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Fibonacci Trading with Bobokus

  • #3,861
  • Jun 13, 2008 2:57pm Jun 13, 2008 2:57pm
Quoting ezz
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

No, you never want to enter based on the 62 envelope. The envelope is only used to help see the trending moves on the 1 hour not as a signal generator. You want to look for your entry's from each days Intraday levels..the Long,Pivot and Short levels. In a trending market you want to target the T1 and T2 levels.
  • #3,862
  • Jun 13, 2008 4:47pm Jun 13, 2008 4:47pm
can you plz post a chart example
Thanks
  • #3,863
  • Jun 13, 2008 6:58pm Jun 13, 2008 6:58pm
Quoting ezz
can you plz post a chart example
Thanks
Sure
Attached Image (click to enlarge)
Click to Enlarge Name: entry's.gif Size: 22 KB
  • #3,864
  • Jun 13, 2008 8:17pm Jun 13, 2008 8:17pm
Bobokus,

I just have to say that you are one of the most generous ( in terms of time, patience, sharing) contributors on this site. Having had the good luck to run across your thread awhile back has really made a change in my trading ability. Your rather calm and simple way of explaining the intricacies of Fibonacci trading, coupled with Spudfyre's Thread theory, has been a rousing success for those who employ it. Thanks and have a great weekend.
  • #3,865
  • Edited 10:37pm Jun 13, 2008 10:21pm | Edited 10:37pm
Heres a simple PDF that I am posting in the first post of the thread as well that explaigns the basics of the fib tool and why I place it on the chart like I do.Its just a quick explanation of what the tool represents and everyone should be able to use the basics to apply it and begin to gain experience with it.
Ive also added a template to the first post with all the tools set up on it, you will simply have to set it up yourself by what you see in the thread and gain some experience using them.
Attached File(s)
File Type: pdf Fibtoolbasics.pdf   555 KB | 1,038 downloads
  • #3,866
  • Jun 13, 2008 10:38pm Jun 13, 2008 10:38pm
Quoting Rialto
Bobokus,

I just have to say that you are one of the most generous ( in terms of time, patience, sharing) contributors on this site. Having had the good luck to run across your thread awhile back has really made a change in my trading ability. Your rather calm and simple way of explaining the intricacies of Fibonacci trading, coupled with Spudfyre's Thread theory, has been a rousing success for those who employ it. Thanks and have a great weekend.
Great job then, Im glad you benefited from this.
  • #3,867
  • Jun 13, 2008 10:55pm Jun 13, 2008 10:55pm
This is a prime example of the Intraday spanning more than a 24 hour period because this is all basically 1 single short move, and why taking the break of a high or low is more risky when no retracement into the last move has occured yet. Thursdays low is pentrated but once support is found the retracement begins and if the short was taken at the low you would be in drawdown.
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  • #3,868
  • Jun 13, 2008 11:03pm Jun 13, 2008 11:03pm
Now looking at the last swing and the retracement into the Intraday move price backed away from the Intraday short level and looking at this swing price has found support suggesting another test of resistance from the Intraday levels and possibly the Short level of the Daily Retracement fib. After this candle and these US brokers closed for the day price did make a run up to 1.9487 before backing back down to 1.9471 which is hiding a small movment once Sunday comes around.
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  • #3,869
  • Jun 13, 2008 11:37pm Jun 13, 2008 11:37pm
Quoting Bobokus
Heres a simple PDF that I am posting in the first post of the thread as well that explaigns the basics of the fib tool and why I place it on the chart like I do.Its just a quick explanation of what the tool represents and everyone should be able to use the basics to apply it and begin to gain experience with it.
Ive also added a template to the first post with all the tools set up on it, you will simply have to set it up yourself by what you sete in the thread and gain some experience using them.

txh a lot bro
Lazy Forex
  • #3,870
  • Jun 14, 2008 3:13am Jun 14, 2008 3:13am
Dear bobokus:
if the market made lower high, but i doesn't made lower low, so what is the market. how to interpret it.
regards
yours sincerely
ztdep
I need time ,I need money, I need more patience
  • #3,871
  • Jun 14, 2008 4:52am Jun 14, 2008 4:52am
The application of Fibonacci patterns as a universal phenomenon is further underscored as musicologists have discovered them in the works of many composers including Debussy, Bartok, etc. The next time you listen to the second half of Scott Joplin's Maple Leaf Rag you will notice the pattern of 13 stressed and 8 unstressed notes. In fact, one can find Fibonacci patterns in the basic structure of instruments themselves. The piano, for example, has 13 notes that separate each octave, which has 8 white keys and 5 black keys. Forex traders will recognize the ratio of 13/8 as a Fibonacci ratio. When using Moving Average crossovers, try the 13 and 8 time intervals on the charts.

By understanding that currency prices are not linear movements, but expressions of emotions and human behaviour, the Forex trader begins to move beyond a linear approach to trading. By expanding one's perspective on the underlying tones of the market, they will likely see nested patterns that are recursive, and as a result, new trading opportunities. Ultimately, as one trader notes, "Everyone's got the same information at the same time; therefore you need to find a different way of finding an edge over your competitor". (The Psychology of the Foreign Exchange Market, page 203). The ability to obtain the sought after trading edge may very well depend on how one looks for it. It would be wise to look for patterns and "listen to the market". It may be playing a Fibonacci melody or for a brief moment another profitable tune.
  • #3,872
  • Jun 14, 2008 5:57am Jun 14, 2008 5:57am
Quoting ztdep
Dear bobokus:
if the market made lower high, but i doesn't made lower low, so what is the market. how to interpret it.
regards
yours sincerely
ztdep
Could just mean its about to form an ascending triangle pattern or a flag pattern that you can look to trade the break from. Or its simply beginning to range
  • #3,873
  • Jun 14, 2008 6:02am Jun 14, 2008 6:02am
Quoting maltman
The application of Fibonacci patterns as a universal phenomenon is further underscored as musicologists have discovered them in the works of many composers including Debussy, Bartok, etc. The next time you listen to the second half of Scott Joplin's Maple Leaf Rag you will notice the pattern of 13 stressed and 8 unstressed notes. In fact, one can find Fibonacci patterns in the basic structure of instruments themselves. The piano, for example, has 13 notes that separate each octave, which has 8 white keys and 5 black keys. Forex traders will recognize the ratio of 13/8 as a Fibonacci ratio. When using Moving Average crossovers, try the 13 and 8 time intervals on the charts.

By understanding that currency prices are not linear movements, but expressions of emotions and human behaviour, the Forex trader begins to move beyond a linear approach to trading. By expanding one's perspective on the underlying tones of the market, they will likely see nested patterns that are recursive, and as a result, new trading opportunities. Ultimately, as one trader notes, "Everyone's got the same information at the same time; therefore you need to find a different way of finding an edge over your competitor". (The Psychology of the Foreign Exchange Market, page 203). The ability to obtain the sought after trading edge may very well depend on how one looks for it. It would be wise to look for patterns and "listen to the market". It may be playing a Fibonacci melody or for a brief moment another profitable tune.
This is the reason people will think there is some kind of magical quality in using fibs when in fact it is not, there could be human emotion involved in the sense that when they see a dip in price they buy it and when they see a rally that fails they sell it...thats all nothing magic. Its just more delusion in my opinion.
  • #3,874
  • Jun 14, 2008 6:25am Jun 14, 2008 6:25am
Dear Bobokus:
i now can use the fib to identify the trend continue market sucessfully, and i like to trade it very much! but i do not know how to trade the retracement process, expecialy, when the retracement process evolve to another new trade.
could you please give me some examples on that. i am sorry for that. maybe for the begner, it is better to trade the trend continue market only,.
regards
I need time ,I need money, I need more patience
  • #3,875
  • Jun 14, 2008 6:41am Jun 14, 2008 6:41am
Quoting ztdep
Dear Bobokus:
i now can use the fib to identify the trend continue market sucessfully, and i like to trade it very much! but i do not know how to trade the retracement process, expecialy, when the retracement process evolve to another new trade.
could you please give me some examples on that. i am sorry for that. maybe for the begner, it is better to trade the trend continue market only,.
regards
Thats the ideal condition you want to see is after each Intraday type move you want to see price retrace into that and you would look for your entry from the reaction of price to the Intradays levels..Long ,pivot, short. from there is where the next move will begin. When price breaks through them on the retracement you have the indication of a reversal.
Its risky trading the retracements since its not clear when or how far it will retrace so its best to wait for the retracement then enter when you get a bounce or rejection fron the inner levels.
  • #3,876
  • Jun 14, 2008 7:44am Jun 14, 2008 7:44am
Dear bobokus:
i was just see your excise about draw fibs on the daily chart. the time is from 2007 march to 2007 oct. i have some problem about it.
just as you said in the thread:' since the high of 2.1161 has been madethis pair has gone into deep correction. the way i handle the uptrend fib now is since its levels have been broken i have to go back father in time to see hwat the next level are bloe the low htat i am currenty using"
i think since the fib is broken, then the trend is reversed to a down trend.
why to move the low to another low. so in practice , how to decide the position of the low.
if we move the low of uptrend to another low, we are in the up trend yet. but if we do not, we are in a downtrend.
i am confused .
regards
I need time ,I need money, I need more patience
  • #3,877
  • Jun 14, 2008 7:47am Jun 14, 2008 7:47am
Sory if this offends anyone,but i think bobokus has done alot abt this strategy and my respect and tnx 2 him.on the other side i hav discovered that almost everybody wants to trade lik bobokus but i discovered dat sitting down wth this stategy and observing it meditatively will make u to see this strategy as it relates to your personality,so my advise is this u can never trade like bobo but u can use dis system and adapt it to your self like bobokus did.bobokus will not forever feed us let us work and we will make discoveries,
bobokus i will tell u wat prices am looking at in the coming week in a moment.all d best
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,878
  • Jun 14, 2008 8:03am Jun 14, 2008 8:03am
For the coming week:this is my outlook

GU-downtrend if price breaks 1.9357
EU - downtrend if price breaks 1.5344
UC - uptrend if price breaks 1.0590
UJ - uptrend if price breaks 108.60

what do u guys think?
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,879
  • Jun 14, 2008 8:04am Jun 14, 2008 8:04am
Quoting lordgbengs
Sory if this offends anyone,but i think bobokus has done alot abt this strategy and my respect and tnx 2 him.on the other side i hav discovered that almost everybody wants to trade lik bobokus but i discovered dat sitting down wth this stategy and observing it meditatively will make u to see this strategy as it relates to your personality,so my advise is this u can never trade like bobo but u can use dis system and adapt it to your self like bobokus did.bobokus will not forever feed us let us work and we will make discoveries,
bobokus i will tell u wat prices am looking at in the coming week in a moment.all d best
Dear lordgbengs:
would you please introduce the system that you used in the trading. and how to combine you system with the fibs.
regards
I need time ,I need money, I need more patience
  • #3,880
  • Jun 14, 2008 8:40am Jun 14, 2008 8:40am
Quoting ztdep
Dear lordgbengs:
would you please introduce the system that you used in the trading. and how to combine you system with the fibs.
regards

dear ztdep,

i can authoritatively tell you dat for the month of june if any of the majors break its previous high or low it will get to 10-15 pips or less away from T1 70% of the time,the oda 30% is either it doesnt break d low at all or it breaks and gets halfway.this stat is 70% correct on GU,EU,UC and 60% on UJ.

Also if there is a consolidation on a day and u draw ur intraday fibs,u will discover that break above or below the intraday short and long will most of the time hit ur T1 am still looking at dis though.

Then candlesticks pattern 2,also sometimes i change my chart to line chart to see formations (double top or buttom,triangles e.t.c) and get a broader veiw.then also trendlines i discovered trendlines are most of the time accurate wen u view it as a line chart and draw ur trendlines,all dis is only on the majors.I will advise u open a naked chart and apply ur trendline and triangles wth line charts,in so doin u will see formations then u can switch back to candlesticks

I use d fibs as probable targets.but i must say bobokus has done a g8t job.tnx bobo

pls demo it b4 putting real money,Never trade in isolation make ur indicators interdependent.
D labour of a fool wearieth him cos he doesn't know how to enta d city
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