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Fibonacci Trading with Bobokus

  • #3,301
  • May 4, 2008 2:46pm May 4, 2008 2:46pm
Quoting Bobokus
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
Also when you do take the breaks of the high or the low since its a lower probability trade do you have a time of the day you like to take those trades?

Like do you take this during tokyo session?
  • #3,302
  • May 4, 2008 2:55pm May 4, 2008 2:55pm
Quoting Shermenator
That answer most of the question bud the other part is this...

You the place we shorted from the 38.2 fibb
when that resistance got borcken how many pips above it do you consider the reversal a pip above it?

To take it to the pivot at least depending on price action...
I think your trying to make it too mechanical, thinking of every possible reason to enter or not enter. There are just too many if it does this or if it does this instead that you could come up with 100's of different senario's for the same trade. Its just not that mechanical and why its difficult to teach EA's to trade..half of it is intuition from experience. Whats driving the market ,why is it doing the things its doing. The things you should pay attention too are the fundamentals driving the market, the technicals like fibs and other various methods just show you the most liklely points to enter and exit. It may not make much sense yet but in time it will.
  • #3,303
  • May 4, 2008 3:04pm May 4, 2008 3:04pm
Quoting Bobokus
I think your trying to make it too mechanical, thinking of every possible reason to enter or not enter. There are just too many if it does this or if it does this instead that you could come up with 100's of different senario's for the same trade. Its just not that mechanical and why its difficult to teach EA's to trade..half of it is intuition from experience. Whats driving the market ,why is it doing the things its doing. The things you should pay attention too are the fundamentals driving the market, the technicals like fibs and other various methods just show you the most liklely points to enter and exit. It may not make much sense yet but in time it will.

got it....that answered my question...this was one of the few times i reversed their because i felt the speed og the candle and how it reversed all the movement from so many hours in just one and that gave me the confidence in that moment ...this post answered my question very well...
  • #3,304
  • May 5, 2008 1:21am May 5, 2008 1:21am
Long in this trade since we had a downward trendline brake and we had a pivot bounce let me know if that seemed to be a good decision BO

Target 1 is 1.0606
Target 2 is 1.0635
Target 3 is 1.0660

Let me know what you think bud...
Target 3 is the final goal but i will pay attention at those 2 other targets

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  • #3,305
  • May 5, 2008 4:48am May 5, 2008 4:48am
Quoting Shermenator
Long in this trade since we had a downward trendline brake and we had a pivot bounce let me know if that seemed to be a good decision BO

Target 1 is 1.0606
Target 2 is 1.0635
Target 3 is 1.0660

Let me know what you think bud...
Target 3 is the final goal but i will pay attention at those 2 other targets

Attachment
You'll be Ok unless 1.0519 breaks
  • #3,306
  • May 5, 2008 5:24am May 5, 2008 5:24am
...mindful of the UK Bank Holiday, i took a cautious 1st short entry off 2nd May's intraday fib, now with stops @ b/e...i'm also wary of the interday fib still in play from 30th Apr - 1st May.
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  • #3,307
  • May 5, 2008 5:29am May 5, 2008 5:29am
Quoting Bobokus
You'll be Ok unless 1.0519 breaks

Yep I am still holding!!!!!!!!!!!!!!!!!!!!!!1lol

hopping for trendline brake now....

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  • #3,308
  • May 5, 2008 5:31am May 5, 2008 5:31am
Hi all,
Here is a post of the gbpusd weekly chart, which you can see has broken the main up trend, made a new low around 1.9330 and bounced at 2.0400 which also coincides with a 61.8 retracement (now looking to test support at 1.9600 area) The fibs work on all time frames, and I consider it worth while to keep an eye on the longer time frames such as the weekly chart for overall direction. While we may not have the capacity to trade at this level they can provide long term direction as we drill down through to the shorter frames for manageable entries.

mattfx
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Without women, money would have no meaning - Aristotle Onassis
  • #3,309
  • May 5, 2008 5:41am May 5, 2008 5:41am
Currently looking good as ashort look at price action at support target one lately the market have has not hit its targets since we have been getting reversal after reversal....

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  • #3,310
  • May 5, 2008 6:01am May 5, 2008 6:01am
Here is a trade I just entered on the 1 Hr chart, watch out for past support around the 1.9600 level
mattfx
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Without women, money would have no meaning - Aristotle Onassis
  • #3,311
  • May 5, 2008 6:01am May 5, 2008 6:01am
Intraday levels holding nicely if intraday long brakes expect alot of sellers jumping long...

Looking bullish though trendline brake 2

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  • #3,312
  • May 5, 2008 6:02am May 5, 2008 6:02am
Quoting mattfx
Here is a trade I just entered on the 1 Hr chart, watch out for past support around the 1.9600 level
mattfx

neat trade bud

I am still in the usd/chf long


we just had a trendling brake
  • #3,313
  • May 5, 2008 6:08am May 5, 2008 6:08am
Our charts are very similar Shermenter, I like the 38.2 and then break below past support, should move to 1.9600 area which is again strong support and the fib extension of the bounce. Fibs work at all levels, yet I have made it a rule to never sell the 38.2 bounce on the 1Hr until it breaks the last low, which it has done on this occasion.
Good trading
mattfx
Without women, money would have no meaning - Aristotle Onassis
  • #3,314
  • May 5, 2008 6:10am May 5, 2008 6:10am
I am positive!!!1ol

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  • #3,315
  • May 5, 2008 6:26am May 5, 2008 6:26am
Shermanator,

Your charts are very hard on the eyes, and difficult to analyse, I have found screen hunter very useful and capture every trade I make using this freeware

Try screen hunter for improved chart images

  1. www.wisdom-soft.com/products

Without women, money would have no meaning - Aristotle Onassis
  • #3,316
  • May 5, 2008 6:47am May 5, 2008 6:47am
Quoting mattfx
Shermanator,

Your charts are very hard on the eyes, and difficult to analyse, I have found screen hunter very useful and capture every trade I make using this freeware

Try screen hunter for improved chart images

  1. www.wisdom-soft.com/products


I am fallowing price with a swing fibb....i whant to see this levels hold in order to hold my trade long...

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  • #3,317
  • May 5, 2008 6:53am May 5, 2008 6:53am
We seem to be geting a shotting start of the resistance levels but price should continue up since we have brocken a downward trendine and the nitraday levels always hold better i would reverse my postion if the intrday 61.8 breaks....


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  • #3,318
  • May 5, 2008 7:01am May 5, 2008 7:01am
What do you think of the fundy coming out at 10 ?
  • #3,319
  • May 5, 2008 7:08am May 5, 2008 7:08am
Quoting Shermenator
What do you think of the fundy coming out at 10 ?
The forecast is expected to be lower again from the last report, but Im not going to be surprised if it comes out higher, or they (adjust) the previous numbers. The Fed has a tendancy to fudge the numbers sometimes.
  • #3,320
  • May 5, 2008 7:10am May 5, 2008 7:10am
Quoting Bobokus
The forecast is expected to be lower again from the last report, but Im not going to be surprised if it comes out higher, or they (adjust) the previous numbers. The Fed has a tendancy to fudge the numbers sometimes.

Bud would that be a good reason to close my long?

I am at breack even right now

What do you think?
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