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Fibonacci Trading with Bobokus

  • #2,821
  • Mar 19, 2008 8:36pm Mar 19, 2008 8:36pm
Thanks alot
  • #2,822
  • Mar 20, 2008 7:41pm Mar 20, 2008 7:41pm
Quoting Bobokus
Sorry im late responding to everyone but im having some unexpected health issues and my time in the thread may be limited for a while, but i will be back as before once everything is taken care of.
Bo - I just realized you were ill - I hope and pray you are feeling better
  • #2,823
  • Mar 22, 2008 6:28am Mar 22, 2008 6:28am
hi
here is the thing , so you go long or short for the break of 61 and 38 to the other level of fib ?
or do you use it as support and Risestance , and wait for signal to go with the trend ?
thanks
The million dollar man Alkhatarey
  • #2,824
  • Mar 22, 2008 9:52am Mar 22, 2008 9:52am
Quoting alkhatarey
hi
here is the thing , so you go long or short for the break of 61 and 38 to the other level of fib ?
or do you use it as support and Risestance , and wait for signal to go with the trend ?
thanks
The inner fib levels swerve as support and resistance. Most trade from a break of the High or Low. With a lot of practice and studying Price action you can learn to trade from other fib levels and with in them. Learn the basics first.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #2,825
  • Mar 24, 2008 10:44am Mar 24, 2008 10:44am
Hi, all
Great thread, thx Bobokus for your effort to sharing all these with us.
Tell me, do you know some source where we can learn more about Fibonnacci, I think in one of the posts was a link to some lady's website talking about fibo....
I don't say
  • #2,826
  • Mar 24, 2008 11:29am Mar 24, 2008 11:29am
Quoting dragosd1
Hi, all
Great thread, thx Bobokus for your effort to sharing all these with us.
Tell me, do you know some source where we can learn more about Fibonnacci, I think in one of the posts was a link to some lady's website talking about fibo....
Here is some sites i recommend:

http://www.mjbraun.net/ (i have the course)
http://www.fibmarkets.com/index.html (I have the course)
http://www.fibonacciqueen.com/
http://www.dynamictraders.com/
  • #2,827
  • Mar 24, 2008 12:25pm Mar 24, 2008 12:25pm
Hi, nice thread,
I started using fibo just a week ago but seems to me the most reliable method.
I'm using 5 min charts, but draw fibs from the bigger tf for the main perspective, knowing that on the higher tf directed the main moves.
You can also catch counter trend retracements on 5 min, but I do trade mainly with the trend.
I don't say
  • #2,828
  • Mar 24, 2008 6:33pm Mar 24, 2008 6:33pm
Quoting dieselpower
Here is some sites i recommend:

http://www.mjbraun.net/ (i have the course)
http://www.fibmarkets.com/index.html (I have the course)
http://www.fibonacciqueen.com/
http://www.dynamictraders.com/
Fibmarkets.com is Neal Hughes.. a great trader and teacher. Taught for the original fib guy himself Joe DiNapoli. Neal has a new service just coming out and has recently given a series of webinars ... which he is going to contine for a couple of months. Price is very reasonable.

Dynamic Traders is Robert Miner. Another good trader/teacher. Attended his workshop at the Chicago expo a few years ago. He has a killer software package, I just cant afford it or the data feed. But if you can... man it is great. Fibs, Time and Price cycles, Fib Time and Fib Price confluence along with Elliot Wave.

Fibonacciqueen. Uses Miner's techniques and software. I like her style. She has a service you can get for free and see how she plans trades.

Those are my testimonials in the Fib Arena.
  • #2,829
  • Mar 24, 2008 6:36pm Mar 24, 2008 6:36pm
thx guys, as a matter of fact I just remember as I saw, it was fibonnacciqueen....
thank's appreciate!
I don't say
  • #2,830
  • Mar 25, 2008 3:41pm Mar 25, 2008 3:41pm
This is one of those instances when you have to include more than 1 days high and low since we have had 1 continueous move since the low of yesterday.Price is also reaching an important resistance level of 2.0033 from the Downtrend fib of the Daily chart, along with 2 other resistance points of 2.0065/2.0143 the Pivot and Long levels of the fib that measures the last move down that Cable has made. The thing to look for if you not long on Cable is to buy the next bounce off the support levels from the Intraday fib if it doesnt come a slightly more risky move of buy the dip and use price action as the entry will have to do.
Just thought I would point out the Intraday fib since it spans 2 days movement instead of 1 day.
The second chart shows the resistance points mentioned before highlighted by the Blue area.
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  • #2,831
  • Mar 26, 2008 7:26am Mar 26, 2008 7:26am
Last night provided a good scalp short, and gained some lost from my Daily trade I have running. 2.0065 has held price in its latest rally and viewed from the Daily the 2.0033 Downtrend fib has held. To relieve some of this new downside pressure price will have to be maintained above the support levels indicated here by the Intraday fib, which can also be pulled all the way back to the last low of 1.9733.
By the looks of todays action I can see 1.9930/1.9920 being tested and a bounce from there may provide another long entry but time will tell as the US session is about to get kicked off with minor news that should already be priced in, a surprise from the forecast may get some movement.
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  • #2,832
  • Mar 26, 2008 7:11pm Mar 26, 2008 7:11pm
We got just what we were looking for this morning by the way of a bounce from 1.9930/1.9920 area and we took the entry long. Ive closed 80% of this trade since weve made some very good trades this week and just going to let the rest run in hopes of another bounce if it doesnt come or we break out again so much the better on another bounce from the Intraday support levels Ill stack another long on top of this one. A break short and we havnt lost anything since well let this ride until break even.
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  • #2,833
  • Mar 27, 2008 7:08am Mar 27, 2008 7:08am
I didnt get the second entry I wanted but did get the break in the long continueing. I will hold this as long as 2.0112 contains price on a retrace. Maybe get to add another one on a bounce from there.
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  • #2,834
  • Mar 27, 2008 2:36pm Mar 27, 2008 2:36pm
Greetings,

Thank you for sharing your insightful and refreshing trading ideas with us. Your knowledge and application of Fibonacci levels to trading is well received. God bless you.

Regards

www.forexnetworth.com
  • #2,835
  • Mar 28, 2008 7:02pm Mar 28, 2008 7:02pm
Quoting forexnetworth
Greetings,

Thank you for sharing your insightful and refreshing trading ideas with us. Your knowledge and application of Fibonacci levels to trading is well received. God bless you.

Regards

www.forexnetworth.com
We'll thank you for the compliments kind Sir.
  • #2,836
  • Mar 28, 2008 7:13pm Mar 28, 2008 7:13pm
Friday proved to be another very profitable day, I took the early short from the rejection of the Intraday fib levels and the desending candles confirmed my entry, once the Intraday fib levels rejected price we now have a potential reversal especially after breaking the previous days Short fib level so this puts us into the selling rallys mode as well...with it being Friday and a favorite to sell off on we would look for a second entry to ride along with the profit taking if it occurs and we get it, so a second entry shows itself on the rejection at the current Intraday fib at the time and we enter short again for the ride. Measuring price from the current low at the time to the rejection point we get the take profit or target range for the second trade (Swing Fib) and take our profit once its levels are hit. The original position I will hold through the weekend to see if we get some continuation in this or more downside pressure if not we will close it and look to reset again.
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  • #2,837
  • Mar 28, 2008 9:55pm Mar 28, 2008 9:55pm
Well done Bobokus!!!
You are the master at this.

AZ
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #2,838
  • Mar 29, 2008 1:43pm Mar 29, 2008 1:43pm
Hi Bo,
Comparing our results from Friday just shows the difference between a master and a novice. I took the first short at the 0% line (- not confident about the short side) and exited at the T2 for the Swing fib.
Then took the second short off a large swing fib (main move of the day) . Entered on a close outside of the 23.6% and it didn't get close enough the the -38.2% extension and started to retrace, so I closed it for only +30pips before it hit the 0% line (also close to the End of Day).
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  • #2,839
  • Mar 29, 2008 3:14pm Mar 29, 2008 3:14pm
Quoting ianf0ster
Hi Bo,
Comparing our results from Friday just shows the difference between a master and a novice. I took the first short at the 0% line (- not confident about the short side) and exited at the T2 for the Swing fib.
Then took the second short off a large swing fib (main move of the day) . Entered on a close outside of the 23.6% and it didn't get close enough the the -38.2% extension and started to retrace, so I closed it for only +30pips before it hit the 0% line (also close to the End of Day).
If your wating for the high or low to break your entering at the midway point of the trade at which point it has the potential to retrace alot of times from there, entering from the inner fib levels your in profit and may have time to close the trade if it reverses. Me personally there is no need for a 23.6 or 76.4 level.Most of the time price doesnt go directly to the extentions it will sometimes take more than one movement to reach its target , if it fails to reach its targets from 1 day to the next sometimes 2 days,the currency will most likely go into ranging or is about to reverse.
  • #2,840
  • Mar 29, 2008 3:30pm Mar 29, 2008 3:30pm
This is an illustration of the difference of entering from the inner levels vs waiting for the high or low to break. As a beginner it may be best to wait for the high or low to break and thats a good way to learn trading since you are trading a support or resistance break that way. Just wanted you to know Im not saying you did it wrong just that I developed my strategy from entering where the trades begin, not necessarily waiting on a support or resistance level to be broken or breached.
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