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Fibonacci Trading with Bobokus

  • #2,381
  • Feb 19, 2008 5:58am Feb 19, 2008 5:58am
Quoting hiswords
Ma'am,
This is also my gu fib's,the one av just pulled.
Thanks,
Gbenga.
Please reply my previous post. Thanks
You do not move the Intraday fib once it's support has been established, and because yesterday's low was not breached, and Yesterday's Intraday High and low and the 38% retracement was not breached, I did not move my Intraday fib. My Swing is in your current position.

The boxes are for the Intraday Long to Short levels, and for the T1 to T2 areas.

I don't have a Uchf chart up, but I will look at it.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,382
  • Feb 19, 2008 6:07am Feb 19, 2008 6:07am
Quoting hiswords
ma'am thanks,
Just made +47pips from usdchf today.Hope to use fib's in my trading account soon.
Thanks,
Gbenga
These are the fibs I would have drawn, the green Swing is the next to last and the Red is the last.
Attached Image (click to enlarge)
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Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,383
  • Feb 19, 2008 6:11am Feb 19, 2008 6:11am
The short fib level of the 7th Feb low to 14th Feb high turning price back again.... Perhaps the earlier test short hints that price will head south again soon...some juicy T1s down there to aim for
  • #2,384
  • Feb 19, 2008 6:17am Feb 19, 2008 6:17am
I realized from 3 graphs above, that seem like my setting is different (for intraday) setting. Am i missing something here? Im using indicator Bobokusfibo.ind. In case you all have a latest indicator, can you pls attach it together...many many thanks.
  • #2,385
  • Feb 19, 2008 6:40am Feb 19, 2008 6:40am
The best entry for this short was yesterday afternoon but I did not take it, Its our anniversary so I missed trading last night. The entry during the London session was the 0900 candle but following after that with your swing you can see price is turning against that position. This is one I most likely would have lost myself and after seeing the ranging and failure to break the low of yesterday so far its best to sit on the sidelines and wait for a break of this ranging period since the low was made yesterday. The Intraday levels of yesterday are still Resistance since the low of it has not been broken yet so taking longs are risky even still, but the formation is looking like Cable is trying to establish a bottom.....best play is to wait it out and let the market movers show the direction.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbp0219a.gif Size: 16 KB
  • #2,386
  • Feb 19, 2008 7:53am Feb 19, 2008 7:53am
Ma,
U talk about establishing a support,when can we have this established or is the support u are talking about the same with the support we get from calculating our pivot positions.
Then,what is the significant of calculating our pivots,resistance and support positions when a single pull of our fib's will give us the details.
I'm just confused,please help me out.
Gbenga
  • #2,387
  • Feb 19, 2008 8:00am Feb 19, 2008 8:00am
Quoting Bobokus
This is one I most likely would have lost myself and after seeing the ranging and failure to break the low of yesterday so far its best to sit on the sidelines and wait for a break of this ranging period since the low was made yesterday.
Bo, out of interest, what would you say your win rate is using the hrly TF?
  • #2,388
  • Feb 19, 2008 8:05am Feb 19, 2008 8:05am
Quoting hiswords
Ma,
U talk about establishing a support,when can we have this established or is the support u are talking about the same with the support we get from calculating our pivot positions.
Then,what is the significant of calculating our pivots,resistance and support positions when a single pull of our fib's will give us the details.
I'm just confused,please help me out.
Gbenga

Support are the fib levels below the current price.Resistance are the fib levels that are above the current price. The pivot or 50 fib is just the balance point between long and short.
  • #2,389
  • Feb 19, 2008 1:00pm Feb 19, 2008 1:00pm
...hrly might close below today's intraday short fib. I'll be taking the short and holding overnight with a wide stop with targets between 410-20.
  • #2,390
  • Feb 19, 2008 1:12pm Feb 19, 2008 1:12pm
Quoting ChowClown
Bo, out of interest, what would you say your win rate is using the hrly TF?

Past few months around 65%. Its minimizing the losses and maximizing the gains that are key.
  • #2,391
  • Feb 19, 2008 1:16pm Feb 19, 2008 1:16pm
BO

Will we be leaving the Intraday High where it is or moving it to todays high?
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,392
  • Feb 19, 2008 1:21pm Feb 19, 2008 1:21pm
Quoting galaxymom
BO

Will we be leaving the Intraday High where it is or moving it to todays high?
My plan as of now is to leave the Intraday on Mondays move until the low or the levels are broken, and just follow the moves from there whith a Swing fib.
  • #2,393
  • Feb 19, 2008 1:23pm Feb 19, 2008 1:23pm
Quoting Bobokus
My plan as of now is to leave the Intraday on Mondays move until the low or the levels are broken, and just follow the moves from there whith a Swing fib.
Good deal, that's what I was thinking, just needed confirmation.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,394
  • Feb 19, 2008 3:03pm Feb 19, 2008 3:03pm
this is what i just pulled on usd/jpy, Pleaase help me check and correct if not correct.
Attached Image (click to enlarge)
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  • #2,395
  • Feb 19, 2008 3:38pm Feb 19, 2008 3:38pm
Quoting hiswords
this is what i just pulled on usd/jpy, Pleaase help me check and correct if not correct.
Actually that looks pretty good, Your Intraday is correct since that covers the 1hour move down and includes the correct candles from the previous day, and your following correctly with your swing fib...Yes you are correct.
  • #2,396
  • Feb 19, 2008 4:22pm Feb 19, 2008 4:22pm
Bob,
Thanks a lot for the help,that really makes me a better trader and enough confidence to trade more,I want to ask if i can use the fib's on other pairs and if yes is there any variable that needs to be alterd for those pairs? Then i want to ask if the only entry positions has to be either intraday high for long and intraday low for short?
Thanks once again for been there for me,am so happy i could plot a fib correctly.Thanks
Gbenga.
  • #2,397
  • Feb 19, 2008 5:29pm Feb 19, 2008 5:29pm
Quoting hiswords
Bob,
Thanks a lot for the help,that really makes me a better trader and enough confidence to trade more,I want to ask if i can use the fib's on other pairs and if yes is there any variable that needs to be alterd for those pairs? Then i want to ask if the only entry positions has to be either intraday high for long and intraday low for short?
Thanks once again for been there for me,am so happy i could plot a fib correctly.Thanks
Gbenga.
These fibs will work on all the major pairs and to some degree on the crosses.The next part is learning price action to the fib levels, candlestick formations and basically learning the characteristics of each pair you decide to trade.Each pair has its own characteristics,ranges...etc.
Me personally I enter on price reaction at the inner fib levels...Long,Pivot,Short.
  • #2,398
  • Feb 19, 2008 7:22pm Feb 19, 2008 7:22pm
Quoting Bobokus
The best entry for this short was yesterday afternoon but I did not take it, Its our anniversary so I missed trading last night. The entry during the London session was the 0900 candle but following after that with your swing you can see price is turning against that position. This is one I most likely would have lost myself and after seeing the ranging and failure to break the low of yesterday so far its best to sit on the sidelines and wait for a break of this ranging period since the low was made yesterday. The Intraday levels of yesterday are still Resistance since the low of it has not been broken yet so taking longs are risky even still, but the formation is looking like Cable is trying to establish a bottom.....best play is to wait it out and let the market movers show the direction.
Hi Bo: I am a bit confused here, and just need a little clarification. You say that the London session would have produced a Sell on the 09:00 bar, which would have been a break of yesterdays low, and it would have been a loser.

But I thought that you said all along, that the market has to enter into the "ZONE", and a break of either the Swing Short or Swing Long would qualify for a SELL or BUY scenario's ?? Or are you Buying/Selling also at the break of the Swing High/Swing Low area's ??

I will get the hang of this yet, LOL.
  • #2,399
  • Feb 19, 2008 8:57pm Feb 19, 2008 8:57pm
Quoting forexpipmaster
Hi Bo: I am a bit confused here, and just need a little clarification. You say that the London session would have produced a Sell on the 09:00 bar, which would have been a break of yesterdays low, and it would have been a loser.

But I thought that you said all along, that the market has to enter into the "ZONE", and a break of either the Swing Short or Swing Long would qualify for a SELL or BUY scenario's ?? Or are you Buying/Selling also at the break of the Swing High/Swing Low area's ??

I will get the hang of this yet, LOL.
Your broker may have a different GMT time scale, the 0900 candle is the candle that opened at 1.9492, the low from Monday hadnt broken yet it had been penetrated but the candles wicked back above it, a break would be a candle opening below it, this previous candle from today, my 0100 candle is the first to open below Mondays low.
The market doesnt necessarily have to enter the area between the Long and Short fibs thats just the optimum setup to enter, sometimes you dont get any retracement and are left with taking the break of the high or low to enter its just more risky since after entering the market it could retrace then and you'd have to suffer the drawdown.
  • #2,400
  • Feb 19, 2008 9:18pm Feb 19, 2008 9:18pm
Quoting Bobokus
My plan as of now is to leave the Intraday on Mondays move until the low or the levels are broken, and just follow the moves from there whith a Swing fib.

Bo, just wanted to find out if the new intraday trade is solely within the confines of yesterday's trading range? Because you mentioned not moving the intraday fib, and if you do not move it, why?

Also, do u do many trades buy stop or sell stop b4 u go to sleep, leaving the stop loss and tp levels?

Thanks.
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