Fibonacci Trading with Bobokus

Ok bud I have 2 arrows on this picture on trendlines. Should I forget about trendlines when analyzing completly or how do you do it. For example I know the one that broke is to vertical and has less importance since consolidation could brake it. But the fact it broke in my head it adds more bias to bearish team though , now I know that I should not have a Bias when trading since it can hurt my trading. Though since that one broke I would normally think price is looking for the next trendline the most exterior trendline. One of the question is can i do pattern recognition like triangles wedges and stuff like that or how do i do it since I whant simplicity but I whant to know how much simplicity is right. Do you ever place any trendlines at all and if you do what must the market meet so you consider it?

Now on my third arrow I am showing you the brake of the swing low....
What does this tell you and when would you pull the trigger short. Would you wait for the intraday short to brake to go short or how do you anticipate it.The reason I have now placed a swing fib is because its 2 am and we have franky open now. Also the fact retracement short from the daily is at that point what comes to your head. I know price is finding support at the intraday short but how much support is needed for you to believe is true support. And how much importance do you give to the fact that price found resistance in the swing fibb.Though personally What I see now its no true direction so I believe I should not be in a trade since the market has not showed a clear direction. And in fact we have a bullish trend in a strong direction.I am confused in a bitt of stuff i am going to work on simplifying as much as I can.

I came late to the table this morning so I checked EUR/USD and the neckline on a perfect head and shoulders was just about being crossed..talk about lucky timing..btw one of my trading weaknesses seems to be this compulsion to make a trade even when there isn't a very obvious one..gotta nip that!

Alright this is my setupfor todays trading let me know what you think...

This is my dailychart....
I removed my uptrend fibb since right now I dont need it and serves no purpose....I price comes back down then I would use it..

I am trying to make it as simple as i can...
Daily chart


GBP/USD update 1 hour chart

We have a bearish intraday...Though I do know the support levels with my swing fibb....But since I dont take trades at this time it makes no point to start placing swing fibbs 6 hours before momentum picks up lol....I have no Bias but do know we have a bearish intraday that can have a other reversal since price did not hit yesterdays intraday targets and this move down can simply be retracement to a larger move......


Also USD fundamentally I read
Economy: Consumer Prices Up 5%, 17-Year High this is not good for the us so this move from yesterday can be the retracement to a larger move might find support on a bigger swing...

It`s time to sit on my hands, i don`t know what to do, but H4 show nice reversal.. All my bell and whistle indicators say short it. But i would like some pull back to 0022-0042 before doing so with lower risk.

Short sounds good i am waiting to break the S1 at 1.9966 and i will try to ride it all the way to S2 1.9916-1st TP and unload the rest atS3 1.9837 2nd TP

good luck dude seems like a good trade !!

1HR TMF

Personally I dont recommend a set number for a stop loss, the market detirmines the stop loss by the previous high and low points, then once your in a trade adjust it to protect profits or to select an exit point if the trade looks to go against you.

London/US sessions.

Much better, wait for the market to show its hand then begin trading. Todays action would suggest we are looking for a rejection..now we wait and see if that happens.

Looks like a short with this 38.2 on bounce on 5 o`clock gmt candle. Was a soft bounce and i think (hope) it will bounce back. I want a 2:1 trade on this one.

But note that yesterday's low was at the 38.2 fib from the upmove since July 7. We could be going up - we don't know yet.

Exactly, we need to see now if price is rejected from todays Intraday levels and we could then see Cable dip even lower.Price is attempting a test now at the Intraday levels.

I use to have that problem too. Until I read Mark Douglas' 2 books, The Disciplined Trader and Trading In The Zone. I always felt I HAD to be in the market otherwise I was missing something. Then I realized, the market aint going anywhere. It'll be there tomorrow.
PM me if you'd like pdf files of the 2 books.

Happy Pippin'
KC

hey kc8flq i would like them if you dont mind.... i like there are time when i have the same problem..... pls attached them in the thread and it would be available to everyone...... thankx bro...

Bo I have here our intraday levels as you see I have now placed and intraday for the reson that Its 2 am and franky open and I whant to know what really is going on with price....I see price rejecting the pivot nicely....What I am waiting for is what is the indication to go long or short here bud ....explains this to me...I am trying to avoid having a bias In my head...

Right now I believe its more bearish though...whay would e the signal pull short....Or long here what would you do in this case bud...

I woke late this morning and judging from what I see on my chart I aint miss much......Patience is Key to this game and its something Im learning everyday and hopefully getting better at it.

I have Trading in the Zone by Mark Douglas and would like the other book so if you dont mind attaching it to the thread so that I can have a copy. Cheers.

Lets see which way cable decides to go today....Long or Short

I believe it is called Trading In The Zone, I have a copy yet not willing to look for it at the moment and copy it, that would break copyright, my ethics and I suggest you go and actually buy a copy, it is not that expensive

I still see target at 2.0340 from 1.9640 bounce @61.8 area moving to the 61.8 extension....any thoughts ?

If 2.0170 holds then we could look to buy at lower fibs ?

1 more question have...... pls guide me....... how do you guys determine the current trend....... i am currently using woodies cci.... but i would like to know what are you guys using......