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Fibonacci Trading with Bobokus

  • #2,761
  • Mar 13, 2008 7:03pm Mar 13, 2008 7:03pm
Let me know your opininons about my fibbs...


Daily chart
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Hour chart

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  • #2,762
  • Mar 13, 2008 7:10pm Mar 13, 2008 7:10pm
Quoting jets211990
They are 2 images one is more zoom in then the other ...

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Remember to draw you Uptrend, Downtrend and Retracement fibs on the Daily chart. Then switch it to the 1 hour to place you Intraday and swing fib. Being this is the swissy which use to be around 90% correlation to the Euro its been in a consistant downtrend so there is no uptrend to put a fib on, since for the most part the Swissy will run counter to the Euro's movement. From where it is as of now it looks to be in a consolidation period and ranging so to me the best play here on the swissy is to wait out the break of the range. If not you might get sucked in to a false break from the fib levels. Once the Range is broken you can wait for either support or resistance to be tested and when it holds enter then. Patience is one of the hardest skills to master in forex trading as well as the need to always be in a trade, which is very counter productive. Hover over the movements more as a sniper would when stalking its prey and wait for the shot...the fibs are the crosshairs of your scope....it will come.
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  • #2,763
  • Mar 13, 2008 8:47pm Mar 13, 2008 8:47pm
I just saw your videos and it clear alot of stuff...can you post the usd/chf daily so that i can look at it an use them as refrence...please
  • #2,764
  • Mar 13, 2008 11:23pm Mar 13, 2008 11:23pm
I think i set up the fibbs right...Bobokus when you have a chance tell me what you think....What I see is that price is going thrue some consolidation and it might give some false breakouts...But overall i believe it is bearish since price has hit a 161.8 fib if you throw fibb from price 9957 to 9335 on daily chart and it looks like price had hit a t2 extension.. I hope iam right.


Daily Chart

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Hour Chart

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All the info on the one hour chart at the smae time

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Let me know if you guys think its right...
  • #2,765
  • Mar 13, 2008 11:38pm Mar 13, 2008 11:38pm
Quoting jets211990
...Bobokus when you have a chance tell me what you think....
I've banned Bo from posting, till he feels better.
Carpe Divitiae
  • #2,766
  • Mar 14, 2008 12:09am Mar 14, 2008 12:09am
Quoting fsiltd
I've banned Bo from posting, till he feels better.
I second the banning of Bo, maybe we should get a moderator to really "ban" him.



jets, not to jump to conclusions or to be rude, but my suggestions are to read every single page of this thread, it will probably take you a week or two, but it will be well worth it, and you would have answered many of your own questions.
  • #2,767
  • Edited 6:41am Mar 14, 2008 6:28am | Edited 6:41am
Isn't it great when your short trade is going so well that MT4 has to re-scale the screen to allow the trade candle to keep going?

Who said next week is Good Friday? This one's pretty good to me.

The fib looks like it's in the middle of nowhere but I was switching time frames around and that's how it came out on H1.
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"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,768
  • Mar 14, 2008 5:46pm Mar 14, 2008 5:46pm
Thexder, were you around to catch the short trade this afternoon.....a really good friday for sure.

HH
  • #2,769
  • Mar 14, 2008 6:09pm Mar 14, 2008 6:09pm
I love gpb/usd.....kaching.....
  • #2,770
  • Mar 14, 2008 6:10pm Mar 14, 2008 6:10pm
OOOOPs,,,i forgot to thank Bo for his insightful site.
  • #2,771
  • Mar 14, 2008 6:10pm Mar 14, 2008 6:10pm
everybody have a great weekend
  • #2,772
  • Mar 14, 2008 8:33pm Mar 14, 2008 8:33pm
Quoting hharrington
Thexder, were you around to catch the short trade this afternoon.....a really good friday for sure.
After the first short I was out for the day - by then news was taking over, both 8:30 and 9:55am my time, and cable had well overextended its normal daily travel in both directions and then back again as it turns out...too wild to try taming with stops and entry points the way I go about it. Maybe I need to come up with a top/bottom picker scalp?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,773
  • Mar 14, 2008 8:54pm Mar 14, 2008 8:54pm
Quoting Thexder
...too wild to try taming with stops and entry points the way I go about it. Maybe I need to come up with a top/bottom picker scalp?...
If my opinion counts for anything...:
Don't go there. You seem to be doing just fine for now, no?
Also, you know what they say...
"He who try to pick top, get face slapped.
He who try to pick bottom, get stinky finger."
Carpe Divitiae
  • #2,774
  • Mar 15, 2008 1:26pm Mar 15, 2008 1:26pm
Well i wanted to show this to everyone since it can help out with your trading....umm well this allows you to hear news worldwide about the forex and any rumor thats going on...its a good site to have on as you are trading...(its free)...its amazing when fundis are going to come out...they give you a good deal of stuff free...give a try...

http://ransquawk.com/
  • #2,775
  • Mar 16, 2008 7:48pm Mar 16, 2008 7:48pm
What do you guys think. Possible short situation. Stochastic are showing pretty low however.
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  • #2,776
  • Mar 16, 2008 7:54pm Mar 16, 2008 7:54pm
Quoting logiktrader
What do you guys think. Possible short situation. Stochastic are showing pretty low however.
I would be careful at the moment, I've already taken a short, and the stoch's has started crossing up. Also, you might reconsider your Intraday fib.
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Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,777
  • Mar 16, 2008 8:03pm Mar 16, 2008 8:03pm
Quoting galaxymom
I would be careful at the moment, I've already taken a short, and the stoch's has started crossing up. Also, you might reconsider your Intraday fib.

Good suggestion on the re-draw of the intraday. Do you only draw the intraday from the previous day high/low and take into consideration if it is a continuation from the day before or from today when considering high/low levels?
  • #2,778
  • Mar 16, 2008 8:07pm Mar 16, 2008 8:07pm
Quoting logiktrader
What do you guys think. Possible short situation. Stochastic are showing pretty low however.
I'm seeing a lot of indecision and whipsawing of sentiment, things are broadening and going more sideways and widely volatile. And its' early Sunday. Something has to work itself free from this tangled mess. With the big drop Friday it's probably going to at least consolidate from that before cointinuing down. We see right now the lows are nudging slightly lower each bar but they're also going back near the highs. Any little blip can trigger an order and there's no guarantee which may be the actual break out yet or just more sideways noise.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #2,779
  • Mar 16, 2008 8:13pm Mar 16, 2008 8:13pm
Quoting logiktrader
Good suggestion on the re-draw of the intraday. Do you only draw the intraday from the previous day high/low and take into consideration if it is a continuation from the day before or from today when considering high/low levels?
Yes, some times there's a few candles on the day before the last or a few on the current day that needs to be included.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,780
  • Mar 16, 2008 8:14pm Mar 16, 2008 8:14pm
Quoting Thexder
I'm seeing a lot of indecision and whipsawing of sentiment, things are broadening and going more sideways and widely volatile. And its' early Sunday. Something has to work itself free from this tangled mess. With the big drop Friday it's probably going to at least consolidate from that before cointinuing down. We see right now the lows are nudging slightly lower each bar but they're also going back near the highs. Any little blip can trigger an order and there's no guarantee which may be the actual break out yet or just more sideways noise.
Right, and that's what I'm catching for 15 pip profits right now.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
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