Fibonacci Trading with Bobokus | Page 158 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

fibonacci trading log 2 replies

Need help Bobokus Fibo template 1 reply

Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies

Attachments: Fibonacci Trading with Bobokus
Exit Attachments

Fibonacci Trading with Bobokus

  • #3,141
  • Apr 21, 2008 4:33pm Apr 21, 2008 4:33pm
Quoting FxChi
Very nice trade Bo! 2 questions please:
1) Which candle was your entry? What was your confirmation? Was it the 4th candle to the right of the high 2.0025? This candle opened higher than the previous bull candle but then closed lower.

2) I don't have an uptrend fibs or downtrend fibs where you have them (retracement is fine). I'll post my daily chart with the fibs I have. Could you post yours so I can check it out please.

Thank you Bo.
This started as just a larger lot scalp for a few pips, I went short the second time price moved up the candle after it originally wicked back, I honestly didnt expect to gain more than a few pips because I was expecting a bounce from the Intraday levels but each level failed as it was tested so I just held it. I followed the high of each candle down with a stoploss and a buy stop but it never rally'd enough to reach them and after it took off and broke the previous day Intraday short I just let it run. This is just a luck of the draw trade i happened to be in the right place at the right time on this one I guess. Ive took 90% of the profits out once it reached T1, and just letting the rest run until its stopped out or another short happens and I'll stack back on to this one.
My Daily chart Ive moved my Daily fibs up to the current movements over the past few months and Ill keep them here until we break from this area of price back to where I had them before, The trending is not lasting long with the current conditions so we have to adjust to the market. Here is where my 3 Daily fibs are on the chart below.
Attached Image (click to enlarge)
Click to Enlarge Name: daily0421.gif Size: 27 KB
  • #3,142
  • Apr 21, 2008 5:05pm Apr 21, 2008 5:05pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Thanks Bo. I guess that comes with experience when to move daily fibs given certain market criteria. Certainly makes sense to move it with all the reversals we've been having lately. I wonder if we'll get the same patterns as the previous few weeks with down days Mon/Tues and up days Wed/Th .
"Wishful thinking dies hard." Igor T.
  • #3,143
  • Apr 21, 2008 8:15pm Apr 21, 2008 8:15pm
the meeting is being hold now at tradingrooms.com

Room name= BOBOKUS&JETS211990
  • #3,144
  • Apr 21, 2008 9:34pm Apr 21, 2008 9:34pm
Quoting FxChi
Thanks Bo. I guess that comes with experience when to move daily fibs given certain market criteria. Certainly makes sense to move it with all the reversals we've been having lately. I wonder if we'll get the same patterns as the previous few weeks with down days Mon/Tues and up days Wed/Th .
I should have mentioned that last week, but yes as the market conditions change so should we to adapt to the current conditions. This may just be the pattern we see the remainder of the year, just have to let it play out.
  • #3,145
  • Apr 21, 2008 10:38pm Apr 21, 2008 10:38pm
Quoting Bobokus
I should have mentioned that last week, but yes as the market conditions change so should we to adapt to the current conditions. This may just be the pattern we see the remainder of the year, just have to let it play out.

So what you mean is if price has reversed over the past 2 or 3 days consistent do you start believing in counter move to the intraday fibb..?
  • #3,146
  • Apr 22, 2008 12:20am Apr 22, 2008 12:20am
Quoting jets211990
So what you mean is if price has reversed over the past 2 or 3 days consistent do you start believing in counter move to the intraday fibb..?
No, it just means the trending moves just dont last very long and we are getting alot of reversals. Instead of trending moves lasting from week to week we are seeing alot of them basically from day to day. You just have to adjust to the conditions in the market to keep up with it. Its one of the things that make trading a mechanical system difficult. They always go through phases and you just have to adjust to what is going on and play along.
  • #3,147
  • Apr 22, 2008 1:57am Apr 22, 2008 1:57am
Quoting Bobokus
This started as just a larger lot scalp for a few pips, I went short the second time price moved up the candle after it originally wicked back, I honestly didnt expect to gain more than a few pips because I was expecting a bounce from the Intraday levels but each level failed as it was tested so I just held it. I followed the high of each candle down with a stoploss and a buy stop but it never rally'd enough to reach them and after it took off and broke the previous day Intraday short I just let it run. This is just a luck of the draw trade i happened to be in the right place at the right time on this one I guess. Ive took 90% of the profits out once it reached T1, and just letting the rest run until its stopped out or another short happens and I'll stack back on to this one.
My Daily chart Ive moved my Daily fibs up to the current movements over the past few months and Ill keep them here until we break from this area of price back to where I had them before, The trending is not lasting long with the current conditions so we have to adjust to the market. Here is where my 3 Daily fibs are on the chart below.
Bo,
What criteria did you use to take scalp so early?
I don't see it as having bounced of any Fib lines up where you took it?


Thanks,
Ian
  • #3,148
  • Apr 22, 2008 5:08am Apr 22, 2008 5:08am
Quoting ianf0ster
Bo,
What criteria did you use to take scalp so early?
I don't see it as having bounced of any Fib lines up where you took it?


Thanks,
Ian
That wasnt from fibs just scalping from what i was seeing at the time.
  • #3,149
  • Apr 22, 2008 11:35am Apr 22, 2008 11:35am
Bo,

Assuming price is hovering between intraday long and intraday high, do you take it long on the break of swing long or do you wait for it to break intraday long before taking it. Assuming again that trend is for a long.
  • #3,150
  • Apr 22, 2008 1:30pm Apr 22, 2008 1:30pm
Quoting fxettin
Bo,

Assuming price is hovering between intraday long and intraday high, do you take it long on the break of swing long or do you wait for it to break intraday long before taking it. Assuming again that trend is for a long.

If the pair is trending up you look to buy the dips or bounces from the Intraday levels, if you have a swing on the counter or retracement where price tests the levels of your Intraday you want to see those levels broken as a confirmation that price is still breaking resistance and continuing up. Ideally when price in trending you want to take the trades from the Intraday levels. When price is ranging you look more to the swing levels.
There will be times when the trending move is strong in which the support levels from the Intraday are not tested but the high breaks, you would take the break of the high still targeting your T1 level, the reverse if its trending down.
  • #3,151
  • Apr 22, 2008 7:17pm Apr 22, 2008 7:17pm
Hey bud would you place the orange fibb......and would you take a long of the bounce of the pivot of the orange fibb like i did lol...i though it would hold since its a bigg fib and we are locked in it...what could have kept me from entring long there?

Attached Image (click to enlarge)
Click to Enlarge Name: 111.gif Size: 54 KB
  • #3,152
  • Apr 22, 2008 8:18pm Apr 22, 2008 8:18pm
Quoting jets211990
Hey bud would you place the orange fibb......and would you take a long of the bounce of the pivot of the orange fibb like i did lol...i though it would hold since its a bigg fib and we are locked in it...what could have kept me from entring long there?

Attachment

Your overcomplicating things a great deal, your too zoomed into price and not watching what is going on, follow along from chart to chart here and see if you can spot entry's. The Intraday and Swing are nothing more than (1 is showing support and the other showing resistance levels ) closest to price. For the example we'll just use support and resistance in place of your Intraday and Swing these first 2 charts represent that.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jets1.gif Size: 26 KB
Click to Enlarge Name: jets2.gif Size: 25 KB
  • #3,153
  • Apr 22, 2008 8:19pm Apr 22, 2008 8:19pm
Next in series
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jets3.gif Size: 23 KB
Click to Enlarge Name: jets4.gif Size: 24 KB
  • #3,154
  • Apr 22, 2008 8:22pm Apr 22, 2008 8:22pm
next in series
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jets5.gif Size: 24 KB
Click to Enlarge Name: jets6.gif Size: 24 KB
Click to Enlarge Name: jets7.gif Size: 24 KB
  • #3,155
  • Apr 22, 2008 8:23pm Apr 22, 2008 8:23pm
last 3 in series.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jets8.gif Size: 23 KB
Click to Enlarge Name: jets9.gif Size: 23 KB
Click to Enlarge Name: jets10.gif Size: 23 KB
  • #3,156
  • Apr 22, 2008 8:31pm Apr 22, 2008 8:31pm
Quoting jets211990
Hey bud would you place the orange fibb......and would you take a long of the bounce of the pivot of the orange fibb like i did lol...i though it would hold since its a bigg fib and we are locked in it...what could have kept me from entring long there?

Attachment

Your giving yourself too many choices, have your ever the heard the saying if you give peolpe too many choices they wont be able to make one. Thats what your doing, but your doing it to yourself and looking too mechanically at the fib tool, you end up cluttering up the chart trying to figure out which one to use...simplify. the fib tool is just an instrument or a guide as you will , you still have to recognize what is going on with the price. You wait for price's action or reaction to the levels you see from the tool. Just use the simple trick of following the lows and highs with your buy or sell stop to enter in the market.
Simplicity is your friend just as much as the trend. Support and resistance levels either hold or they dont.
  • #3,157
  • Apr 22, 2008 8:34pm Apr 22, 2008 8:34pm
just wanted to say Bo, that your chart progressions really do make things much clearer and simplistic. It's probably alot easier than writing huge paragraphs of explanations. Very eye opening... thanks and Keep it up!!!
  • #3,158
  • Apr 22, 2008 8:38pm Apr 22, 2008 8:38pm
Quoting trader1234
just wanted to say Bo, that your chart progressions really do make things much clearer and simplistic. It's probably alot easier than writing huge paragraphs of explanations. Very eye opening... thanks and Keep it up!!!

Yea, I thought that might help a little
  • #3,159
  • Apr 22, 2008 9:01pm Apr 22, 2008 9:01pm
I see what you mean resitance holds then take it based on time and see how its moves on the way down as it impacts the support...

What i would like to know is on your 3 post the first picture looked to me like a valid short...would the candles formations of the counter fibb make you close the short and swap...

And same goes for the 3 picture of that post would it be a valid long until you see price rejected the counter fibb to that move...?

Thanks in advance Bud
  • #3,160
  • Apr 22, 2008 9:12pm Apr 22, 2008 9:12pm
We can all practice on vhands together since we fallow BOBOKUS Fibbs...www.tradingrooms.com

Room =BOBOKUS&JETS211990
7 traders viewing now