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Fibonacci Trading with Bobokus

  • #2,041
  • Feb 4, 2008 6:28am Feb 4, 2008 6:28am
Quoting Bobokus
Remember Fridays can sometimes lead into sell offs or position squaring and that is what we got to see this past Friday, its not uncommon. Price action tells the story never at any point friday when the move began could a candle break the previous candles high.It was an uncontested move.
Wow! What an Education! Thank you so much Bo!
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,042
  • Feb 4, 2008 7:48am Feb 4, 2008 7:48am
Hi Bo...I am jus wondering why you don't trade the gbp/jpy? I know you focus on the cable...what is your reasoning. I know your are experienced...is it because the cable adheres or followsthe fibs better? Thank you for all you are doing in this thread....Joe
  • #2,043
  • Feb 4, 2008 7:51am Feb 4, 2008 7:51am
Great word doc...thank you. If you fail to plan you plan to fail...Joe
Quoting galaxymom
Ok, here goes my first stab at a Trading Plan - GU.

My first realization was that had I not gotten this far I would not have seen THE BIG PICTURE at all. I would have been expecting price to start a big retrace after the almost 300 pip fall of Friday, not that it might not.

When I looked at the Daily chart, it was clear that the recent weeks was the retracement of the DownTrend, and this move on Friday appears to be price resuming the Trend, TWT.

Going to the H1 chart, price has consolidated over the past week, not really making any headway to the top having reached the Monthly High and the Retracement fib Long.

After that movement on Friday support would seem to be near 1.9661.

I think price will need to break above 1.9720 or 1.9759 for the retracement to continue long.

If price continues to break down, thru the Monthly pivot, Retracement pivot, Day Low, etc. i would look for the Down Trend to continue and the possibility of reaching the Intraday T1 or at least the Intraday Short level.

I would look to enter @ 1.9641, but that is probably too close.

PS: I've attached a Trading Plan worksheet based on Bo's points, if anyone is interested.
  • #2,044
  • Feb 4, 2008 7:52am Feb 4, 2008 7:52am
Hi Bo

While everyone is still asleep I want to ask where/how do get the drawing tools (boxes, circles, etc.) in MT ? I saw them on your toolbar in your youtube video ...

Thanks
  • #2,045
  • Feb 4, 2008 7:55am Feb 4, 2008 7:55am
Quoting bergwagter
Hi Bo

While everyone is still asleep I want to ask where/how do get the drawing tools (boxes, circles, etc.) in MT ? I saw them on your toolbar in your youtube video ...

Thanks
I'm obviously not Bo, but on my platform they are in the INSERT drop down menu.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,046
  • Feb 4, 2008 8:01am Feb 4, 2008 8:01am
Quoting galaxymom
I'm obviously not Bo, but on my platform they are in the INSERT drop down menu.
Thanks ... they obviously weren't there before ...
  • #2,047
  • Feb 4, 2008 8:18am Feb 4, 2008 8:18am
Quoting bergwagter
Thanks ... they obviously weren't there before ...
If you're new to using the shapes and inserts you might run into another slight issue I had when I started using them - how to select them after you place them and you want to drag or reshape etc....Depending on the shape, try clicking all around its corners or perimeter until you can select it, or try aiming for the center. I remember trying to re-select an Up Arrow the first time I placed it - the entire chart was scrolling back and forth with the mouse but the arrow wasn't selecting....
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,048
  • Feb 4, 2008 8:29am Feb 4, 2008 8:29am
Quoting jcarrier
Hi Bo...I am jus wondering why you don't trade the gbp/jpy? I know you focus on the cable...what is your reasoning. I know your are experienced...is it because the cable adheres or followsthe fibs better? Thank you for all you are doing in this thread....Joe
I do trade GBP/Yen, but I trade it from watching Cable and the Usd/Yen when they are moving in the same direction I just take GBP/Yen in that direction. I close it when one or the other stalls or hits a target. It follows closer to USD/Yen though.
  • #2,049
  • Feb 4, 2008 8:30am Feb 4, 2008 8:30am
Quoting bergwagter
Hi Bo

While everyone is still asleep I want to ask where/how do get the drawing tools (boxes, circles, etc.) in MT ? I saw them on your toolbar in your youtube video ...

Thanks
They are just the rectangle or boxes available on the standard MT4 platform. They will help keep your focus on Fib levels.
  • #2,050
  • Feb 4, 2008 8:53am Feb 4, 2008 8:53am
HI Bo...I see we started over at 1630. Are we setting up the Fibs the same as in the first few posts? If not where do I go to see the new setup you recommend? Thank you...Joe
  • #2,051
  • Feb 4, 2008 8:54am Feb 4, 2008 8:54am
Having missed the jink up during London, it's beginning to look interesting again...will be watching 720-30 closely, have a swing T1 (long) outstanding @824 but...my intraday short level is @746, if this breaks the longer term "retracement long" and "leg pivot" levels come into play around 720, which i guess might be quite a powerful zone to bounce from...
  • #2,052
  • Feb 4, 2008 8:56am Feb 4, 2008 8:56am
Hello! I'm very glad I somehow came across this thread and want to thank many times Bobokus (thank you!) and other people who participate here. This is great, people!

I remember some time during my search for some tool to trade i used Fibs, and even spotted the cycles and began theorizing about completed moves when price reached 38% and then 62%, and uncompleted (therefore a retracement) when price only went to 23.6% and didnt break thru.

But then my brains got twisted so much that i had to take a rest from Fibs.

This thread is a revelation to me! Thank you one more time!
  • #2,053
  • Feb 4, 2008 9:01am Feb 4, 2008 9:01am
...current view. Ignore the trendlines.
Attached Image (click to enlarge)
Click to Enlarge Name: Hrly Fibs - 4th Feb 08.GIF Size: 23 KB
  • #2,054
  • Feb 4, 2008 9:02am Feb 4, 2008 9:02am
Quoting Bobokus
I do trade GBP/Yen, but I trade it from watching Cable and the Usd/Yen when they are moving in the same direction I just take GBP/Yen in that direction. I close it when one or the other stalls or hits a target. It follows closer to USD/Yen though.

All of which follows the Dow, The yen pairs follow the Dow almost to the tee.
Just like the commodity currencies follow commodities.(most of the time)
Remember when everyone was talking about that huge Head and shoulders on the GbpJpy weekly charts? Well the Dow Jones had that same pattern.
Follow the dow and you follow the yen.
Just Trade It
  • #2,055
  • Feb 4, 2008 9:35am Feb 4, 2008 9:35am
Quoting jcarrier
HI Bo...I see we started over at 1630. Are we setting up the Fibs the same as in the first few posts? If not where do I go to see the new setup you recommend? Thank you...Joe
Traded the same Ive just renamed the fib sets to make it easier to understand. Back a few pages ago I think i posted a template that has them on it. Click on the paper clip icon and look through the last week or 2 for a template.
  • #2,056
  • Feb 4, 2008 9:37am Feb 4, 2008 9:37am
Quoting ChowClown
Having missed the jink up during London, it's beginning to look interesting again...will be watching 720-30 closely, have a swing T1 (long) outstanding @824 but...my intraday short level is @746, if this breaks the longer term "retracement long" and "leg pivot" levels come into play around 720, which i guess might be quite a powerful zone to bounce from...
We look to be getting a rejection from Fridays Intraday levels back to the Retracement levels.
  • #2,057
  • Feb 4, 2008 9:38am Feb 4, 2008 9:38am
Quoting Zelenin
Hello! I'm very glad I somehow came across this thread and want to thank many times Bobokus (thank you!) and other people who participate here. This is great, people!

I remember some time during my search for some tool to trade i used Fibs, and even spotted the cycles and began theorizing about completed moves when price reached 38% and then 62%, and uncompleted (therefore a retracement) when price only went to 23.6% and didnt break thru.

But then my brains got twisted so much that i had to take a rest from Fibs.

This thread is a revelation to me! Thank you one more time!
Maybe you can find something within the thread that can aid your trading then
  • #2,058
  • Feb 4, 2008 9:41am Feb 4, 2008 9:41am
Quoting Big Wave Rider
All of which follows the Dow, The yen pairs follow the Dow almost to the tee.
Just like the commodity currencies follow commodities.(most of the time)
Remember when everyone was talking about that huge Head and shoulders on the GbpJpy weekly charts? Well the Dow Jones had that same pattern.
Follow the dow and you follow the yen.

Good point, forgot to mention that part.
  • #2,059
  • Feb 4, 2008 9:49am Feb 4, 2008 9:49am
Hey Bo a quick Q. How do you pull the trigger? When the price action, trend, everything lines up to say I am taking this trade how do you pull the trigger? Do you pull it when price breaks through to the short or long side or do you wait for a candle to close on the short or long side?
Thanks.
Just Trade It
  • #2,060
  • Edited 10:30am Feb 4, 2008 10:23am | Edited 10:30am
Quoting Big Wave Rider
Hey Bo a quick Q. How do you pull the trigger? When the price action, trend, everything lines up to say I am taking this trade how do you pull the trigger? Do you pull it when price breaks through to the short or long side or do you wait for a candle to close on the short or long side?
Thanks.
Its the price action to the fib levels whether its the inner or the breaks of the high and low once it goes into a trending move when Im trading Intraday or Intraday scalping. More of a position trade I will place buy and sell limits ahead of prices direction at the bounce or rejection points. Thinking about it too long will prevent you from getting in at the optimum point but is much more risky...Friday I had Buy limits sitting at 1.9720, 1.9700 and last ditch at 1.9650, all 3 were picked up and I closed them today once price reached the Intraday levels of Friday....assuming the downside pressure will continue, price will most likely fail at this point(closed all 3 at 1.9760) due to this thought and price action now that they have been tested. My exit from those would have been a break of 1.9590 along way to consider a stop but its the risk you take....forex is gambling and high stakes but you gotta play to win and those are the stakes.
Now I am poised to take the next direction price takes as I look at everything reset now and its in the hands of the market movers to select a direction...price action from here will detirmine their decision or the winners of this battle in the never ending war over up or down. I took a scalp short thinking they could push now if they wanted to short but the last candle here changed my mind and I closed it for BE, next scalp is a long from 1.9768 if we hit it....low lot size, but they gave me plenty to burn the rest of the day...its just playtime now.
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