Fibonacci Trading with Bobokus

Quoting Shermenator

Disliked

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...

Ignored

Quoting GreatYves

Disliked

Did work out just fine!

Ignored

Quoting Shermenator

Disliked

I know whant to see if support is still holing or its simply the retraacement to counter fib to the intraday . I have placed a swing fibb here to see if support is holding or not...The reason I did not take the early bounce is because time of the day and I simply dont trust it yet. Second reason why I am waiting for another confirmation for price to prove to me that their is support because of the broken trendline and a head and shoulders might be forming. We are also in the retracement short area. Lets see what happends, as of right now I am on standby simply because I am going to wait for momentum to pick p and show me the right way to go. And that wont happen for another good 6 hours .

Bo let me know your opinion.

Attachment

Ignored

Quoting Bobokus

Disliked

Just dont get too zoomed into price you'll react to every little movement it makes by chasing every waveform with your swing and it will start to cloud what your looking for in the first place, you dont want to base what your doing from the swing its not important yet. You'll start thinkin ok its short ...ok now its long ...ok now its short again, no wait its long again.
Have all those trendlines made a difference yet ?

Ignored

Quoting logiktrader

Disliked

It looks like you and Sherm. placed the intraday low at different levels, which might explain the subjectivity differences between decisions.

Ignored

Quoting Bobokus

Disliked

You can use the placement Sherm has to get as close to price as possible, he has his from the low of the last consolidation period. I pulled mine across the last move since there was a noteable retracement. The last single movment of price.

Ignored

Quoting logiktrader

Disliked

Bo, I think that brings up a good point about where to place the high/lows of a fib. It seems like good intraday fibs contain some sort of consolidation in the pivot range. Would you say that the more bars in that pivot/consolidation zone would cause it to be a better fib?

Ignored

Quoting Bobokus

Disliked

I think thats a confusing part for most people, I try to use the last point of retracement to the current high or low across a days trading...sometimes that includes more than just a 24 hour period, sometimes its less. A very choppy day is the hardest to detirmine since there are so many waveforms to pull across for that I would use the high and low point established during the day. Todays is easy since there was no retracement in the amount of price you see my Intraday on...There is a move then a retracement...a move then a retracement...a move then a retracement. The move is where you place the Intraday fib. The retracement is the test of its levels...if it doesnt retrace or test the levels you may have been just been measuring a movement that has not completed yet because of the end of day and lull of the asian session. Which brings up the point of why it can be dangerous to take the break of the high or the low after a strong movement.

Ignored

Quoting Shermenator

Disliked

Bud this might be dumm but lets say this swing breaks whats comes up to your mind about short or long?

Would it be more short since pice is stairsteeping and found support at an intraday level but yet not enough to start holding in support waves for example lets say this swing brakes what does that tell you.....
Or how is it that in your head you look at this swings what do they tell you when they are going against the intraday levels please help me with this.Also how do you know what swing to give importance and stuff thanks and you are right the swing played with my head the other day I sawpped direction 3 times. I see how your intraday is from that point its also the whole movemnt in the 4 hour chart.

Now on the question on the trendline it right now broke it and could go to the next one. But I am noticing it all comes down to the fibbs either 61.8 hold or does not. I might be wrong completly help me out with that same question bud.I am a bitt confuse with the swing and either I should use the trenlines or not bud help me out with this confusion.

Attachment

Ignored

Quoting GreatYves

Disliked

This is a primordial question. Remember when i said i was afraid of previous intraday fibs... Here a picture worth a thousand word.. I should have not have been afraid but should have rely on it since all the monday range action would have been well contain by last thursday and friday intraday respectively short and long level. In fact the 2 day fibs (the green one on the chart) was the good one. I suggest that if there is no significant retracement we keep pulling the intraday fib. What you think Bo? I know you are gonna tell it`s subjective and we guys should do as we think is good... lol!

Attachment

Ignored

Quoting GreatYves

Disliked

My yellow swing have 144 pips and show a short right now.. As long as it remains under 2.0064. I am short since 2.0054 my goal 9966.Attachment

Ignored

Quoting Bobokus

Disliked

Nothing comes to mind, Its why I dont even have a swing on my chart yet.
The thing is not to really have a bias, when you start picking a side of either long or short your setting yourself up to only trade in that direction because you have convinced yourself that it will take that direction and begin to trade only in that direction...we are our own worst enemies.
Ask yourself this question...Do I need the swing for any purpose yet ?

Me I will wait to see if the momentum picks up and let the market show its hand first then I can react and place a swing later. Its not wise to be looking for an entry right now or taking a bias...the conditions of the markets just dont warrant it this year we are trading differently than we have from say last year. If Cable takes off now this early...I look at it as oh we'll thats too bad because I know from the past you will loose too many trades following these asian session movements..sure there have been days where price has moved early but I dont care..tomorrow is just a couple of hours away and everythings starts all over again. Remember its better to miss one than loose one chasing it too closely and trying to trade during the consolidation and asian sessions. Look back at your charts and see if you can tell when the market is really beginning to move...is it now during the asian session or later, and if its later why try and decide your bias now? The market conditions this year have proven over and over again it will reverse almost from day to day and we should be expecting this. Dont get too anxious to be in a trade.
Trendlines are great, but are you trading the breaks of the trendlines or support and resistance alot of times they are not going to agree nor will they break in the same place, they may be close sometimes but how often? Its like trading with one indicator then adding another for confirmation ...then adding another indicator for more confirmation..and then another to complment that one. How much crap do you want to line up before you will enter a trade? Simplify as much as possible.

Ignored

Quoting xscamx

Disliked

hey guys just want ask how do you exit a trade..... i think a reading this long thread which i am not finish yet.... i know how to enter one.... my problem would be exiting...wheathere in profit or loss....

Ignored