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Fibonacci Trading with Bobokus

  • #5,381
  • Aug 25, 2008 9:00am Aug 25, 2008 9:00am
hey bo i would just like to ask weather is there an indicator for us newbies to use which is good with fibs....one which tells us to buy or to sell or that this is the place to enter something like that...
  • #5,382
  • Aug 25, 2008 9:45am Aug 25, 2008 9:45am
Quoting xscamx
hey bo i would just like to ask weather is there an indicator for us newbies to use which is good with fibs....one which tells us to buy or to sell or that this is the place to enter something like that...
None that I know of or would recommend that will get you in early enough
  • #5,383
  • Aug 25, 2008 10:35am Aug 25, 2008 10:35am
The GU has made a serious retracement, my Intraday levels are the downtrend from 8765 to 8404, now if that's correct, and the price faills to break the intraday short resistence levels, does that qualify for a short?

Thanx

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,384
  • Aug 25, 2008 11:00am Aug 25, 2008 11:00am
Quoting TheLegace
The GU has made a serious retracement, my Intraday levels are the downtrend from 8765 to 8404, now if that's correct, and the price faills to break the intraday short resistence levels, does that qualify for a short?

Thanx

TheLegace.
8792 to 8404, until today is established. Yes if price fails at these levels I am going to short it.
  • #5,385
  • Aug 25, 2008 12:33pm Aug 25, 2008 12:33pm
hi .. i have just seen the system , i downloaded the template and it doesnt work .. how can i get the fibbo tool ? somebody please help me how to do it..
thanks!
  • #5,386
  • Aug 25, 2008 12:48pm Aug 25, 2008 12:48pm
Quoting juliand28
hi .. i have just seen the system , i downloaded the template and it doesnt work .. how can i get the fibbo tool ? somebody please help me how to do it..
thanks!

The template is for a GBP/USD chart.Once the template is loaded to a GBP/USD chart the fib tools can be moved manually to any chart you like.
  • #5,387
  • Aug 25, 2008 1:05pm Aug 25, 2008 1:05pm
Price finally breaks the intraday short and later retraces on the daily pivot,can we still take that as a resistance if it remains like that till the end of today and short it or what can we expect?
Words Inc.
  • #5,388
  • Aug 25, 2008 1:26pm Aug 25, 2008 1:26pm
Quoting hiswords
Price finally breaks the intraday short and later retraces on the daily pivot,can we still take that as a resistance if it remains like that till the end of today and short it or what can we expect?
Words Inc.
Its retraced close to the previous Intraday pivot and that has shown to be enough resistance to cap it for now. I shorted it from 1.8541 but have closed it on the new Intraday long level since we have an established high and low now and were running out of trading time for the day.
From here we want to see if todays Intraday levels continue to support it as we go into the Franfurt/London session, if they do it may be safer for long positions, if they fail we continue to sell it on rally's.
  • #5,389
  • Aug 25, 2008 1:39pm Aug 25, 2008 1:39pm
Its safe to move up your Intraday up to todays movement now since we may be switching gears here and be looking for support from todays move up to hold, If they fail nothing has changed. You can also place a trendline over the highs of Friday and today now since resistance has held on the initial push up here and a lower high is created. Clues of a bottom forming would be the low of today holding or todays Intraday levels acting as support.
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  • #5,390
  • Aug 25, 2008 1:47pm Aug 25, 2008 1:47pm
Quoting Bobokus
The template is for a GBP/USD chart.Once the template is loaded to a GBP/USD chart the fib tools can be moved manually to any chart you like.
i did it, but when i load the template, the screen appear all grey... i change the colors and appear the chart but i cant see the fibbos
explain me please .. thanks
  • #5,391
  • Aug 25, 2008 1:52pm Aug 25, 2008 1:52pm
Quoting juliand28
i did it, but when i load the template, the screen appear all grey... i change the colors and appear the chart but i cant see the fibbos
explain me please .. thanks
Did you watch the video's that Bo made? Links are on the first page, there's a video on how to create the Fibs.
  • #5,392
  • Aug 25, 2008 2:33pm Aug 25, 2008 2:33pm
Sorry 4 disturbing you but i just want to ask if price breaks the new short and hold price below it b4 the end of today's trading day,will that be a good point of support and can we go short from that?
  • #5,393
  • Aug 25, 2008 2:44pm Aug 25, 2008 2:44pm
Sorry 4 disturbing you but i just want to ask if price breaks the new short and hold price below it b4 the end of today's trading day,will that be a good point of support and can we go short from that?
  • #5,394
  • Aug 25, 2008 3:23pm Aug 25, 2008 3:23pm
Sorry 4 disturbing you but i just want to ask if price breaks the new short and hold price below it b4 the end of today's trading day,will that be a good point of support and can we go short from that?
  • #5,395
  • Aug 25, 2008 3:38pm Aug 25, 2008 3:38pm
Quoting hiswords
Sorry 4 disturbing you but i just want to ask if price breaks the new short and hold price below it b4 the end of today's trading day,will that be a good point of support and can we go short from that?


I am not Bobokus be heres my view....

If todays new intraday brakes short is because the 4 hour swing won ( green fibb) In order to take a short you whant to see at what time it happends and if price can continue to brake previous candles low...at this time at the day is not worth trading.

Attached Image (click to enlarge)
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  • #5,396
  • Aug 25, 2008 3:52pm Aug 25, 2008 3:52pm
Sorry 4 disturbing you but i just want to ask if price breaks the new short and hold price below it b4 the end of today's trading day,will that be a good point of support and can we go short from that?
  • #5,397
  • Aug 25, 2008 4:12pm Aug 25, 2008 4:12pm
Quoting hiswords
Sorry 4 disturbing you but i just want to ask if price breaks the new short and hold price below it b4 the end of today's trading day,will that be a good point of support and can we go short from that?
Sorry 4 disturbing you but i just want to ask if price breaks the new short and hold price below it b4 the end of today's trading day,will that be a good point of support and can we go short from that?
  • #5,398
  • Aug 25, 2008 7:56pm Aug 25, 2008 7:56pm
Quoting Shermenator
I am not Bobokus be heres my view....

If todays new intraday brakes short is because the 4 hour swing won ( green fibb) In order to take a short you whant to see at what time it happends and if price can continue to brake previous candles low...at this time at the day is not worth trading.

Attachment
Right, time of day is important because taking a trade now the odds are against you even if it takes off and becomes a good trade. The asian session is just too unreliable to trade successfully over an extended period of time. there are days when there is decent movement but it doesnt occur enough to enter trades unless your trying to get 5 pips or something. Look back at your own history of trades and think how much loss could you have saved yourself by not trading the asian session.
  • #5,399
  • Aug 25, 2008 10:01pm Aug 25, 2008 10:01pm
hey bo what would be the best time to trade... is it a few hours before the london open??
  • #5,400
  • Aug 25, 2008 10:47pm Aug 25, 2008 10:47pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
LOL
Yep trading a swing can be very taxing, it is basically scalping your way through the day, but effective. Take it easy and make a few live trades in demo or something.
Me i like to sit back sip on a little wine with the headphones on listeneing to (puddle of mudd,system of a down,crossfade,disturbed,nickelback,seether..etc. etc) as i trade, to set my mood and gets me to focus on what im doing.
Note to self: buy bottle of Zinfandel ASAP before next trade. I had to laugh when I read that earlier in the thread. I've been doing it all wrong sipping on Monster's this entire time.
"Wishful thinking dies hard." Igor T.
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