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Fibonacci Trading with Bobokus

  • #3,081
  • Apr 16, 2008 7:02pm Apr 16, 2008 7:02pm
Quoting EagleTech
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?
Not necessarily there isnt enough correllation between those 2 against the dollar each has its independant issues and conditions when compared to the dollar
  • #3,082
  • Apr 16, 2008 7:15pm Apr 16, 2008 7:15pm
Meeting will start at 9 pm est wwww.tradingrooms.com

Room name is=BOBOKUS&JETS211990
  • #3,083
  • Apr 16, 2008 7:55pm Apr 16, 2008 7:55pm
Hey Bo, I know you don't trade the EUR/USD much, but if this isn't a picture perfect example of the fibs at work, I don't know what is. Chart 1 is the monday dailly intraday levels fibbed and tuesday with the fibs holding. Chart 2 was the result from yesterday.

Bruce
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  • #3,084
  • Apr 16, 2008 8:16pm Apr 16, 2008 8:16pm
Quoting brucehvn
Hey Bo, I know you don't trade the EUR/USD much, but if this isn't a picture perfect example of the fibs at work, I don't know what is. Chart 1 is the monday dailly intraday levels fibbed and tuesday with the fibs holding. Chart 2 was the result from yesterday.

Bruce

Yep it doesnt get any better than that
  • #3,085
  • Apr 16, 2008 9:20pm Apr 16, 2008 9:20pm
Bobokus,

Interesting strategy… I guess that you have been trading "Fib breakout type strategy" for sometime. Would you mind sharing details below ?

 

  1. Payoff Ratio [$] (average winning trade /average losing trade)
  2. Profit factor or reward/risk ratio (gross profit/ gross loss)
  3. Probability of winning [%]( number of winning trades / number of losing trades)
  4. Maximum drawdown [$]
  5. Average capital risked[$]

No Fear, No Regrets A sense of purpose makes life meaningful
  • #3,086
  • Apr 17, 2008 1:21am Apr 17, 2008 1:21am
Attached File(s)
File Type: tpl fibbs 1.tpl   7 KB | 491 downloads
  • #3,087
  • Apr 17, 2008 2:52am Apr 17, 2008 2:52am
Hi Brucehvn,

Nice chart, its a thing of beauty when Fibs works this way, now that T1 has been achieved or do I say the cycle has been completed, will you move the Fibs to the new high of yesterday and the Low of yesterday.

Also anyone looking at EU could chip in, only if i drew my fibs that way would have been quids in by now.
  • #3,088
  • Apr 17, 2008 4:17am Apr 17, 2008 4:17am
Hi Bobokus, Iam new to forexfactory. I like your thread very much. Please continue to post chart. I have many doubts. Please tell your entry and exit point whenever you post your chart. I have started learn your method.
  • #3,089
  • Apr 17, 2008 7:22am Apr 17, 2008 7:22am
Quoting Bizken
Bobokus,

Interesting strategy… I guess that you have been trading "Fib breakout type strategy" for sometime. Would you mind sharing details below ?

 

  1. Payoff Ratio [$] (average winning trade /average losing trade)
  2. Profit factor or reward/risk ratio (gross profit/ gross loss)
  3. Probability of winning [%]( number of winning trades / number of losing trades)
  4. Maximum drawdown [$]
  5. Average capital risked[$]

Honestly this thread is just to help traders understand fibs and how to use them in their trading plan and how to make an analysis of each currency (what are its breaking points/ what is its target range if it does break) its not everything that I do personally. It wouldnt be an accurate descripition. Making claims about how much someone can make from doing something like this is taking the thread in the wrong direction and implying that everyone will be successful at it which isnt the case. Some will get it some wont. Its just about understanding and applying fibs. The ones using this strategy are most likely just applying it to what they are already doing including me. Hopefully that makes sense.
  • #3,090
  • Apr 17, 2008 7:35am Apr 17, 2008 7:35am
Quoting Virtualman
Hi Bobokus, Iam new to forexfactory. I like your thread very much. Please continue to post chart. I have many doubts. Please tell your entry and exit point whenever you post your chart. I have started learn your method.
Sure, If you have questions post them and I'll try and answer them, If Im not around there are a few here that can help you.
  • #3,091
  • Apr 17, 2008 9:49am Apr 17, 2008 9:49am
AWSOME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! how the fibbs held to perfection
Thanks alot bud

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  • #3,092
  • Apr 17, 2008 10:02am Apr 17, 2008 10:02am
Can you explain what might of coused this trade to make a uturn when the counter fibbs gave out last night...?


Even though it did hit its target (white fibb)


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  • #3,093
  • Apr 17, 2008 10:12am Apr 17, 2008 10:12am
Bo what would be your set up for this chart....

What would be your swing fibb....the green one....
And would the Blue one be the intraday fibb?


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  • #3,094
  • Apr 17, 2008 11:05am Apr 17, 2008 11:05am
Quoting jets211990
Can you explain what might of coused this trade to make a uturn when the counter fibbs gave out last night...?


Even though it did hit its target (white fibb)


Attachment
Dont forget the bigger picture, its just reacting to that, remember the wedge forming we talked about last night, price is still honoring the fib when this wedge started.
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  • #3,095
  • Apr 17, 2008 11:14am Apr 17, 2008 11:14am
Quoting jets211990
Bo what would be your set up for this chart....

What would be your swing fibb....the green one....
And would the Blue one be the intraday fibb?


Attachment
The Intraday i would place here, the swing I would wait on the see if price can rally out of the Intraday levels first.
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  • #3,096
  • Apr 17, 2008 12:30pm Apr 17, 2008 12:30pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
This is my U/J charts and I'm wondering if these fibs look alright to you.

Daily - testing downward tl, converging with downtrend short fib which has proved pretty strong thus far. (Favoring shorts based on this)

4 hr - resistance fib has failed, however strong resistance area at 102.98. Therefore, I've left the resistance fib up and pulled a smaller support fib which I will be following along looking for a support break. Bulls are in control right now, but with 102.98 area coming up I'd be looking for shorts.

1 hr - I had a large resistance fib from 102.93 to support at 100.01. Since it broke I took it down. I now have support from 100.01 to 102.71 (will pull to new highs if created). Also pulled a swing fib that will adjust if new highs created. I also pulled a small res. fib which failed. I'll wait for the next retracement to pull again to wait for these levels to hold. 1 hr is looking extremely bullish right now, but again, 102.98 area seems to be the critical point to watch price action. And if price does reverse, the 1 hr support fibs is what I would be paying attention to and make sure these levels are broken along with following price with a resistance fib.

Please let me know what you think about above charts/analysis/fibs. Is there anything I can improve upon? The last chart is just a zoomed in version on my 1 hr.
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"Wishful thinking dies hard." Igor T.
  • #3,097
  • Apr 17, 2008 12:33pm Apr 17, 2008 12:33pm
Quoting Bobokus
The Intraday i would place here, the swing I would wait on the see if price can rally out of the Intraday levels first.

Yep i got...it also the intraday is the most important one since we have the squeeze of the wedge....


I am in the meeting now....if you guys whant to come in and talk about the market you are welcome to come in....
  • #3,098
  • Apr 17, 2008 12:55pm Apr 17, 2008 12:55pm
I would like my intraday fibbs hold support to see if i could take a trade long.... the area that price should hold a good support is in the intraday green pivot since the 38.2 fibb of the swing fibb is in that area two.


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  • #3,099
  • Apr 17, 2008 1:01pm Apr 17, 2008 1:01pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
This one I feel is pretty straightforward.

Daily - testing a downward tl, and retracement pivot. It has broken 1.9741 area, which had been holding as resistance (was previous sup). If it closes above 1.9866 I'd say that's a really strong bull move. and could signal a move to retracement long fib. (as i'm writing this price looks to be retreating a little)

4 hr - price has broken resistance and closed above retracement pivot. I've pulled in a support fib to see if these levels will hold.

1 hr - right now I only have a support fib pulled. I'm waiting for a retracement to pull in resistance fib and see if these levels hold. If these do not hold that would by my signal to go long. My Targets would be based on the low of today to the high of today. I don't have a fib pulled there right now, but I will depending on what happens.

I would prefer shorting cable, but it really depends on how she reacts to the 1 hr resistance fib when I can pull it and price action. If cable holds above 1.9866 I'd think she'd try to get to 1.9991.

By the way, about an hour ago I would've shorted with the double tops and price breaking the low of the second hourly candle, but I didn't play it b/c I'm waiting for Euro session.

Please let me know if there's anything I should change regarding fibs/analysis etc.
Attached Image(s) (click to enlarge)
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"Wishful thinking dies hard." Igor T.
  • #3,100
  • Apr 17, 2008 1:09pm Apr 17, 2008 1:09pm
This is my daily chart....if price is to start coming down and does not respect the intraday fibbs in the smallet time frames it woul be because price meet resistance on purpl fibb and then i would maybe play the reversal ...Even though if support does hold in the intraday fibb then i would take the trade long.


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any question on that let me know...
Bo let me know if I am right.
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