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Fibonacci Trading with Bobokus

  • #5,101
  • Aug 14, 2008 3:53am Aug 14, 2008 3:53am
Quoting Islander
Nice one...I too have closed my longs on the failure to break the 8737 level. I'm well over my daily target, so I'll take a break and come back for the US session.

The Euro also reacted to its 850 level and later had a 61.8% pull back. Whilst its daily pivot holds I'm keeping my longs, but need to remember the news in 30 mins.

Thanks....I have closed my remainder 20 percent with 3 pips...lol....goodnight guys...
  • #5,102
  • Aug 14, 2008 4:18am Aug 14, 2008 4:18am
Quoting Bobokus
Most of the readers have day jobs and are outside the US so it will have to be either Saturday or Sunday around 2PM central time. Will that time work for everyone ?
Thanks for this thread. I'm at page 31 now and going along trying to follow current posts as well.
You are a very good and patient teacher as evidenced by the wealth of material in this thread.
Here in Australia I will be asleep at 2pm CST - so i'll just keep following the thread for now.
Thanks to you and other bright contributors my whole approach to trading is taking a sea change for the better...
  • #5,103
  • Aug 14, 2008 5:38am Aug 14, 2008 5:38am
Shermenator, could you tell me about your fibo system?


Thank you
  • #5,104
  • Aug 14, 2008 5:58am Aug 14, 2008 5:58am
Quoting Bobokus
Most of the readers have day jobs and are outside the US so it will have to be either Saturday or Sunday around 2PM central time. Will that time work for everyone ?
I'm in!

Tnanks a LOT Bobokus!
  • #5,105
  • Aug 14, 2008 6:09am Aug 14, 2008 6:09am
Hello Dear Bobokus, if we can meet in a trading room on a saturday at any time, would be very great for me. I would appreciate it tremendously

Sincerely

Shreem



Quoting Bobokus
Most of the readers have day jobs and are outside the US so it will have to be either Saturday or Sunday around 2PM central time. Will that time work for everyone ?
  • #5,106
  • Aug 14, 2008 6:12am Aug 14, 2008 6:12am
Quoting shreem
Hello Dear Bobokus, if we can meet in a trading room on a saturday at any time, would be very great for me. I would appreciate it tremendously

Sincerely

Shreem
me too
  • #5,107
  • Edited 8:10am Aug 14, 2008 6:32am | Edited 8:10am
Quoting psneto
I'm in!

Thanks a LOT Bobokus!

Hmmmm what is the name of the Trading Room?

Thanks!
  • #5,108
  • Edited 8:51am Aug 14, 2008 8:22am | Edited 8:51am
hi bo
can you explain to me what happened here ---i entered in above high intraday
thanks
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  • #5,109
  • Aug 14, 2008 8:55am Aug 14, 2008 8:55am
Quoting xx13x13
hi bo
can you explain to me what happened here ---i entered in above high intraday
thanks
This is one of the reasons you see me say its better to wait for a break of the levels with a candle closeing above or below them as a safer entry, you give up some in pips but it can be a somewhat safer entry than jumping on the momentum.
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  • #5,110
  • Aug 14, 2008 9:01am Aug 14, 2008 9:01am
Quoting xx13x13
hi bo
can you explain to me what happened here ---i entered in above high intraday
thanks
You should have waited for the body of the candle to close above it and not just the wick of the candle. That's what Bo always says also.
  • #5,111
  • Aug 14, 2008 9:21am Aug 14, 2008 9:21am
ok but here candle close above the intraday high but u can see what happend
where is my fault
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  • #5,112
  • Aug 14, 2008 9:43am Aug 14, 2008 9:43am
Got my customary +2 on this one. The white arrow shows the opening of the candle where I took the short; the price had been rejected twice.


At +40 I set a be of +2, which was subsequently hit.


Time to start letting these trades run for longer, I think.


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  • #5,113
  • Aug 14, 2008 9:55am Aug 14, 2008 9:55am
Quoting fx1618.com
Shermenator, could you tell me about your fibo system?


Thank you

Bud everyting you see in my charts is in this thread...this is the wholy grail for me...It takes a while to learn but its worth it (millions litterly lol) ...read the thread a couple of times and watch videos....goodluck...Bobokus is an amazing trader...you will learn much...
  • #5,114
  • Aug 14, 2008 10:01am Aug 14, 2008 10:01am
Be aware that price is still holding as support....and that time of day is not worth having a trade in as momentum will slow down...

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  • #5,115
  • Aug 14, 2008 10:01am Aug 14, 2008 10:01am
Quoting xx13x13
ok but here candle close above the intraday high but u can see what happend
where is my fault
The first thing is that this is the GBP/Yen a cross pair, which is dangerous to trade as a new trader.
The Intraday high is actually 207.25, the high break your talking about is where you would normally have your swing ....you havnt made a mistake here youve taken the break of the Intraday Long level, the problem with trading the GY is that what is Cable and the USD/Yen doing ?...they are what make up the GBP/Yen, its the end result of the 2 multiplied times each other.
Your not in a bad situation on this trade unless both Cable and the USD/Yen turn short. Fibs to me on cross pairs are a waste of time. Me I just watch for the 2 pairs that make it up to begin to move in the same direction...thats where youll get good trades on the crosses.
You OK unless the Intraday short level is broken, Also as each new high and lows are established from the movements that evolve from here on out today pull your swing fib on those to make shure the support from each new movement continues to show support levels holding, and keep an eye on Cable and the USD/Yen they can tell you which way GBP/Yen is going to go.
  • #5,116
  • Aug 14, 2008 10:09am Aug 14, 2008 10:09am
Quoting Shermenator
Be aware that price is still holding as support....and that time of day is not worth having a trade in as momentum will slow down...

Attachment
Good move, your learning. Youve made your trade for the day..its in the bank leave it there and the hell with what it does the rest of the day....it starts all over again tomorrow.
If you continue to follow it today, its only to start getting your gameplan ready fro the next day !
  • #5,117
  • Aug 14, 2008 10:10am Aug 14, 2008 10:10am
Count me in for sunday at 2


Quoting Bobokus
Most of the readers have day jobs and are outside the US so it will have to be either Saturday or Sunday around 2PM central time. Will that time work for everyone ?
  • #5,118
  • Aug 14, 2008 10:18am Aug 14, 2008 10:18am
FYI...when you getting canlde after candle that leaves long wicks on both ends its a pretty good indication that its going to be a ranging day because a battle is ensued between buyers and sellers, its also evident in seeing one candle goes up for 50 pips then the following candle goes down for 50 pips. There is also alot of short trading going on in which traders are getting in and out instead of holding positions. SO if youve made a profit the smart move is to stay out for now and let a winner come out on top...then we go with the winner
  • #5,119
  • Aug 14, 2008 11:13am Aug 14, 2008 11:13am
I have been admiring the large price quote on many of the charts and was wondering how to apply it to mine. What's the magic?
  • #5,120
  • Aug 14, 2008 11:15am Aug 14, 2008 11:15am
Quoting Bobokus
FYI...when you getting canlde after candle that leaves long wicks on both ends its a pretty good indication that its going to be a ranging day because a battle is ensued between buyers and sellers, its also evident in seeing one candle goes up for 50 pips then the following candle goes down for 50 pips. There is also alot of short trading going on in which traders are getting in and out instead of holding positions. SO if youve made a profit the smart move is to stay out for now and let a winner come out on top...then we go with the winner
That had never occurred to me. The perfect illustration just happened to EU. Lots of candles with wicks at either end followed by a sudden plunge.

I am not in this trade live, but I have taken a demo short to see if the market continues on down to one of the targets.


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