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Fibonacci Trading with Bobokus

  • #5,321
  • Aug 21, 2008 12:57am Aug 21, 2008 12:57am
Quoting FxChi
Monthly fibs - how'd you pull that one? Was it pulled just for the month of August or did you pull a swing from monthly chart?
Swing from low Nov 2005 to high Nov 2007: .618 = 1.8619
Just had a bounce off that level in this last hour...
I'd like to see a daily close below 1.8600 before expecting too much more to the downside. So while support holds here, I'm inclined to look for opportunities to go long. Always open to what price is doing though without bias...
  • #5,322
  • Aug 21, 2008 1:27am Aug 21, 2008 1:27am
got 40pips from the long....
  • #5,323
  • Aug 21, 2008 1:41am Aug 21, 2008 1:41am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting katarche
Swing from low Nov 2005 to high Nov 2007: .618 = 1.8619
Just had a bounce off that level in this last hour...
I'd like to see a daily close below 1.8600 before expecting too much more to the downside. So while support holds here, I'm inclined to look for opportunities to go long. Always open to what price is doing though without bias...
Oh ok. Yeah I had that fib too on my daily. Looks like support holding. lol! Good luck trading tonight. That first spike down (5:00 GMT candle) triggered my sell stops and I gave back my gains from last night....oops. Live to trade another day.
"Wishful thinking dies hard." Igor T.
  • #5,324
  • Aug 21, 2008 1:45am Aug 21, 2008 1:45am
Quoting FxChi
I suggest reading the entire thing from page 1. I jumped around a lot when I first started trading this method, and I've started going page by page and things click more when you do it that way. It's best to download Bo's most recent template he posted on Sunday with the current fib set-up as there's been a few modifications since the beginning of the thread, but the mod's make it simpler to use.

Good luck!
thank u.
  • #5,325
  • Aug 21, 2008 5:11am Aug 21, 2008 5:11am
Well,i my SL almost got hit by this sharp reversal on cable.I noticed that price this days will break the intraday high and reverse instantly.Can anyone explain what is happening?
  • #5,326
  • Aug 21, 2008 5:16am Aug 21, 2008 5:16am
Quoting hiswords
Well,i my SL almost got hit by this sharp reversal on cable.I noticed that price this days will break the intraday high and reverse instantly.Can anyone explain what is happening?

Sentiment can change in the market...buyers are not believing in the push up.....

Also larger time frame 38.2

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  • #5,327
  • Aug 21, 2008 5:28am Aug 21, 2008 5:28am
I will now go to sleep its 6 am here lol....We have railroads in every direction, this market is done for today...I made my pips in the first long tonight....price is also encountering nice resistance at resistance long( this is a 4 hour swing , it looks like it broke but in the 4 hour chart is only the wick so its still valid...


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  • #5,328
  • Aug 21, 2008 6:27am Aug 21, 2008 6:27am
Trying my luck on this retracement out of the zone after indecisive railroad tracking of last 4 hrs.
Taking 50% profits at TP1 and the rest at TP2
Let's see how this plays out, especially after NY opens - might bail before the news or bring it quickly to BE if possible.
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  • #5,329
  • Aug 21, 2008 8:22am Aug 21, 2008 8:22am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Also took a long trigger based on swing long not holding.
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"Wishful thinking dies hard." Igor T.
  • #5,330
  • Aug 21, 2008 8:53am Aug 21, 2008 8:53am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Closed...Took my pips and ran because of the chop this morning. Live to trade another day.
"Wishful thinking dies hard." Igor T.
  • #5,331
  • Aug 21, 2008 9:19am Aug 21, 2008 9:19am
Quoting FxChi
Closed...Took my pips and ran because of the chop this morning. Live to trade another day.

"Took my pips and ran"...Perfect !. Now turn it off or just watch and the hell with what it does the rest of the day, reset for tomorrow to do it all over again.
  • #5,332
  • Aug 21, 2008 9:29am Aug 21, 2008 9:29am
Quoting Bobokus
"Took my pips and ran"...Perfect !. Now turn it off or just watch and the hell with what it does the rest of the day, reset for tomorrow to do it all over again.
Today and yesterday were the days that made the week...
As Bobokus says, the clue is wait for the good signal, it will happen and you will make your day/week with 1 or few trades ... 178 pips today time to run too

thanks Bobokus... I'm still making some mistakes but it started to be profitable to me too!!
  • #5,333
  • Aug 21, 2008 10:27am Aug 21, 2008 10:27am
In past few days, GBPUSD 4 hour chart’s MACD showed divergence and it attended to break upper triangle trend line, I was looking for buy. Today the price broken the triangle upper line, but meet a lot of up or down pressure until 12 am GMT candle closed above swing long as the price tested intraday long for two times and bounce back. I entered 13:00 GMT candle open as blue arrow and expected the price to reach swing high at 1.8703 and maybe to break swing high to go higher.

Edit 1: close 50% at 1.8700 and let 50% run with trend.

Edit 2: remain 50% will be closed by 30 trailing stop

Please give your comments, specially Bo. I would like to invite traders to share your trade by marking your entry candle with arrow on chart and note price level too, so we can learn when is best entry points and which level is best level to enter by using the Fib tool.

Keep learning,
Attached Image(s) (click to enlarge)
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  • #5,334
  • Aug 21, 2008 11:50am Aug 21, 2008 11:50am
Here's my entry from last night, paper trade.
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  • #5,335
  • Aug 21, 2008 12:30pm Aug 21, 2008 12:30pm
Quoting jren07
In past few days, GBPUSD 4 hour chart’s MACD showed divergence and it attended to break upper triangle trend line, I was looking for buy. Today the price broken the triangle upper line, but meet a lot of up or down pressure until 12 am GMT candle closed above swing long as the price tested intraday long for two times and bounce back. I entered 13:00 GMT candle open as blue arrow and expected the price to reach swing high at 1.8703 and maybe to break swing high to go higher.

Edit 1: close 50% at 1.8700 and let 50% run with trend.

Edit 2: remain 50% will be closed by 30 trailing stop

Please give your comments, specially Bo. I would like to invite traders to share your trade by marking your entry candle with arrow on chart and note price level too, so we can learn when is best entry points and which level is best level to enter by using the Fib tool.

Keep learning,

Nice job !, you read that very well and traded it out. You waited until it did show resistance being broken and showed patience.
  • #5,336
  • Aug 21, 2008 12:35pm Aug 21, 2008 12:35pm
Quoting kc8flq
Here's my entry from last night, paper trade.

Still you did a nice job ! Its lke playing the piano, you need to practice to get the feel for it before stepping out before a (live) audience.
  • #5,337
  • Aug 21, 2008 12:37pm Aug 21, 2008 12:37pm
Quoting psneto
Today and yesterday were the days that made the week...
As Bobokus says, the clue is wait for the good signal, it will happen and you will make your day/week with 1 or few trades ... 178 pips today time to run too

thanks Bobokus... I'm still making some mistakes but it started to be profitable to me too!!

178 pips, you can stop for the week and just laugh at it tomorrow.
  • #5,338
  • Aug 21, 2008 4:09pm Aug 21, 2008 4:09pm
I have nothing to say but just a BIG smile on my face...

I like it daily!!!
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #5,339
  • Aug 21, 2008 5:34pm Aug 21, 2008 5:34pm
Quoting Bobokus
Still you did a nice job ! Its lke playing the piano, you need to practice to get the feel for it before stepping out before a (live) audience.
Oh no. It's much harder than that.

I am a pro pianist, so I should know. Playing a concerto is a doddle by comparison.

Still around and learning, just not saying much.

Cheers Bo. I am immensely grateful to you.

  • #5,340
  • Aug 21, 2008 6:36pm Aug 21, 2008 6:36pm
Thanks for the trading room session last Sunday Bo. Much of what you and Sherm discussed was kind of advanced for me, but I believe I heard you say, "until price retraces to the inner levels, pull the intraday fib as it continues to go higher or lower into the next day."

Is that correct? Do I continue to pull the intraday fib until there is a retracement to the inner levels?

I am attaching a couple of charts to show you what I mean. In the first chart I pulled the fib and it is contained inside the day. The second chart I pulled the fib into the following day since there was no retracement to the inner levels.

I would appreciate any input from folks who have a better grasp on fib placement.

Hope I'm being clear. I'm not the brightest bulb in the box, but I have studied the thread. If you feel this question has been answered to death, accept my apology.


Thanks

Regards
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