fibonacci Trading with Bobokus
Exit Attachments

Fibonacci Trading with Bobokus

  • #2,001
  • Feb 1, 2008 2:58am Feb 1, 2008 2:58am
Using the Fib lines to put our Entry and Exit
or our Stop and Limit in Trading .
How to set up these lines ...........?
First you
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_05 Feb. 01 16.56.gif Size: 10 KB
  • #2,002
  • Feb 1, 2008 6:12am Feb 1, 2008 6:12am
Quoting maxster
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.
Where you have it drawn now is where i would place mine. There is just a lot of indecision in the market at the moment and we are experiencing ranging, Thats why i recommended before I left that we may be scalping with the Swing fib until we can break from these ranges.
  • #2,003
  • Feb 1, 2008 6:17am Feb 1, 2008 6:17am
Quoting ernesto
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...
With Cable I still have my Intraday drawn across the high and low of Wednesday. I Lost on a short position yesterday and my next long failed to reach its target and we have ranged ever since, what I do is use the swing fib and scalp now that we know what the range price is in, or you can simply play the range until we break from the High and Low of Wednesday.
  • #2,004
  • Edited 7:01am Feb 1, 2008 6:57am | Edited 7:01am
Bo

I was reviewing my notes, so far, and looking at the examples on your charts. I want to make sure I have this correct.

The Monthly, Weekly and Daily fibs are drawn on the daily chart. Do you look over the last time frame you are fibbing and pull the fib literally from start to finish of that time span, or is it more like when we pull the Intraday fib, do we look to see if there has been retracement, rather than consolidation, and maybe 2 or 3 months, weeks, days, are involved in the time span of that specific fib?

For the Retracement fib, are we looking for the retracement of the trend fib or of the past intraday fib, what is it's scope of info we are using it to tell us?

It appears to me that since many pairs have not reached any of my last swing targets since "today" started, I would not move their swing fibs, and the Intraday fib has become the Range Fib, is this correct?

Or do I need to now move the swing to the smaller moves (30+) to look for scalping opportunities?

Thanks, you're the BEST!
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,005
  • Feb 1, 2008 7:06am Feb 1, 2008 7:06am
Quoting galaxymom
Bo

I was reviewing my notes, so far, and looking at the examples on your charts. I want to make sure I have this correct.

The Monthly, Weekly and Daily fibs are drawn on the daily chart. Do you look over the last time frame you are fibbing and pull the fib literally from start to finish of that time span, or is it more like when we pull the Intraday fib, do we look to see if there has been retracement, rather than consolidation, and maybe 2 or 3 months, weeks, days, are involved in the time span of that specific fib?

For the Retracement fib, are we looking for the retracement of the trend fib or of the past intraday fib, what is it's scope of info we are using it to tell us?

It appears to me that since so many pairs have not reached ant of my last swing targets since "today" started, I would not move any swing fibs, and the Intraday fib has become the Range Fib, is this correct?

Or do I need to now move the swing to the smaller moves (30+) to look for scalping opportunities?

Thanks, you're the BEST!
Me personally I do not trade from the Monthly and Weekly fibs I only used those as examples of the differrent ways to draw them, I trade more from the fibs that are tagged to price, Measuring the trending moves no matter what the time span is they are drawn across. My Retracement fib is a Daily fib it is currently drawn from the high of wednesday back to the low of Jan 22nd. I am using my Intraday on Wednesday's movement until the High and low of it give way. The range fib and the Retracement are basically the same thing and you dont necessarily have to continue to use the Range fib.
When they fail to reach their targets we are either going into ranging or a reversal is close.
  • #2,006
  • Feb 1, 2008 9:07am Feb 1, 2008 9:07am
So....I was out shoveling snow because we're expecting...probably more than 20cm, so you have to clear it away while it's still falling.

While I was out I missed a perfect setup with the way I trade...that could have still been in play with my stop set to give +100 and counting.

I'm moving to a tropical island.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,007
  • Feb 1, 2008 9:37am Feb 1, 2008 9:37am
Quoting Thexder
So....I was out shoveling snow because we're expecting...probably more than 20cm, so you have to clear it away while it's still falling.

While I was out I missed a perfect setup with the way I trade...that could have still been in play with my stop set to give +100 and counting.

I'm moving to a tropical island.

LOL, I havnt seen snow in 20+ years. Dont worry it will come around again...it always does.
Finally, you get an avatar.
  • #2,008
  • Feb 1, 2008 9:54am Feb 1, 2008 9:54am
Quoting Bobokus
Dont worry it will come around again...it always does. Finally, you get an avatar.
I was kind of hoping it would break out of the ranging even if I missed a big break along the way, but it's still a bad feeling to know I "missed it by that much" because I was awake and sitting around until the damn snow thing happened to me. I was hoping the avatar looked like what it was supposed to be, a scalpel and not a paint brush or feather pen or something...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,009
  • Feb 1, 2008 10:11am Feb 1, 2008 10:11am
what caused that i wonder?

no news, that i can see.
Is it because it got close to the short of the swing since nov 9th?

cable thread reckons is cause of gold or something?
300 pips in 4 hours?
  • #2,010
  • Feb 1, 2008 10:15am Feb 1, 2008 10:15am
Well we did have the monthly NFP that caused a spike up while the down move was getting started but things calmed right back down in a few minutes and it looked like nothing ever happened during the short, then the big fall. No idea why the big fall. The only big fall I was participating in was the snow fall.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,011
  • Feb 1, 2008 11:16am Feb 1, 2008 11:16am
Quoting Thexder
Well we did have the monthly NFP that caused a spike up while the down move was getting started but things calmed right back down in a few minutes and it looked like nothing ever happened during the short, then the big fall. No idea why the big fall. The only big fall I was participating in was the snow fall.
Not sure why such a large fall, but there were 3 different news events timed a couple of hours apart, but the key is GU's support was broken, including the 200 moving average. It will have to find new support.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,012
  • Feb 1, 2008 11:19am Feb 1, 2008 11:19am
Dang. I went to bed at 4 am EST because the market was still ranging and boring. I slept through this huge move! Thats it, I am going to start my day trading, not end it trading. I'll just make it an early morning (2 am) instead of a late night from now on. It's been tough to trade at these wierd hours with a family and all.

I actually took a loss because I had a long position and set my limit just shy of T1 and the stop below the short fib. It almost made it to my limit but not quite, then it reversed and headed south.
  • #2,013
  • Edited 11:32am Feb 1, 2008 11:31am | Edited 11:32am
Quoting Jared
Dang. I went to bed at 4 am EST because the market was still ranging and boring. I slept through this huge move! Thats it, I am going to start my day trading, not end it trading. I'll just make it an early morning (2 am) instead of a late night from now on. It's been tough to trade at these weird hours with a family and all.

I actually took a loss because I had a long position and set my limit just shy of T1 and the stop below the short fib. It almost made it to my limit but not quite, then it reversed and headed south.
One of the Biggest News Events of every month is Non Farm Payroll, NFP. Price may go one way any where from 50 -100+ pips, swing back the same distance, and usually more, and then swing again. It is extremely volital and the best advise, unless you know how to trap it, and are prepared for a loss is to be out of the market 4 hours before it. NFP is announced at 7:30 AM NY time, on the first Friday of every month.

Forex Factory has news information on it's website, you should be aware of what news events are due out everyday, and at what time, and how significant they are. I have lost big money in the past just because didn't know about the news.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,014
  • Feb 1, 2008 7:13pm Feb 1, 2008 7:13pm
Bo, thanks at lot for all your efforts - appreciate that very much. Went through the last weeks again using your usual fibs in combination with 5min fibs for entry / exit. Looks very promising - at least to understand the market action much better. I am not sure anybody knows but all market action IN EVERY TIME FRAME depends on fibs. Really fascinating!

I am slowly understanding now what senior traders in FF mean with creating your own habits for trading.

Getting rid of all the indicators I had on my charts (despite market volume what seems still interesting to me) I would be very interested in your opinion about momentum indicators, e.g. Auslancos Momentum method. Investing lots of time with those 5 MAs I was able to figure out that they are usable for mid-term trading - especially to recognize trends and reversals. Understanding that this is not main topic of your forum I would be glad to have your opinion about that.

Thanks a lot for your honest opinion in advance!
  • #2,015
  • Feb 1, 2008 8:38pm Feb 1, 2008 8:38pm
Quoting galaxymom
Not sure why such a large fall, but there were 3 different news events timed a couple of hours apart, but the key is GU's support was broken, including the 200 moving average. It will have to find new support.
Its simple, supply exceeded demand, check out a guy named Sam Seiden, he uses three things to trade, candlesticks, volume and a place to plug in your computer.
  • #2,016
  • Feb 1, 2008 9:18pm Feb 1, 2008 9:18pm
Quoting Bobokus
OK, here is another quick video on setting the chart up, narrated of coarse by your friendly neighborhood Alabamer feller. In this one the video isnt sharp but the volume is ok...go figure.

http://www.youtube.com/watch?v=wZVL5QWG2js
Bo, Thank you for the instructional videos. They have both helped my understanding of what you are trying to pour into us. Is that little brown jug almost empty because my head is filling up. I need to absorb and refill. LOL

Nikki
  • #2,017
  • Feb 2, 2008 1:14am Feb 2, 2008 1:14am
Quoting dieselpower
Its simple, supply exceeded demand, check out a guy named Sam Seiden, he uses three things to trade, candlesticks, volume and a place to plug in your computer.
People... You can learn a lot from Sam. I use the Fib's whilst looking for these Supply/Demand imbalance areas. Perfectamundo !!
  • #2,018
  • Feb 2, 2008 2:08am Feb 2, 2008 2:08am
Quote
People... You can learn a lot from Sam. I use the Fib's whilst looking for these Supply/Demand imbalance areas. Perfectamundo !!

Moxy_UK.. Do you use fib clusters to identify the likely supply/demand areas ??

Did'nt mean to derail the current discussion of this thread ..

Thnx
  • #2,019
  • Feb 2, 2008 2:19am Feb 2, 2008 2:19am
Quoting bullwinkle
Moxy_UK.. Do you use fib clusters to identify the likely supply/demand areas ??

Did'nt mean to derail the current discussion of this thread ..

Thnx

Hi bullwinkle,

Yes I do you clusters similar to the methods described by Joe Dinapolli, but if I have a confluence of previous support/resistance together with a major fib, that works good too.
  • #2,020
  • Feb 2, 2008 11:19am Feb 2, 2008 11:19am
Quoting ernesto
Bo, thanks at lot for all your efforts - appreciate that very much. Went through the last weeks again using your usual fibs in combination with 5min fibs for entry / exit. Looks very promising - at least to understand the market action much better. I am not sure anybody knows but all market action IN EVERY TIME FRAME depends on fibs. Really fascinating!

I am slowly understanding now what senior traders in FF mean with creating your own habits for trading.

Getting rid of all the indicators I had on my charts (despite market volume what seems still interesting to me) I would be very interested in your opinion about momentum indicators, e.g. Auslancos Momentum method. Investing lots of time with those 5 MAs I was able to figure out that they are usable for mid-term trading - especially to recognize trends and reversals. Understanding that this is not main topic of your forum I would be glad to have your opinion about that.

Thanks a lot for your honest opinion in advance!
Ernesto,

I studied Phillip's 4H method extensively and have trained my eye to see price action around 3 MAs - mainly help in identifying trend. I have successfully combined some of Bo's methods with my previous experience and have resulted in my own very simple system that suits me perfectly. Don't know much about auslanco's method but that thread is huge - just go through some historical charts with your current experience and see if somethng sparks when you also integrate Bo's methods alongside.

One of the things that I ignored early in my journey was not trying out different timeframes to find what suits me the best - maybe you haven't found the perfect system because you are in the wrong timeframe. Then there is frequency of trades - it never crossed my mind to even think about it then one week I only took one perfect trade & ignored all so so setups. That week was another breakthrough in finding a method that suits me -
I now concentrate in getting that 1 or 2 perfect setups a week and will not risk pips on so so setups.

Again everyone is different so good luck in your journey. I been travelling this journey the last 1.5 years full time it is one of the hardest things I have ever done in my life - I mean what else can one do as a job to make money but not only are you not making money but the account keeps going south.
0 traders viewing now