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Fibonacci Trading with Bobokus

  • #5,041
  • Aug 13, 2008 2:02am Aug 13, 2008 2:02am
Currently long in gbp usd....like the railroad tracks plus the hammer...plus the fact price could not maintain below intraday low...we also hit retracement t1 from daily chart...treating like a scalp looking for 30-40 pips after that I will call it a night...

Having a very good week myself ....
80 pips so far....lets see how much the market whants to give me ...

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  • #5,042
  • Aug 13, 2008 2:05am Aug 13, 2008 2:05am
I am long on GU and EU aswell. My personal analysis is done by plotting S/R levels manually from previous week/months usually, these are very strong indicators of what price might do once it reaches it, right now there is an incredibly strong support level on which EU and GU are lying on and they haven't been able to break it all day yesterday and today.

Sherm thanx for the analyis as well, the fib I drew were consistent with s/r levels I plotted.

Good Luck
Cheers.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,043
  • Aug 13, 2008 2:09am Aug 13, 2008 2:09am
I have now closed 80 percent of my trade with 35 pips in my long...

Total for week 110....I will let the rest run and placed a stop at break even on the remainter 20 percent...good luck guys I have made my money for the night....

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  • #5,044
  • Aug 13, 2008 2:17am Aug 13, 2008 2:17am
I will close my remainder 20 percent of trade at swing target...I could care less if it shoots up 100 pips lol....its a scalp trade..

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  • #5,045
  • Aug 13, 2008 2:20am Aug 13, 2008 2:20am
Price action is still bullish ...but I am happy with what I got...made 52 pips in total tonight...take care and good luck guys...


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  • #5,046
  • Aug 13, 2008 2:55am Aug 13, 2008 2:55am
Enjoyable to see s\r looking so accurate.

The arrow is where I took a long. The price had broken the Intraday long a few hours ago, whilst I was asleep, then the price had been unable to break back through the Long .

My Intraday and Swing Highs coincide. It is interesting for me to see the price retreat from this level.

I am out of the trade now. At this stage, I want to avoid losers as I am trading live. I am happy to have my analysis confirmed by a success, so I had my trade manager set a breakeven at +30, locking in 2 pips profit. The be sl has been hit by the retreat from the High.

I will papertrade this now, as though I had not set a stop loss, and see where the trade goes.

HHehe. Like everyone else, I have tried umpteen 'systems' where all the elements line up beautifully in the instructions manual, but turn out to be rubbish when actually traded. Here is a thread with thousands of posts over hundreds of pages doing little other than teaching the simplest of concepts, and it works from the start.

Nice one, Bo. Cheers.

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  • #5,047
  • Aug 13, 2008 2:57am Aug 13, 2008 2:57am
hi all last night i entered in a red line anybody can tell why my enter was wrong
i entered cuz intraday support broken
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  • #5,048
  • Aug 13, 2008 3:21am Aug 13, 2008 3:21am
Good morning all - as I have a couple of days ashore I've been updating my charts and seeing that Bo has just posted some longer term ones I thought that these might be of interest.....

This morning's low at 1.8922 is a little under the 50% retracement of the whole of the rally from November 2005 to the high this April and also just past the 138% extension (T1) on my daily chart

Timewise this week is 29 weeks from the low in January this year and 75 weeks from the low in April last year. 29 and 76 are numbers from the Lucas Sequence which picks out a high percentage of turning points.

Looking at the Daily Chart, today is 76 days from the May 14th low - another Lucas number.

Additionally, looking at CHFUSD as a proxy for the Dollar, yesterdays high at just over its 61.8% retracement was a doji 200 days from its last major high on December 21st, 2007.....199 is a Lucas number......

So, timewise we are in a window where a reversal is more probable, and Time Will Tell whether it happens in this window OR waits until the next one....eitherway, the bounce this morning was the first in over a week and a nice buy off the Frankfurt Open......
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Trading Levels with WRBs
  • #5,049
  • Aug 13, 2008 4:46am Aug 13, 2008 4:46am
Here is my second +2 of the day, GU short this time.

The white arrow shows where I entered; the price had been rejected by resistance several times. Once the price hit Intraday Low, I set the sl to breakeven + 2.

This was hit on the bounce back from the Low, so I paper traded the rest - down in a straight line to T1, where my original tp was, and a paper profit of +122.

A few more like this and I will have the confidence to sit out a retrace from the Intraday High\Low.

Whilst I was writing this, the price fell further, to my Swing T2, so it might go as far as Intraday T2. I don't care. +122 will do me nicely.

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  • #5,050
  • Aug 13, 2008 5:11am Aug 13, 2008 5:11am
Quoting SteveHopwood
Here is my second +2 of the day, GU short this time.

The white arrow shows where I entered; the price had been rejected by resistance several times. Once the price hit Intraday Low, I set the sl to breakeven + 2.

This was hit on the bounce back from the Low, so I paper traded the rest - down in a straight line to T1, where my original tp was, and a paper profit of +122.

A few more like this and I will have the confidence to sit out a retrace from the Intraday High\Low.

Whilst I was writing this, the price fell further, to my Swing T2, so it might go as far as Intraday T2. I don't care. +122 will do me nicely.

The BOE's report pushed cable down 100 pips in the first 5 mins.....

Aug. 13 (Bloomberg) -- The Bank of England slashed its forecast for economic growth and predicted that inflation will probably slow more than needed if it doesn't cut interest rates.

Will it drop to the T2 - 1.618 - off my daily fib at 1.8720???? - I also have todays S3 pivot at 729....as I type the euro's also falling and swissy rallying.

Price now at 8784, a mid pivot level....
Trading Levels with WRBs
  • #5,051
  • Aug 13, 2008 6:59am Aug 13, 2008 6:59am
Quoting Islander
The BOE's report pushed cable down 100 pips in the first 5 mins.....

Will it drop to the T2 - 1.618 - off my daily fib at 1.8720???? - I also have todays S3 pivot at 729....as I type the euro's also falling and swissy rallying.
I need a big stamp on my console - "Check the FF calander" - I probably wouldn't have taken the trade had I remembered that release was due so soon, even though it was successful.

Never mind; as Bo has repeated many times, s\r either holds or it doesn't.

Subsequently, the price pushed on down through my T2 and nearly reached my T3. I didn't even know this fib had a T3.

I have pulled a Swing onto the top and bottom of the huge move of today, and will try to scalp a few pips on the way up, if this swing low holds.

  • #5,052
  • Aug 13, 2008 8:25am Aug 13, 2008 8:25am
Quoting femzy112
I am new here but i have been reading thru for a while now ...But took this long trade and i am 50+

Hey Femzy, that could you tell me where you found that stoch divergence indicator...it's what I've been looking for...thanks...

Mitch
  • #5,053
  • Aug 13, 2008 8:56am Aug 13, 2008 8:56am
Dont cha just love a one sided market...
  • #5,054
  • Aug 13, 2008 8:59am Aug 13, 2008 8:59am
Quoting Islander
The BOE's report pushed cable down 100 pips in the first 5 mins.....

Aug. 13 (Bloomberg) -- The Bank of England slashed its forecast for economic growth and predicted that inflation will probably slow more than needed if it doesn't cut interest rates.

Will it drop to the T2 - 1.618 - off my daily fib at 1.8720???? - I also have todays S3 pivot at 729....as I type the euro's also falling and swissy rallying.

Price now at 8784, a mid pivot level....
Hello Islander, its been a while...you been busy cruising the oceans ?
  • #5,055
  • Aug 13, 2008 9:38am Aug 13, 2008 9:38am
I don't know what drugs EU and GU have taken today, but I want some of them.
  • #5,056
  • Aug 13, 2008 9:43am Aug 13, 2008 9:43am
Quoting SteveHopwood
I don't know what drugs EU and GU have taken today, but I want some of them.
They are getting heavy doses of CB 's
  • #5,057
  • Aug 13, 2008 10:00am Aug 13, 2008 10:00am
hi Bobokus
some times price can not rich between short and long intraday fibo
these days how you trades waiting or we can use swing fibo
  • #5,058
  • Aug 13, 2008 10:23am Aug 13, 2008 10:23am
Quoting Bobokus
Hello Islander, its been a while...you been busy cruising the oceans ?
Good afternoon Bo - hope you're well and still banking pips http://www.forexfactory.com/images/icons/icon12.gif. Yes, I've been at sea for a few weeks - back for a couple of days, so thought I'd pass by - wow cable's really taking a pounding and I've missed the drop, so waiting to see if there's a bounce in sight....
Trading Levels with WRBs
  • #5,059
  • Aug 13, 2008 10:58am Aug 13, 2008 10:58am
Quoting xx13x13
hi Bobokus
some times price can not rich between short and long intraday fibo
these days how you trades waiting or we can use swing fibo
If price doesnt reach the Intraday levels on a retrace you just wait to see if either the high or low breaks before it retraces to the Intraday levels, the stronger a move is the less it will retrace. You will always get those days that will not complete making a high or low before the calender day ends and thats about all you have to worry about when it doesnt retrace simply because a few hours into the new day it can make a new high or low then retrace. And yes your Swing fib is usable in those instantces because if you enter on the break of a high or low on a 1hour chart you will want to follow closely with price.
  • #5,060
  • Aug 13, 2008 11:00am Aug 13, 2008 11:00am
Quoting Islander
Good afternoon Bo - hope you're well and still banking pips http://www.forexfactory.com/images/icons/icon12.gif. Yes, I've been at sea for a few weeks - back for a couple of days, so thought I'd pass by - wow cable's really taking a pounding and I've missed the drop, so waiting to see if there's a bounce in sight....
Its a hard life cruising around on a yacht isnt it.....LOL
Intervention going on with some pairs...Cable is one of em. Dollar has to gain some strength back for the good of everyone.
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