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Fibonacci Trading with Bobokus

  • #3,041
  • Apr 14, 2008 11:20pm Apr 14, 2008 11:20pm
Quoting FxChi
Bo - Thank you very much sir. Man I love fibs.

Jets - great job presenting tonight. Hopefully I'll be able to join you tomorrow again providing no technical difficulties.

Thanks alot man...hope to see you at the meeting tomorrow again and hope to have more people. Thanks for your support and Bobokus.
  • #3,042
  • Apr 15, 2008 1:02am Apr 15, 2008 1:02am
Quoting Bobokus
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.
Bo,
this seems like an illustration you referred to.
I had always like to look for live trade that better explain your analysis or illustration.
The swing is holding the price and i believe it acting as a resistance to the price action here,if broken the intraday fib will have is way to our Target.
Another thing please how to you determine or measure momentum of the market in this scenario.
Thanks.


olorunloniemi.
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  • #3,043
  • Apr 15, 2008 6:56am Apr 15, 2008 6:56am
Quoting olorunloniem
Bo,
this seems like an illustration you referred to.
I had always like to look for live trade that better explain your analysis or illustration.
The swing is holding the price and i believe it acting as a resistance to the price action here,if broken the intraday fib will have is way to our Target.
Another thing please how to you determine or measure momentum of the market in this scenario.
Thanks.


olorunloniemi.
From the Intraday perspective a long was indicated from the bounce off the levels, your swing tells you the immediate resistance for price to be able to advance from the bounce, a failure to break that resistance is a slowing of momentum to the upward push, since your post price has broken those resistance levels but has yet to test the previous high and began retracing without testing it, which indicates the same thing. If support continues to hold you have parity(ranging) until something else fundamentaly or economic event occurs to change the values betweeen the 2 pairs to break from this.
  • #3,044
  • Apr 15, 2008 9:33am Apr 15, 2008 9:33am
Reminder today we will have another meeting in order to be part of just send me your email...and you will get then invitations at 9 pm...
  • #3,045
  • Apr 15, 2008 10:23am Apr 15, 2008 10:23am
GBP/USD

Hey but price has ran short hard again to much...its also nearing a major support 38.2...if you get gopod support there would you conider taking a long and placing your stop below blue fibb....?Thanks in advance...

4 hour chart
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1 hour chart..
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  • #3,046
  • Apr 15, 2008 10:47am Apr 15, 2008 10:47am
Quoting jets211990
GBP/USD

Hey but price has ran short hard again to much...its also nearing a major support 38.2...if you get gopod support there would you conider taking a long and placing your stop below blue fibb....?Thanks in advance...

4 hour chart
Attachment

1 hour chart..
Attachment
We can start to expect some retracement but i wouldnt take a long position, Im still selling the rally's until the sentiment changes. I felt we would see 1.9580 first but Im still waiting to sell the retracement once it does occur
  • #3,047
  • Apr 15, 2008 10:55am Apr 15, 2008 10:55am
Quoting Bobokus
We can start to expect some retracement but i wouldnt take a long position, Im still selling the rally's until the sentiment changes. I felt we would see 1.9580 first but Im still waiting to sell the retracement once it does occur
Yep i placed my intraday fibb on the 4 hour chart and then go down to the one hour chart so i can see it better...but I am defently expecting some sort of a pull back after such a drop hope to catch the retracement 2.


Thanks for helping again.
  • #3,048
  • Apr 15, 2008 1:12pm Apr 15, 2008 1:12pm
Quoting jets211990
Yep i placed my intraday fibb on the 4 hour chart and then go down to the one hour chart so i can see it better...but I am defently expecting some sort of a pull back after such a drop hope to catch the retracement 2.


Thanks for helping again.
Just dont jump on a retracment too quick, just when you think its hit a bottom or top add or take away 30-50 pips whichever the case may be.
  • #3,049
  • Apr 15, 2008 3:28pm Apr 15, 2008 3:28pm
could some 1 attach the fibo indi for me please...
  • #3,050
  • Apr 15, 2008 4:18pm Apr 15, 2008 4:18pm
Quoting getright
could some 1 attach the fibo indi for me please...
Its not an indicator its the standard MT4 fib tool with the levels set properly. If you want to try them here is a template, you load it the same way as you would an indicator this just goes into the templates folder, once you move it into the folder youll have to restart the platform then just open a chart for Cable and load the template that should now be in the templates folder.
I have the Intraday fib set to measure this last push down over the past 2 days but you can move it to just the high and low of today if you want to zoom it closer into price. There isnt a swing from today until we see some retracment.
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Attached File(s)
File Type: tpl template_1hour.tpl   4 KB | 600 downloads
  • #3,051
  • Apr 15, 2008 4:50pm Apr 15, 2008 4:50pm
Hey bud when i took this trade and it strated to head down what would have mde you decide to get out of the trade short hwhen it hit the 61.8 counter fibb....


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  • #3,052
  • Apr 15, 2008 5:00pm Apr 15, 2008 5:00pm
Quoting jets211990
Hey bud when i took this trade and it strated to head down what would have mde you decide to get out of the trade short hwhen it hit the 61.8 counter fibb....


Attachment
I most likely woundlt have taken ths short myself I would have looked more for the trade than playing the retracment since you really can't tell how far one will retrace, the trade was if price made the bounce from the supprt levels and it did...Long
  • #3,053
  • Apr 15, 2008 5:00pm Apr 15, 2008 5:00pm
ztr8dr at yahoo dot com

tia,
tb
  • #3,054
  • Edited 7:57pm Apr 15, 2008 6:53pm | Edited 7:57pm
Quoting Bobokus
I most likely woundlt have taken ths short myself I would have looked more for the trade than playing the retracment since you really can't tell how far one will retrace, the trade was if price made the bounce from the supprt levels and it did...Long

Umm i see what you mean ...but on the (chart 1) on the past swing bullish sentiment gave up....since it did i was waiting for the pull back(chart 2)
to see if fibbs hold....in order to take long green fibbs hwould have to give out and then come back and test those supports before taking a trade long...I am a littel confuse their...

chart1 In this chart it shows us that support failed to go bullish....since green fibbs gave out.Since that happends now I am waiting for the pullback to see if resistance holds and then take a short trade
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Chart 2shows price come up and hold at 61.8 fibb ...thats why i took the trade since we had bearish sentiment....
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Chart3In this chart it show the place price meet support and when up...but since we had bearish sentiment since we had a bearish swing that meant i should only take short trader...right?also is their anything that would of indicated you to exit your position there?
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Chart4Now that price broke out of the bearish swing and resistance gave out I am waiting for price to come and try the supports and see if they hold and take a trade long....
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Thanks in advance this will clear alot of stuff in my brain about the trade last night...and how I am fallowing the the price with the fibbs...let me know if I am right.
  • #3,055
  • Apr 15, 2008 7:32pm Apr 15, 2008 7:32pm
I will now start sending invations to the people who whant to participate in the meeting...since the meeting will begin at about 9 pm eastern time...30 more minutes about...if you are still intrest pm with your email...

Also when you recieve email click on join email and lastly go thrue the agreements and click on something that will say install or such...the email comes from my email and that is [email protected]
Any questions let me know.
  • #3,056
  • Apr 15, 2008 7:37pm Apr 15, 2008 7:37pm
If you already recieved and email yesterday and was part of the group just use the same email to get in.
  • #3,057
  • Apr 15, 2008 7:53pm Apr 15, 2008 7:53pm
Quoting jets211990
Umm i see what you mean ...but on the (chart 1) on the past swing bullish sentiment gave up....since it did i was waiting for the pull back(chart 2)
to see if fibbs hold....in order to take long green fibbs hwould have to give out and then come back and test those supports before taking a trade long...I am a littel confuse their...

chart1 In this chart it shows us that support failed to go bullish....since green fibbs gave out.Since that happends now I am waiting for the pullback to see if resistance holds and then take a short trade
Attachment

Chart 2shows price come up and hold at 61.8 fibb ...thats why i took the trade since we had bearish sentiment....
Attachment

Chart3In this chart it show the place price meet support and when up...but since we had bearish sentiment since we had a bearish swing that meant i should only take short trader...right?also is their anything that would of indicated you to exit your position there?
Attachment

Chart4Now that price broke out of the bearish swing and resistance gave out I am waiting for price to come and try the supports and see if they hold and take a trade short....
Attachment

Thanks in advance this will clear alot of stuff in my brain about the trade last night...and how I am fallowing the the price with the fibbs...let me know if I am right.
If your looking for the support levels from today to hold you would be looking to go long, if support from today were to fail by price breaking through the levels you would want to short but treat it as a scalp since it is reversing from the previous days direction.
  • #3,058
  • Apr 15, 2008 7:58pm Apr 15, 2008 7:58pm
Quoting Bobokus
If your looking for the support levels from today to hold you would be looking to go long, if support from today were to fail by price breaking through the levels you would want to short but treat it as a scalp since it is reversing from the previous days direction.

Yea i know i just realized i wrote short lol...can you explaing to me in more detail though why you would of not shorten on my trade...
  • #3,059
  • Apr 15, 2008 8:01pm Apr 15, 2008 8:01pm
Quoting jets211990
Yea i know i just realized i wrote short lol...can you explaing to me in more detail though why you would of not shorten on my trade...
If you were to short here and try to trade the retracment from today's move you would look to exit your trade once price reaches todays support levels, because if they hold the higher percentage trade would be long from there.
  • #3,060
  • Apr 15, 2008 8:06pm Apr 15, 2008 8:06pm
Quoting Bobokus
If you were to short here and try to trade the retracment from today's move you would look to exit your trade once price reaches todays support levels, because if they hold the higher percentage trade would be long from there.

not that one bud....for today I am waiting for price to get to the supports and then take a long trade...

I am talking about the bearish swing yesterday....when we had a bearish sentiment in the market...
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