Fibonacci Trading with Bobokus

I can see Intraday Long 9430 holding as support, twice cable has tested it since i went in long but next candle has opened above it, we will see how this trade plays out.

Hi Zerosum,
I am also long, but based on the Daily strat so from 9480. keeping my fingers crossed that it doesn't break down through the Intraday Long and the daily pivot point level at 9430 and 9432 respectively.

Ian

Sometimes retail trading can be a lonely business and its always good when you get positive feedback regarding your analysis and thinking, and yeah I have got both my fingers crossed as well.

I going to watch and see what happens if or when those level are broken.

Just banked some pips. Announcements coming up at 8:30 so wanted to be sure got a little something in account. Still got one position open for sure though shooting for 1.9371.

Moved stop to 1.9452 so gained 1 pip on 2nd. I think there were a lot of stops there so wouldn't suprise me if keeps going down. Will re-enter for a scalp trade if breaks the lows.

This time position used smaller than previous b/c I don't like taking trades @ this time, but the set-up was there so I took it. Current candle needs to break South or I may consider bailing. There is a pesky support level that needs to fail I'm monitoring.

EDIT: Bailed on this one. Got out with a couple pips loss rather than waiting this one out. Could still work, but I don't have the patience on this trade.

hi

Good work sheamenator, But I entered at the opening of the next candle after the the close of the hammer.

Reasons:

1. Price-action: price retraced from the tested high of previous day, downward and end with a hammer, which signifies possible reversal and price opened above the close of the hammer to indicate strong reversal.

2. Rejection at Decision Zone: price was rejected at DZ, very close to intraday pivot:

These two reasons gave valid entry and it paid out perfectly: As, my fx mentor will say, let there be at least two reason for entry a trade.

We keep learning daily

overall look for today is bearish ....
If you look at the 1 hour chart the main resistance look like they had a break but in reality it was simply a pierce in the 4 hour chart...
The way i trade a break on this bigger fibbs i based it more on the 4 hour data to make sure its a break...

Chart 1 is my 1 hour chart....Looks like we might test the support long from the daily chart....



Now look at the four hour chart how it simpy was a pierce of the resistance level....if I am taking a break of a larget fibb i use the 4 hour chart...if its the intraday then i focus on the 1 hour chart...

Overall seems bullish since our intraday levels are bullish...the only problem is be aware of the fact that last night our bullish intraday levels did not get meet...that means a reversal can happen today. Second price had impacted the main resistance pivot and it has failed a couple of times....
Also if price does come down be aware of the major support levels...


First chart is the 1 hour chart...



Now on my 4 hour chart i look at the candle formation since they hold more truth since they are larger timeframe...
This timeframe also shows you how strong the resistance area really is...



Let me know your opinion guys...

Break of 1.95 will lead to testing the upper range (1.953) and if broken, 1.955 and 1.959. On the other hand we have a support around 1.9415 and if broken, 1.939 & 1.936.
At this moment i prefer more upside movement.

Looking bearish since yesterday targets did not get meet...that showed weakness in the upward movement...possibell reversal...no long is nice unless you get a break of the pivot resistance...Also strong downward trendline coming up...
Look at major support below...

In the current swing on 1 hr chart I see 4 morning stars and 2 engulfing bearish and one set of tweezers. Then on 4 hr chart I see one Morning Star and one Engulfing Bullish. Price has yet to respond to the patterns. (1st chart 1 hr, 2nd chart 4 hr).

Daily chart - look at the pattern we have. Decision bear, with indecision candles. What would come next to form a morning star? Look at the pattern on the 2 most recent bounces on this strong support level. I believe price will take a couple attempts at support before breaking this level. (3rd chart daily - look to left for 1 and 2 bounces). You can also eyeball a channel on daily which we're at bottom of.

Just looking at the charts I'm biased very bullish. However, I don't know of any fundamentals to line up to push her North (maybe it being a Friday which can get nutty sometimes but that's all I got). Based on 4 hr chart 1.9700 looks possible with lots of convergences there to push her down again to test or break this level.

Personally will be preferenced in taking breaks of my "intraday" levels. (I know wrong name, but I just concentrate of the fib itself), and also break of todays high around 1.9500 area. If the above happens, I feel like this is a very high % probablity however I don't know any fundamental data to support the move.

Comments?

EDIT: Will also stop cluttering up this thread with live trade's. Instead let's start posting live trades here: http://www.forexfactory.com/showthre...=71089&page=10. Another trader started this thread for live trade calls dedicated to Bo's. Not sure why it's dead, but let's try to revive it. If you guys take trades using Bo's method please post there. We could all learn from each other and how everyone uses the fibs and reads price action. Any takers?

I will post my charts in that thead instead so we dont clutter...http://www.forexfactory.com/showthre...=71089&page=10

Hey All,

Nothing really giving me any reason to take a trade so thats me done for the week,so will y'all do have a great weekend and see you all next time. out.........

can anyone put me through this quesstion pls?
can anyone send me the setup of retracement fib and how shound i plot it? i like to know, is it the same way we usually plot intraday or it plot any other way? ppls help out and explain to me thanks.

Hi bo,

We cuurently use Daily as larger and 1 hour as our smaller time frames for our analysis. Have you tried this Fib-startegy on a shorter scale like 30min(large)-15min(Small)? If yes, how was your experience? plus any recommendations...

Thanks

I dont recommend using anything less than a 1 hour timeframe, the 1 hour gives enough false signals, the lower the timeframe you go the more false signals you'll get.

Hi Bo,

I have been reading your newly labeled fibs and how to use them. I am not sure about intraday do we still use it alongwith resistance and support fibs. As I understood upuntill now is we use resistance and support fibs as our swing fib. If trend is up, plot support or vice versa. am I right?

I am still not sure about when to actually get into the trade, buying the dips, if support hold, sell the rally, if resistance is not broken but do we still wait for the long or short level of the fib to be broken (by seeing candle open above/below a level)?

Waiting for your expert advice.

Farman

Bo this is the doubt i have right now...

You see on my first chart i had my first tear of resistance ....( the light blue fibb...) this is how i had them


Now that they have been broken i pulled it back to the next tear of resistance...let me know if this is right...



Let say those brake then I would pull it back again


I would keep on pulling back untill I am only left with the major tear...
Is this correct Bo this is my biggest doubt



I am finding problems sometimes making a decision long or short....
I am going to make it more simple...

was anyone else looking at gu at 8am gmt this morning?
Perfect short entry or so i thought. Got down and bounced horribly off the low. Now its after bursting up through the high. Im down 50 pips or so...
Thoughts?