Fibonacci Trading with Bobokus

Quoting Shermenator

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If price goes up and find resistance I will short if we start braking lows at a goot time of the day with momentum...If price comes down and support begins to kick in, and we start braking highs I might consider reversing but has to shows me this. If it goes down I will joing the ride and if it goes I will go up as well...I am trying to keep my mind without cornering the market in one direction, when I do this I either miss a trade or dont reverse simply because of the Bias I create...let the market free and keep it simple...

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Quoting GreatYves

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The trend is south, but everyday have a high and a low. And should remain choppy for a while. I draw my fib from Thursday high at 9928 and my low at 9725 because their was no significant retracement in between. I hope for a retracement to 9850. and might be tempted by a very low risk counter-trend scalp long to the pivot on Sunday open if price show a tendency towards it only. The trend is your friend. Until it bends.

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Quoting Shermenator

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In my opinion the swing you are placing is just a bigger tear of resistance, its the last 4 hour swing coming down. To me price has to first break the intraday to get to that swing, keep in mind to me this swing is not important yet since price has to test the intraday levels resistance and if that breaks then I know I have to look at those levels....for example if price breaks the intraday low with momentum even if it does not make a bigger retracement I will take it depending on time of day and what price shows me , as well as if we get a retracement back to the intraday short and price beginst to break previous candles low I will as well take it and see how price reacts to the intraday levels, If I am wrong I will simply take a small hit and reverse depending on how I decide to trade the day as we get closer to London...This is just my opinion, keep in mind I am not saying you are wrong in anyway my freind, this is simply just how I see it.

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Quoting GreatYves

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Your probably right, as a mater of fact, the intraday T1 at 9884 is spot on the 78,6 of the 2 day swing at 9885, would make a nice reversal spot, in theory. Now will you wait for price to to break 9796-9800 in order to go long or do you consider taking it earlier? I don`t think the trend south is strong enough for these resistance to hold but we never know. I want to hold to my august strategy... I look at the Thursday night retracement, it was 4 pips away from becoming significant. Maybe i should be looser on where to draw my fibs. Drawing it on 2 days did help me a couple time in the past when the retracement was not significant. But It wasn`t significant maybe because friday daily pivot (the real pivot not the .50) was hanging just above that retracement at 9844 right over the 38,2 of thursday downswing retaining it from becoming significant. That where i see the limits of my indicators, most zigzag indicator will keep going streigt if their is not at least 38.2 of retracement. Price may also break Friday low at 9725 right away without testing the intraday level but i doubt. What would you do in this case?

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Quoting Shermenator

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Bud I am going to explain to you how I trade it, its still not perfect but I am getting there, everyday its getting easier for me to trade and pull the trigger. As you know I dont use indicators because I believe they have no point, the reason why is simple if you look at the chart you an see what the indicator is saying without having it. Lets say price hits either t1 and we begin to break previous candles lows or highs depending on what way we are going odds are price might be trying the pullback it will tell you overbought or underbought and we already now price can make a pullback so do I really need and indicator to tell me what I know?. Same for indicators that tell you that you have a trend or not, if it looks sideways you have no trend lol.

Alright now back to subject sorry for the delay, I will give a trading example of how I traded last wednesday.

On the picture below I have a couple of fibbs I would not put up since they just clutter, but keep in mind I know the locations at all point.

Alright so lets begin with the Intraday fibb, as you see we have a bearish intraday fibb but what happends before the new day starts its that it has alreay broken the 61.8 fibb and has flipped to the bullish side ( intraday long). Once this happends what comes to my mind right away is that any trade taken in the long direction has a bigger probability, and that anything taken on a short direction has less probabilty since its against the fact price is above the intraday long. Remeber unless price closes on the other side of Intraday short we only whant bullish positions.

Alright so now that I know probabilty is on the bullish side ( this means you take a long odds are you win, you take a short you might get popped and requires more experience)

Alright in my chart below you will find a Green arrow, this arrow is the place I took the long ( I did not wait for the candle to close, I took the break of the high of the previous candle)

As soon as I got in I placed a swing fibb (light blue fibb). The reason I do this is because I whant to see how my trade is holding and if its worth it. Other reason Is because I have a resistnce fibb from the 4 hour chart coming down and its going up against my long trade. This is the question you have to ask yourself, do i trade 4 hour swings or 1 hour swings?. You see both type of traders won in this case. The 4 hour trader won 2 days later and the 1 hour trader won that night. You see the reason I dont trade 4 hour strictly is because since i dont use stops like BOBOKUS does I would have had to hold my short negative for about 120 pips, since the same rules apply for the 4 hour swings(and that is that as long as the 61.8 fibb of this 4 swing holds you hold your trade, and as you can see it never broke but gave that huge shooting star).

On this day I held my long because my swing fibb held as support , once again I know that if my swing low broke I was going to reverse simply because for me that was enough to tell me the 4 hour resistance had won, and it was time to go that way, I already had a stop and reverse scenerio below the swing low (red arrow is swing low).

The yellow arrow is called banks hitting stops (I dont use stops like BOBOKUS has tought me) as you can see the swing support never failed it was simply a pierce and price blasted up and hit my targets of the day. This was a winning day. Hope this helped I am going to find a day similar to the example you whanted.

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Quoting GreatYves

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I understand well. But admit that the price went all the way back 30 pips on you to kiss the 61.8 before going your way on the news... I`m pretty sure at this point you were somehow nervous.. And at this point the odds were not on your side!. 61.8 retracement have happen to the a majority of all the last two weeks of trading, and a majority of days in 2008. Obviously we are in choppy zone..

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Quoting Shermenator

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BOBOKUS tought me that news is simply a battle between support and resistance, if you remove the factor of the news no matter what I would have reversed if my swing low broke so news or no news I would have traded the same. Since once again news just moves price faster to its daily targets (its gasoline to the market)it either tells me I am wrong faster or right faster. Odds are if that swing low would have broken it was going to shoot down , since I knew this I already had a sell stop waiting for me. I dont mind being wrong is part of the game, but if you know when to understand you are wrong and fallow price you will come out positive. I am starting to care less about being wrong but more about coming positve at the end of the week. This part had become the hardest part to me, since when I started I would always question the fibbs simply because I had one bad trade and would go looking for something else to filter that bad trade. Once again simply because I have one bad trade it does not mean to go looking for a filter or an indicator it just means you had a bad trade lol. So if I would have gotten negative 35 pips and lost with my rules I would had simply reverse my position and fallow the larger 4 hour swing. This is something in my head I am still working in improving, before I had a thousand threads with different strategies in forexfactory but slowly I have removed them simply because I am starting to believe in what I do and I am being left with only threads to post my analysis on different currency with BOBOKUS fibbs. All I need now is time to go by and hopefully for my 19 birthday in February I have more confidence in what I do, thats whats going to make me different between a crappy trader and an amazing trader like BOBOKUS.

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Quoting Shermenator

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BOBOKUS tought me that news is simply a battle between support and resistance, if you remove the factor of the news no matter what I would have reversed if my swing low broke so news or no news I would have traded the same. Since once again news just moves price faster to its daily targets (its gasoline to the market)it either tells me I am wrong faster or right faster. Odds are if that swing low would have broken it was going to shoot down , since I knew this I already had a sell stop waiting for me. I dont mind being wrong is part of the game, but if you know when to understand you are wrong and fallow price you will come out positive. I am starting to care less about being wrong but more about coming positve at the end of the week. This part had become the hardest part to me, since when I started I would always question the fibbs simply because I had one bad trade and would go looking for something else to filter that bad trade. Once again simply because I have one bad trade it does not mean to go looking for a filter or an indicator it just means you had a bad trade lol. So if I would have gotten negative 35 pips and lost with my rules I would had simply reverse my position and fallow the larger 4 hour swing. This is something in my head I am still working in improving, before I had a thousand threads with different strategies in forexfactory but slowly I have removed them simply because I am starting to believe in what I do and I am being left with only threads to post my analysis on different currency with BOBOKUS fibbs. All I need now is time to go by and hopefully for my 19 birthday in February I have more confidence in what I do, thats whats going to make me different between a crappy trader and an amazing trader like BOBOKUS.

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Quoting Shermenator

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I took one bad trade and lost 20 in a long...I though support was proving itself by braking a previous candles high 2 hour ago...

I am currently short and up 15...lets see how far price whants to push down...

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Quoting xscamx

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i took the same bad trade...but didnt go short

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