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Real Time Fibonacci Analysis

  • #1
  • First Post: Feb 20, 2008 3:16am Feb 20, 2008 3:16am
This thread is dedicated to real time fibonacci analysis based on Bobokus' teachings found here http://www.forexfactory.com/showthread.php?t=50767 .

The idea here is to share fibonacci and price action setups so that others can comment on them and offer feedback. Bo's thread is a good place to learn how to trade using strictly fibonacci and price action, this thread is for those who want to take what they have learned and discuss it using real live trades as examples, so as not to clutter up Bo's thread.

This is not for blind trade calls, but rather for sharing analysis and getting feedback so that we can all learn from each other how to be better traders.

Institutional traders have the benefit of working in a group setting with other experts and bouncing ideas off of each other as they make trades. Retail forex is different, we are pretty much on our own. I would like to change that and create a community where real trades are openly discussed so that we can help each other.

Please keep the discussion and analysis based on Bobokus' strategies, not other trading systems, so we can keep it on topic.

Everybody is responsible for their own wins or losses, despite what analysis is shared here.

Please, no negativity.

OK, let's put our heads together and make money!
  • #2
  • Feb 20, 2008 3:29am Feb 20, 2008 3:29am
2 minutes till news is released. Hopefully we break out of this range.
  • #3
  • Feb 20, 2008 3:37am Feb 20, 2008 3:37am
It is currently testing support. I am waiting for a break before I enter. I closed out my previous short at breakeven because I wanted to wait for the news.
Attached Image (click to enlarge)
Click to Enlarge Name: fib.jpg Size: 116 KB
  • #4
  • Feb 20, 2008 3:46am Feb 20, 2008 3:46am
Thanks for getting the thread started, Jared. Time to get this nailed into a daily plan and make money.

I don't usually hold trades through 'red' news, but the hourly price action from yesterday and today's Asian session seemed to be in synch with the prevailing market flow. I saw price creating a descending triangle (of sorts) which to me further confirmed the short trade and to hold.

Lots of news today inc FOMC, so could be a jumpy day ahead.
Attached Image (click to enlarge)
Click to Enlarge Name: hrly fibs - 20th Feb (1) 08.GIF Size: 58 KB
  • #5
  • Feb 20, 2008 4:08am Feb 20, 2008 4:08am
Now cable is on it's bottom, some more news are coming in about 50 minutes, if it will be worse - possible drop down to new lowest lows.
  • #6
  • Feb 20, 2008 4:10am Feb 20, 2008 4:10am
It continues to make lower lows so I took the short and am watching closely for more confirmation to set a target. Hopefully it is not another false breakout like last night. Luckily I held it all day and closed it at breakeven today.
  • #7
  • Feb 20, 2008 4:10am Feb 20, 2008 4:10am
Quoting ChowClown
I don't usually hold trades through 'red' news, but the hourly price action from yesterday and today's Asian session seemed to be in synch with the prevailing market flow. I saw price creating a descending triangle (of sorts) which to me further confirmed the short trade and to hold.
OK, stops moved to +1. Those T1 magnets getting stronger now.
  • #8
  • Feb 20, 2008 4:15am Feb 20, 2008 4:15am
Quoting sDRs
Now cable is on it's bottom, some more news are coming in about 50 minutes, if it will be worse - possible drop down to new lowest lows.
Yes, they're forecasting GBP weakness from that report. I've learnt not to pay to much attention to forecasts though and just use them as a heads up for timing increased volatility.
  • #9
  • Feb 20, 2008 4:23am Feb 20, 2008 4:23am
Watching closely.
Attached Image (click to enlarge)
Click to Enlarge Name: targets.jpg Size: 120 KB
  • #10
  • Feb 20, 2008 4:36am Feb 20, 2008 4:36am
...pulling the fib for today down now to measure strength of the pullback and to protect the shorts. A close above 75 and it's likely all over for 'em.
Attached Image (click to enlarge)
Click to Enlarge Name: hrly fibs - 20th Feb (2) 08.GIF Size: 19 KB
  • #11
  • Edited 4:43am Feb 20, 2008 4:42am | Edited 4:43am
Good plan. That is also close to a recent swing high on the 1 minute chart btw.
  • #12
  • Edited 5:03am Feb 20, 2008 4:54am | Edited 5:03am
Indecision setting in now before the news in 5mins. I'll be moving stops down to above the current hammer before release.

Stopped out now for +20. Onto the next setup ie a close below today's short fib.
  • #13
  • Feb 20, 2008 5:03am Feb 20, 2008 5:03am
Industrial trends orders better than expected. We'll see what happens (if anything). It's hovering just shy of the swing short. Not as much downward momentum as I had hoped, but holding for now. We need some volatitlity!
  • #14
  • Feb 20, 2008 5:18am Feb 20, 2008 5:18am
Quoting Jared
Industrial trends orders better than expected. We'll see what happens (if anything). It's hovering just shy of the swing short. Not as much downward momentum as I had hoped, but holding for now. We need some volatitlity!
Hope they'll oblige and nudge it down further for you. If the last hour's candle/bar hadn't been a hammer, I would have taken another short off today's short fib after the news.

I'll wait now though to see if today's pivot and long fib are tested before taking the next short fib entry.
  • #15
  • Feb 20, 2008 5:47am Feb 20, 2008 5:47am
I'm out at breakeven due to limited volatility. Hopefully US open and news will give it a kick in the pants.
  • #16
  • Feb 20, 2008 5:50am Feb 20, 2008 5:50am
...don't you just hate it when that happens I should learn to trust those T1's more...came within 4 pips of yesterday's T1 back there. 'Fear' still getting the better of me and i'm doing this for a living
  • #17
  • Feb 20, 2008 5:55am Feb 20, 2008 5:55am
Yes fear and greed are the hardest parts of trading to master I think. Personally though I just don't like to be in a trade unless there is either momentum or a clearly defined trend. We have neither currently.
  • #18
  • Feb 20, 2008 6:01am Feb 20, 2008 6:01am
Quoting Jared
This thread is dedicated to real time fibonacci analysis based on Bobokus' teachings found here http://www.forexfactory.com/showthread.php?t=50767 .

The idea here is to share fibonacci and price action setups so that others can comment on them and offer feedback. Bo's thread is a good place to learn how to trade using strictly fibonacci and price action, this thread is for those who want to take what they have learned and discuss it using real live trades as examples, so as not to clutter up Bo's thread.

This is not for blind trade calls, but rather for sharing analysis and getting feedback so that we can all learn from each other how to be better traders.

Institutional traders have the benefit of working in a group setting with other experts and bouncing ideas off of each other as they make trades. Retail forex is different, we are pretty much on our own. I would like to change that and create a community where real trades are openly discussed so that we can help each other.

Please keep the discussion and analysis based on Bobokus' strategies, not other trading systems, so we can keep it on topic.

Everybody is responsible for their own wins or losses, despite what analysis is shared here.

Please, no negativity.

OK, let's put our heads together and make money!
Hi Jared - you may have seen the thread that I created to move trading off Skunny's thread and focus on fibs with GJ, UJ and cable.

Good luck with your's - its hard work and can interfere with your own trading at busy times!

Islander
Trading Levels with WRBs
  • #19
  • Feb 20, 2008 6:02am Feb 20, 2008 6:02am
Yes it would have paid a few pips to hold it just a few minutes longer...... Must trust the fibonacci!!
Attached Image (click to enlarge)
Click to Enlarge Name: t1.jpg Size: 107 KB
  • #20
  • Feb 20, 2008 6:05am Feb 20, 2008 6:05am
Quoting Islander
Hi Jared - you may have seen the thread that I created to move trading off Skunny's thread and focus on fibs with GJ, UJ and cable.

Good luck with your's - its hard work and can interfere with your own trading at busy times!

Islander
We'll see how it goes. It will depend on if people participate. If they do, it will be worth it. If not, this thread will probably die out. I think the best way to learn is live trading, so why not discuss live trades?
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