Fibonacci Trading with Bobokus

Quoting Bobokus

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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 1.9668 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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Quoting bergwagter

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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

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Quoting galaxymom

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Bo, and all, I hope you don't mind, but I'd like to post my trading plan a few more times for reassurance.

Since price retraced yesterday, and didn't continue the down trend, I went to the Monthly time frame, Price has been in a uptrend for the past 2 years, and the Weekly tf showed that as well. the Down Trend started at 2.1160, and is a retracement of that 2 yr Uptrend, (I know this is so elementary, but I'm seeing things in such a new light) and seeing all of this and moving in to the Daily tf, I'm not surprised Price resumed the upward movement and broke through the 1.9720, and maybe I should be looking for the Uptrend, therefore a reversal of the Downtrend, to resume. Price corrects itself, through it's retracements, and on a huge scale this is just buying the dip.

On the Hourly chart, Price broke the Retracement Pivot level and continued through the Long and found R around the Weekly Long level, and support at the Retracement Long level.

IMO, for the Down Trend to resume, price will have to break the Intraday Pivot, reach the Swing 162 and the Intraday Short.

If resistance is broken at the Weekly long level and the Daily High level, I would look for price to reach 1.9835 - 1.9848.

If Support is broken, I would look for the previous support of the Retracement fib Pivot and Weekly Short levels to the Intraday Low with 1.9653 - 1.9633 to be reached.

Possible entry for the short trade being 1.9687 and for the Long trade 1.9792.

I'm feeling more cautious about my entry today, hmm.

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Quoting Bobokus

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Everything is close to what i have set up except for my Intraday and Swings. The Intraday levels of Friday were respected today so I will keep them for now, the Swing is measuring the move counter to friday and has shown support....its hard to decide what to do because the billionaire boys club are deciding what to do as well, hence the stalemate this afternoon, my advise and plan is to scalp my way when they start to move the market here or wait it out until a winner is decided and the market breaks away from these 2 fibs.The key is if the Swing fib on todays movement, do the levels hold or support price as London session get going.

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Quoting galaxymom

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Bo, I'd like to repeat some of another post here, my thoughts, and issues I am wrestling with, and if you are so inclined, maybe you could shed some light.

Support and Resistance - where do we look for it, the high and low of the previous day, the h/l of a wave, is it sometimes found at certain fib levels? Could it be as simple as where price stops and reverses, or only where a new High or low is made, which is probably saying the same thing 2 different ways? Does it form around other fib levels of the larger fibs when they converge? We all know from our hours and hours and hours of testing, backward and forward, that Price respects these "LINES" on our chart because there is some Cosmic order in control.

There is one last thing that I am mesmerized by, and that is the reaction of price with in the 0 -100 levels, and how certain candles propel price to the opposite level, and others push it to much smaller levels, and these go back and forth in varying degrees all the time. These moves can be significant in adding to one's balance.

Thanks

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Quoting Bobokus

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Support and resistance are simply where the momentum of price is reversed. The lines on the fib levels have no magical power the market all depends on at what point does price become a bargain and at what point does it become overpriced.In business when you buy something from a wholeseller to turn around and sell at retail what is the normal average....somwhere around buy from the wholeseller at 65% of retail add a 35% markup to turn around and retail it ?. General rule of thumb but do these numbers sound close to something ?

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Quoting galaxymom

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Bo

So if yesterday's Intraday target is not met, then all you do the next day or days is just extend the high or as in this case the low, is that correct?

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Quoting Bobokus

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What your thinking is howIm using the Retracement fib and it is already taking care of that. The intraday sometimes means pulling across more than 24 hours to measure a single movement, the levels of it are being respected so I just leave it in place, I take the all purpose fib (Swing) and measure everything else after that moving it from swing to swing to get a look from different points.The swing fib i dont always leave in place I move it around alot.Dont get into the mentality of trading from fibs too mechanically they are only a gauge for measurement...no mystical powers. Except for the extensions they are set by the all powerful mystical forex fathers...LOL, JK bout the last part there. Its still all about price and if its a bargain for the direction it is going. When a target is not met it usually means ranging or possible reversal later if it cant be met the next day or so either.....The bargain that was bought could not be sold at retail....so it must be unloaded at a discount.

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Quoting galaxymom

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Now I'm confused, I had moved my intraday fib because there had been 50% retracement of yesterday's Intraday, but you said the levels had been respected, so you didn't move it to where I had mine. In other examples and discussion you've said that if price continues in the same direction and only consolidates then you just extend to the new High, for example, but if it retraces, then you move to the new High.

What am I misunderstanding? I just have to get this straight in my mind, please. and yes, I don't want to get hung up on trading fibs, thanks for that reminder. and seeing how you move the swing around was liberating to me because that was the way I was trying to use it and others in another place were criticizing me for it, yet I knew it was leading me.

Sorry if I'm a bother, but I'm a little bit like Thex, I finally turn the monitor off, lay my head on the pillow and close my eyes and candles start forming and price moving and fib lines get crossed and targets met, etc. and I'm back at the computer, trying to make sense of it all.

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Quoting galaxymom

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Is this the proper progression of the intraday fibs?

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Quoting adelababneh

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[grey highlighted area...sorry sorry how could i get yhe highlighted area?it couldnt appeare in my chart ?plz
help

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Quoting Bobokus

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Your still thinking of how I use the Retracement fib not the Intraday.If there is no retracement(single move) you pull the Intraday across all of it even if you have to include candles from the previous or next day, you want to see price retrace to its levels thats where I make my decisions at.If there is a day where price goes up and down several times your using the Intraday to measure across the days entire movement then (High to Low). Today price has retraced to Fridays Intraday fib, I want to leave it there. It has not consolidated until today after it retraced into fridays Intraday levels.

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Quoting ernesto

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The attached MT4 plugin draws the Boxes for the Fibs automatically... of course the fibs still have to be drawn manually.

To make it work you have to edit the file and replace the fib names by the fib names you are using in your chart...

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Quoting ianf0ster

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Hi Bo,
Now I am confused. (For me it is 06:03 , as I am on GMT).
Since we had a change of direction on Monday (GMT time), I have pulled a new Intraday Fib today based upon yesterdays retracement of the Friday's move. Thus my Intraday is currently from the yesterdays high 1.9786 (16:00 bar on Monday 4 Feb) to 1.9628 ( low on the 23:00 bar on Sunday).

Should I have left the previous Intraday Fib in place - because price was reactiong to its interior Fib levels?

Thanks,
Ian

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