Goodnight guys and happy trading...Hope post above helps.
Fibonacci Trading with Bobokus
- #4,290
- Edited 5:35pm Jul 3, 2008 3:24pm | Edited 5:35pm
- Joined Jan 2008 | Status: Trader | 2,996 Posts
This is the first excersise and here I show how i would move my fibb day today and the first day is june 3 intraday fibb...(after 7 days of example I will go back and begin explaing the use of the swing fibb and how you use it once you enter a trade and how to understand the market with it)
This intraday has a total of 4 entries 2 of them happened to early and the last 2 (Blue arrows are the places I would have placed my trade myself).
First red arrow was the first test to the intraday levels and as you can see it got rejected but at the time of the day it to risky for a trade it has no volume and it can be a fake rejection...
Second red arrow was the second attempt to the intraday levels but it was still to early for trading for me....The seperaters are the new start of a day and for me its Tokyo session.
Third Blue arrow Now this is the first placed that a trade can be done using your swing fibb ( I will exlpain in fallowing post the use to the swing fibb for this day)
Fourth Blue arrow Is the second place I could have take a short for this day since we had already had already found resistance at intraday levels and it was a break of the intraday low.
Notes for this day =After price rejected intraday levels we started to make waves down this is very important to see visually...this adds to bearish factor.
I will explain in next post the use of the swing for this day and how you guard your pips and such.
Fibb excersice 1 of 7
Day June 3
This intraday has a total of 4 entries 2 of them happened to early and the last 2 (Blue arrows are the places I would have placed my trade myself).
First red arrow was the first test to the intraday levels and as you can see it got rejected but at the time of the day it to risky for a trade it has no volume and it can be a fake rejection...
Second red arrow was the second attempt to the intraday levels but it was still to early for trading for me....The seperaters are the new start of a day and for me its Tokyo session.
Third Blue arrow Now this is the first placed that a trade can be done using your swing fibb ( I will exlpain in fallowing post the use to the swing fibb for this day)
Fourth Blue arrow Is the second place I could have take a short for this day since we had already had already found resistance at intraday levels and it was a break of the intraday low.
Notes for this day =After price rejected intraday levels we started to make waves down this is very important to see visually...this adds to bearish factor.
I will explain in next post the use of the swing for this day and how you guard your pips and such.
Fibb excersice 1 of 7
Day June 3
- #4,291
- Edited 5:36pm Jul 3, 2008 5:01pm | Edited 5:36pm
- Joined Jan 2008 | Status: Trader | 2,996 Posts
This is how I would place my swing fibb to a take a trade of the first blue arrow in my first picuture...You have to options that you can look at as a swing ( first picture below is the first swing then below that is the other swing in the other picture)
The reson Why I am showing you this 2 swings is for you to understand that both swings are traidable at a time. The other thing is one swing has a bigger stop then the other and that comes down to what stop do you feel good with and whats your risk to reward ratio and how much of a drawdown can you take and such.
You see the risk to reward ratio was very nice....
It was 36 pips for 80...
On the picture below you the swing fibb used and the (red arrow is the stop I would have set this is the swing high though I would close my trade short if the 61.8 fibb brakes this is just a stop as if the worst thing happends)....
This shows the swing I would use and gives the market more space to breath..
Th reason I would use this swing as my stop and not the picture below is because this is the highest high that rejected the intraday short and my money management allows me to risk more.
Now on this picture you see the other place you could have place the other swing and this comes down to what fibb you whant to use and how good you feel with the stop. Remember money management is key in this game. You could place the same way a stop above the high of this swing or if the 61.8 fibb brakes.
This councludes the first excersice 1 of 7
I will continue later on with the other parts...
If you guys whant me to look at any currency I will be glad to do so.
The reson Why I am showing you this 2 swings is for you to understand that both swings are traidable at a time. The other thing is one swing has a bigger stop then the other and that comes down to what stop do you feel good with and whats your risk to reward ratio and how much of a drawdown can you take and such.
You see the risk to reward ratio was very nice....
It was 36 pips for 80...
On the picture below you the swing fibb used and the (red arrow is the stop I would have set this is the swing high though I would close my trade short if the 61.8 fibb brakes this is just a stop as if the worst thing happends)....
This shows the swing I would use and gives the market more space to breath..
Th reason I would use this swing as my stop and not the picture below is because this is the highest high that rejected the intraday short and my money management allows me to risk more.
Now on this picture you see the other place you could have place the other swing and this comes down to what fibb you whant to use and how good you feel with the stop. Remember money management is key in this game. You could place the same way a stop above the high of this swing or if the 61.8 fibb brakes.
This councludes the first excersice 1 of 7
I will continue later on with the other parts...
If you guys whant me to look at any currency I will be glad to do so.
- #4,296
- Jul 5, 2008 10:43am Jul 5, 2008 10:43am
hi friends.where i can get arrow inside the box indicator,like your template.
Draw them by hand with the regular arrow tool from within MT4. Then double click on them to make them in a square.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
- #4,297
- Jul 5, 2008 11:18am Jul 5, 2008 11:18am
There was several Great fibo trade this week. Here' the last one. Based on Wednesday Intraday, the only problem was to found valid entry and stop. The entry came only at 04:00 AM EST time, when i am deep asleep and not really willing to wake up to check on my stoped trade. Should i move to europe? What you guys would or have done?
Harmonics and Pitchfork using korHarmonics from TradingArsenal
