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Fibonacci Trading with Bobokus

  • #2,101
  • Feb 5, 2008 9:14am Feb 5, 2008 9:14am
Quoting Bobokus
I trade as i see the opportunity.I would never set a goal of ...I have to make xxxpips per day, if you do you will set yourself up to over trade and loose more trying to make a quota. Take what the maket gives not what you think you should make everyday, sometimes its 15 pips other days its 150. Look at it more of what am I averaging over the past month or 6 months.
Yes, this is reasonable.

I just thought about pips per day as my stop to overtrading. I ran tests (manually) to see the results and they're not bad. now i try live and suddenly read this thread and Skunny's and see a good way to manage TP level.

What were my reasons to pip limit myself? This way i make 20-30 pips in the beginning of the day and just go away and don't trade anymore. my greed is fuming, but my money is content and safe.

Now that i'm learning fib ways to manage position... I always had a problem with TP.
  • #2,102
  • Feb 5, 2008 9:34am Feb 5, 2008 9:34am
Quoting ianf0ster
Thanks Bo,
I will get the hang of how to use these mearuring sticks sooner or later - I just want it to sooner!

I have had 2 out of 2 losing trades on Swing Fibs today, i misssed the first short because I had to go out.
Took the second short which got me stopped out because of:
a) the early release of ISM Non-Manufacturing Index figures
b) having my stoploss too tight to my Swing Fib Long value - another 6 pips higher and I would have been in profit to my TP2.

Thanks again Bo

Ian
...i share your frustration, i need to program my wetware to trust where the "measuring sticks" are pointing more..."fear" has got the better of my trading today.

In hindsight though (and this helps raise my confidence each time i see it), the chart shows two T1's hit squarely, helping to maintain the short intraday bias and pushing further into the longer frame fib zone...as long as the directional bias is maintained, we can keep assessing the little rallies to sell....it's this bit that's the challenge, i need to let go more and loosen the stops to where i would be comfortable to stop & reverse, and until that point trust that price will head towards T1 if not beyond.
Attached Image (click to enlarge)
Click to Enlarge Name: Hrly Fibs - 5th (4) Feb 08.GIF Size: 63 KB
  • #2,103
  • Feb 5, 2008 10:02am Feb 5, 2008 10:02am
Quoting ChowClown
...i share your frustration, i need to program my wetware to trust where the "measuring sticks" are pointing more..."fear" has got the better of my trading today.

In hindsight though (and this helps raise my confidence each time i see it), the chart shows two T1's hit squarely, helping to maintain the short intraday bias and pushing further into the longer frame fib zone...as long as the directional bias is maintained, we can keep assessing the little rallies to sell....it's this bit that's the challenge, i need to let go more and loosen the stops to where i would be comfortable to stop & reverse, and until that point trust that price will head towards T1 if not beyond.
Yes CC,
If I'd had the guts to go for a bigger swing, like from the day's high on your chart, then I would probably have got close enough (2 pips on my chart ) to T1 and taken profit - or at worst case not have been stopped out (yet) since the Swing long was safely out of range.

It makes a big difference which swings you fib.

Ian
  • #2,104
  • Feb 5, 2008 8:18pm Feb 5, 2008 8:18pm
Sorry, Bo,

I finally got a few good hours of sleep, and as I awoke, the chart and fib was so clear and obvious in my mind.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,105
  • Feb 5, 2008 8:34pm Feb 5, 2008 8:34pm
Hey Mr. Bo,

How about a movie (fib) and some popcorn?
They are really good and helpful!!!!!!!!!!

AZ
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #2,106
  • Feb 5, 2008 8:52pm Feb 5, 2008 8:52pm
Quoting galaxymom
Sorry, Bo,

I finally got a few good hours of sleep, and as I awoke, the chart and fib was so clear and obvious in my mind.
LOL, that will happen.
  • #2,107
  • Feb 5, 2008 8:57pm Feb 5, 2008 8:57pm
Quoting AZ-Heat
Hey Mr. Bo,

How about a movie (fib) and some popcorn?
They are really good and helpful!!!!!!!!!!

AZ
I would but they are popping up on other websites now, and I didnt put those on there to be copied and used that way. Im sorry but for now no more videos. Too many trying to take advantage of it in the wrong way.
  • #2,108
  • Feb 5, 2008 9:17pm Feb 5, 2008 9:17pm
Quoting ianf0ster
Thanks Bo,
I will get the hang of how to use these mearuring sticks sooner or later - I just want it to sooner!

I have had 2 out of 2 losing trades on Swing Fibs today, i misssed the first short because I had to go out.
Took the second short which got me stopped out because of:
a) the early release of ISM Non-Manufacturing Index figures
b) having my stoploss too tight to my Swing Fib Long value - another 6 pips higher and I would have been in profit to my TP2.

Thanks again Bo

Ian
Just dont get too zoomed into price. The Swing fib is great for following price and scalping but its the closest to price action and the bigger picture will sometimes intervene on its targets.
  • #2,109
  • Feb 5, 2008 11:40pm Feb 5, 2008 11:40pm
Hi Bo,
Where does the intraday Fib go now? Is it:

1. Still Friday high to Sunday low?
This would appear sensible if you are in a short and are targeting its T1 or T2 (which I am not).

2. Extended from Friday high to Tuesday low?
This appears sensible if you treat Monday/tuesday as minor consolidation.

3. Or is it a new one Monday high to Tuesday Low?
This seems the more litteral interpretation of how you described the Intraday in this thread.

Please help me understand it.
Thanks,
Ian
  • #2,110
  • Feb 6, 2008 12:21am Feb 6, 2008 12:21am
Mom, why don't you use the "indicator" for intraday fibs, Bobokus fibo daily zone? I'm sure you find it attached to this thread.

R

Quoting galaxymom
Is this the proper progression of the intraday fibs?
  • #2,111
  • Edited 1:09am Feb 6, 2008 12:56am | Edited 1:09am
Quoting Rocroy
Mom, why don't you use the "indicator" for intraday fibs, Bobokus fibo daily zone? I'm sure you find it attached to this thread.

R
Hi Rocroy,
The reason many/most do not use the indicator, is that it does not place them where Bo does. remember that the intraday Fib can:
1. be from high to ow in 24 hrs
2. Or not move from prior day/days because of consolidation and price respecting its internal fib levels
3 Or extend to span several days as price trends without a significant retrace.

There may also be other discretionary things Bo does with the Intraday.

Ian
  • #2,112
  • Feb 6, 2008 1:14am Feb 6, 2008 1:14am
Quoting Rocroy
Mom, why don't you use the "indicator" for intraday fibs, Bobokus fibo daily zone? I'm sure you find it attached to this thread.

R
Thanks for your suggestion, but I'm just stubborn enough that I don't want anything on my charts that I don't understand why they are there and what they mean to me in my trading. So, I want to draw them myself.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,113
  • Feb 6, 2008 1:52am Feb 6, 2008 1:52am
I am SO short right now.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,114
  • Feb 6, 2008 2:04am Feb 6, 2008 2:04am
Quoting Thexder
I am SO short right now.
Took my profits at T1.
  • #2,115
  • Feb 6, 2008 2:07am Feb 6, 2008 2:07am
Quoting Zelenin
Took my profits at T1.
Mine Too!
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,116
  • Feb 6, 2008 2:07am Feb 6, 2008 2:07am
If I get stopped out I'll be between T1 and T2 on my chart, which is always abnormal to begin with. I have a swing drawn from 1.9624 up to 1.9661 (the closest thing to 40 pips I could find)
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,117
  • Feb 6, 2008 2:14am Feb 6, 2008 2:14am
Quoting Thexder
If I get stopped out I'll be between T1 and T2 on my chart, which is always abnormal to begin with. I have a swing drawn from 1.9624 up to 1.9661 (the closest thing to 40 pips I could find)
I had drawn mine from 1.9603 to 1.9655, if I hadn't just awakened in the middle of the candle, seeing that last candle I would have sold from the Swing Long to the T2, which just hit, but I got the Swing Short to T1.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,118
  • Feb 6, 2008 2:16am Feb 6, 2008 2:16am
Quoting Bobokus
I would but they are popping up on other websites now, and I didnt put those on there to be copied and used that way. Im sorry but for now no more videos. Too many trying to take advantage of it in the wrong way.
P.m me the website(s) that are copying your videos and I'll see if I can have a certain friend of mine take it off or alter their site a little bit or both. Sometimes I love being an evil bastard but only when the other person deserves it which reminds me of a quote one member here has

"I believe in karma, which is why I beat people over the head with my stick, because I believe they deserve it" Classic
Just Trade It
  • #2,119
  • Edited 2:35am Feb 6, 2008 2:22am | Edited 2:35am
I'm still short with a stop at 1.9572.
I'm in around +60 unrealized gain right now. After this one ends I'm done for the day, we've reached ATR movement.

Update: Stopped out. Even though that was a big move I only netted 16 after covering the first attempt of the day, spread for 2 trades, pip padding. But this is an acceptable outcome for the day.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,120
  • Feb 6, 2008 3:29am Feb 6, 2008 3:29am
Quoting Thexder
After this one ends I'm done for the day, we've reached ATR movement.
What timeframe and period ATR do you use?
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