Fibonacci Trading with Bobokus

Quoting xscamx

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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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Quoting Shermenator

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Watch price action.....what I mean by this is the fallowing....

Todays a bearish intraday so what you whant to see in the intraday levels is a rejection. By this I mean price stopping from braking previous candles high and begin to brake previous candles low as well as give lower closes...once again this is key as well as time of the day. You dont whant to trade tokyo session because since its range price wont respectg highs or lows of previous candles and make your perspective in the market change every hour. As well as you dont whant to get to inside of the market with the swing fibb because your decision will be changing with a 10 pip move, and that effect will make you reverse your trade and loose pips.

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Quoting Bobokus

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Stick to the rules you develope for yourself, this is how you develope your skills, all you need is some experience in what your doing and youve got it whipped. The currency markets will go through different phases and conditions and you need to experience several different ones and be able to trade your way through them and I know no-one wants to hear this but it takes time, sometimes years it took me years, I'm going on 7 years now and Im still developing my own skills, its a never ending process. Dont try and get rich at first just try to come out positive at the end of the week even if its only 25 pips for the week.It will have a profound effect on your mental state about trading. Over time youll develope little strategies inside of strategies that can compund your earnings per day and week but at first learn to be successful over time instead of trying to turn $1000 into $10000 in a weeks time. Dont look at it as a get rich quick scheme, it wont happen that way.

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Quoting Bobokus

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instead of trying to turn $1000 into $10000 in a weeks time. Dont look at it as a get rich quick scheme, it wont happen that way.

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Quoting katarche

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Check this GU fib drawn from Low of June 2001 to High of Nov 2007.
It offered good support for the first half of this year @ about 1.9400.
Next support level may be 1.8300.
I am still leaning short currently but will reassess that if we get to 1.8300.

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Quoting Shermenator

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I whant a close below 8448 before considering trades back down....I still dont trust the break of the previous candles low....we had a big retracement into the intraday past the pivot ....this shows weakness in the intraday ...if this candle close below 8448 then I will know that the break of the swing high had weakness and was not able to maintain itself above it showing me sellers are jumping in....

I have a sell stop sitting at 8426...depending on how this candle closes I will know weather to pull it up below this candles low or leave it at its pl


Sherm,
Please check your intraday high,you are having it at 25th not that of yesterday or is there something i'm missing.

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Quoting Shermenator

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As long as price maintains below intraday short my trade is in good shape......I am gaurding this one since we had a deep retracement into todays intraday as well as support has been proven a good amount of times...I am treating this trade as a hawk based on the previous reasons...

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Quoting Aad

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I secured some profit and now I'll look for another possible entry on the 5min chart if I see good resistance/rejection at around 1.8468...

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Quoting Islander

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Me too, I pirated some pips on a long which I see that I actually closed at 470 as price stalled yet again. Too much chop for me, so I'm done with cable for now.....time for a coffee before I look at the indices....http://www.forexfactory.com/images/icons/icon12.gif

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