I get you, Bo. Thanks.
I can see from the later posts and the template in your first post that you have changed the names. I am sticking with the early ones for now, as they are the ones used in your early posts. I will change when I get that far.
Cheers
Fibonacci Trading with Bobokus
- #4,926
- Aug 9, 2008 4:16pm Aug 9, 2008 4:16pm
- Joined Jan 2008 | Status: Trader | 2,996 Posts
hi bo
i like your system but it is too much difficult for me, i dont know how i must start?
i read this forum but...........................
Alright bud Iam not BOBOKUS and not as good but I think I have an Idea of how to start....
I will begin with the intraday fibb and all of the things it can tell us...
on my first picture you will find me placing my intraday fibb (green one) on August 4 2008. This is the intraday that would be used to trade august 5 what this means is that this green fibb you will see in the fallowing picture will be the main levels to be aware of the fallowing day as resistance since its a bearish day. How do you know its a bearish swing? simply look at the high of the day and how price ended thats how it is...keep in mind this swing is ussually withing the seperaters you see in my picture. I have ODL metatrader so my daily candle close is 8 pm eastern time so I go by that. Now once you have placed your Intraday levels you know price can only move so much in one day and that movement is relative to the size of the intraday level . For example if you look at my picture you will find 4 levels in total with T1 and T2 levels once above and once below what this shows you is the range price should be withing a one day movement (Keep in mind you will have some days price go way past that).
So now how do you use the intraday levels...?
The way you use them is that if its a bearish Intraday levels like the example in the picture you whant to take trades in that direction the fallowing day since they hold the highest probability of making money. What this means is that if price goes to Intraday short (38.2) Intraday pivot(50) or intraday Long (61.8) you whant to keep on trading short . The only time you will change your probabilty for the day is if price closes on the other side of intraday long (61.8)and that would mean you would be looking for longs keep in mind that price closing on the other side of the intraday long (61.8) with the Body of the candle is the real break , so if the wick of the candle pierces it but the body does not close on the other side then you would still be looking for shorts. Since this is a bearish intraday intraday long will always be the 61.8 fibb, but if its a bullish day the intraday short would be the 61.8 since we always place our fibb from top to bottom. Now if price does in fact brake the 61.8 fibb then your targets would be the fallowing on a bearish intraday , Intraday high, Intraday T1 at the top and Intraday T2 at top this are all key levels that you have to watch price action at . Remeber this intraday is really only a small cycle in a bigger one so that means a bigger swing can stop the break ( Later on I will explain the swing fibb for this issue). So what happends if the the intraday is bearish but is short of reaching its Intraday at the bottom by some pips withing a 1 day period? Its showing you weakness in that direction as well as a reversal can come the fallowing day, keep in mind simply because its seems to be getting weaker it does not mean that the fallowing day you will not take a short simply because you did not hit your targets let price show you with momentum what it whants to do ( I will try and explaing this to my best in a couple of post...) Last if price in facts reverses itself by braking the intraday long (61.8) and price cant hit the targets of the top of it as well that means to true direction in either direction and leave us open for another reversal the fallowing day.
Hoped this helped my friend ...if you have any questions I will help to my best. I am sure Bo will add stuff to my post or fix lol.
- #4,928
- Aug 9, 2008 6:04pm Aug 9, 2008 6:04pm
Hello Shermenator, just wanted to thanks you a lot for this post. It is a great one and yes it is really helpful. You truly have an great analytical mind.
Also, Bobokus, thanks a lot for having started this thread and share your knowledge with us. I have begun to read this thred and looked at the youtube videos and it is really good.
Thanks a lot for your dedication and efforts
Hope to participate in the discussion in the future when i get my hand on it
Have a great trading week to all next week
Sincerely
Shreem
Also, Bobokus, thanks a lot for having started this thread and share your knowledge with us. I have begun to read this thred and looked at the youtube videos and it is really good.
Thanks a lot for your dedication and efforts
Hope to participate in the discussion in the future when i get my hand on it
Have a great trading week to all next week
Sincerely
Shreem
Alright bud Iam not BOBOKUS and not as good but I think I have an Idea of how to start....
I will begin with the intraday fibb and all of the things it can tell us...
on my first picture you will find me placing my intraday fibb (green one) on August 4 2008. This is the intraday that would be used to trade august 5 what this means is that this green fibb you will see in the fallowing picture will be the main levels to be aware of the fallowing day as resistance since its a bearish day. How do you know its a bearish swing? simply look at the high of the day and how price ended thats how it is...keep in mind this swing is ussually withing the seperaters you see in my picture. I have ODL metatrader so my daily candle close is 8 pm eastern time so I go by that. Now once you have placed your Intraday levels you know price can only move so much in one day and that movement is relative to the size of the intraday level . For example if you look at my picture you will find 4 levels in total with T1 and T2 levels once above and once below what this shows you is the range price should be withing a one day movement (Keep in mind you will have some days price go way past that).
So now how do you use the intraday levels...?
The way you use them is that if its a bearish Intraday levels like the example in the picture you whant to take trades in that direction the fallowing day since they hold the highest probability of making money. What this means is that if price goes to Intraday short (38.2) Intraday pivot(50) or intraday Long (61.8) you whant to keep on trading short . The only time you will change your probabilty for the day is if price closes on the other side of intraday long (61.8)and that would mean you would be looking for longs keep in mind that price closing on the other side of the intraday long (61.8) with the Body of the candle is the real break , so if the wick of the candle pierces it but the body does not close on the other side then you would still be looking for shorts. Since this is a bearish intraday intraday long will always be the 61.8 fibb, but if its a bullish day the intraday short would be the 61.8 since we always place our fibb from top to bottom. Now if price does in fact brake the 61.8 fibb then your targets would be the fallowing on a bearish intraday , Intraday high, Intraday T1 at the top and Intraday T2 at top this are all key levels that you have to watch price action at . Remeber this intraday is really only a small cycle in a bigger one so that means a bigger swing can stop the break ( Later on I will explain the swing fibb for this issue). So what happends if the the intraday is bearish but is short of reaching its Intraday at the bottom by some pips withing a 1 day period? Its showing you weakness in that direction as well as a reversal can come the fallowing day, keep in mind simply because its seems to be getting weaker it does not mean that the fallowing day you will not take a short simply because you did not hit your targets let price show you with momentum what it whants to do ( I will try and explaing this to my best in a couple of post...) Last if price in facts reverses itself by braking the intraday long (61.8) and price cant hit the targets of the top of it as well that means to true direction in either direction and leave us open for another reversal the fallowing day.
Hoped this helped my friend ...if you have any questions I will help to my best. I am sure Bo will add stuff to my post or fix lol.
Attachment
- #4,931
- Aug 10, 2008 4:48am Aug 10, 2008 4:48am
- | Commercial User | Joined Apr 2007 | 8,331 Posts
I have just spent a happy couple of hours reading through the exercise that Bo posted on pages 74-75, then scrolling through the last couple of years playing with the uptrend and retracement fibs.
Wow. Skunny's thread was illuminating, but this is something again. Cheers Bob. You are a star.
I want to go back to the start of the loooong uptrend in the early 1980's. It will take me about a week just to scroll back that far, so does anyone know a way of going straight to a particular date - say Jan 5th, 1983, for instance?
Wow. Skunny's thread was illuminating, but this is something again. Cheers Bob. You are a star.
I want to go back to the start of the loooong uptrend in the early 1980's. It will take me about a week just to scroll back that far, so does anyone know a way of going straight to a particular date - say Jan 5th, 1983, for instance?
- #4,932
- Edited 6:01am Aug 10, 2008 5:44am | Edited 6:01am
- | Commercial User | Joined Apr 2007 | 8,331 Posts
hi again
Shermenator in 07/august in eur/usd candle close above the lone intraday fib but we can see bearish go so far ,can you explain to me why this happened .
My Daily fib shows the price to be below the Short level. The price briefly crossed the envelope and a candle opened above the Intraday long, so a buy there would have scalped a quick 20 pips or so.
After that. the market resumed in the direction indicated by its position on the Daily fib.
I am still using the fibs that Bob posted at the start of this thread, so possibly my Daily fib should be the Uptrend fib, but the principle is the same whatever the name. This is a longer-term fib, whose price levels are stronger than shorter-term fib levels, so the s\r levels they represent are so much harder for the market to break through.
Of course, there is no reason why the market should not have continued to rise instead, eventually crossing into Daily long territory. It didn't because it didn't.
- #4,934
- Aug 10, 2008 10:55am Aug 10, 2008 10:55am
- | Commercial User | Joined Oct 2006 | 2,560 Posts
Let me try this, then someone can correct me if I am wrong - I can learn from that as well.
My Daily fib shows the price to be below the Short level. The price briefly crossed the envelope and a candle opened above the Intraday long, so a buy there would have scalped a quick 20 pips or so.
After that. the market resumed in the direction indicated by its position on the Daily fib.
I am still using the fibs that Bob posted at the start of this thread, so possibly my Daily fib should be the Uptrend fib, but the principle is the same whatever the name. This is a longer-term fib, whose price levels are stronger than shorter-term fib levels, so the s\r levels they represent are so much harder for the market to break through.
Of course, there is no reason why the market should not have continued to rise instead, eventually crossing into Daily long territory. It didn't because it didn't.
- #4,937
- Aug 10, 2008 12:32pm Aug 10, 2008 12:32pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
The best way to look at a directional change is not to trust it until the reverse of support or resistance holds. An example is if the pair is trending down and you get a 1 hour break of the long fib...indicating a reversal condition, always switch to a scalp mode if you take the break because price has not shown that support is actually holding yet, after support holds after a break and possible directional change then you know you can have more faith in a long position since the market is showing you other buyers are present by the fact support is now holding.
I have dabbled with fibs for about a year. Nearly all of my successful live trades have been fib-based but I have still had many failures. Time and again a so-called 'clear' entry has immediately hurtled off in the opposite direction.
Ok, so time and again it hasn't but the failures always baffled me. I should have worked it out for myself, but I am an idiot.This thread is helping me make sense of both my successes and my failures.
- #4,939
- Aug 10, 2008 1:21pm Aug 10, 2008 1:21pm
- | Commercial User | Joined Oct 2006 | 2,560 Posts
Bo, that makes the cause of so many failed trades clear.
I have dabbled with fibs for about a year. Nearly all of my successful live trades have been fib-based but I have still had many failures. Time and again a so-called 'clear' entry has immediately hurtled off in the opposite direction.
This thread is helping me make sense of both my successes and my failures.
- #4,940
- Aug 10, 2008 3:13pm Aug 10, 2008 3:13pm
Hello Dear Bobokus, just wanted to express to you my deepest gratitude in having started this thread.
I trade since october 2005 and never have been consistent and even have blown 3 accounts. Not too much money though.
I have learned all kind of techniques and I am always going from one system to another. I have also pays for diferents courses for more than 3000$ and still not succeeding at it.
I do not know why, but today, a great moment of inner peace has got me after looking a your youtube videos, the pdf in the first page and the first 11 pages of this thread.
As I have already studied fibs in the past, but never succeeded with them, founding this thread come at the right time as I really feel that I am now in the proper mindset to learn what you have to teach. As the adage says: "When the disciple is ready, the master comes".
I really do think that you are an amazing and extraordinarily gifted teacher and your explanations are so clear and helpful.
This thread is really great and I do really give you my most sincere and deepest thanks to share your great knowledge.
Will be an avid reader and follower of this thread and hope to contribute in the future.
Sincerely and from the bottom of my heart
Shreem
I trade since october 2005 and never have been consistent and even have blown 3 accounts. Not too much money though.
I have learned all kind of techniques and I am always going from one system to another. I have also pays for diferents courses for more than 3000$ and still not succeeding at it.
I do not know why, but today, a great moment of inner peace has got me after looking a your youtube videos, the pdf in the first page and the first 11 pages of this thread.
As I have already studied fibs in the past, but never succeeded with them, founding this thread come at the right time as I really feel that I am now in the proper mindset to learn what you have to teach. As the adage says: "When the disciple is ready, the master comes".
I really do think that you are an amazing and extraordinarily gifted teacher and your explanations are so clear and helpful.
This thread is really great and I do really give you my most sincere and deepest thanks to share your great knowledge.
Will be an avid reader and follower of this thread and hope to contribute in the future.
Sincerely and from the bottom of my heart
Shreem