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Fibonacci Trading with Bobokus

  • #4,221
  • Jul 1, 2008 10:31am Jul 1, 2008 10:31am
Quoting Shermenator
I have updadet my daily chart to my stronger levels since price has decided to move back up ....

Daily chart..

Attachment

Now this is my 1 hour chart.

You can take a short in the market now since price broke 61.8 and broke channel and rejected 61.8 from daily chart and dont forget to fallow it with your swing fibb if you do trade it but i will not trade it simply because time of the day. I rather miss a good trade then being in a bad one.

Attachment
Good decision, take what youve banked on the previous trades and call it a day, its starts all over again tomorrow. Remeber its not about how many pips you make, all that matters is your balance. taking the opportunity's as they arise, taking your share and getting out.
  • #4,222
  • Jul 1, 2008 12:50pm Jul 1, 2008 12:50pm
Just giving an update on the market. Practice makes perfect lol
USD/CHF
Alright so what do we have today is range. We are getting a range between a a 38.2 fibb from a dily chart and a rejection of a downtrend short....
Also price attempted to escape the previous path over the past couple of days. Overall its not worth trading the market and its slow now it has no real decision but looking a littel more bullish for right now since a current bullish swing is holding....

Attached Image
  • #4,223
  • Edited 5:48pm Jul 1, 2008 4:44pm | Edited 5:48pm
Its to early to decide right now but its more on the bearish side since price did brake our new intraday fibb support....Also price has broken a linnear regression channel and that add bearish factor....Also if you place a counter fibb to the intraday with your swing fibb price has found nice resistance.....


I have to arrows placed in my picture a blue one and a red one .....

Blue arrow
The blue one is the place i would be a buy stop in would be 3 pips above that candles hgh and that would prove to me that the earlier brake was a false one.Also I will only place a buy stop at a later time since i do not whant to get wipsawed my tokyo session.Also keep in mind we have rejected a daily 61.8 fibb

Red arrow
Here is the place that I would place a sell order if I get some nice bearish engulfing or some nice formation in this area. I would place a sell order but I will take this trade later its still to early to trade.
We are also in some consolidation between intraday long and intraday short.So I will wait for it to pierce out of there.

Attached Image
  • #4,224
  • Jul 1, 2008 5:44pm Jul 1, 2008 5:44pm
Quoting Shermenator
Its to early to decide right now but its more on the bearish side since price did brake our new intraday fibb support....Also price has broken a linnear regression channel and that add bearish factor....Also if you place a counter fibb to the intraday with your swing fibb price has found nice resistance.....
Here is my take. The overall trend is still moving up, and the price action has moved back into your intraday pivot zone. I would be going more bullish if it moves beyond the intraday long, and would expect a bounce off of the intraday long and the channel. Be careful when going against the prevalent trend.
  • #4,225
  • Jul 1, 2008 5:50pm Jul 1, 2008 5:50pm
Quoting logiktrader
Here is my take. The overall trend is still moving up, and the price action has moved back into your intraday pivot zone. I would be going more bullish if it moves beyond the intraday long, and would expect a bounce off of the intraday long and the channel. Be careful when going against the prevalent trend.

I agree bud...I am thinking about placing a buy above price 9959 the candles high...But i would only do this at a later time. Though if price shows me some nice resistance during late tokyo franky I will be shorting. But still to early for anthying for me to do.
  • #4,226
  • Jul 1, 2008 6:03pm Jul 1, 2008 6:03pm
Quoting Shermenator
I agree bud...I am thinking about placing a buy above price 9959 the candles high...But i would only do this at a later time. Though if price shows me some nice resistance during late tokyo franky I will be shorting. But still to early for anthying for me to do.
Looks like there might be a triangle forming, so a short or long could be a possibility.
Attached Image (click to enlarge)
Click to Enlarge Name: fibo1.png Size: 18 KB
  • #4,227
  • Jul 1, 2008 6:25pm Jul 1, 2008 6:25pm
Keep in mind this report is expected to be bad for the gbp/usd also price rejected the 61.8 fibb from the daylty chart....Plus we brake a channel over the past couple of days...Plus intraday leevls brake

4:30am GBPhttp://www.forexfactory.com/images/m...act_medium.gifConstruction PMI
  • #4,228
  • Edited 7:08pm Jul 1, 2008 6:37pm | Edited 7:08pm
I like your analysis guys, it permits me to draw my fibs properly! Thanks for your Daily chart Sherman, if i would have seen it this morning i wouldn`t have go long so early. Personnaly, i will take any break, Long for the trend, with TP before the daily high and that big 61.8; and short, because we`re due for a weekly retracement and there is triple convergence at 9840-9844. What do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp070108.gif Size: 17 KB
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  • #4,229
  • Jul 1, 2008 7:17pm Jul 1, 2008 7:17pm
Quoting GreatYves
I like your analysis guys
I like how you don't draw the .5000 level, I am going to remove this from my charts, should clean it up a bit. I attended a class about presenting data by a guy named Edward Tufte, this guy is quite brilliant when it comes to charts. I got 4 of his books, and hope to be able to share my findings of his texts on the forums soon.

http://www.edwardtufte.com/tufte/
  • #4,230
  • Jul 1, 2008 8:05pm Jul 1, 2008 8:05pm
I have taken a short and i will treat it like a scalp based on the time I am taking the trade. Also i do have a tight stop and Price action will let me know if I should reverse or not....

I will hold as long as my swing fibb holds....or price action tells me the opposite if it brakes the littel high to the left..


Attached Image
  • #4,231
  • Jul 1, 2008 8:15pm Jul 1, 2008 8:15pm
Quoting logiktrader
I like how you don't draw the .5000 level, I am going to remove this from my charts, should clean it up a bit. I attended a class about presenting data by a guy named Edward Tufte, this guy is quite brilliant when it comes to charts. I got 4 of his books, and hope to be able to share my findings of his texts on the forums soon.

http://www.edwardtufte.com/tufte/

I know where the .5 is and i think it`s irrevelent for this method. i suggest to use only 1.382, 1.618, -0.382, -0.618 as targets because they are the one that shows prroper convergeances. I`m not sure if Bobokus still use 1.34, 1.55 level? I think it`s only to make sure to hit the target? I prefer to mentally add-substract 10 pips for security purpose.
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  • #4,232
  • Jul 1, 2008 8:30pm Jul 1, 2008 8:30pm
Quoting Shermenator
I have taken a short and i will treat it like a scalp based on the time I am taking the trade. Also i do have a tight stop and Price action will let me know if I should reverse or not....

I will hold as long as my swing fibb holds....or price action tells me the opposite if it brakes the littel high to the left..


Attachment
A short make sense... I had set an alarm to my cell phone to page me when it gonna break 9960 or 9931.

Shermen, may i suggest you use MT4/File/Save as picture feature at 800x600 to capture your nice chart? And also, maybe you can use some more neutral color then yellow mustard as background, please? I just can't read any number on them!
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  • #4,233
  • Jul 1, 2008 8:37pm Jul 1, 2008 8:37pm
Quoting GreatYves
A short make sense... I had set an alarm to my cell phone to page me when it gonna break 9960 or 9931.

Shermen, may i suggest you use MT4/File/Save as picture feature at 800x600 to capture your nice chart? And also, maybe you can use some more neutral color then yellow mustard as background, please? I just can't read any number on them!

lol np bud let me know if this is better...
Attached Image (click to enlarge)
Click to Enlarge Name: 12345.gif Size: 42 KB
  • #4,234
  • Jul 1, 2008 9:15pm Jul 1, 2008 9:15pm
Quoting Shermenator
lol np bud let me know if this is better...
Attachment
Select active chart like this:
Attached Image
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  • #4,235
  • Jul 1, 2008 9:34pm Jul 1, 2008 9:34pm
LOL, nice suggestions on the chart. I agree with them. .

Speaking of charts. I am super..super..super.. obsessed with making easily presentable charts. It's what I stare at a lot, so I have been spending the better half of 3 months, playing around with colors, sizes, fonts, styles, to come up with a great fibo chart. It is a work in progress, but I think at FF, there certainly needs to be more consistency when attaching charts, although each person does prefer their own taste of colors.

For example, here is my attachment, what do you think? Please critique as needed. The only thing I don't like about having multiple fibo's on one chart, is that if two levels overlap, you cant read the names.

I use only black and white on the candlesticks, and do not have any gridlines except to indicate a new day. I then use a dashed fibo line, with different colors of different time periods.
Attached Image (click to enlarge)
Click to Enlarge Name: fibo2.gif Size: 20 KB
  • #4,236
  • Jul 1, 2008 9:38pm Jul 1, 2008 9:38pm
Price has broken intraday 61.8 fibb has reached a target in the daily chart and swing fibb is holding short after braking the intraday levels overall look is bearish.
Also bearish news is expected.

I am short...
  • #4,237
  • Jul 1, 2008 9:42pm Jul 1, 2008 9:42pm
Quoting logiktrader
LOL, nice suggestions on the chart. I agree with them. .

Speaking of charts. I am super..super..super.. obsessed with making easily presentable charts. It's what I stare at a lot, so I have been spending the better half of 3 months, playing around with colors, sizes, fonts, styles, to come up with a great fibo chart. It is a work in progress, but I think at FF, there certainly needs to be more consistency when attaching charts, although each person does prefer their own taste of colors.

For example, here is my attachment, what do you think? Please critique as needed. The only thing I don't like about having multiple fibo's on one chart, is that if two levels overlap, you cant read the names.

I use only black and white on the candlesticks, and do not have any gridlines except to indicate a new day. I then use a dashed fibo line, with different colors of different time periods.
I don't mind starring at white chart during day time but at night I definitivly prefer a black background. I change my fibs colors from time to time. Using lighter for big time frame to darker for the smaller one. Since i am stock with Oanda platform i have a Oanda template for my MT4 also. I'll spare you the chart.

In the old days we had to post only white charts because of those that printed everything. But nowadays i think nobody do that anymore.
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  • #4,238
  • Jul 1, 2008 9:48pm Jul 1, 2008 9:48pm
Quoting GreatYves
I don't mind starring at white chart during day time but at night I definitivly prefer a black background. I change my fibs colors from time to time. Using lighter for big time frame to darker for the smaller one. Since i am stock with Oanda platform i have a Oanda template for my MT4 also. I'll spare you the chart.

In the old days we had to post only white charts because of those that printed everything. But nowadays i think nobody do that anymore.
I have switched between black and white charts. Here is the same thing, but with black background...... sexy...
Attached Image (click to enlarge)
Click to Enlarge Name: fibo3.gif Size: 20 KB
  • #4,239
  • Jul 1, 2008 9:49pm Jul 1, 2008 9:49pm
Quoting Shermenator
Price has broken intraday 61.8 fibb has reached a target in the daily chart and swing fibb is holding short after braking the intraday levels overall look is bearish.
Also bearish news is expected.

I am short...


Since the swing and intraday fibs are so close to each other, I am going to wait for intraday short, to go short. GL on your trade.
  • #4,240
  • Jul 1, 2008 10:18pm Jul 1, 2008 10:18pm
Ok i`m short on the break too..
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