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Fibonacci Trading with Bobokus

  • #3,441
  • May 10, 2008 2:47am May 10, 2008 2:47am
Thanks a lot Bobokus... Looking forward to try your strategy..
  • #3,442
  • May 10, 2008 7:35am May 10, 2008 7:35am
Hi bobukus,
i started reading ur thread yesterday and i made 150 dollars dat same yesterday,i cld hav made 400 but i didnt complete ur guide b4 trading it, i just took d basics and applied it,now i know how. God bless u,i also discovered dat atleast u can average 30pips on d conservative side thank you soo soo much.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,443
  • May 10, 2008 9:28am May 10, 2008 9:28am
Hi, friends, I am newbie and interested in Fib method. Could anybody tell me how to set "Swing Fib" indicator with price on it? My FIB of MT4 platform does not show price, only the level of percentage, it that possible to slove this problem?

Thanks a lot!
  • #3,444
  • May 10, 2008 9:32am May 10, 2008 9:32am
Quoting macalmd
Hi, friends, I am newbie and interested in Fib method. Could anybody tell me how to set "Swing Fib" indicator with price on it? My FIB of MT4 platform does not show price, only the level of percentage, it that possible to slove this problem?

Thanks a lot!
You can change them from selecting the fib tool and opening its properties, you'll see the levels and a description line..in the description line add %$ and the level will display price. There is a quick video on how to do this on the first post of the thread.
Or you can simply find the last template posted with the paper clip icon at the top of the page and transfer the relabeled tools from chart to chart.
  • #3,445
  • May 10, 2008 2:08pm May 10, 2008 2:08pm
Hello Bob,

Very nice style of following the market you have here, currently playing "catch up" reading your very informative excellent thread.

Quite a way to go yet but already I have a question if I may.

Just found a "custom script" kindly written by Steve Fleming for auto-generating five sets of fib levels and these are: Daily, Intermediate, Swing, Range and Intraday sets.


(See pic attached)


My question is are these generated fibs still applicable and up to date?

Looking forward to your reply,

Kind regards,

Doubletop.
Attached Image (click to enlarge)
Click to Enlarge Name: fib_script.gif Size: 36 KB
  • #3,446
  • May 10, 2008 2:33pm May 10, 2008 2:33pm
Quoting doubletop
Hello Bob,

Very nice style of following the market you have here, currently playing "catch up" reading your very informative excellent thread.

Quite a way to go yet but already I have a question if I may.

Just found a "custom script" kindly written by Steve Fleming for auto-generating five sets of fib levels and these are: Daily, Intermediate, Swing, Range and Intraday sets.


(See pic attached)


My question is are these generated fibs still applicable and up to date?

Looking forward to your reply,

Kind regards,

Doubletop.
Those seemed to be too confusing as their purpose So they have been changed to these:
Daily chart gets the (uptrend,downtrend,retracement)
Intraday sets are (Intraday,swing)
Alternate Intraday (support, resistance)
Here is a template set up on Cable with them on it.
Attached File(s)
File Type: tpl 0409temp.tpl   6 KB | 522 downloads
  • #3,447
  • May 10, 2008 2:44pm May 10, 2008 2:44pm
Hello Bob,

Many thanks for the prompt reply and your attached Cable template.
Its very much appreciated

Now thats answered I will continue reading your excellent thread


Thanks again,

Doubletop.
  • #3,448
  • May 10, 2008 4:10pm May 10, 2008 4:10pm
This is the way i would plaec my fibbs on the aud/usd

Fibb 1 i would go to my weekly chart and place it like this

Attached Image (click to enlarge)
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Then i go down to the daily chart and place the support fibb on the last swing i can see...
I know their is other swing next to mine but I am trying to not place so many...

Attached Image (click to enlarge)
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Then i whent to my 4 hour chart and got my major swing fibb...

Attached Image (click to enlarge)
Click to Enlarge Name: 333.gif Size: 51 KB


Then in my 1 hour chat i placed my intrday fibb
I feel like i could place a counter fibb to the swing blue fibb but I am placing to many ...

Attached Image (click to enlarge)
Click to Enlarge Name: 444.gif Size: 54 KB
  • #3,449
  • May 11, 2008 9:34am May 11, 2008 9:34am
Thanks bobokus for all ur info,but while doin alittle backtesting i discovered that the market sometimes does not go above or below the rectangle(i.e intraday short and long),pls on such days what do we do and how do we trade on does days

2) Also goin thru the template(0409temp),its kinda confusing,please can u explain how 2 set it up probably in a video,thanks for ur helping heands
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,450
  • May 11, 2008 9:51am May 11, 2008 9:51am
sorry for bothering u,pls how do we draw the fibs on the new temp do we start from the weekly,i saw ur recent post about how 2 go abt it but pls and pls be explicit as u explained in ur first post on the thread,pls am sorry to bother u.thanks
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,451
  • May 11, 2008 10:37am May 11, 2008 10:37am
Quoting lordgbengs
Thanks bobokus for all ur info,but while doin alittle backtesting i discovered that the market sometimes does not go above or below the rectangle(i.e intraday short and long),pls on such days what do we do and how do we trade on does days

2) Also goin thru the template(0409temp),its kinda confusing,please can u explain how 2 set it up probably in a video,thanks for ur helping heands

Its very simple actually,
The first chart here is what the template looks like when you put it on the chart. No need to zoom out to the weekly at this point until Cable can break from this pattern over the past month or so. On the template the uptrend and downtrend fib tools are set up already, but for simplicity on the logic ill go fib by fib and its placement and why.
Second chart shows the last push up Cable made (upTrend) and has since broken these support levels, If you measure the first retracement where price originally tested the uptrends levels you can see price has made it to the target range of this first retracement, meaning we could very well see a bounce up now.
To find out we use the 1 hour or if you wish the 4 hour. me I use the 1 hour most of the time, what we do is follow each of these wavewforms or movements now from a support and resistance type strategy(Exact same thing as using the Intraday and the Swing fib). If price is to make an attempt on the Daily resistance levels we will see the support levels from these new waveforms yet to happen tests its levels and they will hold.
Continued....
Attached Image(s) (click to enlarge)
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  • #3,452
  • May 11, 2008 10:48am May 11, 2008 10:48am
From the 1 hour we trade our way to these Higher timeframe levels (Daily). If price is to make an attempt up here we will see support hold and resistance break from the waveforms we will get on the 1 hour timeframe. We do have to be somewhat careful here as the recent weeks we have seen price reverse its direction almost on a daily basis but still working its way down. A push up here is most likely only going to test the resistance levels from the Daily. You must be aware of the upcoming economic releases as they provide the movement...techs like fibs only show the possible entry and exit points. You looking for prices reaction as it encounters these support and resistance levels. If support levels hold price continues up(buy the dips), if resistance levels hold price comes back down(sell the rally's).
Attached Image(s) (click to enlarge)
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  • #3,453
  • May 11, 2008 11:16am May 11, 2008 11:16am
This is what I would look at as a starting point going into today and Mondays trading.
Attached Image (click to enlarge)
Click to Enlarge Name: 0411.gif Size: 26 KB
Attached File(s)
File Type: tpl 0411.tpl   5 KB | 443 downloads
  • #3,454
  • May 11, 2008 7:02pm May 11, 2008 7:02pm
Quoting Bobokus
This is what I would look at as a starting point going into today and Mondays trading.
Hello Bobokus,
The G/U has been moving down, but as I look at the H1 chart at this time it looks like it wants to go up. I will not consider a trade until near the London open.
Attached Image (click to enlarge)
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  • #3,455
  • May 11, 2008 7:40pm May 11, 2008 7:40pm
Quoting Dcb
Hello Bobokus,
The G/U has been moving down, but as I look at the H1 chart at this time it looks like it wants to go up. I will not consider a trade until near the London open.
Yes, since weve had this much retracement from fridays initial move down we want to see if support will hold if it begins to drop here, if support levels hold we can expect it to continue up. Early trading price has fell off to 1.9505 before rebounding to where it is now..testing the upper trendline from the highs of the past few days. If it were to fail here and support levels give way we would see it test fridays low again.
  • #3,456
  • May 11, 2008 8:01pm May 11, 2008 8:01pm
Just to tell u that i really enjoy ur analysis,av been expecting cable to break thru those support since friday,which it did but it's a pity we are still having the probability that it will still break it down to friday's support again.I hope those strong news that we have on monday will help gu go up
Great Analysis.
  • #3,457
  • May 12, 2008 3:44am May 12, 2008 3:44am
I waited for a short while after the news to let the market decide if the G/U would go up. I bought G/U at 1.95334.
Attached Image (click to enlarge)
Click to Enlarge Name: G.U.png Size: 25 KB
  • #3,458
  • May 12, 2008 3:57am May 12, 2008 3:57am
Quoting Dcb
I waited for a short while after the news to let the market decide if the G/U would go up. I bought G/U at 1.95334.
Nice trading

...i took a risky (low stakes) short earlier in the session, on the break of Friday's low and was stopped out 2hrs before the news for -41.

I didn't set a limit order at the long fib, i'm waiting now to see if support will hold and trade long from there...likely to have to sit on the sidelines for a while.
  • #3,459
  • May 12, 2008 4:06am May 12, 2008 4:06am
Quoting ChowClown
Nice trading

...i took a risky (low stakes) short earlier in the session, on the break of Friday's low and was stopped out 2hrs before the news for -41.

I didn't set a limit order at the long fib, i'm waiting now to see if support will hold and trade long from there...likely to have to sit on the sidelines for a while.
Hello ChowClown,
I am sorry you had that loss. I have done the same thing many times. I have made the decision that I will only trade during the first 3- 4 hours of the London session, and not open a trade when I am not able to monitor it. I closed my G/U at 1.95770 because I did not like how the price was stalling. My gain was 43 pips. You will recover you loss.
Attached Image (click to enlarge)
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  • #3,460
  • Edited 4:58am May 12, 2008 4:39am | Edited 4:58am
Hello all, I bless the name of the lord for jet211990(shementor) for taking me on a live marathon tutorial this morning, our idea of rubbing minds worked perfectly. Am still learning this method with all due dilligence and i must say that it has advantage over any system i have used so far becoz, u can go either way the price goes by pulling your fib accordingly. I have perfected the act of using the intra-day and inner-swing fib. the inner swing fib did a perfect job this morning, when it couldn't sustain the earlier short move, it initiated the long move which hit its 1st and 2nd tgt with the help of the news. i am still having problem understanding the bigger picture but i know that i will do over-time since bo said it works just like the intra-day but with fib names differ. My advice to whoever that is trading this method is to master price action and drawing valid trendlines. these two tools helped me to see whot bo is seeing and understand the method fast. am learning very fast and today i banked more than 100pips doing paper trade while shementor banked 80pips Thanks BO, Chowclown,Olounloniemi et al for making me to understand fast but i still have more to learn to have perfect understanding attached are my screenshorts of how we tracked and tame the pips
Attached Image(s) (click to enlarge)
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