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Fibonacci Trading with Bobokus

  • #3,661
  • May 29, 2008 7:03am May 29, 2008 7:03am
Quoting Shermenator
We have a bullish Bias based on our intraday fibbs...Though price is not showing any holding on the first level but expect more buying pressure to get added at 9765 to 9756 area many fibbs in that area hold at support.

Though the
Nationwide House Prices m/m
Might cause some failure of intraday levels and yet cause onther reversal day...

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Now that its over you see you were correct...did you trade it that way ?
  • #3,662
  • May 29, 2008 7:07am May 29, 2008 7:07am
Quoting ztdep
Dear Bobokus:
I want to know how to decide the target.
today, GBPUSD has big move, but i TP at the Introday pivot, but the price now has reached the introday low, so how to resolve this problem.
i only sell 0.1 lots.
regards
You were correct in the sense you were expecting a bounce from the intraday levels ...it just never occured and you trade continued short, Price action is your exit at that point since support from yesterday failed. Mixed fundamentals have Cable unable to get any continuation here lately and that should be considered until the conditions change.
  • #3,663
  • May 29, 2008 8:14am May 29, 2008 8:14am
Dear Bobokus:
I only see the use of the intraday fibs, and how to use the fibs from the higher time frames.
the price is ranging about the intraday long, so what is the next move of the price.
can i go long?
regards
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I need time ,I need money, I need more patience
  • #3,664
  • May 29, 2008 8:18am May 29, 2008 8:18am
Quoting ztdep
Dear Bobokus:
I only see the use of the intraday fibs, and how to use the fibs from the higher time frames.
the price is ranging about the intraday long, so what is the next move of the price.
can i go long?
regards
I wouldnt, last 2 candles are showing resistance now and the overall look is still lower highs and lows. If it breaks long here I would just let it go....to many if's for me. I would lean more into waiting for a short opportunity, we'll have to rely on more price action than short term Intraday levels. May get a chance to short if 1.9800 holds on a second attempt.
  • #3,665
  • May 29, 2008 8:42am May 29, 2008 8:42am
Quoting Bobokus
I wouldnt, last 2 candles are showing resistance now and the overall look is still lower highs and lows. If it breaks long here I would just let it go....to many if's for me. I would lean more into waiting for a short opportunity, we'll have to rely on more price action than short term Intraday levels. May get a chance to short if 1.9800 holds on a second attempt.
Dear Bobokus:
which kind of signal gives a short opportunity? does it mean the price penetrate the intraday low?
regards
I need time ,I need money, I need more patience
  • #3,666
  • May 29, 2008 8:46am May 29, 2008 8:46am
Am still learning to understand bo's term used for fib like resistance and support holding but quite understood his fib concept.

seems GU is getting ready for possible short,

My reasons

1. GU is short on general trend
2. Hammer is forming at intra-day pivot after the long failed
3. stoch(the only indi that i use) is in overbougth region

will watch price action closely at the next candle to go short
  • #3,667
  • May 29, 2008 8:59am May 29, 2008 8:59am
Quoting ztdep
Dear Bobokus:
which kind of signal gives a short opportunity? does it mean the price penetrate the intraday low?
regards

Its price action itself, which is equally important. The fib tool is just a guide to help read the actions from price.
  • #3,668
  • May 29, 2008 9:16am May 29, 2008 9:16am
I just went short on GU, My forex teacher will say, plan your trade and trade your plan, always pull the trigger when you have two reasons to do so..

Here is my screenshot,

Bo, your comment will be great here
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  • #3,669
  • May 29, 2008 9:57am May 29, 2008 9:57am
Quoting Naijafx
I just went short on GU, My forex teacher will say, plan your trade and trade your plan, always pull the trigger when you have two reasons to do so..

Here is my screenshot,

Bo, your comment will be great here
Im in the same boat we just have to be careful since we are so close to the last swings support levels, as soon as it stops making new hourly lows or breaks the previous hourly highs thats our que to get out and stop for the day.
  • #3,670
  • May 29, 2008 10:22am May 29, 2008 10:22am
your method works well and i thank God that i am able to trade wot suits me using your method but find ur resistance and support terminology difficult to understand, anyway, will do as time goes on.

Ur system rocks perfectly well with price action and trendline, I only added stoch 833 to gauge the mkt to trade outside Overbought and oversold region.

I see price hitting previous day low, I might be wrong but i think i should be right.

Bo, thanks for sharing, as i get used to trading your method, i will get better and become more confident with it.

love to read from you soon
  • #3,671
  • May 29, 2008 10:59am May 29, 2008 10:59am
Quoting Bobokus
Im in the same boat we just have to be careful since we are so close to the last swings support levels, as soon as it stops making new hourly lows or breaks the previous hourly highs thats our que to get out and stop for the day.
Dear Bobokus:
Would you please upload your charts to show the swins suppot level.s
regards
I need time ,I need money, I need more patience
  • #3,672
  • Edited 11:45am May 29, 2008 11:32am | Edited 11:45am
Quoting ztdep
Dear Bobokus:
Would you please upload your charts to show the swins suppot level.s
regards

Sure..
What we want to see are these levels break and yesterdays Intraday levels to continue to hold, so far the battle rages on without a clear winner. If 1.9720 breaks we picked the correct side based off yesterdays Intraday, the break of this swings levels only cofirms this...if they continue to hold throuout the day thats our que to exit and wait for the next opportunity.
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  • #3,673
  • May 29, 2008 1:24pm May 29, 2008 1:24pm
Quote
Sure..
What we want to see are these levels break and yesterdays Intraday levels to continue to hold, so far the battle rages on without a clear winner. If 1.9720 breaks we picked the correct side based off yesterdays Intraday, the break of this swings levels only cofirms this...if they continue to hold throuout the day thats our que to exit and wait for the next opportunity.

Waoh! keep talking in charts Bo, its getting sinker into my brain, yeah, we need a break from the decision zone of the swing to trade and use out intra-day as overall profit guide.

thanks bro, am sure to compile all ur recent posts and go over them.

bo, would appreaciate it if u can give a post of how u traded today.

thanks
  • #3,674
  • May 29, 2008 3:31pm May 29, 2008 3:31pm
Quoting Bobokus
Now that its over you see you were correct...did you trade it that way ?

Yep but i shorted the gbp/usd last night and got out at 9705 since i had a 61.8 fibb there and that was also the intradaylow...i had a good trade bud.
  • #3,675
  • May 29, 2008 6:07pm May 29, 2008 6:07pm
Well as we can see price has respoded nicely to our intraday levels...Though it is to early for my personal taste to take a trade at this time since lately we have had our movements later in the day. Also keep in mind that fact that none of our intraday levels got hit. That makes think that in any position i have to protect my profits since the market has not showen decision in any way. Also our intraday levels for today have been broken. Since that has happend we are waiting to see if support holds and as we can see it is holding at the pivot and gave a bounce. Though it is still to early for anythying. We are currently having an upward trendline breack and if this closes like such it would take away some bullish decision in my head.
Also be aware of all the swings taking place ans specially their targets since we have been having reversals on daily basis. Once again guard your pips and tonight we have no fundamentals.

Attached Image
  • #3,676
  • May 29, 2008 11:33pm May 29, 2008 11:33pm
Quoting Shermenator
Well as we can see price has respoded nicely to our intraday levels...Though it is to early for my personal taste to take a trade at this time since lately we have had our movements later in the day. Also keep in mind that fact that none of our intraday levels got hit. That makes think that in any position i have to protect my profits since the market has not showen decision in any way. Also our intraday levels for today have been broken. Since that has happend we are waiting to see if support holds and as we can see it is holding at the pivot and gave a bounce. Though it is still to early for anythying. We are currently having an upward trendline breack and if this closes like such it would take away some bullish decision in my head.
Also be aware of all the swings taking place ans specially their targets since we have been having reversals on daily basis. Once again guard your pips and tonight we have no fundamentals.

Attachment
Your getting the right mentality, just ease up on all the fib tools, you dont need all those jammed into that small a space. You can move 1 fib tool to all those points you have there and get the same thing accomplished...just move it to the points you want to view..alot less clutter aids in alot less clutter in your brain.
  • #3,677
  • May 29, 2008 11:40pm May 29, 2008 11:40pm
Quoting Naijafx
Waoh! keep talking in charts Bo, its getting sinker into my brain, yeah, we need a break from the decision zone of the swing to trade and use out intra-day as overall profit guide.

thanks bro, am sure to compile all ur recent posts and go over them.

bo, would appreaciate it if u can give a post of how u traded today.

thanks
Sure, I took a few notes as I traded the move down looking for it to bounce ..which never happened but didnt hurt my feelings either. I originally entered this trade scalping back to the Intraday levels and fully expected a bounce but as you follow along it never gives the indication of a bounce and I ride it down to 1.9715 when I closed it as it reentered the previous days low.
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  • #3,678
  • May 29, 2008 11:46pm May 29, 2008 11:46pm
Once it began moving good I threw the resistance fib on the move down, in the event it rallied up from that point if the 50 or pivot level is within range of your stop it stands the chance of getting hit. In this case my stop and was in range and a little too close. At this point I was still looking for it to bounce.
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  • #3,679
  • May 29, 2008 11:50pm May 29, 2008 11:50pm
Once the low is broken its time to start looking for targets but we dont get it and price reenter the low from the previous day and thats all I needed to see to close it there manually at 1.9715 instead of letting it hit my stop. Keeping in mind the current conditions with Cable and the fundamental inconsistantcies.
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  • #3,680
  • May 29, 2008 11:52pm May 29, 2008 11:52pm
Quoting Naijafx
Waoh! keep talking in charts Bo, its getting sinker into my brain, yeah, we need a break from the decision zone of the swing to trade and use out intra-day as overall profit guide.

thanks bro, am sure to compile all ur recent posts and go over them.

bo, would appreaciate it if u can give a post of how u traded today.

thanks
The short we entered during the US session I rode out to the end and had to close it for 4 pips since there was no continuation and the support levels from the swing fib continued to prop price the remainder of the day.No sense in beating a dead horse.
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