Fibonacci Trading with Bobokus | Page 147 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

fibonacci trading log 2 replies

Need help Bobokus Fibo template 1 reply

Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies

Attachments: Fibonacci Trading with Bobokus
Exit Attachments

Fibonacci Trading with Bobokus

  • #2,921
  • Apr 10, 2008 8:54pm Apr 10, 2008 8:54pm
Quoting Bobokus
Clutter, I know where the levels are.

LMOA thats funny...thats called experience lol..by the way what made you go to the fibb before that one.. i though you would normally stick with the last swing the one i question you about...

Because the one you placed i dont see the reson for it( I am a roockie lol) but what throws me of about it is that if you placed that one there then i dont see what the difference of placing a fibb at level 2.0192 to 9649 or even go one backer..?
  • #2,922
  • Apr 10, 2008 9:06pm Apr 10, 2008 9:06pm
Quoting jets211990
LMOA thats funny...thats called experience lol..by the way what made you go to the fibb before that one.. i though you would normally stick with the last swing the one i question you about...

Because the one you placed i dont see the reson for it( I am a roockie lol) but what throws me of about it is that if you placed that one there then i dont see what the difference of placing a fibb at level 2.0192 to 9649 or even go one backer..?

To many if's today, I watched from the 4 hour timeframe. Its always the bigger picture thats important. To me Intraday trading from the 1 hour timeframe is scalping, on a day like today when the Fundamentals and the Technicals dont match up with price action its best to stay clear and let someone else trade during those times, Ill get in once the dust settles, even this trade is just icing Ive already made my pips this week. There is no need for me to be that zoomed into price at this time.
When you go back in time with your fib only go as far back as the one you find price still respecting its levels.Or the last one price was rejected from or bounced from and hasnt reached its target levels yet.
When your zoomed into price on the last swing its just an early indication of what the immediate price action is doing.
  • #2,923
  • Apr 10, 2008 9:15pm Apr 10, 2008 9:15pm
I see...now another question would be i have noticed that sometimes you trade based on just the rejection of a fibb. Not even waiting for the brake of the counter fibb. What would makes you pull the trigger to get in the market if no counter fibb has been broken?

Thanks again.
  • #2,924
  • Apr 10, 2008 9:19pm Apr 10, 2008 9:19pm
Quoting jets211990
I see...now another question would be i have noticed that sometimes you trade based on just the rejection of a fibb. Not even waiting for the brake of the counter fibb. What would makes you pull the trigger to get in the market if no counter fibb has been broken?

Thanks again.

Simple, Price action
I prefer to trade the moves not the retracements...An example is you have a move during the day (Intraday) then the retracement (Swing). Under normal conditions after the swing is the next move...next Intraday basically. The swing serves many purposes though, just like mentioned before it gives you an early indication of the immediate price action. If your trade from the Intraday levels fails to reach its targets the swing targets will usually show this first. Again its all about the price action or reaction once a fibs levels are tested or broken.
  • #2,925
  • Edited 9:43pm Apr 10, 2008 9:31pm | Edited 9:43pm
Quoting Bobokus
Simple, Price action

I see...so what i will do is maybe wait for a bearish engulfing...tweezer tops, evening stars, dark cloud cover, harami, and candles like that...and if its the other way i can wait for a bullish piercing, hammer, bullish engulfing, tweezer bottom and stuff like that...

So lets say i do take a trade short because price is rejecting a fibb with a shooting start..and price starts to head your way... when price gets near the counter fibb supports you would look at price action and lets say you get a hammer or bullish engulfing...Would that mean for you to exit your trade?

Also i think you rather wait for the counter fibb to get broken right?
Or do you just look at price action...?
  • #2,926
  • Apr 10, 2008 9:43pm Apr 10, 2008 9:43pm
Quoting jets211990
I see...so what i will do is maybe wait for a bearish engulfing...tweezer tops, evening stars, dark cloud cover, harami, and candles like that...and if its the other way i can wait for a bullish piercing, hammer, bullish engulfing, tweezer bottom and stuff like that...

So lets say i do take a trade short because price is rejecting a fibb with a shooting start..and price starts to head your way... when price gets near the counter fibb supports you would look at price action and lets say you get a hammer or bullish engulfing...Would that mean for you to exit your trade?

Also i think you rather wait for the counter fibb to get broken right?
Or do you just look at price action...?
Candle formations are great but the lower the timeframe your trying to trade the less accurate the formations are. I would look more for Candle formations from the Daily and maybe 4Hour anything less has too many false formations. Same thing with fibs or any other tool the lower the timeframe the less reliable they become in my experience. The longer you trade the more you will realise its the simplest of things are successful.
Look at the candle where the high was made today...a 4hour fib pivot level sitting at 1.9848...now look at the candles themselves, where do you see the wicks? and what are they telling you..... all thats needed now is lower lows and a thank you for the pips. To me price action itself is more important that candle formations.
I dont normally trade from the counter (Swing) fib unless were ranging and I want to scalp on the 1 hour timeframe.
  • #2,927
  • Apr 10, 2008 9:59pm Apr 10, 2008 9:59pm
Amazing explanation...i learned that i have to give more priority to the larger timeframes even as an intraday trader...specially the 4 hour time frame...thanks alot again...let me now if you checked out the video i send you...thanks again bud...If i have another question i will post it up..
  • #2,928
  • Apr 10, 2008 10:04pm Apr 10, 2008 10:04pm
By the way do you still use the river?...
  • #2,929
  • Apr 10, 2008 10:11pm Apr 10, 2008 10:11pm
Quoting jets211990
By the way do you still use the river?...
The River ?
  • #2,930
  • Apr 10, 2008 10:11pm Apr 10, 2008 10:11pm
By the way you have a hammer on the 4 hour chart what does that make you think?
Does it make you worried about the short postion since its a candle formation in a 4 hour chart?
  • #2,931
  • Apr 10, 2008 10:13pm Apr 10, 2008 10:13pm
Quoting Bobokus
The River ?

The 62 envelope with deviation 0.05...and i think you also used fan arcs ...?
  • #2,932
  • Apr 10, 2008 10:15pm Apr 10, 2008 10:15pm
Quoting jets211990
By the way you have a hammer on the 4 hour chart what does that make you think?
Does it make you worried about the short postion since its a candle formation in a 4 hour chart?
All that means at this point is yes we are retracing into the prevailing down move of today is all, a break at 1.9790 is needed to change the sentiment from selling rally's to buying dips.
  • #2,933
  • Apr 10, 2008 10:18pm Apr 10, 2008 10:18pm
Quoting jets211990
The 62 envelope with deviation 0.05...and i think you also used fan arcs ...?
Me personally I dont care about the envelope I only put it here in the thread as an aid to those that cant identify the trending moves. I made alot of money from trading that way years ago on GBP/Yen but I realised it was my decisions based from fib levels that were controlling my success and not the envelope type methods.
Fans just clutter the chart, same thing can be accomplished with Gann lines, but I dont need either.
  • #2,934
  • Apr 10, 2008 10:21pm Apr 10, 2008 10:21pm
Quoting Bobokus
All that means at this point is yes we are retracing into the prevailing down move of today is all, a break at 1.9790 is needed to change the sentiment from selling rally's to buying dips.

I see but if 9790 give away .. you still have the major resistance from the fibb on the 4 hour chart price fibb 38.2 (9803)...would that keep you away from entering long?
  • #2,935
  • Apr 10, 2008 10:26pm Apr 10, 2008 10:26pm
Quoting jets211990
I see but if 9790 give away .. you still have the major resistance from the fibb on the 4 hour chart price fibb 38.2 (9803)...would that keep you away from entering long?

No, If 1.9790 gives its a scalp long until support holds, after it breaks I would wait to see if the support levels from this move up hold price and take the bounce then. Its a valid long entry but ive learned patience pays in dividends...jumping on a falling knife just ends up with you bleeding in the balance department.
  • #2,936
  • Apr 10, 2008 10:47pm Apr 10, 2008 10:47pm
you just clear alot...so you wait for the breaks...and wait and see if price holds..amazing...like right now price is holding...so sentiment is bearish..
  • #2,937
  • Apr 10, 2008 10:51pm Apr 10, 2008 10:51pm
Quoting jets211990
you just clear alot...so you wait for the breaks...and wait and see if price holds..amazing...like right now price is holding...so sentiment is bearish..
Yep, and remains that way until Resistance is broken then it shifts. Thats what makes the trending moves easy to trade, Buy the dips or bounces in and Uptrend and sell the rally's or rejections in a downtrend.
  • #2,938
  • Apr 10, 2008 10:51pm Apr 10, 2008 10:51pm
The other fibbs you look at them to see how price action responds to them...once again awsome....
  • #2,939
  • Apr 10, 2008 10:56pm Apr 10, 2008 10:56pm
Quoting jets211990
The other fibbs you look at them to see how price action responds to them...once again awsome....
Now your catching on. The higher timeframes work exactly the same just on a much larger scale. Hence the need to follow the larger timeframes and have those levels in the background of your 1 hour chart...much stronger levels.
  • #2,940
  • Apr 10, 2008 11:08pm Apr 10, 2008 11:08pm
yep thanks to all your help...I am notiving price is finding resistance on that 38.2 but at the same time it now has major supports from daily fibb at price 9741....(61.8 fibb) how do you look at that...?
1 trader viewing now