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Fibonacci Trading with Bobokus

  • #2,741
  • Mar 13, 2008 9:46am Mar 13, 2008 9:46am
Quoting logiktrader
I am not sure if Bobokus had defined an exact TP/SL level for every trade.

I usually set T1 for my target level, and then a few pips above the long if going short, or a few pips below the short if going long for my stop loss.
Thanks once again....is that the way that you would look at the bigg fibbs...?
  • #2,742
  • Mar 13, 2008 9:58am Mar 13, 2008 9:58am
Its not really a big fib, but you want to place them in the right location.

place fibs on the trend and not the retracement, except for the daily.
  • #2,743
  • Mar 13, 2008 9:59am Mar 13, 2008 9:59am
Quoting jets211990
Price aso had a break of a smaller swing...so i feel like i have a double confermation...

Attachment
Your on the right track, I looked at Eur/Chf and this is what I see. Since the beginning of march on the daily chart price appears to be ranging now and in the midst of a downswing on an attempt at the low again, From the 1 hour its met its target range based on yesterdays Intraday movement and is trying to maintain itself back into the Retracement fib levels a failure will confirm an attempt at the low again, if price can maintain the rally after yesterdays target range being met it could range again now or consolidate, measuring this first swing from the target range support appears to be holding at the moment.
The overall Daily condition of this pair is short, but close to the bottom of its latest Daily step down.
I posted a template for this pair if you want to experiment some with it.
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  • #2,744
  • Mar 13, 2008 10:01am Mar 13, 2008 10:01am
Quoting logiktrader
Its not really a big fib, but you want to place them in the right location.

place fibs on the trend and not the retracement, except for the daily.
Correct as the higher the timeframe or the more of price covered by a fib the stronger its levels will be.
  • #2,745
  • Mar 13, 2008 10:09am Mar 13, 2008 10:09am
I am still in the trade but nervous....
  • #2,746
  • Mar 13, 2008 10:13am Mar 13, 2008 10:13am
Should i close my position?????
  • #2,747
  • Mar 13, 2008 10:16am Mar 13, 2008 10:16am
Quoting jets211990
Should i close my position?????
What price did you enter at
  • #2,748
  • Mar 13, 2008 10:19am Mar 13, 2008 10:19am
5714....please tell me what i should do...
  • #2,749
  • Mar 13, 2008 10:23am Mar 13, 2008 10:23am
Quoting jets211990
5714....please tell me what i should do...
Are you trading Live or Demo ?
The trade is in trouble if this candle or the next breaks 1.5780, If it holds you may get it to retrace some back closer to your entry point. It looks to break it to me though.
  • #2,750
  • Mar 13, 2008 10:24am Mar 13, 2008 10:24am
i just closed.....ahhhhhh
  • #2,751
  • Mar 13, 2008 10:27am Mar 13, 2008 10:27am
Quoting jets211990
i just closed.....ahhhhhh
Trade a demo until you get a good feel for the market, dont trade live until you can trade a demo successfully over several months at least. Also Cross pairs like this can be more difficult than trading the majors, since its destiny is decided by 2 other pairs.
  • #2,752
  • Mar 13, 2008 10:27am Mar 13, 2008 10:27am
if trading makes you nervous, you might want to do demo trading instead.
  • #2,753
  • Mar 13, 2008 10:33am Mar 13, 2008 10:33am
Not really nervous...its just that iam not so sure about when to call the stop.....
  • #2,754
  • Mar 13, 2008 11:04am Mar 13, 2008 11:04am
Quoting jets211990
Not really nervous...its just that iam not so sure about when to call the stop.....
I understand. You should have your Lot size, TP, and SL prepared before you go into a trade. This takes the guess work out of it. Especially when you are starting out, you want to go in to a trade with good risk management strategies. Some choose not to use a Stop Loss, but they have to be extremely disciplined in order to be successful. My advice is to study risk management and start out by using Take Profit and Stop Loss levels.

Second tip is to move to a demo account. When I started out, there was nothing more I wanted than to make a lot of money (greed), then when I wasn't making money I was waiting for price to turn around (hope), then when price didn't turn around I was upset (fear).

Greed, hope, and fear will ruin your trading.
  • #2,755
  • Mar 13, 2008 2:10pm Mar 13, 2008 2:10pm
Thanks alot for your help...i am going to move to my demo account now...untill i feel confertable....i will be posting some chrts when ever i feel it looks like a good trade and operated it on demo...
  • #2,756
  • Mar 13, 2008 2:26pm Mar 13, 2008 2:26pm
When price is inside the zone in the daily chart how do you see the market....do you wait for it to leave it first...in order to operate the smaller time frames?

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  • #2,757
  • Mar 13, 2008 2:42pm Mar 13, 2008 2:42pm
Quoting jets211990
When price is inside the zone in the daily chart how do you see the market....do you wait for it to leave it first...in order to operate the smaller time frames?

Attachment
Unless you are looking to really long term trading, you need to go to the Hourly chart to look for entries, there are over 400 pips in your box and your Target is over 400 pips from the long. Most of us are trading from the Hourly chart, although we are trading the Daily. I don't know if that makes sense, but there is so much movement within that 400 pips + to be gained that holding a long position for weeks or longer for 400 pips and suffering the draw downs is difficult for most, unless you are limited to looking at your chart once a day. Then Trading the Daily or 4Hour tf's is your only option.

Your Down Trend Fib, if that is what you are trying to represent, is incorrect, as is your Retracement Fib.
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Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,758
  • Mar 13, 2008 2:43pm Mar 13, 2008 2:43pm
can you let me know whats right...or are they both right but different ways f operating...or both wrong lol

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  • #2,759
  • Mar 13, 2008 2:47pm Mar 13, 2008 2:47pm
I understand that we operate the daily chart but what i mean is what do you when price is near one of those big daily fibbs...38.2,50,61.8
  • #2,760
  • Mar 13, 2008 5:14pm Mar 13, 2008 5:14pm
Hello Bruce, if you are here, just sent you a PM.
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