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Fibonacci Trading with Bobokus

  • #2,981
  • Apr 13, 2008 6:42pm Apr 13, 2008 6:42pm
Quoting FxChi
How come this time our Resistance fib swing is larger than our Intraday fib swing? I thought normally our Intraday fib swing is the larger of the two.
The support and resistance fib tools were just part of the example I used to show what you are doing when you apply a fib to a chart to show support and resistance to each movement. If you want to continue to use it there's nothing wrong with it, think of the support and resistance fib the same as a swing fib that you can use to measure anything on the chart with. You can even just replace the Swing with the support and resistance fibs if you like, its up to each individual to find what works for them, and if they work better for you..use them. There is no limits or bounderies that cant be explored, thats part of the path to finding what you like and suits you best.
  • #2,982
  • Apr 13, 2008 6:52pm Apr 13, 2008 6:52pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
The support and resistance fib tools were just part of the example I used to show what you are doing when you apply a fib to a chart to show support and resistance to each movement. If you want to continue to use it there's nothing wrong with it, think of the support and resistance fib the same as a swing fib that you can use to measure anything on the chart with. You can even just replace the Swing with the support and resistance fibs if you like, its up to each individual to find what works for them, and if they work better for you..use them. There is no limits or bounderies that cant be explored, thats part of the path to finding what you like and suits you best.
Actually, that's what I've been doing when backtesting on vhands. I haven't been using the swing fib too often. Usually my intraday swing will be the larger one and I'll plug in my sup/res swings along the way to the intraday targets.
"Wishful thinking dies hard." Igor T.
  • #2,983
  • Apr 13, 2008 6:55pm Apr 13, 2008 6:55pm
Quoting FxChi
Actually, that's what I've been doing when backtesting on vhands. I haven't been using the swing fib too often. Usually my intraday swing will be the larger one and I'll plug in my sup/res swings along the way to the intraday targets.

There you go, experiment with them when you retrade the market you'll find that you can develope your own strategy or take what you've learned to whatever strategy or method you currently use.
  • #2,984
  • Apr 13, 2008 6:57pm Apr 13, 2008 6:57pm
Hey bud what are vhands?
  • #2,985
  • Apr 13, 2008 7:00pm Apr 13, 2008 7:00pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting jets211990
Hey bud what are vhands?
I highly recommend it so you can practice Jets: http://www.forexfactory.com/showthread.php?t=60849

Trading simulator...
"Wishful thinking dies hard." Igor T.
  • #2,986
  • Apr 13, 2008 7:01pm Apr 13, 2008 7:01pm
Quoting jets211990
Hey bud what are vhands?
Vhands is an EA that lets you set up a chart with whatever indicators or method you like on it and retrade the market like it was live. Its posted somewhere here in the thread, just open the paperclicip icon at the top and search through the attachments, there is also setup instructions posted bt EagleTech in one of the posts after I posted the Files for it.

In the beginner section forums there is a thread now dedicated to Vhands and using it.
  • #2,987
  • Apr 13, 2008 7:11pm Apr 13, 2008 7:11pm
AMAZING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
THat made my day lol...thanks to both of you guys lol....
Now i can trade on weekends since i dont have highshool on weekends!!!!!!!!!
  • #2,988
  • Apr 13, 2008 7:22pm Apr 13, 2008 7:22pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting jets211990
AMAZING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
THat made my day lol...thanks to both of you guys lol....
Now i can trade on weekends since i dont have highshool on weekends!!!!!!!!!
You're welcome. I've been retrading over the weekend and it's a very cool indeed. It's funny b/c you can speed up the candles and you'll have your fib levels plotted on that chart before price reaches. Watch what happens when price reaches those levels. I used to read that fib's don't work, but after retrading on vhands, I beg to differ. It's very noticeable once you speed up the action.

Also, what I've been doing, and hopefully it'll help you out too, when you lose on a trade, pause it, and try and figure out where you messed up.
"Wishful thinking dies hard." Igor T.
  • #2,989
  • Apr 13, 2008 7:33pm Apr 13, 2008 7:33pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Actually Bo, I jotted down a couple questions when I was retrading and I hope they make sense to you and maybe you can help me out. If not let me know and I'll try clarifying.

1) Regarding Downtrend Fib’s (this would be what I consider a major fib) – as price makes a new low below downtrend fib, we pull downtrend fib to that low correct? In essence, the downtrend fib targets will never hit? (vice versa for uptrend)

2) Let’s say in a strong trend and we draw intraday fib, and price never retraces to the intraday levels where we make our decisions. Instead it retraces a little then proceeds to T1. Do we follow along waiting for the next bus? What I mean is wait for price to either hit T1 or T2, retrace to decision levels, and then base a trade if there’s something there? Essentially we miss a wave of moevement, but wait for another opportunity or is there a way to deal with situations like this with res/sup or swing fibs?

3) Are intraday fib high/lows ever moved even if price doesn’t hit T1? Let’s say it’s been over 24 hours, but price has created a new higher high or lower low. Can we move the intraday target to encompass that movement with new targets? When demo’ing I did move the intraday to encompass the movement if targets weren't hit after apprxoximately 24 hours.

Hope those make sense Bo.
"Wishful thinking dies hard." Igor T.
  • #2,990
  • Apr 13, 2008 8:14pm Apr 13, 2008 8:14pm
Quoting FxChi
Actually Bo, I jotted down a couple questions when I was retrading and I hope they make sense to you and maybe you can help me out. If not let me know and I'll try clarifying.

1) Regarding Downtrend Fib’s (this would be what I consider a major fib) – as price makes a new low below downtrend fib, we pull downtrend fib to that low correct? In essence, the downtrend fib targets will never hit? (vice versa for uptrend)

2) Let’s say in a strong trend and we draw intraday fib, and price never retraces to the intraday levels where we make our decisions. Instead it retraces a little then proceeds to T1. Do we follow along waiting for the next bus? What I mean is wait for price to either hit T1 or T2, retrace to decision levels, and then base a trade if there’s something there? Essentially we miss a wave of moevement, but wait for another opportunity or is there a way to deal with situations like this with res/sup or swing fibs?

3) Are intraday fib high/lows ever moved even if price doesn’t hit T1? Let’s say it’s been over 24 hours, but price has created a new higher high or lower low. Can we move the intraday target to encompass that movement with new targets? When demo’ing I did move the intraday to encompass the movement if targets weren't hit after apprxoximately 24 hours.

Hope those make sense Bo.
1.Yes, in a downtrend as new lows are made continue to pull the low with it this gives you the major resistance levels if price reversed. the same for the uptrend as new highs are made you would pull the high up with it.

2.You take the break of the low or high whichever the case may be and you still get out at T1 on an Intraday trading method. Remember the less it retraces the stronger the movement in the original direction is.

3.Yes once the target range is hit I reset my Intraday. Once you get to the end of a trending move you'll find that price will fail to reach its Intraday target so yes its wise to measure the next day by itself, your looking for it to make more than a 61.8% retracement from the previous day and or Intraday fib thats the first sign of the trending move has run out of steam and may reverse or range from there. There will be instances when it may take more than 1-2 days before a target is reached oin a slow market, just be wary when price reaches one of the Higher timeframe fib levels since you will see these stall and reverse price sometimes. The market conditions and fundamentals play there part and can reverse the sentiment. Something to take note of is when retrading the market with Vhands you dont have the priveleage of knowing what the news releases and economic events are...now ask yourself did it matter ? Support and Resistance levels either hold or they dont, knowing the economic events makes live trading somewhat easier than Vhands since you know these ahead of time, but retrading you dont know when and what they were. For the most part the currency's are moving to the forcasted events ahead of time.
  • #2,991
  • Apr 13, 2008 8:33pm Apr 13, 2008 8:33pm
Bobokus hey bud what would you do if price comes down to 9589...that main fibb from the daily chart...(blue one in my chart)

I know you would look at the closest fibb in the market...to know how the sentiment is...as of right now its bearish since resistance is holding.

What i whant to know is would you expect some sort of consolidation or....what since its a huge fibb...?

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  • #2,992
  • Apr 13, 2008 8:38pm Apr 13, 2008 8:38pm
Quoting FxChi
I used to read that fib's don't work, but after retrading on vhands, I beg to differ.
It strikes me as sheer ignorance when people say Fibs don't work.

Hell they work, and hell you can predict to the exact PIP.

Idiots.
  • #2,993
  • Apr 13, 2008 8:46pm Apr 13, 2008 8:46pm
Quoting jets211990
Bobokus hey bud what would you do if price comes down to 9589...that main fibb from the daily chart...(blue one in my chart)

I know you would look at the closest fibb in the market...to know how the sentiment is...as of right now its bearish since resistance is holding.

What i whant to know is would you expect some sort of consolidation or....what since its a huge fibb...?

Attachment
As long as resistance levels continue to hold I would be looking for it to break again, sometimes it will take more than one attempt.
  • #2,994
  • Apr 13, 2008 8:52pm Apr 13, 2008 8:52pm
Quoting Bobokus
As long as resistance levels continue to hold I would be looking for it to break again, sometimes it will take more than one attempt.

I think iam starting to get the strategy better....i hope lol...I am dedicating all my time...
  • #2,995
  • Apr 13, 2008 9:05pm Apr 13, 2008 9:05pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
1.Yes, in a downtrend as new lows are made continue to pull the low with it this gives you the major resistance levels if price reversed. the same for the uptrend as new highs are made you would pull the high up with it.

2.You take the break of the low or high whichever the case may be and you still get out at T1 on an Intraday trading method. Remember the less it retraces the stronger the movement in the original direction is.

3.Yes once the target range is hit I reset my Intraday. Once you get to the end of a trending move you'll find that price will fail to reach its Intraday target so yes its wise to measure the next day by itself, your looking for it to make more than a 61.8% retracement from the previous day and or Intraday fib thats the first sign of the trending move has run out of steam and may reverse or range from there. There will be instances when it may take more than 1-2 days before a target is reached oin a slow market, just be wary when price reaches one of the Higher timeframe fib levels since you will see these stall and reverse price sometimes. The market conditions and fundamentals play there part and can reverse the sentiment. Something to take note of is when retrading the market with Vhands you dont have the priveleage of knowing what the news releases and economic events are...now ask yourself did it matter ? Support and Resistance levels either hold or they dont, knowing the economic events makes live trading somewhat easier than Vhands since you know these ahead of time, but retrading you dont know when and what they were. For the most part the currency's are moving to the forcasted events ahead of time.
Thanks Bo. Appreciate all the information you've shared. Will get back to some more Vhands trading.
"Wishful thinking dies hard." Igor T.
  • #2,996
  • Apr 13, 2008 9:09pm Apr 13, 2008 9:09pm
Price is starting to slow down at 38.2 fibb it looks like it slowing down...
Is that what you mean by price action....?

And you whant to see it slow down for a couple of hours....and what type of sing makes you pull to enter the trade short?
  • #2,997
  • Apr 13, 2008 9:15pm Apr 13, 2008 9:15pm
Hey bud i sended you a private message check it out...
  • #2,998
  • Apr 13, 2008 9:18pm Apr 13, 2008 9:18pm
I whanted to know if any of you are intrested on doing trading meeting to work on BOBOKUS strategy...i have the meeting program ...we can start today if you guys whant...all you need is a headset...and we can all question the market and stuff...
  • #2,999
  • Apr 13, 2008 9:19pm Apr 13, 2008 9:19pm
we can all set up the fibbs together.That would help us improve big time...I would also be able to do them on daily basis.
  • #3,000
  • Apr 13, 2008 9:21pm Apr 13, 2008 9:21pm
Quoting forexmoments
It strikes me as sheer ignorance when people say Fibs don't work.

Hell they work, and hell you can predict to the exact PIP.

Idiots.

I dont necessarily expect them to hit to the pip, I think the bad rep that fibs get is in the way they are using them. An analagy would be in practically any business you want to buy at wholesale and sell at retail, the fib tool is just a gauge to follow this principle, but in currency trading it works in both directions. All the mystical magical crap you hear and how tree limbs branch out in fib sequence and such are the crap that misleads traders into expecting fib levels to have MAGICAL powers...LOL, its far from the truth. There are instances they will hit to the pip but its only coincidence, the fib levels are just projecting the most likely points and yes a majority of traders look to get in and out at the same places, which is probably where the self fullfilling prophecy crap comes from, who cares its all rubish and delution. Me. I like being on the winning side., but you'll never win 100% of your trades even with fibs or anything your going to loose trades its the nature of the beast. Maybe 70% if your good and get a good feel for trading with fib levels.My highest average was through the summer and autumn of last year I was up to about 88% wins, but during the winter I fell off to about 67% once i started this thread and other things going on I just had too many irons in the fire and it was catching up to me, but its minimising the losses and trusting your plan to your targets that matter more, you can actually be very profitable with far less winning percentage than that. Theres just no way to accurately predict how much your going to win or loose you have to take what the market offers.
Most will never see the use in fibs, or even be able to understand them or how to use them no matter how much training they get or what they see. It simply doesnt matter, some dont like fibs some do. To each his own I say.
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