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Fibonacci Trading with Bobokus

  • #3,321
  • May 5, 2008 7:21am May 5, 2008 7:21am
Quoting Shermenator
Bud would that be a good reason to close my long?

I am at breack even right now

What do you think?
If the forecast is better than expected you would want to hold it, if it comes out as forecast you would want to close it. As long as your support levels hold your ok. Its a slow day for most pairs so far and the swissy looks to be one of them. I dont have a chart for Swissy or follow it much but looking at yours a break of 1.0535 would not be a good sign for your long.
  • #3,322
  • May 5, 2008 7:27am May 5, 2008 7:27am
Quoting Bobokus
If the forecast is better than expected you would want to hold it, if it comes out as forecast you would want to close it. As long as your support levels hold your ok. Its a slow day for most pairs so far and the swissy looks to be one of them. I dont have a chart for Swissy or follow it much but looking at yours a break of 1.0535 would not be a good sign for your long.

Hey bud let say my levels dont hold would you reverse your postiong if the intrday short does not hold since to me that would show that the resistance levels held and that price is reversing itself atleast to the intrday low...what do you think based of the chart I am going to post up...

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  • #3,323
  • May 5, 2008 7:35am May 5, 2008 7:35am
Quoting Shermenator
Hey bud let say my levels dont hold would you reverse your postiong if the intrday short does not hold since to me that would show that the resistance levels held and that price is reversing itself atleast to the intrday low...what do you think based of the chart I am going to post up...

Attachment
No, I would leave that one alone for the day, the small range so far could continue and its not worth the risk, its better to wait until the next trading day for the Swissy. The news later might help but again its not worth the risk. In your trading plan what would it take to tell you its reversing on you ?
  • #3,324
  • May 5, 2008 7:47am May 5, 2008 7:47am
Quoting Bobokus
No, I would leave that one alone for the day, the small range so far could continue and its not worth the risk, its better to wait until the next trading day for the Swissy. The news later might help but again its not worth the risk. In your trading plan what would it take to tell you its reversing on you ?

For me it would be to get a close below the pivot and then to defently feel like its going against me i would be to break the small swing support fibb....after that the odds of a good trade would be leaving my side....also that would me a trendlline brake ....so i would just see it as a bad trade the only thing thing is my stop is 5 pips below the intrday short i feel like that is the spot that if it fails its going to go the other way...is this accurate Bo or what do you think I am missing?
  • #3,325
  • May 5, 2008 7:48am May 5, 2008 7:48am
the chart


hope to get a close above pivot ad that would also mean a small bounce of support break...

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  • #3,326
  • May 5, 2008 7:53am May 5, 2008 7:53am
Quoting Shermenator
the chart


hope to get a close above pivot ad that would also mean a small bounce of support break...

Attachment
Im not going to trade it but it looks to go short.
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  • #3,327
  • May 5, 2008 7:53am May 5, 2008 7:53am
You can't trust any numbers from the govt. They have changed the way they calculate inflation, GDP, payrolls, etc. twice since 1981, so they wouldn't look so bad. So by '81 methods, we have 11% inflation, 12% unemployment and negative GDP for the last 7 or 8 quarters. Meanwhile investment banks are losing billions, borrowing billions more, and paying billions in bonuses for "such good work".
  • #3,328
  • May 5, 2008 7:55am May 5, 2008 7:55am
Quoting bhale
You can't trust any numbers from the govt. They have changed the way they calculate inflation, GDP, payrolls, etc. twice since 1981, so they wouldn't look so bad. So by '81 methods, we have 11% inflation, 12% unemployment and negative GDP for the last 7 or 8 quarters. Meanwhile investment banks are losing billions, borrowing billions more, and paying billions in bonuses for "such good work".

LOL, I like the way you think.
  • #3,329
  • May 5, 2008 7:58am May 5, 2008 7:58am
Quoting Bobokus
Im not going to trade it but it looks to go short.

Yep i agree....candle is not really taking of with speed yet but if price manages to close above my intrday pivot i will hold my long....i would not reverse no matter what untill the release of the news comes out....If the news pushes it down then i know its a good trade as a reversal but i wont take the reversal if it happens prior to the news since it can reverse it again....

does that sound like a good plan bo?

My stop is 5 pips below the intrday low is that good?

Also if the reversal does happen i would look at price action at target one of resistance and then aim for the intraday low...
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Attached Image (click to enlarge)
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  • #3,330
  • May 5, 2008 9:21am May 5, 2008 9:21am
Bobokus, I noticed on some of your charts earlier in the thread that you use the ZeroLag MACD. Was that just an experiment, or do you still use it? If so, what purpose does it serve you? And if you still use it, which settings have you found to be the best?
  • #3,331
  • May 5, 2008 9:27am May 5, 2008 9:27am
I am in the money
  • #3,332
  • May 5, 2008 9:41am May 5, 2008 9:41am
Quoting Somboed
Bobokus, I noticed on some of your charts earlier in the thread that you use the ZeroLag MACD. Was that just an experiment, or do you still use it? If so, what purpose does it serve you? And if you still use it, which settings have you found to be the best?

Its a waste of time to even use it.
  • #3,333
  • May 5, 2008 9:42am May 5, 2008 9:42am
Quoting Shermenator
I am in the money

Now that its moving you want to follow the price action as it tests resistance levels in its path.
  • #3,334
  • Edited 10:20am May 5, 2008 10:02am | Edited 10:20am
Quoting Bobokus
Its a waste of time to even use it.

Hey bud do you think the usd/chf is looking like a reversal?

It seems to be one but i would not ake it since the major markets have closed I dont whant to get trapped in cosolidation i made my 20 pips
today....i dont whant to force trades either so i turned of my charts...good day for me
  • #3,335
  • May 5, 2008 12:11pm May 5, 2008 12:11pm
Quoting Bobokus
I would like to open a thread to discuss trading based on fibonacci, I know there are alot of traders out there including myself who trade with nothing but Fibs and I would like to share, along with gain some knowledge with other Fib traders. I have tried numerous methods but about a year or so ago I started looking more and more at fibs and began to see the repetitive nature and how price reacted to them. I have become pretty successful with Fibs now and think I can give something back, because I remember how hard it was to get started trading Forex with no experience.
Originally Fibs were very confusing so I simplified them to some degree and have had developed my own strategy with them. More or less a Fib breakout type strategy.
If there are any of you interested here is a sample of what my strategy looks like within the chart and we can discuss more if there are any traders interested. For the most part I only trade GBP/USD, but I have been known to take on a few others.
Ill post the actual strategy in the next coming post as well as open the thread to any questions.

Daily Trading with Fibs Link
http://www.forexfactory.com/showthread.php?t=72953



*Current Video
http://www.youtube.com/watch?v=Eo1rmbCH5-o
http://www.youtube.com/watch?v=wZVL5QWG2js
http://www.youtube.com/watch?v=tW4gqSaskjo
http://www.youtube.com/watch?v=2xSbxEabXHQ Setting up the fib tool
http://www.youtube.com/watch?v=dsu_iiWO7bY GBP/Yen, S&R price following exercise
Thanks bobokus for your postings.

I have just joined factory forum and found it quite exciting to see guys like you here posting and updating people's knowledge.
Can you please help me with videos? I can't open them on youtube. Is there any other format available?
Thanks
  • #3,336
  • May 5, 2008 2:00pm May 5, 2008 2:00pm
Quoting FaRmAn
Thanks bobokus for your postings.

I have just joined factory forum and found it quite exciting to see guys like you here posting and updating people's knowledge.
Can you please help me with videos? I can't open them on youtube. Is there any other format available?
Thanks
Sorry but they were just sample videos so I didnt save them to a file the only way to get them is from Youtube. You cant get Youtube video to play at all ?
  • #3,337
  • May 5, 2008 7:27pm May 5, 2008 7:27pm
Hey Bud was the trade for the gbp/usd a good short on impact of intrday to take or the way i was going to trade it before i got on the usd/chf was to wait for a trendline brake that we did get....

In what location would you taken the trade bud?


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  • #3,338
  • May 5, 2008 7:33pm May 5, 2008 7:33pm
Bo i have noticed lately that the gbp/usd is not making it to the intrday targets but to the counterfibb to the intraday targets....is this true Or am i going crazy lol...Seems to me like the gbp does not have enough strengh in a ny direction...


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  • #3,339
  • May 5, 2008 7:39pm May 5, 2008 7:39pm
Quoting Shermenator
Hey Bud was the trade for the gbp/usd a good short on impact of intrday to take or the way i was going to trade it before i got on the usd/chf was to wait for a trendline brake that we did get....

In what location would you taken the trade bud?


Attachment
I shorted Cable at 1.9757, Did the same and closed it once it stalled on the swing fib targets at 1.9678 after about 3 hours of it hanging there.
  • #3,340
  • May 5, 2008 7:45pm May 5, 2008 7:45pm
Quoting Shermenator
Bo i have noticed lately that the gbp/usd is not making it to the intrday targets but to the counterfibb to the intraday targets....is this true Or am i going crazy lol...Seems to me like the gbp does not have enough strengh in a ny direction...


Attachment
This is just the current trading conditions...adapt or die. Its directional, its still stair stepping down from the larger timeframes, the 1 hour is just getting alot of reversals from day to day.
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