Fibonacci Trading with Bobokus

Quoting jdakota

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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?

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Quoting SteveHopwood

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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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Quoting Shermenator

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Will be doing the trading room with BOBOKUS on sunday at 2 pm central time...that is 3 pm eastern time...

The name of the room is called BOBOKUS and SHERMENATOR its under communty rooms...

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Quoting Shermenator

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BOBOKUS last night I took a trade long in the place the first arrow is located...and made my pips...

The question is if you look at my chart I have a second arrow that gave a valid short....since it happened at a swings high at 8734 ( I dont have this fibb on picture)....

This are the reasons I did not take short...I did not take it since price had rejected closing below the intraday low...as well as it had made a W formation and support had proved itself already in a smaller swing...

The way I was planing to trade this short was if support failed by braking swing short since (green fibb in picture) I did not trust the brake of the previous candles low I was looking for more confirmation before taking the break short...

Let me know if this is a right way of analyzing and filtering some bad trades....I whant to make sure I am looking for the correct things yet at the same time I am trying to avoid having a Bias like you tought me..So now what I do every night is write a plan to trade in both directions so I keep myself from only believing in trading in one direction...

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Quoting Bobokus

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The logic is good, remember price can bounce around in the area berween the Intraday levels and its high and low points ranging, especially after you have these big movements and chasing every single movement can quickly dwindle your earlier profits away so its best to have patience until you see a test of either level in either direction since in a market like this the sentiment can change very quickly. Its tempting because every starts to think I can get in early on this movement only to find out hours later the market hasnt moved much and youve been -pips since opening the trade, then once the momentum does pick up later you find you were also wrong in the direction. Patience wait for something to happen. In a downtrend without the Intraday levels being tested the best support break would have been your Intraday low.

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Quoting Shermenator

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Today price has a bullish intraday but the support levels have failed as support already so the day has crossed over to the bearish team...also remember no target got hit yesterday so it leaves us open for a reversal...also keep in mind we are still locked in the bigger swing from yesterday....

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Bobokus give your opinion on what I said

TRADING ROOMS SUNDAY!!!!
2 pm central time
Room name BOBOKUS and SHERMENATOR

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Quoting Shermenator

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Today price has a bullish intraday but the support levels have failed as support already so the day has crossed over to the bearish team...also remember no target got hit yesterday so it leaves us open for a reversal...also keep in mind we are still locked in the bigger swing from yesterday....

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Bobokus give your opinion on what I said

TRADING ROOMS SUNDAY!!!!
2 pm central time
Room name BOBOKUS and SHERMENATOR

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Quoting psneto

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Sermenator Bobokus,


My swing fibo was at the same place than yours but then I moved it as you can see in the picture. My idea here is see the stregenth of the market, in this case, it touched the swing short and fall again but we didn't have a lower low either.

My question is: Would you put a swing trade there? If not, when would make you sell again? ( I'm assuming that you will buy after the market breaks and closes above swing long)?


thanks a lot

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Quoting speedarad

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Sherm,

This is very good stuff you sharing here.

Regards, Chris

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Quoting Shermenator

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I had not flipped (name wise) my levels for today yet...
Yesterdays intraday level was bearish but price did not hit its intraday targets for yesterday...this leaves us open for 2 things....reversal to intraday levels of today (picture light blue fibb) or a rangy day...like Bobokus said...If we start getting candles with long wicks on either side it can be a very rangy day...

Now we have already had a reversal to our intraday levels....before the new day even began...this means the intraday from yesterday (light red fibb) now called swing is kicking in enough sellers to continue with the downward trend...the swing fibb you are using is great, but I would use it once we get closer to franky open since price can consolidate or brake highs and lows of previous candles since we are about to get in to tokyo session and this means noise...and you whant to avoid changing decision of direction every hour so dont get to zoomed into price yet.

Also as long as price does not cross over to the other side of the intraday long the higher probabilty trade is on the short side...

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Quoting Shermenator

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I had not flipped (name wise) my levels for today yet...
Yesterdays intraday level was bearish but price did not hit its intraday targets for yesterday...this leaves us open for 2 things....reversal to intraday levels of today (picture light blue fibb) or a rangy day...like Bobokus said...If we start getting candles with long wicks on either side it can be a very rangy day...

Now we have already had a reversal to our intraday levels....before the new day even began...this means the intraday from yesterday (light red fibb) now called swing is kicking in enough sellers to continue with the downward trend...the swing fibb you are using is great, but I would use it once we get closer to franky open since price can consolidate or brake highs and lows of previous candles since we are about to get in to tokyo session and this means noise...and you whant to avoid changing decision of direction every hour so dont get to zoomed into price yet.

Also as long as price does not cross over to the other side of the intraday long the higher probabilty trade is on the short side...

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Quoting shreem

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Hello Shermenator, Bobokus and all.

Do the tradingroom with the 2 of you will on next sunday at 02:00pm central will have a transcript of the conversations?

Reason I ask is because I really wanted to be there and listen to both of your great wisdom about how you trade the fibonnaci but cannot be there as this the 40th anniversary of my brother and need to good up north for his party.

It would be very very very cool and appreciated if i can get a transcript of the chat in the room

By the way, the trading room is where? Is it on yahoo or?

Thanks a lot in advance for your reply

Learning so much from this thread it is completely life changing for my trading and for the best

Sincerely

Shreem

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Quoting psneto

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You need to go to http://www.tradingrooms.com/

Register free (blue button on the right edge) and then it will give you the link to download the software.

After you log in, open Community Trading Room folder and then open BOBOKUSandSHERMANATOR

thanks

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Quoting shreem

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Hello Psneto, thanks a lot for your help in finding the tradingroom. I just hope that eventhough I am not able to be there for the reason in my previous post, I can get the transcript of the chat during the time in the room

Have great trading

Sincerely

Shreem

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Quoting psneto

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You're welcome, I had the same question earlier today, so I have the steps in my mind still

The software saves a daily script, so you can get it there later.

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Quoting psneto

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Great explanation! thanks a lot!

I have another question... what are you waiting to go short right now?

I will try to answer
I think you will wait London opens and if the price bounces but not breaks intraday long ( light blue fib) you will go short or if it breaks Swing long ( red fib).

thanks again!

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