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Fibonacci Trading with Bobokus

Quoting AZ-Heat
Hi Bo,

Would you call this a real good set up?
A failure with two dojis at the 61% Intra day fib,
and possible head / shoulders

Thanks

AZ

With the ranging going on today I dont know if I would trust it enough to enter. Its probably a better bet to play the range for small scalps.
HI all

I'm relatively new top this thread but been trying to comprehend it all over the last few days... I've read almost all the posts and watched all the videos but still quite perplexed as to how this all goes togeather.

I understand bits and pieces but it's like a giant jigsaw puzzle for me.

Any suggestions?

Am I the only one confused here?
Cheers

Cindy
Time hides Nothing
Quoting CindyXXXX
HI all

I'm relatively new top this thread but been trying to comprehend it all over the last few days... I've read almost all the posts and watched all the videos but still quite perplexed as to how this all goes togeather.

I understand bits and pieces but it's like a giant jigsaw puzzle for me.

Any suggestions?

Am I the only one confused here?
Cheers

Cindy
Hi Cindy, first let me ask if you skipped to page 109, or did you work through from page 1. I found that it was essential to start at the beginning and work through. From there you have to do the exercises! you have to zoom out the daily chart, find the trend - up or down, and put a fib on it, and so on and so on. You just have to get in there and get your hands dirty, so to speak, if you will ever understand it. Study Bo's charts, try to duplicate them. These steps will help you start to find the frame of the puzzle, then you need to do the vhands for what ever pair or pairs you want to trade, a minimum of 1 years history per pair, more is better. Keep asking questions, post your charts. The puzzle will be easier and easier to finish.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
Bobokus what do you thing about using fibo channel to trading ?
{Link Removed}
Thanks for the very informative thread on support and resistance trading Bobokus. It's very generous of you to spend your time sharing your expertise.

Brilliant idea you had to always pull your fibs from the top down.

I could be way off base, but this morning (PST) I placed a swing fib on the Eur/Jpy, low 158.90 - high 159.89 which turned out to be the Daily Long target 2....in my reckoning at least.

The price bounced off the swing long fib (159.50) and shot staight to swing target 1 (160.24). Very nice, but as I said, I could have been off base and just got lucky with the targets.

Regardless, it was encouraging to watch the price respect the levels.

Thanks again.
Quoting Riddle
Bobokus what do you thing about using fibo channel to trading ?
I wouldnt put too much trust into them , Ive traded with equidistant channels, linear regression channels and fib channels, and they are great as long as price is following a channel and they are telling you yes price is following a channel, the breakouts from them are harder to gauge and time correctly though. A breakout from one can simply be the channel its been following getting wider.manually drawn trendlines will work better in the long run, the higher the timeframe you draw them on the more reliable they are.
Hey Bo,

Can it really be this simple? No stochs, no MACD, no MA's?! Been devouring this thread and am really amazed to see it work. Thanks!

How's this for a USD/CAD setup this morning? Correct entry? (arrow)

Steve
Attached Image (click to enlarge)
Click to Enlarge Name: cad fib.gif Size: 15 KB
TULKAS
Quoting sundowner
Thanks for the very informative thread on support and resistance trading Bobokus. It's very generous of you to spend your time sharing your expertise.

Brilliant idea you had to always pull your fibs from the top down.

I could be way off base, but this morning (PST) I placed a swing fib on the Eur/Jpy, low 158.90 - high 159.89 which turned out to be the Daily Long target 2....in my reckoning at least.

The price bounced off the swing long fib (159.50) and shot staight to swing target 1 (160.24). Very nice, but as I said, I could have been off base and just got lucky with the targets.

Regardless, it was encouraging to watch the price respect the levels.

Thanks again.
We'll that what we want to happen, now just keep repeating the process when you see it setting up again...just demo this at first until you get a better feel for it and can trade successfully enough that your account balance continues to grow.
Quoting Tulkas
Hey Bo,

Can it really be this simple? No stochs, no MACD, no MA's?! Been devouring this thread and am really amazed to see it work. Thanks!

How's this for a USD/CAD setup this morning? Correct entry? (arrow)

Steve
Yes sir that would be correct, its just not always so cut and dry though, just continue to look for the same setup over and over again. And I urge everyone to be demoing this until they fully understand the concepts and can trade with all the conditions that the market is going to throw at you.
Quoting galaxymom
Hi Cindy, first let me ask if you skipped to page 109, or did you work through from page 1. I found that it was essential to start at the beginning and work through. From there you have to do the exercises! you have to zoom out the daily chart, find the trend - up or down, and put a fib on it, and so on and so on. You just have to get in there and get your hands dirty, so to speak, if you will ever understand it. Study Bo's charts, try to duplicate them. These steps will help you start to find the frame of the puzzle, then you need to do the vhands for what ever pair or pairs you want to trade, a minimum of 1 years history per pair, more is better. Keep asking questions, post your charts. The puzzle will be easier and easier to finish.
Thank you Galaxy Mom!
Time hides Nothing
Quoting Bobokus
Your chart isnt displaying , but Ill post a quick one here and just compare it to yours. In this case I have mine reversed, with my Intraday on the movement of Friday and the Swing measuring the move up from last Wednesday. I would like to see some retracement before entering here since there hasnt been any since last Wednesday and taking the break of fridays high is too risky with the Retracement Long fib sitting at 1.9720. I am looking to buy into this if the Support shown from the Swing fib here hold and we get a bounce from its levels.

NM I see it now, yes I am looking at the same thing
Ho Bobokus,

Long Retracement of swing fib is at 1.9575 right? Not sure what is the level you are referring to by 1.9720.


Thanks much

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
Quoting CindyXXXX
HI all

I'm relatively new top this thread but been trying to comprehend it all over the last few days... I've read almost all the posts and watched all the videos but still quite perplexed as to how this all goes togeather.

I understand bits and pieces but it's like a giant jigsaw puzzle for me.

Any suggestions?

Am I the only one confused here?
Cheers

Cindy
I would tend to agree with Galaxymom, the first thing you'll have to master is the fib tool itself and how it can help you to follow price with and what it means when its levels are tested or broken. Its the very same thing as trading support and rsesitance breaks we just are using the fib tool to look ahead of price to see where these points may be..before it gets there.
Quoting TradeStar
Ho Bobokus,

Long Retracement of swing fib is at 1.9575 right? Not sure what is the level you are referring to by 1.9720.


Thanks much

TradeStar
I was referring to the Retracement Fib drawn on the daily chart, the Long fib of it is at 1.9720. The swing Long your talking about is the fib drawn from fridays high back to wednesdays low.
Thanks Bob

Trying to cram your 5 years of knowledge plus 200 plus pages of this thread isn't an easy thing to do in just a few days!

I am determined to get my head around it though to add to my own system for better confirmations.

Do you still offer the private tutorials I noticed at your wesite? If so whats the deal?

Cheers
Time hides Nothing
Quoting Bobokus
I was referring to the Retracement Fib drawn on the daily chart, the Long fib of it is at 1.9720. The swing Long your talking about is the fib drawn from fridays high back to wednesdays low.
Thanks much Bobokus.
Yes, I see it now.

What if price breaks the Friday's high and also closes (daily bar) above the 9720 mark, without testing the Swing Fib levels. Should we get in or Pass.

Given the Swing and daily retracement levels, in this case, is there any value addition with the intra day fib levels. In other words, where would we take the intraday levels into consideration.

May be you discussed these things in various stages during this thread. Since I am getting the hang of it in this example, I am asking this.

Please accept my apologies if this is annoying to go over again.

Thanks again
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
Quoting CindyXXXX
Thanks Bob

Trying to cram your 5 years of knowledge plus 200 plus pages of this thread isn't an easy thing to do in just a few days!

I am determined to get my head around it though to add to my own system for better confirmations.

Do you still offer the private tutorials I noticed at your wesite? If so whats the deal?

Cheers
For the time being yes i still do, it just gets to be a little overwhelming sometimes. you just have to follow the instructions on the site because you will need things like Skype.
Quoting TradeStar
Thanks much Bobokus.
Yes, I see it now.

What if price breaks the Friday's high and also closes (daily bar) above the 9720 mark, without testing the Swing Fib levels. Should we get in or Pass.

Given the Swing and daily retracement levels, in this case, is there any value addition with the intra day fib levels. In other words, where would we take the intraday levels into consideration.

May be you discussed these things in various stages during this thread. Since I am getting the hang of it in this example, I am asking this.

Please accept my apologies if this is annoying to go over again.

Thanks again
TradeStar
Its no problem, you can take the break of fridays high or rather the break of 1.9720 but you may have to suffer some drawdown, since it stands the chance still of retracing some, the retracement today from this move up it made from wednesday has so far been shallow indicating the pressure to the topside is still strong and may be that way until 1.9720 is reached or breached...then we may see some decent retracing so it can build momentum again.
Another tedious question from me!'

Just wondering what charts you guys use... I don't have the option of renaming my fibs - only the numbers - very confusing for Bos' technique!

Are there any good free ones out there?
Time hides Nothing
Quoting CindyXXXX
Another tedious question from me!'

Just wondering what charts you guys use... I don't have the option of renaming my fibs - only the numbers - very confusing for Bos' technique!

Are there any good free ones out there?
Just open a demo account with a broker that offers Metatrader 4 Platform such as, IBFX and FXDD. You can chart on the demo and enter your trades on your broker's platform.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
Quoting Bobokus
Its no problem, you can take the break of fridays high or rather the break of 1.9720 but you may have to suffer some drawdown, since it stands the chance still of retracing some, the retracement today from this move up it made from wednesday has so far been shallow indicating the pressure to the topside is still strong and may be that way until 1.9720 is reached or breached...then we may see some decent retracing so it can build momentum again.
Thanks Bobokus. This is neat.

So, pretty much we can ignore intraday levels, unless it adds any context to the big picture. right? or do they have some significance on their own.

Thanks again.
Haste not to Enter AND Haste not to Exit !-TradeStar
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