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Fibonacci Trading with Bobokus

  • #3,621
  • May 24, 2008 9:14pm May 24, 2008 9:14pm
Hi Bo,

I saw very nice summary of fib levels you posted here lately. Can I just ask you do not use trendlines any more? are they not effective enough? or their combination with fibs just doesn't work?

Many Thanks

Farman
  • #3,622
  • May 24, 2008 10:30pm May 24, 2008 10:30pm
Quoting FaRmAn
Hi Bo,

I saw very nice summary of fib levels you posted here lately. Can I just ask you do not use trendlines any more? are they not effective enough? or their combination with fibs just doesn't work?

Many Thanks

Farman
I do use trendlines, you just have to be careful with them on smaller timeframes, high angles and sideways markets. I just see a more of a horizontal S&R than angular.
  • #3,623
  • May 25, 2008 8:51am May 25, 2008 8:51am
Quoting Bobokus
I do use trendlines, you just have to be careful with them on smaller timeframes, high angles and sideways markets. I just see a more of a horizontal S&R than angular.
Thanks Bo,

I have been testing trendlines alongwith Fib levels on 1-hour time frame. I thought trendlines might help taking decisions when used with fib levels and they did provide me some clues to get in and out of the trade.

As you have said that I shouldn't have used this on smaller timeframes, what do you advice on the pattern like this?

Many Thanks

Farman
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  • #3,624
  • May 25, 2008 9:16am May 25, 2008 9:16am
Quoting FaRmAn
Thanks Bo,

I have been testing trendlines alongwith Fib levels on 1-hour time frame. I thought trendlines might help taking decisions when used with fib levels and they did provide me some clues to get in and out of the trade.

As you have said that I shouldn't have used this on smaller timeframes, what do you advice on the pattern like this?

Many Thanks

Farman
Your Ok with what youve got on there, the only break of those I wouldnt trust is the blue trendline because the angle is steep and it would have been breaking short too close to a long level.
  • #3,625
  • May 25, 2008 3:56pm May 25, 2008 3:56pm
They say a picture is worth a thousand words, I would say your charts are worth more than a thousand words.....coupled with thorough analysis..its priceless.

I for one appreciate your constant charts and analysis and look forward to reading them.I know its not easy to run a thread on FF...let alone 2 threads and to be constantly available and have the patience to answer numerous questions must take a lot....so I do pray to the Good Lord to continue to grant you good health and all the good karma you truly deserved.

Thank you and keep it up sir.......BTW since its bank holiday weekend in England we might not see a lot of move from cable on Monday
  • #3,626
  • May 26, 2008 3:31am May 26, 2008 3:31am
where to download these fibs.
regards
I need time ,I need money, I need more patience
  • #3,627
  • May 26, 2008 11:45am May 26, 2008 11:45am
Quoting Bobokus
Your Ok with what youve got on there, the only break of those I wouldnt trust is the blue trendline because the angle is steep and it would have been breaking short too close to a long level.
Hi Bo,

Do you use any money management model?

Thanks

Farman
  • #3,628
  • May 26, 2008 12:31pm May 26, 2008 12:31pm
Quoting ztdep
where to download these fibs.
regards
There are templates already set up with the different fib tools on it. Its set up on Cable but they can be transferred to other charts from the template. just use the paper clip icon next to the page numbers at the top of the thread and look for the lastest template.
  • #3,629
  • May 26, 2008 4:18pm May 26, 2008 4:18pm
Hi, Bobokus

I has been followed your thread for while and It really help me to see the visual support and resistance levels and price actions near those levels. I always use market order to enter the trade, but I notice that you use pending order like buy/sell stop or maybe buy/sell limit and place reverse order at stop level. Could you give us some tips that how you decide the price levels of your pending order in the trend or range condition if you compare intrady and swing levels in 1H? Do you always use reverse order to protect your trade if price direction against you.

Thanks,

Ren
  • #3,630
  • May 26, 2008 4:43pm May 26, 2008 4:43pm
Quoting Bobokus
Until we get to the curent place in time and what were looking for.
Its not that there are alot of fibs on the chart, they are necessary to get the entire picture.
Hello Bobokus,
would u be so kind to post your fib indicator?We would gladly appreciate it.i notice u work with price action.Keep it up.I will be like u someday.

Ayour2a
  • #3,631
  • May 26, 2008 5:51pm May 26, 2008 5:51pm
Bo this is how i have my aud/usd chart set up...let me know if this is right bud...I have a couple of swing fibbs extra just to know their extension but take a look at it...

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Now I am going to show you my 1 hour chart...
Take a look at the spot i placed my intraday( Green fibb) ...I feel like placing based on yesterdays high and low is not the most effecient...
though i do see the last swing in price of yesterday....(light blue fibb)
Now my question is what fibb do i aim for as a target since my intraday seems to far.....?
I am also aware of the small pennant being formed...
Let me know bud

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Also we have new home sales....for US tomorrow...so we might have a bullish movement tomorrow....
  • #3,632
  • May 26, 2008 6:06pm May 26, 2008 6:06pm
Quoting Bobokus
On the 1 hour I use the Intraday and Swing fib to trade my way through the weekly,daily and 4 hour levels.
Here is a little of the logic in why the are used this way and how it was applied over the past 2 days.
Pls,post the swing fib.i will more than grateful.thanks
  • #3,633
  • May 26, 2008 6:28pm May 26, 2008 6:28pm
Intreresting That...
Fibs are Deadly :If you have the Start {& finish} Nailed:

Convince me of thier "Predictive Value" & I would be {pips} in your debt.
  • #3,634
  • May 26, 2008 7:28pm May 26, 2008 7:28pm
Quoting jren07
Hi, Bobokus

I has been followed your thread for while and It really help me to see the visual support and resistance levels and price actions near those levels. I always use market order to enter the trade, but I notice that you use pending order like buy/sell stop or maybe buy/sell limit and place reverse order at stop level. Could you give us some tips that how you decide the price levels of your pending order in the trend or range condition if you compare intrady and swing levels in 1H? Do you always use reverse order to protect your trade if price direction against you.

Thanks,

Ren
I will usually use a buy or sell stop, the reasoning being that I am looking for the momentum to pick up after a level is tested or broken, price has to prove to me first it can reach a certain point that I choose for the entry and the momentum usually will pick me up on its way. When placing your buy or sell stop look for it to break a previous high or low as an indication price is moving in that direction.
I dont always place a stop and reverse type order alot has to do with the price action and whats making the market move. Stop and reverse sometiems will occur when higher timeframe levels are reached and hold price or it looses its momentum at those points. During ranging markets just be aware of previus highs and lows of waveforms if your in a trade since there may not be enough driving the market to break from the range. Trending moves are much easier to trade , price will continue to show either support or resistance levels holding as each waveform unfolds.
  • #3,635
  • May 26, 2008 7:33pm May 26, 2008 7:33pm
Quoting ayour2a
Hello Bobokus,
would u be so kind to post your fib indicator?We would gladly appreciate it.i notice u work with price action.Keep it up.I will be like u someday.

Ayour2a

I dont use the Indicator I do everything manually, the indicator is restricted to set rules based on time,which wont work properly if your trading the actual highs and lows from different timeframes. You can download one of the templates from the paper clip icon at the top of the thread page..next to the page numbers. the template is set up on a Cable chart but the fibs can be moved from a Cable chart to whatever you want to place them on...preferably a Major pair.
  • #3,636
  • May 26, 2008 7:48pm May 26, 2008 7:48pm
Quoting ayour2a
Pls,post the swing fib.i will more than grateful.thanks
Its not an Indicator, here is template with them on it.You just simply place the template in your templates folder and restart you platform. Then just apply the template to a Cable chart.
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Attached File(s)
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  • #3,637
  • May 26, 2008 8:09pm May 26, 2008 8:09pm
Quoting Bemac
Intreresting That...
Fibs are Deadly :If you have the Start {& finish} Nailed:

Convince me of thier "Predictive Value" & I would be {pips} in your debt.
Cant, You dont want to predict with em, they only show the potential for where price may meet its next support or resistance point at. Using them to predict with is too much of the mystical,magical crap for me...its more along the lines of "buying at wholesale and selling at retail" type principle, everyone gets it confused with all the magical number crap that floats around on the net about fibs. The chart below I try and illustrate this.
Using the fib tool thinking there is a magical reason that it works will take you down the wrong road and your going to get disappointed using them because price doesnt always reach its targets because of the shift in momentum or an economic situation that changes the sentiment. The fib tool is just that a tool to add to your inventory of weapons to use in the battle.
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  • #3,638
  • May 27, 2008 4:08am May 27, 2008 4:08am
Bo, you have the patience of a saint!
  • #3,639
  • May 27, 2008 4:22am May 27, 2008 4:22am
So Bo,
Only after knowing that you posted in the indicator free trading thread do I bring up this question. Is it your opinion/observation that we cannot win 100% of the time as questioned in the other thread? I ask this because I too believe that economic situations, news and sentiment can change the market and although your fib may be in the right place (or seem to be) that it can change against you, therefore eliminated the 100% success rate. That's why I think it is absolute suicide to trade the breaks of the 0 or 100. That's just my opinion but why not wait on a pullback to reduce your risk in case you don't have your fib in the right place (also, the market rarely breaks the first time anyway). Too, if your fib has to be in a place that you wouldn't ordinarilly place it (an area of s/r not easily seen or detected) then I would not call that human error but just the way the market works and it becomes subjective at that point and is easily detected only after the fact. Hope I have made sense here.

Daniel


Quoting Bobokus
Cant, You dont want to predict with em, they only show the potential for where price may meet its next support or resistance point at. Using them to predict with is too much of the mystical,magical crap for me...its more along the lines of "buying at wholesale and selling at retail" type principle, everyone gets it confused with all the magical number crap that floats around on the net about fibs. The chart below I try and illustrate this.
Using the fib tool thinking there is a magical reason that it works will take you down the wrong road and your going to get disappointed using them because price doesnt always reach its targets because of the shift in momentum or an economic situation that changes the sentiment. The fib tool is just that a tool to add to your inventory of weapons to use in the battle.
  • #3,640
  • May 27, 2008 7:41am May 27, 2008 7:41am
Quoting 4X4EVER
So Bo,
Only after knowing that you posted in the indicator free trading thread do I bring up this question. Is it your opinion/observation that we cannot win 100% of the time as questioned in the other thread? I ask this because I too believe that economic situations, news and sentiment can change the market and although your fib may be in the right place (or seem to be) that it can change against you, therefore eliminated the 100% success rate. That's why I think it is absolute suicide to trade the breaks of the 0 or 100. That's just my opinion but why not wait on a pullback to reduce your risk in case you don't have your fib in the right place (also, the market rarely breaks the first time anyway). Too, if your fib has to be in a place that you wouldn't ordinarilly place it (an area of s/r not easily seen or detected) then I would not call that human error but just the way the market works and it becomes subjective at that point and is easily detected only after the fact. Hope I have made sense here.

Daniel
No I dont believe one can trade and be 100%, there is too much chaos in the markets, we just dont live in a perfect universe. Waiting for a pullback is basically the idea behind using an Intraday fib and the Swing fib. The Intraday measures the single movements the swing measures the retracement into the Intraday movement, the Swing is used on the pullback. If you think of it in A B C terms the Intraday is on the A to B and the Swing on the B to C. There is some meaning when targets are not reached..it usually will indicate a possible reversal or ranging periods.
Waiting for the break of the high or low seems like a safe entry and sometimes when there is a shallow retracement to Intraday moves its all your left with, this usually happens at the front of trending moves when the momentum is strong.In my opinion its best to enter from the inner levels when the market provides those retracements so that your in profit by the time a high or low is tested and have time to close your trade with profits when a high or low fail to break or price reenters a high or low point after breaking it. Placing a fib where you wouldnt normally put one may be trying to make fibs fit to much..... Why would a fib have to be in a place you wouldnt normally put it, if not to make it fit to a target after the fact. Trading with fibs makes more sense used as a tool to help detirmine when a currency becomes a bargain to buy or sell (pullback) and hold that trade with the trend and take your profits out when it increases its value(target range 138/162) from buying or selling at the bargain price. I dont expect to win every trade, it would be nice but its wishfull thinking.
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