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Fibonacci Trading with Bobokus

  • #4,401
  • Jul 14, 2008 10:26am Jul 14, 2008 10:26am
Quoting zerosum
Hi

It doesnt really matter what anyone says....its what you can see on your chart that matters. Every trading decisions should be based on each trader's Tech/Fundies Analysis.

Based on what I see on my chart cable is in a bullish trend.....but that can change anytime cos we know the market is ever changing and we are suppose to adjust to those changes.


Just my 2pips.... hope it helps
Exactly dont let someone elses opinion including mine detirmine what you do with your trading. Trade what you see.
  • #4,402
  • Jul 14, 2008 10:34am Jul 14, 2008 10:34am
Quoting kc8flq
Went long based on what chart indications? Post your chart.
On my chart the long is an open above 9880. To me it looks like its in consolidation with a tilt towards bearish. but I'm the newb here and only been reading the thread a cpl days.

Happy Pippin'
KC
A break or candle opening is the safest play, the only problem with waiting on a candle to open is it can get you in late sometimes especially when there is a long candle that breaks the Long or Short levels. The positive to waiting for an opening is your waiting for the confirmation that the level is broken from the 1 hour timeframe. Start looking for a support or resistance type entry where like today price retraced to the Intraday levels and since we are showing signs of a push up you would be looking for the bounce from the Intraday levels. As price moves to test the levels follow along behind the previous candle highs with a buy stop. Test that type entry in your demo account and see if it can help with better entry's. The reverse is true when trending down you want to follow the lows of the previous candles with a sell stop.
  • #4,403
  • Jul 14, 2008 10:55am Jul 14, 2008 10:55am
Quoting Bobokus
Cable is testing the Monthly open price now(1.9926) a break here and we could see the 1.9950/1.9970's today. A failure and we should begin to retrace and consolidate for the day. 1.9950/1.9970 would give Cable a 140/160pip range for the day.
Long from 1.9863, closed 80% at 1.9920 letting the rest ride it out. Taking out some profits now since fundamentally I dont see any real support for this move.
Dear bobokus:
what is the meaning of "fundamentally I dont see any real support for this move", the intraday fib is not support?
I need time ,I need money, I need more patience
  • #4,404
  • Jul 14, 2008 11:01am Jul 14, 2008 11:01am
Quoting ztdep
Dear bobokus:
what is the meaning of "fundamentally I dont see any real support for this move", the intraday fib is not support?
Simply put, an economic type condition or report, not any indicator type support. The market is moved by fundamentals or conditions of the economies that make up each pair. Indicators and fibs alike just provide a method of trading this.
  • #4,405
  • Jul 14, 2008 11:47am Jul 14, 2008 11:47am
My first real money used..and real money made..my enter and exits are on the conservative side but sure feels good..if we cross the 1.9960 me is back in for some more
  • #4,406
  • Jul 14, 2008 2:55pm Jul 14, 2008 2:55pm
Took the break of the 2nd inside bar (around 6:30 am EST) since price was rejecting the weekly 61.8 and got out around 9950 for a nice 90 pips. Thank you so much Bo for your dedication to our ongoing education.
  • #4,407
  • Jul 14, 2008 9:46pm Jul 14, 2008 9:46pm
Just so you understand I am not doubting Fibs without research.

Check out this Post.

http://www.forexfactory.com/showpost...2&postcount=23

I still feel {know} it has hidden value.
hth.
  • #4,408
  • Jul 14, 2008 11:46pm Jul 14, 2008 11:46pm
Quoting Bobokus
Cable is testing the Monthly open price now(1.9926) a break here and we could see the 1.9950/1.9970's today. A failure and we should begin to retrace and consolidate for the day. 1.9950/1.9970 would give Cable a 140/160pip range for the day.
Long from 1.9863, closed 80% at 1.9920 letting the rest ride it out. Taking out some profits now since fundamentally I dont see any real support for this move.
Your fib is only two bars worth of data? Is there a minimum amount of bars that you want your fib lines to be drawn across?
  • #4,409
  • Jul 15, 2008 12:46am Jul 15, 2008 12:46am
I have not taken the long today after the break of high simply because I dont trust it since we are yet to make a retracement....Keep in mind we have the daily resistacen at price 2.001 and keep in mind we did not manage to hit yesterdays target so we might in fact be slowing down in momentum in the bullish side or at least slowing down...

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  • #4,410
  • Jul 15, 2008 3:29am Jul 15, 2008 3:29am
What in the world is moving cable this fast up.......there are times you wait for days to get 100pips move from her but she just there going nowhere and today even before the first news of the day and she has moved almost 160pips.

Should we be patience and wait for the best place to start selling rallies cos can she really go any higher today?Unfortunately I missed this big move up

Any Thoughts????Bob
  • #4,411
  • Jul 15, 2008 6:58am Jul 15, 2008 6:58am
Quoting logiktrader
Your fib is only two bars worth of data? Is there a minimum amount of bars that you want your fib lines to be drawn across?
Yes, 2 bars isnt really enough data, I just took the pick without moving it out of the way, I was referring to price level more than anything.
  • #4,412
  • Jul 15, 2008 7:00am Jul 15, 2008 7:00am
Quoting Shermenator
I have not taken the long today after the break of high simply because I dont trust it since we are yet to make a retracement....Keep in mind we have the daily resistacen at price 2.001 and keep in mind we did not manage to hit yesterdays target so we might in fact be slowing down in momentum in the bullish side or at least slowing down...

Attachment
I wish it would have slowed down I got up yoo late to catch it.
  • #4,413
  • Jul 15, 2008 7:02am Jul 15, 2008 7:02am
Quoting zerosum
What in the world is moving cable this fast up.......there are times you wait for days to get 100pips move from her but she just there going nowhere and today even before the first news of the day and she has moved almost 160pips.

Should we be patience and wait for the best place to start selling rallies cos can she really go any higher today?Unfortunately I missed this big move up

Any Thoughts????Bob
Its just the weakness of the dollar, I had the same problem I got up an hour too late and missed it too...shame it was a good one.
  • #4,414
  • Jul 15, 2008 7:09am Jul 15, 2008 7:09am
Some crazy move.. I`m trying the retracement, short at 2.0113 goal is 2.0020... T2 from last week fib have been touch to the pip at 2.0148.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,415
  • Jul 15, 2008 7:11am Jul 15, 2008 7:11am
Quoting GreatYves
Some crazy move.. I`m trying the retracement, short at 2.0113 goal is 2.0020... T2 from last week fib have been touch to the pip at 2.0148.

Good luck with your trade, I think Im going to bow out for the day and wait to see what happens
  • #4,416
  • Jul 15, 2008 10:05am Jul 15, 2008 10:05am
Short at 2.0050
  • #4,417
  • Jul 15, 2008 12:25pm Jul 15, 2008 12:25pm
have a question bud. I have realised that grabbing the last swing in the 4 hour chart can give you the real important swing and the main support levels or resitace levels. So i think the combination of it with our intraday fibb can give us alot of refrence to why price sometimes brakes the intraday level short or long and does not go its because its reacting to the bigger swing in the 4 hour chart I know this is a tear of support and I have mention it before but I think I finnaly got the real picture in mi head when our intraday levels brake it still should be treated like a scalp relative to our 4 hour chart since it can bounce on the 4 hour move( what i just wrote can sound obvious but i feel like I finnaly get it)... So what I mean by this is that really the game is between the last 4 hour swing ....and the intraday since the intraday can be the swing the 4 hour move.

But leet me know if this is right...
  • #4,418
  • Jul 15, 2008 1:16pm Jul 15, 2008 1:16pm
Quoting Shermenator
have a question bud. I have realised that grabbing the last swing in the 4 hour chart can give you the real important swing and the main support levels or resitace levels. So i think the combination of it with our intraday fibb can give us alot of refrence to why price sometimes brakes the intraday level short or long and does not go its because its reacting to the bigger swing in the 4 hour chart I know this is a tear of support and I have mention it before but I think I finnaly got the real picture in mi head when our intraday levels brake it still should be treated like a scalp relative to our 4 hour chart since it can bounce on the 4 hour move( what i just wrote can sound obvious but i feel like I finnaly get it)... So what I mean by this is that really the game is between the last 4 hour swing ....and the intraday since the intraday can be the swing the 4 hour move.

But leet me know if this is right...

Thats why we want to see or know the levels from the higher timeframes.Especially the Daily trending moves as well as the retracements into those Daily trending moves. The 4 hour is just an intermediate level between the 1 hour and Daily. "The bigger picture"
  • #4,419
  • Jul 15, 2008 2:37pm Jul 15, 2008 2:37pm
Quoting Bobokus
Thats why we want to see or know the levels from the higher timeframes.Especially the Daily trending moves as well as the retracements into those Daily trending moves. The 4 hour is just an intermediate level between the 1 hour and Daily. "The bigger picture"
Got it bud...In this market believe every trade should be treated like a scalp since it can always reverse at some points. The other thing I need to do is stop picking tops and bottoms. If the market whantst to continue I should not set a limit in but let the market tell me by braking swings....Because when I pick tops or bottoms I am preventig myself from getting large pips. I rather get cought in a loss and simply reverse If I have 2.
  • #4,420
  • Jul 15, 2008 4:06pm Jul 15, 2008 4:06pm
Quoting GreatYves
Some crazy move.. I`m trying the retracement, short at 2.0113 goal is 2.0020... T2 from last week fib have been touch to the pip at 2.0148.
Did work out just fine!
Harmonics and Pitchfork using korHarmonics from TradingArsenal
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