Fibonacci Trading with Bobokus

Quoting Bobokus

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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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Quoting Bobokus

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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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Quoting Bobokus

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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

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Quoting exitand4getit

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Bo,
Good morning. I am reading through your thread. I have a question about page 26 post . You have the swing fib. drawn from the high of the 30th to the low of the 31st, why? Is it this way because at the time and all I am seeing after it did not exists?

Also I downloaded your template, nice thank you. But, being the ignorant want a be trader that I am, I am unable to decipher which fib goes where. I understand the Intraday because it carries the same name as previous fib but the other fibs have different names and colors. Can you please guide me in this.

I know how to use meta trader fairly well.

Can you set up your trade on this forum like you were earlier? You use to set your trades up for the next day at 7pm central time, my time zone.

Thanks.

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Quoting ianf0ster

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Hi Bo,
Which candle changed your mind? I can see that if I had taken the same break long, then I would probably have not got out until the Intraday Long broke; and even then probably thought the move had already gone too far to be confident enough to reverse to short.

Thanks,
Ian

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Quoting Bobokus

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Which post on page 26 ?
It will make more sense as you go through the thread , I think around page 210 is where i made the change, relabeled this way makes more sense of the purpose of each fib tool. The support and resistance fib tool are the same thing as the swing. Named the way they are when you place a fib on movements that are going up your placing a support fib, when you place a fib on movement going down your placing a resistance fib.

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Quoting Bobokus

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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.

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Quoting Shermenator

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hey bud i shorted last night 9742 and held and it whent against ....i reversed my postiong at price 9796 i came out positive at the end of the night


I closed some of my positions long when i reversed when it hit the intrday pivot and i looked at price action near intraday long and then closed them all after the shooting star we had near the intraday high...

Would you taken the short in the first place though bud
The reason i shorted was because we had a rejection of our intrday levels and because we had a brake of an upward trendline was a bad call....
Also i saw price slow down at the support pivots but i did not know what to do ...should i closed then when it showed support..?

[Attachment

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Quoting Shermenator

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Bud why are you using this fibbs and why is your intrday from a couple of days ago...
Chart 1 is your fibbs and chart 2 shows how i hade them place let me know why mine are wrong please.

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Chart 2 shows how i have them including the extra monthly one i added...

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Template Attachment

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Quoting Bobokus

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I took the short from the Intraday myself and got closed out for a small loss when it reversed, the long position and the short position later in the day more than made up for the loss though.

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Quoting Shermenator

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Hey bud i have a question....

Lets say when price broke the high that was formed at the intrday level 38.2 on this trade the reversal was when that hight gave out right?


this brings to ask the question let say this happens at the pivot and price goes back up and brakes the hight that was formed at the pivot can you take the brake of that high and simply treat it as a scalp untill price leaves the 61.8 fibb like a reversal?

Let me know if my question made sence,

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Quoting Shermenator

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Hey bud i have a question....

Lets say when price broke the high that was formed at the intrday level 38.2 on this trade the reversal was when that hight gave out right?


this brings to ask the question let say this happens at the pivot and price goes back up and brakes the hight that was formed at the pivot can you take the brake of that high and simply treat it as a scalp untill price leaves the 61.8 fibb like a reversal?

Let me know if my question made sence,

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Quoting Shermenator

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or you dont ake the reversal until price leaves the intrday levels?

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Quoting Bobokus

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Waiting on the break of the levels is just the safer way to enter, thats all up to the individual trader and what they are comfortable with.

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Quoting Shermenator

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Those 2 last post confirmed what i thought...
Do you ussually wait for the close on the other side of the 61.8 to reverse.....
also if you do i have noticed price sometimes closes on the other side of the 61.8 and then makes a pullback to meet support ...like you once told me it can be like jumping in the knife....

Can you tell me personally how you take it ?

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Quoting Shermenator

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When our intrday short gave up how many pips above do you consider the reversal?

also when price brakes the Intraday high or intrday low how many pips would you normally wait before coming in?

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Quoting Bobokus

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If I understand your question correctly, I would normally enter the market with a buy or sell stop, above a high point with Cable I use +8 pips and below a low point -5 pips, each pair is different considering each pairs spread.
Same as Ive posted in the Daily trading method. Sometimes its at the open of a candle that breaks a level

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