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Fibonacci Trading with Bobokus

  • #3,001
  • Apr 13, 2008 10:01pm Apr 13, 2008 10:01pm
Quoting jets211990
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...
Sometimes its good to put your heads together some traders will notice something others dont, trading rooms can be very beneficial. Id even make an appearance or 2.
  • #3,002
  • Apr 13, 2008 10:15pm Apr 13, 2008 10:15pm
Quoting Bobokus
Sometimes its good to put your heads together some traders will notice something others dont, trading rooms can be very beneficial. Id even make an appearance or 2.

Yep let me know if you are intrested and like that we can all become good traders...
Once again i will be doing this on daily basis...
Let me get your emails....and i will try and see if i get people for tonight and we can get it strated today!!!!!
  • #3,003
  • Apr 13, 2008 11:22pm Apr 13, 2008 11:22pm
Looking good to short...on gbp/usd price is being rejected by fibbs
  • #3,004
  • Apr 13, 2008 11:25pm Apr 13, 2008 11:25pm
does the swing from price 9723 to price 9659 matter?
on gbp/usd

Attached Image (click to enlarge)
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  • #3,005
  • Apr 14, 2008 2:11am Apr 14, 2008 2:11am
Bo,

Forgive me if i am wrong here, did you mention before that your stop should be in a place where you would want to take a position in the opposite direction?
Lets say that we are long and we have just seen a close below the intraday short fib. Now this is a time to close out intraday longs but to go short now you would really want to see a test of resistance to show that price is going to reverse. You may see a quick short scalp perhaps but we really need confirmation before taking a short don't we?

Steve
  • #3,006
  • Edited 4:55am Apr 14, 2008 4:16am | Edited 4:55am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I just made a live trade according to PA and fibs with a small position @ 1.9720 (price above Intraday levels so full size not used). Would like to see what Bo thinks about it. It's on G/U and I posted chart below.

Price was rejected by resistance break, couldn't close above retracement short either.

Add another small position at close below 1.9702. I drew a support fib in there also and if price were to break 1.9702 the support fib would fail and close below resistance short level.

Intraday T1 will be used for my 1st position, and if I get 2nd position I'll be shooting for T2 on that one.

Hope the chart is understandable.

Oops, I just realized the support low should've been lower with the intraday low b/c my broker has incorrect price. Well let's see how this candle closes.
Attached Image (click to enlarge)
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"Wishful thinking dies hard." Igor T.
  • #3,007
  • Apr 14, 2008 5:05am Apr 14, 2008 5:05am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I didn't like the way she was moving. Closed above my resistance pivot and above intraday long and it looks like it's finding support at 1.9712. On top of that it looks like an inverse head and shoulders, so I took a 20 pip loss on it. No biggie.

I thought the risk reward was appropriate when I took the trade. About 60 pip risk for around 120, so I thought it was ok.

Grade the trade time?
Attached Image (click to enlarge)
Click to Enlarge Name: april 13 fib hourly live end.gif Size: 23 KB
"Wishful thinking dies hard." Igor T.
  • #3,008
  • Apr 14, 2008 5:49am Apr 14, 2008 5:49am
Quoting Bobokus
There are instances they will hit to the pip but its only coincidence
I disagree. The number of times they hit to the pip occurs far too often for it to be a coincidence.
  • #3,009
  • Apr 14, 2008 6:55am Apr 14, 2008 6:55am
Quoting steveshutts
Bo,

Forgive me if i am wrong here, did you mention before that your stop should be in a place where you would want to take a position in the opposite direction?
Lets say that we are long and we have just seen a close below the intraday short fib. Now this is a time to close out intraday longs but to go short now you would really want to see a test of resistance to show that price is going to reverse. You may see a quick short scalp perhaps but we really need confirmation before taking a short don't we?

Steve
Yes thats correct, if it was reversing from long to short a test and failure to break resistance levels after that is your confirmation
  • #3,010
  • Apr 14, 2008 6:58am Apr 14, 2008 6:58am
Quoting FxChi
I didn't like the way she was moving. Closed above my resistance pivot and above intraday long and it looks like it's finding support at 1.9712. On top of that it looks like an inverse head and shoulders, so I took a 20 pip loss on it. No biggie.

I thought the risk reward was appropriate when I took the trade. About 60 pip risk for around 120, so I thought it was ok.

Grade the trade time?
Actually you played that very we'll, Kind of a surprise this morning to see the reversal goin on, it takes both of my shorts out for BE...still a loss for me though with the swap but its minor, I guess thats what I get for sleeping through it. Wow already a 240pip day and I missed it, Oh we'll theres always tomorrow.
  • #3,011
  • Apr 14, 2008 6:59am Apr 14, 2008 6:59am
Quoting forexmoments
I disagree. The number of times they hit to the pip occurs far too often for it to be a coincidence.
Theres are times when they will hit to the pips but someone looking for them to do that everytime will be disappointed.
  • #3,012
  • Apr 14, 2008 7:21am Apr 14, 2008 7:21am
I wish I would have been up for this, but there's no point is looking back, the thing to do now is not jump on it here, patience to see if support will hold and if it does get in there. Continue to pull your fib on today until it does begin to retrace, a bounce from todays Intraday levels will provide another entry if this is to continue up. Waiting this out for the next opportunity now.
  • #3,013
  • Apr 14, 2008 9:54am Apr 14, 2008 9:54am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Glad that I bailed when I did. LOL. Here are my new Intraday levels now that target has been reached. I'll pull the resistance fib as soon as I get a proper retrace from it.
Attached Image (click to enlarge)
Click to Enlarge Name: april 13 fib hourly live end hours later.gif Size: 23 KB
"Wishful thinking dies hard." Igor T.
  • #3,014
  • Apr 14, 2008 10:13am Apr 14, 2008 10:13am
Quoting FxChi
Glad that I bailed when I did. LOL. Here are my new Intraday levels now that target has been reached. I'll pull the resistance fib as soon as I get a proper retrace from it.
Thats correct just pull to the low of the day. Then whenever this retracement is done you can pull a resistance fib. If you buy the dip or bounce from the Intraday levels, The resistance fib will confirm a bounce from the Intraday by the resistance fibs levels being broken. You may not see that until tomorrow though. If the Intraday levels get broken all bets are off and the market may reverse yet again.
  • #3,015
  • Apr 14, 2008 10:35am Apr 14, 2008 10:35am
Quoting Bobokus
Thats correct just pull to the low of the day. Then whenever this retracement is done you can pull a resistance fib. If you buy the dip or bounce from the Intraday levels, The resistance fib will confirm a bounce from the Intraday by the resistance fibs levels being broken. You may not see that until tomorrow though. If the Intraday levels get broken all bets are off and the market may reverse yet again.
Bo, so if you see a candle pattern off one of the inner intraday fibs that signals a possible long, would you always wait for a close above the long resistance fib first before entering, just in case it did not break above these, or would you simply take the entry?
But we are looking for longs until the intraday short is broken and then we wait for confirmation from a retest of resistance.
If price makes a couple of swings down from todays high but is still supported by the intraday fibs, then the process starts again if we get another signal pattern to go long? ie we wait for the last swing downs long fib to be broken before going long?
I hope that makes sense?

Steve
  • #3,016
  • Apr 14, 2008 10:46am Apr 14, 2008 10:46am
Quoting steveshutts
Bo, so if you see a candle pattern off one of the inner intraday fibs that signals a possible long, would you always wait for a close above the long resistance fib first before entering, just in case it did not break above these, or would you simply take the entry?
But we are looking for longs until the intraday short is broken and then we wait for confirmation from a retest of resistance.
If price makes a couple of swings down from todays high but is still supported by the intraday fibs, then the process starts again if we get another signal pattern to go long? ie we wait for the last swing downs long fib to be broken before going long?
I hope that makes sense?

Steve
We dont really have a bias yet, price is showing a reversal today, since it did break the resistance levels from the previous Intraday of friday through the low of sunday. I would look for price to test the Intraday levels from todays move then if they hold I would take a long from there. You can pull a swing from the high of today to the point it bounces from the Intraday at and would want to see those resistance levels broken as a confirmation price will continue up.
If there is no test of the Intraday levels then its still a pretty strong move and I would look at taking the break of the high.
  • #3,017
  • Apr 14, 2008 3:47pm Apr 14, 2008 3:47pm
Quoting Bobokus
Theres are times when they will hit to the pips but someone looking for them to do that everytime will be disappointed.
Agreed.
  • #3,018
  • Apr 14, 2008 4:00pm Apr 14, 2008 4:00pm
Iam getting together a group of people that fallows bobokus way of trading so we can all analyze the market together thrue a meeting. Bobokus will make some approaches on the meeting to. I will like to start one tonight.
If you are intrested please post and let me know.
We can all get beeter faster since we fallow the same strategy.
  • #3,019
  • Apr 14, 2008 6:59pm Apr 14, 2008 6:59pm
Quoting jets211990
Iam getting together a group of people that fallows bobokus way of trading so we can all analyze the market together thrue a meeting. Bobokus will make some approaches on the meeting to. I will like to start one tonight.
If you are intrested please post and let me know.
We can all get beeter faster since we fallow the same strategy.

Hi Jets,

Yes, i would be interested so count me in.

Steve
  • #3,020
  • Apr 14, 2008 7:07pm Apr 14, 2008 7:07pm
[email protected]


Regards

Alex


Quoting jets211990
Iam getting together a group of people that fallows bobokus way of trading so we can all analyze the market together thrue a meeting. Bobokus will make some approaches on the meeting to. I will like to start one tonight.
If you are intrested please post and let me know.
We can all get beeter faster since we fallow the same strategy.
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