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Fibonacci Trading with Bobokus

  • #4,741
  • Aug 4, 2008 8:18am Aug 4, 2008 8:18am
Quoting Shermenator
This is my question Bo...

If the candle with the arrow get its high broken...how do you know if its worth taking long....or if its simply being a small pullback to the swing fibb...
I know we have a doji at the swing low signaling a reversal may come and we also have the fact price hit intraday T1 and that might mean a pullback...we are also at the lower part of the downward channel over the past couple of days and i know this means support as well...

Though i do know its a trade against our intraday levels.....

What do you ask yourself before taking the brake of this high ....or do you not even consider it as a trade that can be taken...


Attachment
In your earlier trade you took long, what time of day was it...a high or low probabilty time ? Is it wise to make a counter trend trade at that time.

In the case of making a counter trend trade where you placed the arrow, is there room to make a profit...is 10 pips worth the risk in a counter trend trade ?
  • #4,742
  • Aug 4, 2008 9:01am Aug 4, 2008 9:01am
I can't believe it took me this long to find this thread. I'm reading through most of it now and watching the videos, hope I can contribute some.
  • #4,743
  • Aug 4, 2008 11:56am Aug 4, 2008 11:56am
Quoting Verto
I can't believe it took me this long to find this thread. I'm reading through most of it now and watching the videos, hope I can contribute some.
Congratualtions you have found the holy grail...at least for me lol....welcome and hope you have a nice experience.
  • #4,744
  • Aug 4, 2008 12:09pm Aug 4, 2008 12:09pm
BO

When I took the break of the high of the 11 pm it was to early like you mentioned . Was another good reason not to take it that their was not enough space left to hit the intraday levels?

And if we did had a good amount of space even if it was earlier would still be not a so good idea. And the higher probability trades for counter trend is after 2 am right? after franky opens, or do you prefer London open.

The candle with the arrow is the candle that got the high taken out the next candle....

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 30 KB


Now the other question is the fallowing is the candle with the arrow is it worth taking the break of the candle of that high?....that candle is the 8 am candle for me....

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 30 KB


Another question is sometimes in a countertrend move I am up 10, 15 pips but I am trying to always let my trade run . whanted to know do you ever take some pips and jump out. Or do you always let it run, I am trying to improve in this field. Thanks BO
  • #4,745
  • Aug 4, 2008 12:23pm Aug 4, 2008 12:23pm
Hi Bo,

I've only read the first 5 pages of this thread and applied one of your fibonacci strategy into my GMMA system. I must say, it rocks.

It may take me 2 weeks to go through entire thread but I'll do it dilligently.

This is just amazing
  • #4,746
  • Aug 4, 2008 12:33pm Aug 4, 2008 12:33pm
Quoting Shermenator
BO

When I took the break of the high of the 11 pm it was to early like you mentioned . Was another good reason not to take it that their was not enough space left to hit the intraday levels?

And if we did had a good amount of space even if it was earlier would still be not a so good idea. And the higher probability trades for counter trend is after 2 am right? after franky opens, or do you prefer London open.

The candle with the arrow is the candle that got the high taken out the next candle....

Attachment

Now the other question is the fallowing is the candle with the arrow is it worth taking the break of the candle of that high?....that candle is the 8 am candle for me....

Attachment

Another question is sometimes in a countertrend move I am up 10, 15 pips but I am trying to always let my trade run . whanted to know do you ever take some pips and jump out. Or do you always let it run, I am trying to improve in this field. Thanks BO
Sure I take counter trend trades but they are scalps only, if there is enough room of say more than 20pips sure...just target the 20 pips or whatever and get out its just not a high of a probability as trading with the trending moves.Get out of them with short targets and the hell with what it does after that, it doesnt matter if you put $ in the bank. It always comes around again, even if you entered counter trend and the market reverses and takes off, making you think damn I wish I would have held that....is the wrong mentallity. Wait for the market to show you its trying to reverse by either support or resistance holding in the opposite direction. Patience....your hunting with a rifle with 1 shot not a shotgun blasting away at everything that moves hoping that something will hit. If your wrong your wrong...you move on and wait for the next opportunity.
  • #4,747
  • Edited Aug 5, 2008 3:16am Aug 4, 2008 12:46pm | Edited Aug 5, 2008 3:16am
Heres another question I have lol....

Look at my 4 hour channel...we have broken south of it showing a strong trend down.....

Since its a 4 hour channel does that mean I cant fix untill the end of this week? Since I am using the seperators in the 4 hour chart....Or can I drop to the 1 hour chart and fix it to the the end of the day today?

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 25 KB


This is the other current channel I have in my 1 hour chart as well ,it came very usefull today...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 23 KB
  • #4,748
  • Aug 4, 2008 5:18pm Aug 4, 2008 5:18pm
I have now moved my daily chart fibbs....back to biggest tear of support.....

This is my weekly chart picture...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB


This Is my 1 hour chart...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 28 KB
  • #4,749
  • Aug 4, 2008 7:48pm Aug 4, 2008 7:48pm
I missed the gbp usd trade completly because was working. But i didn`t missed the eur usd and it paid off..
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #4,750
  • Aug 4, 2008 9:28pm Aug 4, 2008 9:28pm
We already had our break of our intraday low...I simply wont take it because time of the day...if anything I will wait for a littel more to get a higher probabilty trade...we might also get a littel consolidation because not enough momentum...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 26 KB
  • #4,751
  • Aug 5, 2008 12:58am Aug 5, 2008 12:58am
I am currently in a short in gbpusd...though if the previous candle high bake odds are I will be reversing...I wont wait for my swing fibb 61.8 to brake since I see this as price not whanting to stay below the intraday low and also finding support at the uptrendlong (38.2 fibb) I will let price tell me what to do...

I also dont whant to pick bottoms or tops since that would be having a Bias ...I will take a small Hit if I am wrong....

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB
  • #4,752
  • Aug 5, 2008 1:27am Aug 5, 2008 1:27am
Quoting Shermenator
I am currently in a short in gbpusd...though if the previous candle high bake odds are I will be reversing...I wont wait for my swing fibb 61.8 to brake since I see this as price not whanting to stay below the intraday low and also finding support at the uptrendlong (38.2 fibb) I will let price tell me what to do...

I also dont whant to pick bottoms or tops since that would be having a Bias ...I will take a small Hit if I am wrong....

Attachment
HEY SHERMENATOR I WENT SHORT TOO AT 1.9599..MY TARGET WOULD BE 1.9563.... AND IF IF COULD BREAK THAN MY TARGET WOULD BE TP1 FROM THE INTRADAY FIBS... ARE WE ON THE SAME PAGE...
  • #4,753
  • Aug 5, 2008 1:53am Aug 5, 2008 1:53am
Quoting xscamx
HEY SHERMENATOR I WENT SHORT TOO AT 1.9599..MY TARGET WOULD BE 1.9563.... AND IF IF COULD BREAK THAN MY TARGET WOULD BE TP1 FROM THE INTRADAY FIBS... ARE WE ON THE SAME PAGE...

I am aiming for t1....I let my trade run....what I do at the swing target is make a call of what I whant to do either hold or run as well as I watch price action ... like BOBOKUS tells us if you close positive who cares if it keeps on running your way, the importan thing is you closed positive.

Attached Image (click to enlarge)
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  • #4,754
  • Aug 5, 2008 2:05am Aug 5, 2008 2:05am
I have now brought up the closes tear of resistance....If price has enough of a push and breaks the low odds are it will hit T1 of intraday look at its targets...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB
  • #4,755
  • Aug 5, 2008 2:15am Aug 5, 2008 2:15am
Well I Went Out With 30 Pips
  • #4,756
  • Aug 5, 2008 2:55am Aug 5, 2008 2:55am
Still holding my short lets see what price decides to do....price is about to get gasoline in the market

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 30 KB
  • #4,757
  • Aug 5, 2008 3:02am Aug 5, 2008 3:02am
I have Now closed with 41 pips my short....

Total for week 65...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB
  • #4,758
  • Aug 5, 2008 4:11pm Aug 5, 2008 4:11pm
I've been trading the Bobokus method for around 9 months now...quite successfully and was wondering if anyone out there could help me. I place a highlighted box after running the Intraday Fibo between the Long, Pivot and Short area. Then I wait until the candle closes below or above this highlighted area...then just proceed to collect monies at either projected target 1 or target 2. Has anyone written an indicator wherebye we could receive an alert when a "sell" candle's high closes outside the highlighted box? Or when a "buy" candles low closed outside the highlighted box? I end up waking up and still getting in the trade, with good profit...just wish I could be alerted when the above situation occurs. Thanks for all you help...this is an awesome way to trade the Forex marke!!!.
  • #4,759
  • Aug 5, 2008 4:29pm Aug 5, 2008 4:29pm
Quoting mitch
I've been trading the Bobokus method for around 9 months now...quite successfully and was wondering if anyone out there could help me. I place a highlighted box after running the Intraday Fibo between the Long, Pivot and Short area. Then I wait until the candle closes below or above this highlighted area...then just proceed to collect monies at either projected target 1 or target 2. Has anyone written an indicator wherebye we could receive an alert when a "sell" candle's high closes outside the highlighted box? Or when a "buy" candles low closed outside the highlighted box? I end up waking up and still getting in the trade, with good profit...just wish I could be alerted when the above situation occurs. Thanks for all you help...this is an awesome way to trade the Forex marke!!!.
Mitch you can try this one. If I remember correctly, you set it within say 5 pips of when you want to alerted. You'll have to play around with it. Hope this helps.
Attached File(s)
File Type: mq4 HLine_Alert.mq4   2 KB | 712 downloads
File Type: ex4 HLine_Alert.ex4   2 KB | 592 downloads
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #4,760
  • Aug 5, 2008 6:22pm Aug 5, 2008 6:22pm
This is my first update on GBPUSD for tonight ...let me get you opinions...


4 hour chart
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 29 KB


1 hour chart

We have a bearish intraday but keep in mind the range price is bouncing between....we have doublebottoms formed at the bottom.....I will wait for later time to make sure I get the best signal in what direction the market is going to go.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1.gif Size: 28 KB
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