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Fibonacci Trading with Bobokus

  • #2,341
  • Feb 18, 2008 8:47am Feb 18, 2008 8:47am
Quoting disr
Under description of fib levels, type something like that in:

Swing Short %$
Swing Pivot %$
Swing Long %$

This will show the actual price of the fib level. Hope I understood your question



If you're looking at the same pairs as Bo, you can check out what he said here and get the templates to make your life easier.
disr,

Thanks for taking putting a response together. Very helpful.
Thanks again.

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,342
  • Feb 18, 2008 9:03am Feb 18, 2008 9:03am
Quoting jicjoc
anyone going short right now?

Im just going to wait for everything to set up again,price is still hovering around the previous target points, an entry now is a 50/50 shot.
  • #2,343
  • Feb 18, 2008 9:51am Feb 18, 2008 9:51am
I don't understand what u mean by that,just new and getting it little by little.What are u talking about?
Gbenga.
  • #2,344
  • Feb 18, 2008 9:56am Feb 18, 2008 9:56am
Quoting Bobokus
Im just going to wait for everything to set up again,price is still hovering around the previous target points, an entry now is a 50/50 shot.
Good point man, pity i didnt wait myself. I was disappointed at missing the two moves this morning and tried to get some pips.
Now i find myself down 60 pips.
Great start to the week.

Damn it, there's a long week there yet!! They'll be made back
  • #2,345
  • Feb 18, 2008 10:00am Feb 18, 2008 10:00am
Quoting hiswords
I don't understand what u mean by that,just new and getting it little by little.What are u talking about?
Gbenga.

I mean that I am done for now and waiting for the rest of the day to unfold so I can reset my fibs to todays movement, I can then look for the next entry.
Since price is at the target points still from yesterday,Entering short you stand the chance od having to suffer the drawdown if price retraces, going long trying to play the retracement you stand the chance of price not retracing if this push down is strong....a 50/50 shot of guessing it right.
  • #2,346
  • Feb 18, 2008 10:01am Feb 18, 2008 10:01am
Quoting hiswords
I don't understand what u mean by that,just new and getting it little by little.What are u talking about?
Gbenga.
Since price is hovering around the Intraday T1 and has not made any significant retracement, it would be like flipping a coin to enter a trade at this time. It is much better to wait until there is some clear direction as to where price is going to move.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,347
  • Feb 18, 2008 10:06am Feb 18, 2008 10:06am
Quoting jicjoc
Good point man, pity i didnt wait myself. I was disappointed at missing the two moves this morning and tried to get some pips.
Now i find myself down 60 pips.
Great start to the week.

Damn it, there's a long week there yet!! They'll be made back
Dont sweat it, you'll trade out of anger.You made the same mistake everyone makes, if its too late dont try and chase it, just wait for the next opportunity it will come. Develope the mentality that you dont have to be in a trade everyday or 24/7 if you miss the trade for the day let it go and look for the next one, the market doesnt go anywhere but it loves it when you chase it, you end up feeding the monster.
  • #2,348
  • Feb 18, 2008 11:10am Feb 18, 2008 11:10am
thanks for the response,i appreciate that a lot.I live in a country that uses a time frame totally different from urs.When do u think is the right time for me to set my fibs?
  • #2,349
  • Feb 18, 2008 11:16am Feb 18, 2008 11:16am
Quoting hiswords
thanks for the response,i appreciate that a lot.I live in a country that uses a time frame totally different from urs.When do u think is the right time for me to set my fibs?

On the 1 hour your constantly moving the Swing fib on each waveform that developes, The Intraday on the high and low of the day as a general rule which will sometimes include candles from the previous day depending on if any retracement was made during that period. Your broker should be using GMT times though and once 00:00 GMT roles around each trading day begins and is important because the Daily candles close and open at this time.
  • #2,350
  • Feb 18, 2008 12:29pm Feb 18, 2008 12:29pm
Bob,
Thanks for the response again,u'r great.Av been reading the threads from the day it starts and i must confess,still geting it mix up sort of.What can u do to help me.
Hiswords.
  • #2,351
  • Feb 18, 2008 2:58pm Feb 18, 2008 2:58pm
Quoting hiswords
Bob,
Thanks for the response again,u'r great.Av been reading the threads from the day it starts and i must confess,still geting it mix up sort of.What can u do to help me.
Hiswords.
Have you gone through and done the exercises in the thread yet ?, I need to know what it is that your getting mixed up about first.
  • #2,352
  • Feb 18, 2008 3:45pm Feb 18, 2008 3:45pm
am reading the thread page by page prensently on page 12 and can't still plot a satisfying fib's plus the fact that i don't understand what T1,T2 .....etc stand for.thanks
Gbenga
  • #2,353
  • Feb 18, 2008 4:31pm Feb 18, 2008 4:31pm
Quoting hiswords
am reading the thread page by page prensently on page 12 and can't still plot a satisfying fib's plus the fact that i don't understand what T1,T2 .....etc stand for.thanks
Gbenga
Ahh, you just havnt gotten far enough along yet, keep reading it will begin to make more sense as you get through it, there are some exercises youll come across that will help you understand better.
  • #2,354
  • Feb 18, 2008 4:37pm Feb 18, 2008 4:37pm
Quoting hiswords
am reading the thread page by page prensently on page 12 and can't still plot a satisfying fib's plus the fact that i don't understand what T1,T2 .....etc stand for.thanks
Gbenga
Gbenga

First you have to find support and resistance of the last wave if drawing the Swing or the High/Low of the previous day.

T1 is 1.382 and -0.382 in the fib levels of the fib properties of the tool. You have to draw the fib, left click the vertical line till the boxes appear on the ends and middle, then right click, and choose the properties menu. You have to add the -0.382 level, click the add button, and type in the Level, meaning the number and then in the description type in T1 %$. You have to repeat that to add T2, -0.618.
Attached Image (click to enlarge)
Click to Enlarge Name: gu setup.gif Size: 19 KB
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,355
  • Edited 8:57pm Feb 18, 2008 8:25pm | Edited 8:57pm
I added a video to describe how to customize the MT4 Fibo Tool by adding the Description and price to each fib level.

Forgot to post the link, its on the First post of the thread also
Inserted Video
  • #2,356
  • Feb 18, 2008 9:51pm Feb 18, 2008 9:51pm
Quoting Bobokus
I added a video to describe how to customize the MT4 Fibo Tool by adding the Description and price to each fib level.

Forgot to post the link, its on the First post of the thread also
http://www.youtube.com/watch?v=2xSbxEabXHQ
Hey Bo, thanks for the new video. I bet that would answer quite some questions. I just noticed you have a sample trade video that I didn't see before as well.

Do you think you could post whatever it is that displays your ask price at the top left hand corner of the screen?
  • #2,357
  • Feb 18, 2008 10:25pm Feb 18, 2008 10:25pm
Quoting disr
Hey Bo, thanks for the new video. I bet that would answer quite some questions. I just noticed you have a sample trade video that I didn't see before as well.

Do you think you could post whatever it is that displays your ask price at the top left hand corner of the screen?
Sure, this helps so you dont have to be right in front of the screen to see the current price.
Attached File(s)
File Type: mq4 Magnified_Market_Price.mq4   < 1 KB | 702 downloads
  • #2,358
  • Feb 18, 2008 10:39pm Feb 18, 2008 10:39pm
Quoting Bobokus
Sure, this helps so you dont have to be right in front of the screen to see the current price.
Thanks Loads
  • #2,359
  • Edited 1:54am Feb 19, 2008 1:51am | Edited 1:54am
Galaxy mum, I think am beginning to pull the fib's,here is one that i pull this morning and i just hope is not a mess


[IMG]file:///C:/Program%20Files/MetaTrader%20-%20North%20Finance/experts/presets/new212.gif[/IMG]
  • #2,360
  • Feb 19, 2008 2:43am Feb 19, 2008 2:43am
has it already bounced off resistance at the intraday short? Or will it still go higher?
This for me is the tricky bit, When to enter?
Bo do you usually wait for a candle to close in the decision zone DZ, and then a candle to open outside DZ?
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