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Fibonacci Trading with Bobokus

  • #5,461
  • Aug 27, 2008 3:10am Aug 27, 2008 3:10am
Quoting hiswords
Do you think is a good idea to still hold our short position since the last candle breaks the short or should we take it out like that?
I am holding myh short as long as my swing long does not brake....what I mean by this is a close above it...

This is my trading plan...this also Includes the personal risk I am willing to take , and as well as the fact that I believe if we manage to close above 8446 my trade is done for...

I have a hard stop at 8481 simply because its enough of a drawback in one trade and I would not be willing to take it past that.
At what price did you come in?
  • #5,462
  • Aug 27, 2008 3:14am Aug 27, 2008 3:14am
Quoting Bobokus
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 if back testing is part of a developing strategy go all out, not even just a large number of months of the recent history but the last few years to catch cycle changes. And not just picking random days or weeks or months in history, luck could still pick out the good ones. It should be a few years of nonstop data.

I was testing a bunch of things using first quarter 2008 data and it looked good, so I tested with all of 2007 data and it held up still, but when I tested 2006 everything failed miserably.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #5,463
  • Aug 27, 2008 4:03am Aug 27, 2008 4:03am
I have taken a 29 pip hit I have now closed my short trade...

50 pips minus 29= 21 pips net for this week....
I have lost the battle tonight...tomorrow will be another day ...
Good luck in your trading guys...have a good night.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 30 KB
  • #5,464
  • Aug 27, 2008 4:27am Aug 27, 2008 4:27am
It seems to me that market is lacking momentum as of now.A better time to watch
  • #5,465
  • Aug 27, 2008 5:51am Aug 27, 2008 5:51am
today is quite confusing...didnt make much today.... wonder where its going.... hopefully tomorrow would be a better day
  • #5,466
  • Aug 27, 2008 6:25am Aug 27, 2008 6:25am
hey bo..... i hope you dont mine me asking this.... i am using the 62 envelope..... the thing is once it reaches the envelope it will go into a range....right......... and my question is how do we know that it is out of the range...can the envelope also be used in the 4h time frame....i thank you in advance for the knowledge....
  • #5,467
  • Aug 27, 2008 6:48am Aug 27, 2008 6:48am
A close above 1.8480 could trigger a bearish move for the $ in NY session.
  • #5,468
  • Aug 27, 2008 6:54am Aug 27, 2008 6:54am
Quoting xscamx
hey bo..... i hope you dont mine me asking this.... i am using the 62 envelope..... the thing is once it reaches the envelope it will go into a range....right......... and my question is how do we know that it is out of the range...can the envelope also be used in the 4h time frame....i thank you in advance for the knowledge....
The potential just exists if the pair has been trending and then closes on the opposite side of the envelope, the envelope is a matter of preference and not necessarily needed. You can just mark the high and low of the ranging periods. The 62 envelope wasnt used on the 4 hour, a different setting would have to be used something much faster like 21 or even faster.
  • #5,469
  • Aug 27, 2008 7:05am Aug 27, 2008 7:05am
Quoting Islander
LOL - I couldn't resist the double rejection of the 450 level / 34 ema and a doji that gave a 40+ pip drop into LO. I was hoping that it would hit the 400 level, but the Brits came in as buyers.

The dollars dropping too, so we may revisit the earlier highs.....
happy to see you first time from 15 may
  • #5,470
  • Aug 27, 2008 7:20am Aug 27, 2008 7:20am
trigerring a bearish or bullish move?
  • #5,471
  • Aug 27, 2008 7:35am Aug 27, 2008 7:35am
Quoting hiswords
trigerring a bearish or bullish move?
Sorry for confusion. It's bullish(bearish for the dollar).
Don't forget it will still qualify for a retracement on overall move.
Regards
  • #5,472
  • Aug 27, 2008 7:35am Aug 27, 2008 7:35am
Quoting hiswords
trigerring a bearish or bullish move?
I am not trigger any bearish or bullish move. Let the price action lead you in the right direction, as of right now, I have the pound directly in the pivot zone, so either a bullish or bearish move could happen. Personally, I would be more comfortable trading bearish because we have been in a longer downtrend.
  • #5,473
  • Aug 27, 2008 7:52am Aug 27, 2008 7:52am
Let's see where the H1 candle closes in regards to the Intraday pivot...
  • #5,474
  • Aug 27, 2008 7:56am Aug 27, 2008 7:56am
Core Durable Goods Orders m/m was good for USD, so pair should go short. I think the only problem now is sentiment. It turned to bullish last day and have to turn again. If Crude Oil Inventories will be also good i think 1.8420 and 1.8400 supports will fall and we will go short.
  • #5,475
  • Aug 27, 2008 8:36am Aug 27, 2008 8:36am
i think today is not mend to be traded... seems like going no where...
  • #5,476
  • Aug 27, 2008 9:02am Aug 27, 2008 9:02am
hey bo could i have your latest daily templete...
  • #5,477
  • Aug 27, 2008 9:23am Aug 27, 2008 9:23am
been reading this thread for a while now. here is an indicator i developed based on bobokus fib levels. hope it can be useful to you guys.

rules
-----
pretty much self explanatory.
you can back test by setting the DisplayFiboDayto "1" which means yesterday..etc. "0" means today.
Attached File(s)
File Type: ex4 SquidsterFiboBreak.ex4   7 KB | 1,232 downloads
  • #5,478
  • Aug 27, 2008 10:18am Aug 27, 2008 10:18am
@ 1600 gmt candle 1.8413 up over 50 pips at the moment, will follow with a stop above previous candle high.
Will be out of trade before I head to work.

Just have to wait patiently for the right setup.

Happy Pippin
KC

Quoting xscamx
i think today is not mend to be traded... seems like going no where...
  • #5,479
  • Aug 27, 2008 10:25am Aug 27, 2008 10:25am
Quoting kc8flq
@ 1600 gmt candle 1.8413 up over 50 pips at the moment, will follow with a stop above previous candle high.
Will be out of trade before I head to work.

Just have to wait patiently for the right setup.

Happy Pippin
KC
Nicely done Kc8flq, I shorted around the Intraday short @ 1.8415 I'm currently green by about +70pips...
  • #5,480
  • Aug 27, 2008 10:37am Aug 27, 2008 10:37am
Why thank ya, up 95 pips and counting, I have a 2 pip spread on my broker,
right now it's hit my trigger for a 55 pip trailing stop so I locked in some profit so I might let it trail and see where it stops me out at or close it when the momentum slows.

KC

Quoting Aad
Nicely done Kc8flq, I shorted around the Intraday short @ 1.8415 I'm currently green by about +70pips...
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