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Fibonacci Trading with Bobokus

  • #3,841
  • Jun 12, 2008 11:44am Jun 12, 2008 11:44am
Quoting ztdep
dear BObokus:
recently, i think i have advanced in the understaning of your method. but i want to know, in an uptrend, how to know a retracement is happenning so i can place the retracement-fibs.
regards

The uptrend and retracement are drawn on the Daily chart, every move that runs counter to where you have your uptrend fib is where you begin pulling your retracement, you place the retracement at the high of your uptrend and continue to pull the low of it until no new Daily lows are being made then you will have your resistance levels to price in order for the uptrend to continue, as price does rally back to test the levels and they hold you then look for it to continue short and then if new lows are made from rejections to its levels you go back to pulling the low of the retracement until it once again you stop getting lower Daily lows and you now have your new resistance levels to the uptrend to continue.Once the retracement levels are broken from price rallying back the up trend can continue.
  • #3,842
  • Jun 12, 2008 4:02pm Jun 12, 2008 4:02pm
Quote
Glad to hear it Naijafx, youll only find you will get better by retrading the market in off hours as practice, you will become more accustom to price movement and actions. Reply With Quote
Don't worry teacher, am gradually finding my rhythm trading fx and am dangerously settling down....... Bo, you are gradually building a future professional traders. Plz don't stop teaching.............. all these you are doing will surely come back to you good in profit so 'gigantic' beyond your wildest imagination. Keep doing it! am getting it sink with so much passion Mike
  • #3,843
  • Jun 12, 2008 4:09pm Jun 12, 2008 4:09pm
Quote
Glad to hear it Naijafx, youll only find you will get better by retrading the market in off hours as practice, you will become more accustom to price movement and actions. Reply With Quote
Don't worry teacher, am gradually finding my rhythm trading fx and am dangerously settling down....... Bo, you are gradually building a future professional traders. Plz don't stop teaching.............. all these you are doing will surely come back to you good in profit so 'gigantic' beyond your wildest imagination. Keep doing it! am getting it sink with so much passion Mike
  • #3,844
  • Jun 12, 2008 10:20pm Jun 12, 2008 10:20pm
Dear bobokus:
Could you please upload the templates of fibs for the cable now.
Regards
I need time ,I need money, I need more patience
  • #3,845
  • Jun 13, 2008 3:31am Jun 13, 2008 3:31am
I think we shdnt take trades today there is a G8 meeting coming up over the weekend and u can see d market consolidating already.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,846
  • Jun 13, 2008 4:18am Jun 13, 2008 4:18am
hey guyz i am new to this fantastic thread

i am a complete nOOB i uunderstood what u did on the daily chart
but what u do on the hr chart is still witchcraft to me can someone send an example on the 1hr chart (step by step) after setting the daily big Fibo and the intermediate
  • #3,847
  • Jun 13, 2008 4:34am Jun 13, 2008 4:34am
pls read d thread well and test it on past trades only then will u understand the system accurately and u will read betwn the lines,then ur questions will be more accurate tnx
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,848
  • Jun 13, 2008 7:23am Jun 13, 2008 7:23am
Quoting ztdep
Dear bobokus:
Could you please upload the templates of fibs for the cable now.
Regards

Sure,
Attached Image (click to enlarge)
Click to Enlarge Name: 0612fibset.gif Size: 24 KB
Attached File(s)
File Type: tpl stdfibtemp.tpl   7 KB | 527 downloads
  • #3,849
  • Jun 13, 2008 7:25am Jun 13, 2008 7:25am
Quoting lordgbengs
I think we shdnt take trades today there is a G8 meeting coming up over the weekend and u can see d market consolidating already.
After seeing the action this morning thats probobly the smart move today.
  • #3,850
  • Jun 13, 2008 7:54am Jun 13, 2008 7:54am
dear bobokus:
i have some confustion about the fib levels from different time frame.
today, i have sucessful trade in eur/usd. but i still have some proble.
i short it when the price is reject from the intrady short, and target is the T1.
but i have noticed there is a support long fib level from the dayly chart exist there, so i close it when price just reached at that place since it should provide a strong support. but the price has made the t1 target sucessuflly.
so how to resolve this thing.
i still not fully understand how to set the target, it should be intraday low or t1. if i set it at t1, the price generally will have some bounce at the intrady low place, how to know it can not penetrade further.
should i just wait, i need more patience?
regards
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 32 KB
I need time ,I need money, I need more patience
  • #3,851
  • Jun 13, 2008 7:55am Jun 13, 2008 7:55am
hi,
Bo wat are we lookin at next week,i read BOE and BOA are planning to cut rates and the G8 might not have a big effect on the dollar,and also saudi govt said they are lookin at helpin the world by stabilizing the oil prices,i tink i foresee more strength for the dollar,Bo and Guys pls wat do u tink.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,852
  • Jun 13, 2008 8:06am Jun 13, 2008 8:06am
Quoting ztdep
dear bobokus:
i have some confustion about the fib levels from different time frame.
today, i have sucessful trade in eur/usd. but i still have some proble.
i short it when the price is reject from the intrady short, and target is the T1.
but i have noticed there is a support long fib level from the dayly chart exist there, so i close it when price just reached at that place since it should provide a strong support. but the price has made the t1 target sucessuflly.
so how to resolve this thing.
i still not fully understand how to set the target, it should be intraday low or t1. if i set it at t1, the price generally will have some bounce at the intrady low place, how to know it can not penetrade further.
should i just wait, i need more patience?
regards
You traded it correctly, when you get the chance to take profit take it. If price stalled at the higher timeframe level thats your que to exit and dont worry about what it does after that, youve made your profits for the day and can go do something else. Its not going to hit its target every time and taking out your profit there was not a bad decision.
  • #3,853
  • Jun 13, 2008 8:08am Jun 13, 2008 8:08am
Quoting lordgbengs
hi,
Bo wat are we lookin at next week,i read BOE and BOA are planning to cut rates and the G8 might not have a big effect on the dollar,and also saudi govt said they are lookin at helpin the world by stabilizing the oil prices,i tink i foresee more strength for the dollar,Bo and Guys pls wat do u tink.

I think all the CB's are already trying to talk the dollar up. Maybe even fudge the numbers on some of the economic indicators to support the dollar.
  • #3,854
  • Jun 13, 2008 8:15am Jun 13, 2008 8:15am
can someone explain to me please how to draw the range Fib
  • #3,855
  • Jun 13, 2008 8:36am Jun 13, 2008 8:36am
Quoting ezz
can someone explain to me please how to draw the range Fib
You can skip to about page 209 I think and things may make more sense, The range fib was a difficult concept to try and preach so I stopped preaching it. Ive also tried to make everything more simple from that point so you may want to skip to that point then go bacl later and read the other part, since there are some good exersizes in there.
  • #3,856
  • Jun 13, 2008 9:46am Jun 13, 2008 9:46am
Quoting Bobokus
You traded it correctly, when you get the chance to take profit take it. If price stalled at the higher timeframe level thats your que to exit and dont worry about what it does after that, youve made your profits for the day and can go do something else. Its not going to hit its target every time and taking out your profit there was not a bad decision.
Thank you very much for you reply. since we trade in 1 HR , i think we onl use the intraday and swing fibs is enough.
how to use the fib from the high time fram.e
regards
I need time ,I need money, I need more patience
  • #3,857
  • Jun 13, 2008 10:17am Jun 13, 2008 10:17am
Quoting ztdep
Thank you very much for you reply. since we trade in 1 HR , i think we onl use the intraday and swing fibs is enough.
how to use the fib from the high time fram.e
regards
The Intraday and Swing fibs are used on the 1 hour to trade your way to the Daily fib levels. The Daily fib levels give you the possible turning points.
  • #3,858
  • Jun 13, 2008 10:33am Jun 13, 2008 10:33am
Dear Bobokus:
Do you think trade the daily chart can improve one's patience, i decide to trade the daily chart so as to improve my patience. what is your sugesstion.
regards
I need time ,I need money, I need more patience
  • #3,859
  • Jun 13, 2008 10:50am Jun 13, 2008 10:50am
Quoting ztdep
Dear Bobokus:
Do you think trade the daily chart can improve one's patience, i decide to trade the daily chart so as to improve my patience. what is your sugesstion.
regards

The thing about the Daily is it requires less screen time the drawdback is you have to be able to suffer more drawdown which requires alot of patience.
  • #3,860
  • Jun 13, 2008 2:17pm Jun 13, 2008 2:17pm
so guyz here is what i figured out till n0w
i wait till the price breaks the 62 envelope and pulls to the the 31.8
I enter on the break of the 31.8 ret and tp at 62 ret
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