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Fibonacci Trading with Bobokus

  • #4,641
  • Jul 30, 2008 3:19am Jul 30, 2008 3:19am
I have now squeezed price to the closes tear of support to see how price responds and if its worth closing at break even or holding...
I dont use a stop...I let the market show me when the right time to stop and reverse or simply take a small lost.I already made some pips in the short earlier today...

Attached Image (click to enlarge)
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  • #4,642
  • Jul 30, 2008 4:05am Jul 30, 2008 4:05am
I have a mental stop below the last candle simply because time of day news is coming out so market might slow down. Also trading against intraday levels should be treated like a scalp and last I have made pips in my first short trade and I would be securing pips for the long I took as well. Last I got taught by BOBOKUS that I should not overexpose my account.

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  • #4,643
  • Jul 30, 2008 4:44am Jul 30, 2008 4:44am
I feel like momentum has dies out I have closed with 20 pips long...I dont whant to overexpose my account..

Total for night 35
  • #4,644
  • Jul 30, 2008 5:03am Jul 30, 2008 5:03am
I would be cautios on taking the rejection of the intraday levels( yellow fibb ) when we had the break of the low of the previous candle(yellow arrow) simply because of news coming out soon and based on forecast supprt should hold.... Light blue fibbs are the main levels of support today...

BOBOKUS please give me your opinion...

Attached Image (click to enlarge)
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  • #4,645
  • Jul 30, 2008 10:02am Jul 30, 2008 10:02am
is there a direction to where the g/u is headed
  • #4,646
  • Jul 30, 2008 11:05am Jul 30, 2008 11:05am
Quoting xscamx
is there a direction to where the g/u is headed
Out of the six pair I am trading, none seems to have direction, but this is not uncommon with NFP coming up Friday morning, but usually its Thursday that waffels.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #4,647
  • Jul 30, 2008 5:05pm Jul 30, 2008 5:05pm
I have moved my intraday to what it will most llikely be....Kepp in mind yesterday intraday is a major swing for price today I have locked my swing in it since its key resistance today. Though look at the W formation we had at the bottom caused by the retracement short and also the fact the intraday reversed itself already and we are now looking for support to be found and begin to take breaks of highs and also notice how price hit the bottom side of the channel....Though Its still to early for anything but this what I see as of right now...


Attached Image (click to enlarge)
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  • #4,648
  • Jul 30, 2008 7:47pm Jul 30, 2008 7:47pm
Quoting Shermenator
I have moved my intraday to what it will most llikely be....Kepp in mind yesterday intraday is a major swing for price today I have locked my swing in it since its key resistance today. Though look at the W formation we had at the bottom caused by the retracement short and also the fact the intraday reversed itself already and we are now looking for support to be found and begin to take breaks of highs and also notice how price hit the bottom side of the channel....Though Its still to early for anything but this what I see as of right now...


Attachment

For me it look more like support then resistance. More retracement to last impulse might be expected, as todays down move was a failure.

I know i am counter trend but sometimes, we all knows it bends!
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,649
  • Jul 30, 2008 9:39pm Jul 30, 2008 9:39pm
Currently long in gbpusd....treating as scalp since its an early trade keep in mind oil prices when up alot as well...thats bad for the usd...I am willing to sweat tokyo out...

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  • #4,650
  • Jul 30, 2008 9:56pm Jul 30, 2008 9:56pm
i am also currently long too....
  • #4,651
  • Jul 30, 2008 9:58pm Jul 30, 2008 9:58pm
Quoting xscamx
i am also currently long too....
treat like a scalp and watch price action I am taking an extra risk...
  • #4,652
  • Jul 30, 2008 10:48pm Jul 30, 2008 10:48pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Watch out for GBP news at 2 AM. I'm guessing it's not going to be positive for GBP, but again, just a guess. Trade your plan bud.
"Wishful thinking dies hard." Igor T.
  • #4,653
  • Jul 30, 2008 10:57pm Jul 30, 2008 10:57pm
i make sure ill be out by then
  • #4,654
  • Jul 30, 2008 10:58pm Jul 30, 2008 10:58pm
Quoting FxChi
Watch out for GBP news at 2 AM. I'm guessing it's not going to be positive for GBP, but again, just a guess. Trade your plan bud.

Yep thanks bud....and yea I am treating this trade like a tight scalp for that reason I am up about 7 pips or such...trying to make somthing prior to news lol
  • #4,655
  • Jul 30, 2008 11:17pm Jul 30, 2008 11:17pm
I closed my long with 7 pips.....Momentum has died out ...this was also a scalp since news is expected against my long...the markets are silent and waiting for gasoline to get added.I will post my next trade when I corner the beast of the forex again . And I feel its the right time.

Attached Image (click to enlarge)
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  • #4,656
  • Jul 31, 2008 12:10am Jul 31, 2008 12:10am
i was out with 10pips
  • #4,657
  • Jul 31, 2008 12:27am Jul 31, 2008 12:27am
Hey Bookbus, I am just starting to get into your fib system, I do have to say I really like it, it is a bit intimidating, but with time and effort this system seems to be the most reliable, wish I had stopped here first, instead of reading lagging indicator threads, well you live and learn.

Anyway Just going through your PDFs, by the way I loved your new videos, and made a lot of things clear, it was not a good day, so I am glad you showed a not so good day, unfortunately a lot of systems will just showcase the pretty but not the ugly. Glad your system has great risk factoring, as well as no LAGGING INDICATORS, and some other interesting things. Hope to hear more from you, can't wait until I can do some live trading with this system.

Thanx
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #4,658
  • Jul 31, 2008 1:37am Jul 31, 2008 1:37am
hey shermenator what does your analysis say about the current situation of the g/u.... may i aslo know what other currency pair do you trade??
  • #4,659
  • Jul 31, 2008 1:43am Jul 31, 2008 1:43am
hey is it time to long with the intraday fib for GU?
  • #4,660
  • Jul 31, 2008 1:45am Jul 31, 2008 1:45am
I am long since the previous candle broke guys...I had a pending order....

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