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Fibonacci Trading with Bobokus

  • #4,101
  • Edited 5:58am Jun 25, 2008 5:45am | Edited 5:58am
I have closed my trade with 8 pips....
I can hold but market might slow down for the news event and I am happy with 8 pips since once again they are made during sleeping second i wont gamble a trade on news event...Its a positive trade.
The markets not going anywere
  • #4,102
  • Jun 25, 2008 5:56am Jun 25, 2008 5:56am
Quoting Shermenator
I have closed my trade with 8 pips....
I can hold but market might slow down for the news event and I am happy with 8 pips since once again they are made during sleeping second i wont gamble a trade on news event...Its a positive trade.
TZhe markets not going anywere
did you use the trailingstop to get the 8 pips when you slepte.
regards
I need time ,I need money, I need more patience
  • #4,103
  • Jun 25, 2008 6:02am Jun 25, 2008 6:02am
Quoting ztdep
did you use the trailingstop to get the 8 pips when you slepte.
regards

No i had set stop since i was sleeping....
If not i would have still held my trade if you move your swing since price is using it as support now...
If you are still holding a long this is in the long trade....

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  • #4,104
  • Jun 25, 2008 6:07am Jun 25, 2008 6:07am
Quoting Shermenator
No i had set stop since i was sleeping....
If not i would have still held my trade if you move your swing since price is using it as support now...
If you are still holding a long this is in the long trade....

Attachment
Also dont forget that price has found resistance at the counter movement of the intraday fibb...this is the fibb I am talking about ...red fibb...61.8

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  • #4,105
  • Jun 25, 2008 8:22pm Jun 25, 2008 8:22pm
Quoting Shermenator
No i had set stop since i was sleeping....
If not i would have still held my trade if you move your swing since price is using it as support now...
If you are still holding a long this is in the long trade....

Attachment
Nice job just dont overcomplicate it. As long as this fib holds your trade was never in jeopardy. The swing you place on each movement after this is only as an indication of what price is doing right now.And you could have used both low points but it would only have made a small diference. The action prior to the news event made things a little shaky but you never see a reason to justify it going short from the previous days Intraday. Remeber that you want to see the trades develope from the Intraday levels to give you the best entry's.... today the Euro was textbook.
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  • #4,106
  • Jun 25, 2008 8:31pm Jun 25, 2008 8:31pm
Cable followed the same path and other than the whipping from the news event was also textbook.
2nd chart shows the same with Daily level added in.
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  • #4,107
  • Jun 25, 2008 9:58pm Jun 25, 2008 9:58pm
Quoting Bobokus
Nice job just dont overcomplicate it. As long as this fib holds your trade was never in jeopardy. The swing you place on each movement after this is only as an indication of what price is doing right now.And you could have used both low points but it would only have made a small diference. The action prior to the news event made things a little shaky but you never see a reason to justify it going short from the previous days Intraday. Remeber that you want to see the trades develope from the Intraday levels to give you the best entry's.... today the Euro was textbook.

Thanks bud I will now give an update on eur/usd
  • #4,108
  • Jun 25, 2008 10:24pm Jun 25, 2008 10:24pm
Alright I will begin with my 4 hour chart

The reason I am starting with this chart is so that in fact price continues upward be aware of this targets since price might slow down in that area and you dont whant to get cought in this withought knowing.....
Just keep it in back of your head dont overcomplicate it like my BO tells me.
Also from daily chart we have major support levels at 5628, 5562,5497

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1 hour chart..

Now today we are yet to have a retracement to our movement from yesterday.....If today in fact the market only leaves me with te break of the high i would be looking for my swing t1....Also if price brakes on the south side I will be shorting back to my intraday levels..Though once again remeber everything against intraday levels is treated like a scalp and sometimes it will turn into a trade.....

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  • #4,109
  • Jun 25, 2008 10:28pm Jun 25, 2008 10:28pm
Gi day Bo. On Tuesdays/Wednesdays GB chart, I was a little confused. I moved the intraday fib up to the high of 9748 from the low of 9622. I notice you left your high at 9722. So your first stop would have been below 9622, then would you have moved stop to below 9660 after it made a bottom there at intra short. What i`m saying is when it made that higher high at 9748 why didnt you pull the fib to there?
A similar thing occured again yesterday. I thought we would have put the intraday fib from 9660 to 9748. This move did break the 9748 high later but only went as far as the earlier T1 9762. So, and i am probably confusing you, as I do myself, does it mean price may go to T1 at 9781 now. (9660 low - 9748 high)? Depending what price does in between 9694 & 9714.
  • #4,110
  • Jun 25, 2008 10:36pm Jun 25, 2008 10:36pm
Quoting Hensby
Gi day Bo. On Tuesdays/Wednesdays GB chart, I was a little confused. I moved the intraday fib up to the high of 9748 from the low of 9622. I notice you left your high at 9722. So your first stop would have been below 9622, then would you have moved stop to below 9660 after it made a bottom there at intra short. What i`m saying is when it made that higher high at 9748 why didnt you pull the fib to there?
A similar thing occured again yesterday. I thought we would have put the intraday fib from 9660 to 9748. This move did break the 9748 high later but only went as far as the earlier T1 9762. So, and i am probably confusing you, as I do myself, does it mean price may go to T1 at 9781 now. (9660 low - 9748 high)? Depending what price does in between 9694 & 9714.
Bud Iam not Bo and I am sure he will answer your question either way. The reason is you dont move your intraday for the rest of the day. What the intraday shows us is how much price can move the next day and the location of that. What you first had on the break of the high was a false attempt at the brake.And you whant to keep that in mind if you just keep on pulling your intraday then your targets would just keep on getting farther for whats left of the day...Hope that helps...
  • #4,111
  • Jun 25, 2008 10:43pm Jun 25, 2008 10:43pm
Shermenator, thanks for your daily posts. When you say you will short Euro back to the intra day levels if it breaks below, at what price would you consider to short. In other words what break of a level are you using to scalp down. Is it the high of 5650?
  • #4,112
  • Jun 25, 2008 10:50pm Jun 25, 2008 10:50pm
Quoting Shermenator
Bud Iam not Bo and I am sure he will answer your question either way. The reason is you dont move your intraday for the rest of the day. What the intraday shows us is how much price can move the next day and the location of that. What you first had on the break of the high was a false attempt at the brake.And you whant to keep that in mind if you just keep on pulling your intraday then your targets would just keep on getting farther for whats left of the day...Hope that helps...
Thanks for that reply Shermenator, so does that mean todays intraday on GB is from 9660 to 9770?
  • #4,113
  • Jun 25, 2008 11:45pm Jun 25, 2008 11:45pm
Quoting Hensby
Shermenator, thanks for your daily posts. When you say you will short Euro back to the intra day levels if it breaks below, at what price would you consider to short. In other words what break of a level are you using to scalp down. Is it the high of 5650?
At the break of the range between the intraday high and 5658...if we rejets high again we have a double top...
  • #4,114
  • Jun 25, 2008 11:57pm Jun 25, 2008 11:57pm
Quoting Hensby
Thanks for that reply Shermenator, so does that mean todays intraday on GB is from 9660 to 9770?
My intraday is the green fibb price 9768 to price to 9654....
I have taken myself a long at the bounce of the intraday long....
I am fallowing price with my swing fibb and will continue to pull it up ....
Keep in mind price rejected the downtrend short yesterday so I might consider reversing my positiong if my swing fibb does not hold ....
Or simply take a small loss...and if anything reenter when i feel is the correct time.Keep in mind though everything against intraday levels is a scalp unless it turns into a trade.

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  • #4,115
  • Jun 26, 2008 12:36am Jun 26, 2008 12:36am
Quoting Hensby
Gi day Bo. On Tuesdays/Wednesdays GB chart, I was a little confused. I moved the intraday fib up to the high of 9748 from the low of 9622. I notice you left your high at 9722. So your first stop would have been below 9622, then would you have moved stop to below 9660 after it made a bottom there at intra short. What i`m saying is when it made that higher high at 9748 why didnt you pull the fib to there?
A similar thing occured again yesterday. I thought we would have put the intraday fib from 9660 to 9748. This move did break the 9748 high later but only went as far as the earlier T1 9762. So, and i am probably confusing you, as I do myself, does it mean price may go to T1 at 9781 now. (9660 low - 9748 high)? Depending what price does in between 9694 & 9714.
We dont want to move the Intraday up until we see the next days high and low established and if the previous days target range is met, if it has at that point you should be out of your trade and can advance the Intraday to the next day.Todays Intraday would look like this from the overall high to the overall low.
If this moves continues the current momentum we should see 1.9810. The Daily level of 1.9754 and todays high are all that stands in its way. If it fails to break I plan to short it back to the support levels that have built up below it.
The entry now is small risk to find out.Price action will detirmine an exit and possible reverse position.
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  • #4,116
  • Jun 26, 2008 12:48am Jun 26, 2008 12:48am
Thanks Bo for the explanation
  • #4,117
  • Jun 26, 2008 5:03am Jun 26, 2008 5:03am
Bo how did you trade it last night. I used my swing fibb to hold my trade i knew i could have held it as long as my intraday levels held. How do you make decision of weather to hold your trade to the swing or to the intraday.


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Now this is an example of june 23/24 trading.....If you see price rejeted the intraday short and a short could have been taken at this point.
Lets say you did and you start to fallow price with a swing fibb (red one i have) then price broke it as resistance and that day i took a long...
Would you held your short from the intraday short as long as your intraday long holds or would you reverse your short at this point when my swing fibb broke as resistance....

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Can you explaing to me what was the difference to you in trading between todays trading and monday.....
  • #4,118
  • Jun 26, 2008 7:07am Jun 26, 2008 7:07am
dear mr bobokus,i'm intraday trader,using TF4H-30M,so, the question is,if i want apply bobokus indicator,what the best TF i can use..im still new to this thread,sorry for english,what i see to fibo indicator,when price hit around 50.00,61.8,the price will retrace,is that true?
  • #4,119
  • Jun 26, 2008 4:41pm Jun 26, 2008 4:41pm
EUR/USD keep in mind that acouple of pips above bigger swing concludes and this is at price 5783...Today I will not be taken the break of the high due to that fact unless we get a bounce of my inner levels of my intraday swing(light blue fibb)...I will be playing the reracement back to my intraday levels if my 61.8 fibb from my swing fibb brakes (orange fibb)

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  • #4,120
  • Jun 26, 2008 5:30pm Jun 26, 2008 5:30pm
Quoting azrul282
dear mr bobokus,i'm intraday trader,using TF4H-30M,so, the question is,if i want apply bobokus indicator,what the best TF i can use..im still new to this thread,sorry for english,what i see to fibo indicator,when price hit around 50.00,61.8,the price will retrace,is that true?
I dont use an indicator everything is done manually. There is an Indicator posted in the thread somewhere but the indicator is working under strict rules and will not work properly.
No, the ideal condition is we want price to retrace to the inner levels (38.2,50,61.8) and look for an entry from that point.
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