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Fibonacci Trading with Bobokus

  • #2,661
  • Mar 5, 2008 10:23pm Mar 5, 2008 10:23pm
Is there a particular reason why you only trade the cable? Shouldn't fibs work on all currencies?
  • #2,662
  • Mar 6, 2008 12:35am Mar 6, 2008 12:35am
Quoting logiktrader
Is there a particular reason why you only trade the cable? Shouldn't fibs work on all currencies?

I trade USD/Yen, Euro,GBP/Yen and Euro/yen. Cable is just my favorite.When trading at first sometimes its best to stick with one currency so I post using my favorite as the example. and yes fibs will work the same on all the Majors and to a high degree on the crosses.
  • #2,663
  • Mar 6, 2008 6:01am Mar 6, 2008 6:01am
This is my current chart. Excuse the naming on the fib levels.
My current feeling from looking at vhands is that price is going to adhere to the black levels and go short to T1 around 19917. Then it may go long all the way back uo to 20014

This is the way i usually look at charts. Just two fibs, with the smaller one of most immediate importance timewise.

What do you think?
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  • #2,664
  • Mar 6, 2008 6:02am Mar 6, 2008 6:02am
lol - how wrong was i?
  • #2,665
  • Mar 6, 2008 6:26am Mar 6, 2008 6:26am
Quoting jicjoc
This is my current chart. Excuse the naming on the fib levels.
My current feeling from looking at vhands is that price is going to adhere to the black levels and go short to T1 around 19917. Then it may go long all the way back uo to 20014

This is the way i usually look at charts. Just two fibs, with the smaller one of most immediate importance timewise.

What do you think?

15 minute charts give too many false signals for me to base my trade entry's from, the 1 hour gives enough false signals.They would be ok i guess to enter in a quick scalp type trade looking for 10-20 pips maybe but ive never tried to develope a strategy for that small a timeframe.
Thexder and Islander have been working on more of the scalping type trade with the smaller timeframes. They seem to be doing very well with it, its just not for me.
  • #2,666
  • Mar 6, 2008 7:02am Mar 6, 2008 7:02am
True, tbh i got a little mixed up there. I like the 15minTF for usdjpy but it hasnt worked for me on gbpusd much before. I shouldnt really have entered short there.
I definitely should have gone long though. Look at it now?? As i thought, it has flown up!
  • #2,667
  • Mar 6, 2008 7:06am Mar 6, 2008 7:06am
Quoting jicjoc
True, tbh i got a little mixed up there. I like the 15minTF for usdjpy but it hasnt worked for me on gbpusd much before. I shouldnt really have entered short there.
I definitely should have gone long though. Look at it now?? As i thought, it has flown up!
Yep the 4 day ranging period had been bouncing off support but had nothing driving it until the news here the past 2 days and again tomorrow with NFP.
  • #2,668
  • Mar 6, 2008 7:38am Mar 6, 2008 7:38am
Great trade there today! Finally ot of that damb ranging
Time hides Nothing
  • #2,669
  • Mar 6, 2008 7:40am Mar 6, 2008 7:40am
Quoting CindyXXXX
Great trade there today! Finally ot of that damb ranging
Yep we finally broke from the ranging, now were back in business !
  • #2,670
  • Mar 6, 2008 8:20am Mar 6, 2008 8:20am
Wow

FINALLY finished reading through the 170 pages of this thread (not just reading but studying) I think it only took me the best part of 2 or 3 weeks aswell lol :surprised

I would obviously like to thank Bo for his patience and sharing his knowlege so unselfishly...

Also thanks Galaxy Mom for the trading plan that's a great help too...

Now I just have to go back and read Mr. Anals (Thexter) Swing trading notes lol I'm guessing it's going to be thorough~!

The learning never ends

Off topic: but has anyone evr read the book "Ugly Americans"? It's a true story about a hedge fund trader... Hell cool. I highly recommend it lol

Thanks Guys
Time hides Nothing
  • #2,671
  • Mar 6, 2008 10:15am Mar 6, 2008 10:15am
Quoting CindyXXXX
Wow

FINALLY finished reading through the 170 pages of this thread (not just reading but studying) I think it only took me the best part of 2 or 3 weeks aswell lol :surprised

I would obviously like to thank Bo for his patience and sharing his knowlege so unselfishly...

Also thanks Galaxy Mom for the trading plan that's a great help too...

Now I just have to go back and read Mr. Anals (Thexter) Swing trading notes lol I'm guessing it's going to be thorough~!

The learning never ends

Off topic: but has anyone evr read the book "Ugly Americans"? It's a true story about a hedge fund trader... Hell cool. I highly recommend it lol

Thanks Guys
True there is no end to the learning process, and your welcome.
  • #2,672
  • Mar 6, 2008 5:59pm Mar 6, 2008 5:59pm
Can anyone help this currency,when is it going to pick up?
  • #2,673
  • Mar 6, 2008 6:46pm Mar 6, 2008 6:46pm
Quoting hiswords
Can anyone help this currency,when is it going to pick up?
No relief for the Dollar anytime soon, when its down it gets beat on just like anything else....kinda like the ole saying, when sharks sense "blood in the water".
  • #2,674
  • Mar 6, 2008 8:50pm Mar 6, 2008 8:50pm
Quoting hiswords
Can anyone help this currency,when is it going to pick up?
The world is pulling away from the US dollar as a safe haven for investing, and has gone to the EUR & JPY, and unfortunately, the GBP is in the middle of the cross fire with the US dollar, and is in a king size bed with the US on the subprime mortgage mess.

So you will see a further weakening of the US dollar and the pound, and the
G/Y going down to at least the 190.00 area, and the EUR going up to the 1.60 area or more. The G/Y has been in a major uptrend since 2000, actually 1995, but there was a big retracement before it continued back up.

This recent move down from 251.00 area is the first major retracement from that high, and will probably drop down till it touches the 61.8 fib at 187.50 area.
  • #2,675
  • Mar 7, 2008 12:10pm Mar 7, 2008 12:10pm
Bobokus,

Just wanted to thank you for another positive week of trading. Your method of multiple Fibs really is easy to comprehend - it's no longer a mystery (at least for me). Have a wonderful weekend.
  • #2,676
  • Mar 7, 2008 12:59pm Mar 7, 2008 12:59pm
Quoting Rialto
Bobokus,

Just wanted to thank you for another positive week of trading. Your method of multiple Fibs really is easy to comprehend - it's no longer a mystery (at least for me). Have a wonderful weekend.
Excellent, thats the kinda thing I like to hear. Positive week of trading!
  • #2,677
  • Mar 8, 2008 3:23pm Mar 8, 2008 3:23pm
The week ended with a bang and there were some good moves that evolved from the break of the ranging period. The fibs performed well last week even though I didnt get much Intraday trading in due to being a little under the weather.
Looking at Fridays move it appears as if the momentum has slowed, this could be due to the fact it was Friday and the News from NFP had already been priced in, but regardless it looks to roll over now if the high doest break before the low of Friday does. If so we could see some of this move up from the end of last week loose some ground but I would look to the levels of the move up as possible bounce points, sorry but i used the template from my Daily thread as the example here since i havnt updated my Intraday trading charts very much last week.
On a break of the high we still will be watching the reaction of price to the Downtrends pivot and long levels, On a short we need to be carefull around 2.0033 as well since this was the Short level of the Downtrend fib now broken by the Daily close above it but it will now act as minor support.
You may not have noticed but the T1 of our Retracment fib (2.0212)was met Friday from a bounce of its long fib level of 1.9728 which carried enough momentum to break the short fib level of the Downtrend fib and reach its target..very strong move indeed, and we can now pull the high of that fib up as well now. The levels of the Retracement fib will show the Major Support points now that have to be broken in order for Cable to show a bearish condition. If they hold the Bullish condition will remain intact.
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  • #2,678
  • Mar 10, 2008 4:46am Mar 10, 2008 4:46am
The last three candles to me look like price is going long again. It looks like it got beat off the pivot 3 times now.

I meant to post this an hour ago, but forgot to press the reply button.
Looks like i was right!
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  • #2,679
  • Mar 10, 2008 8:23pm Mar 10, 2008 8:23pm
I am posting what I saw for todays move, hopefully I am close to what it should look like. Maybe Bo can give me some feed back.

I pulled the Swing Fib from the Low of the 07:00 candle on Mar. 6, after watching the 17:00/10/03/2008 bounce off of the Swing Short Fib (2.0098) to a tee, then the market went down to T1 (2.0048) and found support.

As you can see, I placed the Trend line after the 12:00 candle painted from the daily High, and the market followed it to a tee. So trend lines can be very useful to say the least. Pretty scary how accurate Fibs and trend lines can be.
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  • #2,680
  • Mar 10, 2008 9:33pm Mar 10, 2008 9:33pm
Quoting forexpipmaster
I am posting what I saw for todays move, hopefully I am close to what it should look like. Maybe Bo can give me some feed back.

I pulled the Swing Fib from the Low of the 07:00 candle on Mar. 6, after watching the 17:00/10/03/2008 bounce off of the Swing Short Fib (2.0098) to a tee, then the market went down to T1 (2.0048) and found support.

As you can see, I placed the Trend line after the 12:00 candle painted from the daily High, and the market followed it to a tee. So trend lines can be very useful to say the least. Pretty scary how accurate Fibs and trend lines can be.
You are very close to the same I would have. The only difference I see is your blue swing fib, pull it down to the last leg up price made from the low of the 5th that way you see the minor support areas of this last push up price has made.
Weve also had more than a 61.8% retrace from the previous days movment so we could see ranging or even a deeper retrace now into this last push up in price over the past few trading days. A test and failure at todays Intraday levels will be the confirmation that price can make at least one more stair step down, into the Downtrend Short fib level or one of the 3 minor support levels you see here on my chart i have marked as support. A break of the Intraday Long fib and we should test the highs again.
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