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Fibonacci Trading with Bobokus

  • #3,681
  • May 30, 2008 3:30am May 30, 2008 3:30am
good trade today.
Dear bobokus, i enter at the second descending bar, it has a retracement first, it almost hit my stoploss. would you please tell me what is your stop loss. if you short, how much will you let the price against you.
regars
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I need time ,I need money, I need more patience
  • #3,682
  • May 30, 2008 4:43am May 30, 2008 4:43am
thank ztdep for the indicator,i appreciate it.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,683
  • May 30, 2008 5:37am May 30, 2008 5:37am
hi naija fx,i assume u from nigeria,pls i will lik to know which network are u using for trading,i guess u understand wat am saying
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,684
  • May 30, 2008 6:41am May 30, 2008 6:41am
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
hi,actually,i'm newbies,question is,using fibo technique,can u tell me,how to entry.?and,this technique can be use or not to small TF,like 30m?tq.
  • #3,685
  • May 30, 2008 6:49am May 30, 2008 6:49am
i will advise u go tru d thread for ursef b4 u start asking questions alot has been said,all d best
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,686
  • May 30, 2008 7:01am May 30, 2008 7:01am
Quoting ztdep
good trade today.
Dear bobokus, i enter at the second descending bar, it has a retracement first, it almost hit my stoploss. would you please tell me what is your stop loss. if you short, how much will you let the price against you.
regars
You shouldnt use a set number for a stop loss the market detirmines the stop loss point. In this case on the short your stop loss needs to be set a few pips above the previous high of 1.9789, then as the trade developes you can move it down closer and closer as each candle closes and a new one opens.
  • #3,687
  • Edited 7:24am May 30, 2008 7:07am | Edited 7:24am
Quoting azrul282
hi,actually,i'm newbies,question is,using fibo technique,can u tell me,how to entry.?and,this technique can be use or not to small TF,like 30m?tq.

I know its alot of boring reading but Lordbengs is right its been covered many times throught the thread. There are also many key points throughout the thread including some exercises along the way that may clear a few things up and help show why we place fibs the way we do and where to place them, along with how to follow or track price movements. The video's in the first post should help as well.
As far as time frame I dont recommend using any lower than the 1 hour, the 1 hour will give you enough false signals, the lower the timeframe you go the more you will get.
  • #3,688
  • May 30, 2008 7:09am May 30, 2008 7:09am
Quoting ztdep
good trade today.
Dear bobokus, i enter at the second descending bar, it has a retracement first, it almost hit my stoploss. would you please tell me what is your stop loss. if you short, how much will you let the price against you.
regars
Almost forgot...nice job on your trade !
  • #3,689
  • May 30, 2008 8:08am May 30, 2008 8:08am
Quoting Bobokus
Almost forgot...nice job on your trade !
thank you very much! dear bobokus, i will work hard on the combination of fibs and cci.
by the way , do we have a chat room to talk about the market at real time
regards
I need time ,I need money, I need more patience
  • #3,690
  • May 30, 2008 8:22am May 30, 2008 8:22am
For all your analysis and charts all through the week, its been quite helpful....I have had quite a good week trading...not just banking pips to my pippybankbalance but also following through my plans and trading my plans. Though I have had a few mistakes along the way but thats what I need to constantly work on...the odd mistakes here and there.

We strive for perfection...so that we can be the best at what we do....I think I will stop rumbling cos theres a drink with my name on it.

Have a great weekend.
  • #3,691
  • May 30, 2008 8:50am May 30, 2008 8:50am
Quoting zerosum
For all your analysis and charts all through the week, its been quite helpful....I have had quite a good week trading...not just banking pips to my pippybankbalance but also following through my plans and trading my plans. Though I have had a few mistakes along the way but thats what I need to constantly work on...the odd mistakes here and there.

We strive for perfection...so that we can be the best at what we do....I think I will stop rumbling cos theres a drink with my name on it.

Have a great weekend.
Ill be joining you in that drink pretty soon myself ! A good week with the action weve had and youve done a great job, Dont worry about mistakes its not necessarily mistakes as much as it is, this is just how the market works and being a trader. just clear your mind put this week behind you and have a good weekend, It starts all over again come Sun/Mon.
  • #3,692
  • May 30, 2008 8:52am May 30, 2008 8:52am
Quoting ztdep
thank you very much! dear bobokus, i will work hard on the combination of fibs and cci.
by the way , do we have a chat room to talk about the market at real time
regards
One of the guys here opened one of those free trading rooms on tradingrooms. com, but I cant tell you if there are scheduled times they are there are not.
  • #3,693
  • May 30, 2008 9:12am May 30, 2008 9:12am
Quoting Bobokus
You shouldnt use a set number for a stop loss the market detirmines the stop loss point. In this case on the short your stop loss needs to be set a few pips above the previous high of 1.9789, then as the trade developes you can move it down closer and closer as each candle closes and a new one opens.
HI Bo,

As I understood Stop Loss has to be on previous high of the trend, Swing, that has just started? or the high/low of previous two candles should be alright?

The reason I am asking as I have been closing trades manually too quick (30-40)pips.

When you Stop do you always Reverse?

Many Thanks

Farman
  • #3,694
  • May 30, 2008 9:32am May 30, 2008 9:32am
On a lighter mood,i tink u shd change ur name 2 fibokus.....consider dat.i willl lik 2 say thank u 4 ur fibo sys ,it worked for me again,but i made losses and it was due to fear but i wil correct that,thanks so much,u talked abt d trading room stuff who is d guy and how do i join,thanks alot
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,695
  • May 30, 2008 9:42am May 30, 2008 9:42am
Quoting FaRmAn
HI Bo,

As I understood Stop Loss has to be on previous high of the trend, Swing, that has just started? or the high/low of previous two candles should be alright?

The reason I am asking as I have been closing trades manually too quick (30-40)pips.

When you Stop do you always Reverse?

Many Thanks

Farman
Yes your basically looking for the point that if price reaches it would be considered the market could be reversing direction at. Once your trade begins to make progress then start moving your stop up and trail it behind the previous highs and lows of candles because after it takes off in a direction the first signs youll get that the move is ending are previous candle highs and lows will be broken and thats the point you want to exit at, Its not perfect but it will help keep you in trades until a particular move is over...and dont forget if your targeting a level get out once the level is reached regardless of what it does after that.
  • #3,696
  • May 30, 2008 9:44am May 30, 2008 9:44am
Quoting lordgbengs
On a lighter mood,i tink u shd change ur name 2 fibokus.....consider dat.i willl lik 2 say thank u 4 ur fibo sys ,it worked for me again,but i made losses and it was due to fear but i wil correct that,thanks so much,u talked abt d trading room stuff who is d guy and how do i join,thanks alot
There's nothing to join its free. You just go to tradingrooms .com and download their sofware. There are several threads here on FF that have free trading rooms there.
  • #3,697
  • May 30, 2008 9:47am May 30, 2008 9:47am
Quoting Bobokus
Yes your basically looking for the point that if price reaches it would be considered the market could be reversing direction at. Once your trade begins to make progress then start moving your stop up and trail it behind the previous highs and lows of candles because after it takes off in a direction the first signs youll get that the move is ending are previous candle highs and lows will be broken and thats the point you want to exit at, Its not perfect but it will help keep you in trades until a particular move is over...and dont forget if your targeting a level get out once the level is reached regardless of what it does after that.

The second part of your question...no I do not always stop and reverse, I do that more when I am trading a retracement and expect to buy a bounce or sell a rejection.
  • #3,698
  • May 30, 2008 1:31pm May 30, 2008 1:31pm
Dear bobokus:
I still can not understand the tranding zone, if price is in the long fib and short fib. does it mean that we should only wait for the price to break.
regards
I need time ,I need money, I need more patience
  • #3,699
  • May 30, 2008 2:28pm May 30, 2008 2:28pm
Here I am back after afew drinks, told myself that I will be staying away from FF this evening and watch a film or something but just cant stay away,and I can see your still around Bob, I thought you said you will be joining me soon.

Thanks for your words of encouragement, its well appreciated...... yeah definitely will be having a blast weekend and be ready for Sun/Mon with a clear mind.

Okay back to those drinks and hope this time you will be joining me......
  • #3,700
  • May 30, 2008 3:09pm May 30, 2008 3:09pm
Quoting ztdep
Dear bobokus:
I still can not understand the tranding zone, if price is in the long fib and short fib. does it mean that we should only wait for the price to break.
regards

What they are referring to is more of a decision zone...the area between the long and short fib levels, if price action is indicating a bounce from those levels you enter long, if price action is indicating a rejection from those levels you enter short. A bounce is when price is above the Inner levels 38,50 62 and if falls down to them and then bounces and goes back up. A rejection is when price is below the inner levels and price rally's up to them and then goes short again.
Price action is just as important as the tools themself maybe even more so and gaining experience watching prices reaction to the levels and knowing the fundamental reasons the market is moving all play their part. This year is a difficult year to try and learn fibs with especially with Cable, this year is going to be remembered for the almost constant reversals of direction from the smaller timeframes...but the underlying Downtrend this year is still intact.
But basically the safest entry is to wait for price to test the inner levels and then open a candle outside of them...some desrection is needed however since a candle can travel 50+pips past a level before opening a candle and in those cases just let it go and wait for the next one. It will happen again.
There are many examples throughout the thread of entry's and exits.
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