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Fibonacci Trading with Bobokus

  • #3,061
  • Apr 15, 2008 8:21pm Apr 15, 2008 8:21pm
Quoting jets211990
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...
This all goes back to the original use of the Swing with the Intraday, the Intraday from the previous day was already indicating short, your swing would have been on the retracment into that days move, once you saw that the support levels were holding price and the subsequent bounce fron the swing you know to close the short, if price were to continue short those are the levels that would have had to be broken but they did not, thats your reasoning to close the short, the safest entry long would have been a candle opening above those support levels, then the only thing in the way of the long are the same levels you used to go short from, if they break price should continue up and once the high had broken it was Golden...to the target of that swing and the market has reversed. The volitility is very high here recently in the market and there are reversals of direction now from day to day, if you zoom out a 4 hour chart on the swissy you can see it has been in a wide range sine the end of March...was it not coming off the bottom of this range yesterday ? and a reversal of direction very possible ? Also from the same chart you can see the waveforms getting smaller and smaller...a breakout should be coming soon, the very same pattern is developing on a couple of currency's.
  • #3,062
  • Apr 15, 2008 8:39pm Apr 15, 2008 8:39pm
Quoting Bobokus
This all goes back to the original use of the Swing with the Intraday, the Intraday from the previous day was already indicating short, your swing would have been on the retracment into that days move, once you saw that the support levels were holding price and the subsequent bounce fron the swing you know to close the short, if price were to continue short those are the levels that would have had to be broken but they did not, thats your reasoning to close the short, the safest entry long would have been a candle opening above those support levels, then the only thing in the way of the long are the same levels you used to go short from, if they break price should continue up and once the high had broken it was Golden...to the target of that swing and the market has reversed. The volitility is very high here recently in the market and there are reversals of direction now from day to day, if you zoom out a 4 hour chart on the swissy you can see it has been in a wide range sine the end of March...was it not coming off the bottom of this range yesterday ? and a reversal of direction very possible ? Also from the same chart you can see the waveforms getting smaller and smaller...a breakout should be coming soon, the very same pattern is developing on a couple of currency's.

Got it yes!!!!!!lol So that was a sign to close short and that what i did...

Just to make sure was the enry to go long was when we had a close on the other side of the blue fibbs or when the 61.8 purple was pierced...
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  • #3,063
  • Apr 15, 2008 8:51pm Apr 15, 2008 8:51pm
We are having the meeting tradingrooms.com
the rooms name is
BOBOKUS&JETS211990
just come and joing and meeting will get started.
  • #3,064
  • Apr 15, 2008 9:15pm Apr 15, 2008 9:15pm
Stratting meetin now anyone welcome to join on tradingrooms.com


rooms name is BOBOKUS@JETS211990
  • #3,065
  • Apr 15, 2008 9:29pm Apr 15, 2008 9:29pm
Quoting steveshutts
Hi Jets,

Yes, i would be interested so count me in.

Steve
Jet,
I have interest too
  • #3,066
  • Apr 15, 2008 10:06pm Apr 15, 2008 10:06pm
Hey bud just go to tradingrooms.com

Ans look for the room BOBOKUS&JETS211990
  • #3,067
  • Apr 16, 2008 3:09am Apr 16, 2008 3:09am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Hey Bo. I've been playing around with my fibs and I set them up a little differently on geppy. Wanted to know if you thought the set-up was valid please.

First I have daily, then 4 hr, then 1 hr.

On the 1 hr notice the long wick on that candle below resistance short, and retracement long, and couldn't close above swing pivot. IMO a short could be taken right there with target of 198.79. Then if I wanted to add a position, pull a support fib and when support fails, add there too (last chart shown).

Just wanted to know if those fib levels are valid please Bo. I hope you can make out the fib levels ok.
Attached Image(s) (click to enlarge)
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"Wishful thinking dies hard." Igor T.
  • #3,068
  • Apr 16, 2008 10:25am Apr 16, 2008 10:25am
The currency is meeting major resistance at the 61.8 fibb it would be good to short and place stop above 61.8 fibb...place a counter fibb to the swing from yesterday and if you do take short look at price action when it starts to head down and look at how it responds to the fibbs support...

Price is bearish right now as long as we dont get any part of a candle to close on the other side of the 61.8 fibo...

I will post my chart later on when i get out of school...
Also today i will be holding another meeting at 9 pm est

www.tradingrooms.com
Room name is = BOBOKUS&JETS211990

any questions let me know.
  • #3,069
  • Apr 16, 2008 12:16pm Apr 16, 2008 12:16pm
Quoting jets211990
The currency is meeting major resistance at the 61.8 fibb it would be good to short and place stop above 61.8 fibb...place a counter fibb to the swing from yesterday and if you do take short look at price action when it starts to head down and look at how it responds to the fibbs support...

Price is bearish right now as long as we dont get any part of a candle to close on the other side of the 61.8 fibo...

I will post my chart later on when i get out of school...
Also today i will be holding another meeting at 9 pm est

www.tradingrooms.com
Room name is = BOBOKUS&JETS211990

any questions let me know.
Im looking for the same thing, to see if pricee will be supported this time, if it isnt we are still in this pattern of reversing from day to day. I shorted from 1.9768 and its a scalp until price reaches the support levels. So far the Long level has been supporting price so ive moved to break even and will close this if I see signs of a bounce, and enter Long.
  • #3,070
  • Apr 16, 2008 12:26pm Apr 16, 2008 12:26pm
Quoting FxChi
Hey Bo. I've been playing around with my fibs and I set them up a little differently on geppy. Wanted to know if you thought the set-up was valid please.

First I have daily, then 4 hr, then 1 hr.

On the 1 hr notice the long wick on that candle below resistance short, and retracement long, and couldn't close above swing pivot. IMO a short could be taken right there with target of 198.79. Then if I wanted to add a position, pull a support fib and when support fails, add there too (last chart shown).

Just wanted to know if those fib levels are valid please Bo. I hope you can make out the fib levels ok.
Actually that looks pretty good, just keep in mind alot of currency's are in large ranging waveforms so be especially careful with GBP/Yen. Cable has broken a decending triangle on the Daily a couple of days ago but has been picking up support anyway, and the USD/Yen is rangy but in a supportive move right now so GBP/Yen may follow it if Cable stalls out here today.
  • #3,071
  • Apr 16, 2008 1:10pm Apr 16, 2008 1:10pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
Actually that looks pretty good, just keep in mind alot of currency's are in large ranging waveforms so be especially careful with GBP/Yen. Cable has broken a decending triangle on the Daily a couple of days ago but has been picking up support anyway, and the USD/Yen is rangy but in a supportive move right now so GBP/Yen may follow it if Cable stalls out here today.
Thank you Bo. Your opinion holds a ton of weight with me.

Yeah you're right about G/U. On daily, I had 1.9741 area as support of the triangle now turned resistance and the down TL starting from the highs of 4/13 shows some pretty good resistance. If we get a close below 1.9678 on hourly chart that would break support and I would think it's a pretty straight shot down to 1.9599 area.

And U/J definitely seems rangy. I would like to short around 101.80 levels, but I'll have to wait for price action/fibs to tell me whats going on.

Anyways, I won't be taking any positions until later tonight (I prefer more higher volume/volatility during euro session) so we'll just have to wait to see how this plays out.

The fibs are great Bo! I can follow critical levels much easier.

Jets - I'll see you later in the trading room. Hope you can make it Bo.
"Wishful thinking dies hard." Igor T.
  • #3,072
  • Apr 16, 2008 4:21pm Apr 16, 2008 4:21pm
Gbp/usd update...

As you can see price came down like me and Bobokus said....if you did take the trade short you can see price has stoped at the counter fibb 50 percent fibb making a morning star...if you came in short when we said you banked 60 pips....

Now that price has showned support at the counter fibb...and price has been swapping direction and daily that could be a good sign to close shorts...thats what i did...

I took in about 45 pips....

The question For BOBOKUS is coulc this be a signal to enter long....and also your stop would be placed at the counter fibb 61.8 ir you did come long...?

Attached Image (click to enlarge)
Click to Enlarge Name: 111.gif Size: 46 KB



Also guys do not forget tonight will be having another meeting...
The meeting will take place in tradingrooms.com

Room name is...= BOBOKUS&JETS211990
  • #3,073
  • Apr 16, 2008 4:23pm Apr 16, 2008 4:23pm
Quoting jets211990
Gbp/usd update...

As you can see price came down like me and Bobokus said....if you did take the trade short you can see price has stoped at the counter fibb 50 percent fibb making a morning star...if you came in short when we said you banked 60 pips....

Now that price has showned support at the counter fibb...and price has been swapping direction and daily that could be a good sign to close shorts...thats what i did...

I took in about 45 pips....

The question For BOBOKUS is coulc this be a signal to enter long....and also your stop would be placed at the counter fibb 61.8 ir you did come long...?

Attachment


Also guys do not forget tonight will be having another meeting...
The meeting will take place in tradingrooms.com

Room name is...= BOBOKUS&JETS211990
Yes but risky this late in the day, and have to suffer through the asian session..Long @1.9720
  • #3,074
  • Apr 16, 2008 4:23pm Apr 16, 2008 4:23pm
Second question is would you place a counter move to that move orange fibb....and would you pay attention to this levels if you came in long?


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Click to Enlarge Name: 111.gif Size: 42 KB
  • #3,075
  • Apr 16, 2008 4:26pm Apr 16, 2008 4:26pm
Quoting jets211990
Second question is would you place a counter move to that move orange fibb....and would you pay attention to this levels if you came in long?


Attachment

Also if you do hold your short position can you use the orange fibb 61.8 as your stop instead of the greens 61.8 ?
  • #3,076
  • Apr 16, 2008 4:54pm Apr 16, 2008 4:54pm
Quoting jets211990
Also if you do hold your short position can you use the orange fibb 61.8 as your stop instead of the greens 61.8 ?
I closed the short on the initial bounce from support levels of todays Intraday, It was a scalp to start with being a counter type move from todays early movement. That support holding may break Cable from this pattern so I will take the chance and stop and reverse, the short was only 46pips and if Im wrong on buying the bounce it will basically pay for my mistake in going long here for a break even.
Then Ill just wait for the next opportunity. For this long I would use the Swing levels from today as an early warning This may not go if the resistance levels from it cannot be penetrated. With the Asian session kicking off its hard to detirmine sometimes because of the lack of volume. To this point the short level of it at1.9734 is holding.
  • #3,077
  • Apr 16, 2008 5:07pm Apr 16, 2008 5:07pm
Also i like the candle formation price has given us in a 4 hour chart...

We got a nice hammer...

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Let me know what you think of that BO?
  • #3,078
  • Apr 16, 2008 5:10pm Apr 16, 2008 5:10pm
The only thing in the long is we have a major resistance in price

9740...the yellow fibb....even though it was pierced now i see at is resitance...what do you think?
Also that a major fibb from the daily chart....
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  • #3,079
  • Apr 16, 2008 5:29pm Apr 16, 2008 5:29pm
I am in the room right now in the meeting if youswhant to look at the market you can come in....but the meeting offially will start at 9 pm
  • #3,080
  • Apr 16, 2008 6:45pm Apr 16, 2008 6:45pm
  •  Trader#0000
  • | Status: Unregistered Trader
Bo,
Do you think the fluctuation of the cable could be because of the Euro being so high and a short is in the process?
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