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Fibonacci Trading with Bobokus

  • #2,841
  • Mar 30, 2008 10:35am Mar 30, 2008 10:35am
Quoting Bobokus
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.

Hi Bo,

I realize the chart above is just an illustration but I dont see how a trader could have entered at the March 17 14:00 time point at price 2.0087 since the fib could not have been drawn until a few bars later at 2.0023. low. And so the 2.0087 point would not have been defined until after the fact of price already hitting the 2.0023 and retracing in order to draw the fib low.
  • #2,842
  • Mar 30, 2008 10:59am Mar 30, 2008 10:59am
Quoting Lou
Hi Bo,

I realize the chart above is just an illustration but I dont see how a trader could have entered at the March 17 14:00 time point at price 2.0087 since the fib could not have been drawn until a few bars later at 2.0023. low. And so the 2.0087 point would not have been defined until after the fact of price already hitting the 2.0023 and retracing in order to draw the fib low.

LOL, no I just used the arrows and the the lines between the levels as a measuring tool, maybe this will help. The arrows and lines dont represent when the entry's were made, just there to show the distance
Attached Image (click to enlarge)
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  • #2,843
  • Mar 30, 2008 12:46pm Mar 30, 2008 12:46pm
Hi Bobokus,

Why is the audio so low in all the video links. Is it just my computer or others also have the same issue.

Also, I see a link for CD in your website. Are you planning to release CDs on your technique?

Thanks
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,844
  • Mar 30, 2008 1:37pm Mar 30, 2008 1:37pm
Quoting Bobokus
LOL, no I just used the arrows and the the lines between the levels as a measuring tool, maybe this will help. The arrows and lines dont represent when the entry's were made, just there to show the distance
Thanks Bo, just wanted to be sure I was seeing things correctly.
  • #2,845
  • Mar 30, 2008 1:50pm Mar 30, 2008 1:50pm
Quoting TradeStar
Hi Bobokus,

Why is the audio so low in all the video links. Is it just my computer or others also have the same issue.

Also, I see a link for CD in your website. Are you planning to release CDs on your technique?

Thanks
TradeStar
The volume seems to be lost during the upload cant explaign why. And
Yes I am eventually, just dont have enough time it seems to get it completed, its going to take several CD's to get everything I want on it.
  • #2,846
  • Mar 31, 2008 12:35pm Mar 31, 2008 12:35pm
Ive been selling the rally's of this move down in price since last thursday and this is my latest (Short @1.9858) on Cable but the loss of momentum has me looking for support to begin to hold price. The swings levels of this rally this morning are for the most part holding, this trade needs an hourly open below 1.9861 in order for this trade to have a chance. Not every trade is a winner and this one doesnt have a good feeling to it but I will trust what I see and follow through with it win or loose. If we can get to hourly open below 1.9861 we might get another attempt at the low of today 1.9811.
The buying that occured earlier today penetrated the 61.8% or Long fib level of todays Intraday but failed to complete. Its a good and a bad sign, in the sense that buying occured at a rate fast enough to spike price which means it has the potential to do the same thing again and the buyers are starting to show interest again.. Not enough jumped on the bandwagon just yet so it failed to open above the Long level. The good part is it was rejected.If it occurs again I will close this short on price action and look to reset and watch for support levels to begin to hold. Its not worth it to hold a loosing trade when there are so many opprtunity's that will arise later.
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  • #2,847
  • Mar 31, 2008 3:42pm Mar 31, 2008 3:42pm
Again Bo, Hope you are feeling better. Its a pleasure to read the information that you write about. The charts really help to understand what you are talking about.

Thanks for all of your insight with fib trading. It has helped me to become a better trader for sure. Kudos to Skunny also for it was his thread that i began to read about fibs.

Price action has always interested me. Between James 16, your thread and skunnys thread it has enabled me to become a profitable trader.

Sincerely HH
  • #2,848
  • Mar 31, 2008 6:30pm Mar 31, 2008 6:30pm
Hi Bo:

I learned in this thread that you pull the Intraday Swing from the PREVIOUS day. But, sometimes I see you pull it from the CURRENT day! You did it again today in Post #2845.

Does this have something to do with Friday crossing into Sunday or am I missing something?

Thanks,

FIB Trading Rocks!!!
  • #2,849
  • Mar 31, 2008 6:51pm Mar 31, 2008 6:51pm
Quoting euro_dude
Hi Bo:

I learned in this thread that you pull the Intraday Swing from the PREVIOUS day. But, sometimes I see you pull it from the CURRENT day! You did it again today in Post #2845.

Does this have something to do with Friday crossing into Sunday or am I missing something?

Thanks,

FIB Trading Rocks!!!
Your correct, I just saw that we most likely had already established the low and high of today and I needed to see the resistance points from todays move in case it started retracing todays initial move short and It proved to be the correct move.If I had been wrong I would have most likely just kept pulling the low until todays low was established.
You can also move the Intraday up once its targets are met, even though yesterdays Intraday target was not met today the high and low had been established. I never try to become too mechanical in my trading decisions since the market conditions can change instantly from one direction to the next Fibs and Indicators only help with those decisions.
  • #2,850
  • Apr 1, 2008 1:26am Apr 1, 2008 1:26am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Everyone, I am new in forex trading, I have been testing hundreds of EA, but, seems none of them is survival. I am just wondering, if discretionary trading can make a difference, the reason I wonder is that,to be consistently profitable, one has to rely on an edge, and an edge must be something that could be systematically tested in an consistent manner, to some extent and upon my understanding, it means can be automized.however, my experience seems telling me none of the automizable ea can make consistent money. therefore, my question is weather the discretionary trading style may have the same detiny of an automatic trading ea.

I wish my logic has defects there, coz these defects imply a hope ( currently, I seem having no hope to forex trading now, but, don't want to give up easily) anyone has similar view or objection, please put forward, let us see what conclusion the debate could lead to.
  • #2,851
  • Apr 1, 2008 4:46am Apr 1, 2008 4:46am
Quoting krue
Hi, Everyone, I am new in forex trading, I have been testing hundreds of EA, but, seems none of them is survival. I am just wondering, if discretionary trading can make a difference, the reason I wonder is that,to be consistently profitable, one has to rely on an edge, and an edge must be something that could be systematically tested in an consistent manner, to some extent and upon my understanding, it means can be automized.however, my experience seems telling me none of the automizable ea can make consistent money. therefore, my question is weather the discretionary trading style may have the same detiny of an automatic trading ea.

I wish my logic has defects there, coz these defects imply a hope ( currently, I seem having no hope to forex trading now, but, don't want to give up easily) anyone has similar view or objection, please put forward, let us see what conclusion the debate could lead to.
We'll the problem with EA's is that you can't program intuition, its the one lacking property that EA's are missing.
  • #2,852
  • Apr 1, 2008 6:05am Apr 1, 2008 6:05am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks, Bobokus

If it's about intuition,then, what is the rule to trade? how a discipline could be built into the intuition? it seems no way to test an intuition, so, the second question is how reliable the intuition one trader develops is? in any case, it seems getting interesting now, honestly wish could explore this subject futher. thanks, Bobokus, for a good start



Quoting Bobokus
We'll the problem with EA's is that you can't program intuition, its the one lacking property that EA's are missing.
  • #2,853
  • Apr 1, 2008 6:36am Apr 1, 2008 6:36am
My target from the last short from 1.9858 is now completed on the target being met at 1.9756, Im now playing the retracement on a scalping Long trade.
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  • #2,854
  • Apr 1, 2008 6:40am Apr 1, 2008 6:40am
Im looking to the last 4 hour swing (inner levels ) where price has made this leg or move down as my targets or BE if it rolls back on me, free trade now.
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  • #2,855
  • Apr 1, 2008 7:20am Apr 1, 2008 7:20am
Closing the long scalp on the touch of the Pivot fib for 60 even pips and looking to reset now regardless if it continues up. I am anticipating support levels to begin to hold now and if they do I will switch modes into buying dips or Swing fib trading if we go into ranging over the next day or so....Waiting game begins
  • #2,856
  • Apr 1, 2008 8:59am Apr 1, 2008 8:59am
Nice trade Bobokus. Prime example of being secure in your trading method - stayed with it until target was met. Great explaination -easy to follow. I followed your "footsteps" in the same trade. Thanks!
  • #2,857
  • Apr 1, 2008 9:48am Apr 1, 2008 9:48am
Quoting Rialto
Nice trade Bobokus. Prime example of being secure in your trading method - stayed with it until target was met. Great explaination -easy to follow. I followed your "footsteps" in the same trade. Thanks!

We'll good job then !!
  • #2,858
  • Apr 1, 2008 7:50pm Apr 1, 2008 7:50pm
Quoting Bobokus
Closing the long scalp on the touch of the Pivot fib for 60 even pips and looking to reset now regardless if it continues up. I am anticipating support levels to begin to hold now and if they do I will switch modes into buying dips or Swing fib trading if we go into ranging over the next day or so....Waiting game begins
Hi Bo, the GU seems to be bouncing off of the 38.2 Swing Short Fib, its hit it 3 times already as I speak. Do you think, it will continue down and break todays lows, since there is a lot of resistance there ??
  • #2,859
  • Apr 1, 2008 8:05pm Apr 1, 2008 8:05pm
Quoting forexpipmaster
Hi Bo, the GU seems to be bouncing off of the 38.2 Swing Short Fib, its hit it 3 times already as I speak. Do you think, it will continue down and break todays lows, since there is a lot of resistance there ??
Time will tell the London session tonight will be key in showing us if we continue down, the signals are there for a short but its very early and you may have too suffer through a waveform up getting in now. A break of todays low and it will signal a short market on the Daily by breaking a fairly strong support level of 1.9741. I have a sell stop in but I am not recommending anyone to follow what im doing tonight as I am expecting a loss soon after hitting this many in a row, its just the nature of the beast, but its also like the lottery you gotta play to win.
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  • #2,860
  • Apr 1, 2008 8:18pm Apr 1, 2008 8:18pm
Quoting Bobokus
Time will tell the London session tonight will be key in showing us if we continue down, the signals are there for a short but its very early and you may have too suffer through a waveform up getting in now. A break of todays low and it will signal a short market on the Daily by breaking a fairly strong support level of 1.9741. I have a sell stop in but I am not recommending anyone to follow what im doing tonight as I am expecting a loss soon after hitting this many in a row, its just the nature of the beast, but its also like the lottery you gotta play to win.
I actually had my intraday fib pulled down to the low of the 07:00 candle, which was the low earlier today, and if you try that, you will see that the bounces off of the 38.2 (Intraday Short) are to the exact pip. The real low of the day did happen on the 14:00 candle.
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