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Fibonacci Trading with Bobokus

  • #5,221
  • Aug 18, 2008 5:03am Aug 18, 2008 5:03am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
This looks a little too wicky for me to trade. Movement, consolidation, movement, consolidation...think we're in consolidation phase right now.
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"Wishful thinking dies hard." Igor T.
  • #5,222
  • Aug 18, 2008 6:36am Aug 18, 2008 6:36am
i got a bad trade today..... loss bout 50 pips..... not sure where did the sell came from....anybody have an idea from where the short came
  • #5,223
  • Aug 18, 2008 6:50am Aug 18, 2008 6:50am
i actually confused with what happen today.. guess i pulled the wrong swing fib....... how did the rest of you guys did today
  • #5,224
  • Aug 18, 2008 8:24am Aug 18, 2008 8:24am
I agree wholeheartedly, if you're getting confused that means you're expecting it to do something and it's not doing what you expect it to do. Maybe simplar said you're wanting it to do something and it's doing the opposite of what you want.

Quoting Naijafx
If u r getting confused, then stay out of trade till the coast is clear.
I uploaded the recordings to a shared folder, and as soon as Bo gives his approval to share, I'll post the link.
  • #5,225
  • Aug 18, 2008 8:44am Aug 18, 2008 8:44am
I guess because its Monday market doesn't have much sentiment bias, but it's more confused than usual, I am definately going to stay out of trades until the wicks go away and there is a good breakout, and then beyond that I will trade.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,226
  • Aug 18, 2008 10:00am Aug 18, 2008 10:00am
Short trade was good for 33 pips.

I forgot who I was talking with in the trading room about the symmetry rejection with the fibs, but whoever you are, it did play itself out. Although price pierced the blue 76%, there never was a candle to close above it.
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  • #5,227
  • Aug 18, 2008 10:02am Aug 18, 2008 10:02am
Today is one of those rangy days where there is no defined direction and the best play is no play, its not necessary to trade everyday. Even for me it was a break even day ,a short that only went for a 20 pips scalping trade shorting back to the Intraday levels then lost 12 of it going back the other way so I see the writing on the wall and its saying stay away today. Opening price of Monaday seems to be supporting price but there doesnt appear to be anything or any momentum behind it enough to get it moving, because it keeps retracing on itself...stay away from it signs !
  • #5,228
  • Aug 18, 2008 10:05am Aug 18, 2008 10:05am
Quoting southernmind
Short trade was good for 33 pips.

I forgot who I was talking with in the trading room about the symmetry rejection with the fibs, but whoever you are, it did play itself out. Although price broke through the blue 76%, there never was a candle to close above it.
Nice job Southern, you may have whipped everyones butt today. Glad we could make a donation to your account.....LOL
  • #5,229
  • Aug 18, 2008 10:07am Aug 18, 2008 10:07am
Quoting kc8flq
I uploaded the recordings to a shared folder, and as soon as Bo gives his approval to share, I'll post the link.
LOOKING FORWARD TO IT!!!
  • #5,230
  • Aug 18, 2008 10:10am Aug 18, 2008 10:10am
Quoting kc8flq
I agree wholeheartedly, if you're getting confused that means you're expecting it to do something and it's not doing what you expect it to do. Maybe simplar said you're wanting it to do something and it's doing the opposite of what you want.



I uploaded the recordings to a shared folder, and as soon as Bo gives his approval to share, I'll post the link.

Its Ok with me if you want to post it.
  • #5,231
  • Aug 18, 2008 10:41am Aug 18, 2008 10:41am
Hello Kc8flq, great idea that you have recorded part of the yesterday's workshop. Was very sad to not being able to listen to it and thinking that I will be able to listen to it due to your recording will be great.

Thanks a lot and thanks Bobokus to accept it

Have a great trading week to all

Sincerely

Shreem


Quoting kc8flq
I agree wholeheartedly, if you're getting confused that means you're expecting it to do something and it's not doing what you expect it to do. Maybe simplar said you're wanting it to do something and it's doing the opposite of what you want.



I uploaded the recordings to a shared folder, and as soon as Bo gives his approval to share, I'll post the link.
  • #5,232
  • Aug 18, 2008 10:48am Aug 18, 2008 10:48am
So where are the recordings going exactly if you don't mind telling me?

Thanx again for the upload, and workshop.

TheLeace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,233
  • Aug 18, 2008 12:24pm Aug 18, 2008 12:24pm
Hello people, I read the 'pdf' on fibonacci trading, thanks for the effort there - a useful piece.

I see a setup coming on NzdUsd but I need a little advice on how to gauge this. I have too many tops, and not sure about which bottom.

Or maybe you think the whole thing is a hamster cage. Any thoughts please?
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Minesweeper target: 284
  • #5,234
  • Aug 18, 2008 1:01pm Aug 18, 2008 1:01pm
You have the support and resistance levels, but it would make more sense if you also showed the fibo levels, start drawing fibo lines that are discussed in this thread to spot entries to the market.

Quoting Primate
Hello people, I read the 'pdf' on fibonacci trading, thanks for the effort there - a useful piece.

I see a setup coming on NzdUsd but I need a little advice on how to gauge this. I have too many tops, and not sure about which bottom.

Or maybe you think the whole thing is a hamster cage. Any thoughts please?
  • #5,235
  • Aug 18, 2008 1:17pm Aug 18, 2008 1:17pm
Quoting logiktrader
You have the support and resistance levels, but it would make more sense if you also showed the fibo levels, start drawing fibo lines that are discussed in this thread to spot entries to the market.
Well thanks for that, bbut I would think the fibo levels fall out naturally from the choice of where to place the 0% and 100% lines.

Anyway, I'm going racing now so a bit quiet from me. Cheers
Minesweeper target: 284
  • #5,236
  • Aug 18, 2008 1:37pm Aug 18, 2008 1:37pm
Can you please explain the purpose of the Intra day Fib levels? Couldn't I use just the swing fibs if I know the direction of the trend?

thanks,
  • #5,237
  • Aug 18, 2008 5:02pm Aug 18, 2008 5:02pm
Quoting ramrocket
Can you please explain the purpose of the Intra day Fib levels? Couldn't I use just the swing fibs if I know the direction of the trend?

thanks,
Sure, The Intraday fib is what I try and use a a gauge for each movement that happens over the course of a single trading day as viewed from the 1 hour chart. Not that you simply draw from the high and low of each day, sometimes it just works out that way, but you basically want to measure each single movement with an Intraday, then one of the purposes of the swing fib can be used to measure the retracements that occur into that move.
  • #5,238
  • Aug 18, 2008 5:24pm Aug 18, 2008 5:24pm
Quoting Primate
Hello people, I read the 'pdf' on fibonacci trading, thanks for the effort there - a useful piece.

I see a setup coming on NzdUsd but I need a little advice on how to gauge this. I have too many tops, and not sure about which bottom.

Or maybe you think the whole thing is a hamster cage. Any thoughts please?
Its in a very similar condition as Cable, in the sense its made a hard drop, the last few days have shown support hold and it reached its Intraday target range from Fridays movement. From todays movement price is already testing the support from the Intraday levels. A break to the long side and you would look for continuation again and your target would be the T1, T2 range. A break to the short side and I would treat it as a scalp since its support that has been holding lately, short would be more effective after a test and failure to break resistance levels.
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  • #5,239
  • Aug 18, 2008 5:56pm Aug 18, 2008 5:56pm
For Cable Ive updated some with the 4 hour and the 1 hour with the current Intraday. The things Im looking at are if the support levels on the 4 hour hold since from the 1 hour we see Cable has moved to the short side already, the action early today was very choppy and difficult to trade Intraday, hopefully everyone recognised it early enough and was able to exit trades with a small profit or minimise your losses.
For Cable to advance up again it has resistance stacked against it once again so if we get a break to the long side make sure your in scalp mode until support shows itself to hold after a break long. Until support begins to hold I am looking at selling a rally that fails below 1.8680. Unless something changes between now and London open.
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  • #5,240
  • Aug 18, 2008 10:12pm Aug 18, 2008 10:12pm
Bo,

How do you like this intraday line. The day was ranging, so I decided not to include the latest drop in the Yen, it does appear that it bounced off of S2 levels, so it appears to be a valid intraday line, your thoughts?
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