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Fibonacci Trading with Bobokus

  • #5,421
  • Aug 26, 2008 6:07am Aug 26, 2008 6:07am
Quoting Islander
Now that I'm back ashore I'm working my way back into trading - but now I'm restricting my FX trading to a couple of hours around FO / LO and moving back to trading the Dow / S&P in the US session.

Thus I'm looking for other methodologies to help find trades and this morning a combination of the 34ema and the sweet spot at a 50 level gave me a sell which I exited on a limit at the S1 level.

Later, I grabbed some more pips after the bad German news took the Euro down hard, dragging cable with it - here, I exited in the spike down to the green MS2 line.

More relevent to this thread is to see that this move down has now stalled at the 161.8 extension of the fib from this mornings move. Price initially turned at the nice confluence of the 50% retrace and my 200ema - I've now pulled a new fib off that high and the new low and will be tempted to sell again if we get a retrace to the 38% level at 8388.
I see you still use the lower time frame charts for tighter entries, nice...
  • #5,422
  • Aug 26, 2008 6:09am Aug 26, 2008 6:09am
sold 8455 closed on trailing stop at 8353 this morning, net 102 after choppy break even yesterday.
  • #5,423
  • Aug 26, 2008 6:33am Aug 26, 2008 6:33am
Oh, by the way Islander I don't know if you have looked at the method at the link below but it might be of interest...

http://www.forexfactory.com/showthre...60#post2014360
  • #5,424
  • Aug 26, 2008 6:41am Aug 26, 2008 6:41am
hey shermenator......... after the down from g/u just now what is expected to happen during the us session..... will there a major move up or will it continue to go down
  • #5,425
  • Aug 26, 2008 7:03am Aug 26, 2008 7:03am
Hi,

Is anyone know where to get Free real-time crude oil chart?


Thanks,
  • #5,426
  • Aug 26, 2008 7:11am Aug 26, 2008 7:11am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Islander
Now that I'm back ashore I'm working my way back into trading - but now I'm restricting my FX trading to a couple of hours around FO / LO and moving back to trading the Dow / S&P in the US session.

Thus I'm looking for other methodologies to help find trades and this morning a combination of the 34ema and the sweet spot at a 50 level gave me a sell which I exited on a limit at the S1 level.

Later, I grabbed some more pips after the bad German news took the Euro down hard, dragging cable with it - here, I exited in the spike down to the green MS2 line.

More relevent to this thread is to see that this move down has now stalled at the 161.8 extension of the fib from this mornings move. Price initially turned at the nice confluence of the 50% retrace and my 200ema - I've now pulled a new fib off that high and the new low and will be tempted to sell again if we get a retrace to the 38% level at 8388.
Wow. Very nifty trading. I love it.
"Wishful thinking dies hard." Igor T.
  • #5,427
  • Aug 26, 2008 7:11am Aug 26, 2008 7:11am
Quoting Aad
I see you still use the lower time frame charts for tighter entries, nice...

Thanks, yes I'm happy with trading off my 5 min charts for a couple of hours at a time. As Bo says, take what suits you and your own personality and make up your own trading system - there are plenty off tools here in FF!!

I'll take a look at the link you've posted - at the moment I'm busy with a short on the YM....http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #5,428
  • Aug 26, 2008 7:15am Aug 26, 2008 7:15am
Quoting jren07
Hi,

Is anyone know where to get Free real-time crude oil chart?


Thanks,
odls.com, northfinance.com both MT4
  • #5,429
  • Aug 26, 2008 7:15am Aug 26, 2008 7:15am
Quoting jren07
Hi,

Is anyone know where to get Free real-time crude oil chart?


Thanks,
WHCmarket has the largest number of contracts of any MT4 platform including many energy products.
Trading Levels with WRBs
  • #5,430
  • Aug 26, 2008 7:17am Aug 26, 2008 7:17am
Quoting FxChi
Wow. Very nifty trading. I love it.
Thanks - now that I've returned to using the 34 & 200 emas I'm trading better - they help me a lot when following several different markets...http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #5,431
  • Aug 26, 2008 7:22am Aug 26, 2008 7:22am
Looks like there will be no move next two hours. Then lets have hope that either 1.8330 or 1.8406 will be broken and we will have some movement.
  • #5,432
  • Aug 26, 2008 7:25am Aug 26, 2008 7:25am
Quoting Islander
Thanks - now that I've returned to using the 34 & 200 emas I'm trading better - they help me a lot when following several different markets...http://www.forexfactory.com/images/icons/icon12.gif
Could you please tell us how do you use these emas?
  • #5,433
  • Aug 26, 2008 7:58am Aug 26, 2008 7:58am
Quoting LFB
Could you please tell us how do you use these emas?
I watch price action - i.e. the candles - in relation to the ema and the angle (slope) of the ema. For my trading, the 200 is the main trend and the 34 short term trend and I trade the short term trend, looking for a confluence of S/R levels.

Just put them up on a 5 min chart and go back as far as you can and then walk your chart forward using the F12 key and watch how the price and the emas interact.....
Trading Levels with WRBs
  • #5,434
  • Aug 26, 2008 12:46pm Aug 26, 2008 12:46pm
Hello everyone

I started reading this forum, and i think its a powerfull tool, still trying to understand how to set daily, intermediate, range, intraday and swing pivots (hope i didn't miss anyone), and when and why change those, but here i am learning.

Just wanted to write my 2 pips. We're in an important point right now: 1.8303 is the Long Fibonacci in the weekly chart from 2001.06.10 low to 2007.11.04 high.

Also, on the daily chart, 1.8331 is the T2 from 2007.11.09 high and the 2007.01.22 low, so we have kind of confluence there on the longer TF, great place to buy, i think. Lets see what happens

Best regards and profitable trading

WP
  • #5,435
  • Aug 26, 2008 8:33pm Aug 26, 2008 8:33pm
Since you don't trade everyday do you still do a majority of fib trading but on a larger scale or do you do more of a daily approach?


Quoting Bobokus
I would trade 0500GMT-1800GMT when I was trading every day.
  • #5,436
  • Aug 26, 2008 8:46pm Aug 26, 2008 8:46pm
Looks like we might be up for another bearish move tonight.....what we need at a later time today is to begin to break previous candles lows...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 30 KB
  • #5,437
  • Aug 26, 2008 9:00pm Aug 26, 2008 9:00pm
Quoting Shermenator
Looks like we might be up for another bearish move tonight.....what we need at a later time today is to begin to break previous candles lows...

Attachment

i agree with you.... i would like to ask you where would be a good entry to short at the break of the swing short or the break of the intraday low
  • #5,438
  • Aug 26, 2008 9:09pm Aug 26, 2008 9:09pm
Quoting xscamx
i agree with you.... i would like to ask you where would be a good entry to short at the break of the swing short or the break of the intraday low

By the time either of those happen you are to late...you are taking a risk of getting cought at the bottom of a move ...you always whant to come in from the inner levels....thats being the intraday levels 38.2, 50, or 61.8. The reason why Is because if you short from the intraday levels once we begin to brake previous candles lows and you start heading down you can see if support is holding or not and you get the chance of making the decision of holding or closing with some profits. Also if you come in after the swing short brakes you are taking the risk of getting cought in a doublebottom or at the bottom of a swing before a retracement.


The area I have a rectangle on my picture below is the best area to short if resistance is proven at a better time of the day. Everything right now is noise.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 30 KB
  • #5,439
  • Aug 26, 2008 9:15pm Aug 26, 2008 9:15pm
Quoting kc8flq
Since you don't trade everyday do you still do a majority of fib trading but on a larger scale or do you do more of a daily approach?

It depends on what I have going on really, last night and today I didnt trade since I had to take my Wife to therapy today so I needed to sleep last night.
  • #5,440
  • Aug 26, 2008 9:25pm Aug 26, 2008 9:25pm
Quoting Shermenator
By the time either of those happen you are to late...you are taking a risk of getting cought at the bottom of a move ...you always whant to come in from the inner levels....thats being the intraday levels 38.2, 50, or 61.8. The reason why Is because if you short from the intraday levels once we begin to brake previous candles lows and you start heading down you can see if support is holding or not and you get the chance of making the decision of holding or closing with some profits. Also if you come in after the swing short brakes you are taking the risk of getting cought in a doublebottom or at the bottom of a swing before a retracement.


The area I have a rectangle on my picture below is the best area to short if resistance is proven at a better time of the day. Everything right now is noise.

Attachment

one more thing that i would like to ask is how do you decide to go long or short if you are going to enter from these inner level
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