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Fibonacci Trading with Bobokus

  • #3,261
  • May 1, 2008 9:13am May 1, 2008 9:13am
Quoting ChowClown
Bo, atm we're waiting to see if the latest intraday swing (yesterday's low - today's high) will be supported for a long entry on an open above it's 'buy fib'.

If price moves through the sell fib from here and an open prints below the sell fib level, would you enter a short there? or would you want an intermediate level of resistance to form first?
If it does break support levels from yesterdays intraday, I would treat it as a scalp on the first break, then look for resistance to hold as a confirmation of continuation short.
  • #3,262
  • May 1, 2008 9:25am May 1, 2008 9:25am
Thanks Bo.
  • #3,263
  • May 1, 2008 9:26am May 1, 2008 9:26am
Quoting maxster
Bo,

Yesterday I shorted the EUR on the break of the intraday low but it failed to reach its T1 and I was able to get out at BE after a few hours. After yesterday's rally I was thinking price was going to range and a low may be forming on the daily as the 5550 area is a short fib of the previous rertracement.

Today price fell a lot quickly - completed the blue intraday's T1. I am wondering how would your experience trade today's movement as I usually take my trades near the inner fibs but I want to start entering trades at the intraday hi/low because many times price does not do a bounce test after moving away from the inner fibs.

I guess I am asking at times when you need to enter trades at the intraday hi/lows what are some of your price action rules or guidelines.

Thanks.
For this it looks as if the news or rate cut from US was just a bump in the road for the downside pressure on the euro. It ends up being a failed attempt to reach that T1 because of the rate cut, then the knee jerk reaction on a push that failed also and now the downside pressure has resumed.
You would enter at the break of a high or low when there isnt any retracemnet during trending moves, in times like these when the market is making these 100% retracements on the previous days the risk is much higher to wait on the high or low to break.
  • #3,264
  • May 1, 2008 9:46am May 1, 2008 9:46am
So far I am up 463 pips. I opened the trade with the candle that opened beneath the 62 envelop.

Can you examine my chart and let me know if I am doing right?

Thanks.
http://i244.photobucket.com/albums/g...adingchart.gif
Thanks, Jonathan
  • #3,265
  • May 1, 2008 9:50am May 1, 2008 9:50am
Last night or early trading today was a prime example of taking the break of a high in these conditions. I took the break of the high on Cable at 1.9903 rode it for a while but the price action just didnt agree with the break, I took the loss this morning and reversed my position at 1.9852. The loss was 51 pips, but the short has more than made up for the loss and Im still riding this short until it gives me a reason to close it
Attached Image (click to enlarge)
Click to Enlarge Name: gbp0501.gif Size: 22 KB
  • #3,266
  • May 1, 2008 9:54am May 1, 2008 9:54am
Quoting exitand4getit
So far I am up 463 pips. I opened the trade with the candle that opened beneath the 62 envelop.

Can you examine my chart and let me know if I am doing right?

Thanks.
http://i244.photobucket.com/albums/g...adingchart.gif

You dont necessarily want to use the envelope as an entry point for trades, Its good your up but I dont recommend using the envelope to enter from. I only put it in the thread to use as a reference to price in trending moves.
  • #3,267
  • May 1, 2008 9:56am May 1, 2008 9:56am
Bobokus,

I might have gotten out of the trade early, not sure when to leave a trade. I was up 600 plus and it dropped at 592 thats when I pulled myself out of the above listed trade.

You made this possible for me Thanks!!
Thanks, Jonathan
  • #3,268
  • May 1, 2008 10:00am May 1, 2008 10:00am
OK I see what you mean about not taking a trade off the envelop, I used it wrong. I will go back and review until I get this down. Thanks.
Thanks, Jonathan
  • #3,269
  • May 1, 2008 10:17am May 1, 2008 10:17am
Hello Bobokus,

Have not been a member of FF for long and this is the first time I have been on. Have been watching your posts with interest as I trade using Fibs as well, but as a beginner. I also listened and watched with interest in the trading room this morning. I use Dealbook 360 so I cannot set up Fibs exactly like yours, but I get the idea of what you are doing and can probably set up similar on multiple tf charts. Could you please tell me what the two pink lines are (i think you call them the river) and what you do with them.
Love your stuff so far and hope to adapt more closely to your methods.
Much appreciated.

Regards.
  • #3,270
  • May 1, 2008 10:21am May 1, 2008 10:21am
Bobokus, I have been silently following your posts for some time now and must thank you very much for your assistants with using the fibs. when I first started learning to trade I learnt about fibs, candles & t/lines. For the last 4 years have tried just about every indicator & every system going. And as you know none of them work. I have had trouble over that period fully understanding where to draw fibs, ie. where to pull them. Your method has finally been my saviour, as I can now totally understand where and when to pull them, thanks to observing your posts. So again thanks.
  • #3,271
  • May 1, 2008 10:27am May 1, 2008 10:27am
Here is how I have set-up my chart after the last short. Am I doing this correct. I hope the copy of the chart isn't so big I do not know how to make it small.

http://i244.photobucket.com/albums/g...dingchart2.gif
Thanks, Jonathan
  • #3,272
  • May 1, 2008 10:56am May 1, 2008 10:56am
Quoting aajduk
Hello Bobokus,

Have not been a member of FF for long and this is the first time I have been on. Have been watching your posts with interest as I trade using Fibs as well, but as a beginner. I also listened and watched with interest in the trading room this morning. I use Dealbook 360 so I cannot set up Fibs exactly like yours, but I get the idea of what you are doing and can probably set up similar on multiple tf charts. Could you please tell me what the two pink lines are (i think you call them the river) and what you do with them.
Love your stuff so far and hope to adapt more closely to your methods.
Much appreciated.

Regards.
I think your talking about the envelope, its the same thing as an ma but uses a buffer from the center of where the ma is to draw the 2 lines. Its used as a reference or moving trendline to give you an idea of a trending moves from the 1 hour timeframe.Im not sure if dealbook has one as a default indicator or not. From the 1 hour it can be set from a 50 up to 100.
  • #3,273
  • May 1, 2008 11:00am May 1, 2008 11:00am
Quoting Hensby
Bobokus, I have been silently following your posts for some time now and must thank you very much for your assistants with using the fibs. when I first started learning to trade I learnt about fibs, candles & t/lines. For the last 4 years have tried just about every indicator & every system going. And as you know none of them work. I have had trouble over that period fully understanding where to draw fibs, ie. where to pull them. Your method has finally been my saviour, as I can now totally understand where and when to pull them, thanks to observing your posts. So again thanks.

Im glad this is helping you, maybe you can start turning things around now !
  • #3,274
  • Edited 7:49pm May 1, 2008 11:07am | Edited 7:49pm
Quoting exitand4getit
Here is how I have set-up my chart after the last short. Am I doing this correct. I hope the copy of the chart isn't so big I do not know how to make it small.

http://i244.photobucket.com/albums/g...dingchart2.gif
Here is template with the current fibs set up on it if you want to check it out, Ive relabeled the fib tool names to try and make them easier to undersatnd what to use them for, you just load this the same way you would an indicator ...but the template goes into the template folder instead. After you download it and get it in the template folder just restart your platform and open a cable chart then place the template on the chart from the template icon on the menu bar
To post a chart scroll down when making your post to manage attachments and load the chart there then they wont take up so much space.
Attached File(s)
File Type: tpl gbp0501.tpl   6 KB | 543 downloads
  • #3,275
  • May 1, 2008 8:57pm May 1, 2008 8:57pm
Can you let me know if you would have ever taken this short?

When we had an intrada failure i was waiting for a pullback but it never happend how would you operated this .
Since i know that shorting when we have not had a failure of intraday levels it has to be treated like a scalp.
I saw a trenline a brake but i did not know what to do since it could have been a false breakout.

Or is this one of those trades i just have to let go since we did not have a pullback?

Attached Image (click to enlarge)
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  • #3,276
  • May 1, 2008 9:08pm May 1, 2008 9:08pm
bud i whanted to ask you this....have you ever tried to place the high and the low of the previous month on your daily and treat it like an intraday fibb...it looks like it works the same...can you let me know what you think of this?

Or the hig and the low of the weekly and place it on the 4 hour chart?
Let me know if its a bad idea?
  • #3,277
  • May 1, 2008 10:02pm May 1, 2008 10:02pm
Quoting Shermenator
Can you let me know if you would have ever taken this short?

When we had an intrada failure i was waiting for a pullback but it never happend how would you operated this .
Since i know that shorting when we have not had a failure of intraday levels it has to be treated like a scalp.
I saw a trenline a brake but i did not know what to do since it could have been a false breakout.

Or is this one of those trades i just have to let go since we did not have a pullback?

Attachment
You can short but you have to treat it as a scalp since the current action over those 2 days indicated you were looking for the bounce from the Intraday for the push up to continue, you never get the Intraday bounce or a signal to close the scalp short so you would ride it out and let the market take you out of the trade. The break of the Intraday levels was another indication to hold the short. Price action has been repeating this pattern over and over here lately and still is, which was another indication to hold the short once the Intraday levels failed as support.
  • #3,278
  • May 1, 2008 10:06pm May 1, 2008 10:06pm
Quoting Shermenator
bud i whanted to ask you this....have you ever tried to place the high and the low of the previous month on your daily and treat it like an intraday fibb...it looks like it works the same...can you let me know what you think of this?

Or the hig and the low of the weekly and place it on the 4 hour chart?
Let me know if its a bad idea?
Sure, I mentioned this earlier in the thread somewhere. Me personally I dont use them that way. Thats what I call tagging your fib to a specific time where I trade off the actual movement of the waveforms. Many traders use fibs tagged to time. Its not a bad idea, if you can see the market from that perspective and take advantage of it then you use that !

Your getting your Scope focused in a little better ey !
  • #3,279
  • May 1, 2008 10:33pm May 1, 2008 10:33pm
To me this looks like a perfect short trade...the only thing is the time that it happening let me know what you think BO
I feel like its to early since lately we have been having our breaks during franky and londen time...let me know what you think bud


Attached Image (click to enlarge)
Click to Enlarge Name: 111.gif Size: 56 KB
  • #3,280
  • May 1, 2008 10:38pm May 1, 2008 10:38pm
Quoting Shermenator
To me this looks like a perfect short trade...the only thing is the time that it happening let me know what you think BO
I feel like its to early since lately we have been having our breaks during franky and londen time...let me know what you think bud


Attachment
Yes its already givin a short signal, since its early just be careful for it to possibly stall at the support levels of the support fib off the Intraday move of today.
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