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Fibonacci Trading with Bobokus

  • #5,581
  • Sep 1, 2008 8:15pm Sep 1, 2008 8:15pm
Quoting Aad
Boy was it a weird trading day with the GU for me, Bo what broker do you use to see those early weekly trading moves and would you normally even trade on a day like today?

Anyways I had the trend direction correct (sell stop @ 1.7995) but my timing was wrong, price reversed to around 1.8058 before heading further down, so I took a loss.LOL!...
Its Saxo, opened an account there in anticipation they are going to have exotic options soon.
But today I didnt fair any better I shorted the break of 1.8000 but ended up closing it at break even after a couple of hours into it just so I could get away from watching it. Live to fight another day.
  • #5,582
  • Sep 1, 2008 8:28pm Sep 1, 2008 8:28pm
Quoting Bobokus
Its Saxo, opened an account there in anticipation they are going to have exotic options soon.
But today I didnt fair any better I shorted the break of 1.8000 but ended up closing it at break even after a couple of hours into it just so I could get away from watching it. Live to fight another day.
Indeed, and thank you for the great info my friend...
  • #5,583
  • Sep 1, 2008 8:29pm Sep 1, 2008 8:29pm
Scalped a buy overnight @ 8005, closed 8020 net 15
sold 8064, closed 8048, net 16
sold 8032, closed 8018, net 14

net 45, currently short @ 7924
  • #5,584
  • Sep 1, 2008 8:31pm Sep 1, 2008 8:31pm
Quoting prov1813
Scalped a buy overnight @ 8005, closed 8020 net 15
sold 8064, closed 8048, net 16
sold 8032, closed 8018, net 14

net 45, currently short @ 7924

Looks like you out traded all of us today !
  • #5,585
  • Sep 1, 2008 8:38pm Sep 1, 2008 8:38pm
Quoting prov1813
Scalped a buy overnight @ 8005, closed 8020 net 15
sold 8064, closed 8048, net 16
sold 8032, closed 8018, net 14

net 45, currently short @ 7924
Nice to see your scalps/trades worked out, though scalping is not necessarily my forte as I like to position my trades for the possible bigger trending moves. Nice work Prov1813...
  • #5,586
  • Sep 1, 2008 9:03pm Sep 1, 2008 9:03pm
Quoting Bobokus
Looks like you out traded all of us today !
I continue to be cautiously optimistic that I have internalized your system into my own price training and can continue the consistent plus trades.

kind of reminds me of stocks in the mid eighties tho, hard to go wrong in a trend like this. I'll feel better after some testing time.
  • #5,587
  • Sep 1, 2008 9:07pm Sep 1, 2008 9:07pm
Quoting Aad
Nice to see your scalps/trades worked out, though scalping is not necessarily my forte as I like to position my trades for the possible bigger trending moves. Nice work Prov1813...
Don't like scalping either, and am really no good at it. However, was testing whether their might be a strong retrace due to outside factors (hurricane, oil, strong brit pmi) didn't work out so i closed it.
  • #5,588
  • Sep 1, 2008 11:29pm Sep 1, 2008 11:29pm
What is the favorite time frame among fib traders? Also when a pair retraces 50%...at that moment in time, what should I be thinking to myself? 50% is an important level and I may not get a second chance for entry, but on the other hand it could sink to 60 or 70% levels...

I guess trading with the trend is the best road to take? or when it comes to fib trades, any direction is good?

thanks
  • #5,589
  • Sep 1, 2008 11:38pm Sep 1, 2008 11:38pm
prov1813 wishes he lived closer to dorothy
  • #5,590
  • Sep 2, 2008 12:19am Sep 2, 2008 12:19am
Good day my friends,i miss out out of yesterday stuff,i was on the road through t.How was trade yesterday?i can see we catch in some pips.Sherm,i can see i have missed out of the short o cable,kind of sleeping then after my journey.Am presently short on fiber,i hope am right.Can u check for me,it seems retracing after breaking the intraday low. Thanks, Hiswords.
  • #5,591
  • Sep 2, 2008 1:01am Sep 2, 2008 1:01am
hey shermenator whats your analysis for today
  • #5,592
  • Sep 2, 2008 1:35am Sep 2, 2008 1:35am
hey bo is it possible for the gbp/usd to go down even further...
  • #5,593
  • Sep 2, 2008 2:04am Sep 2, 2008 2:04am
Quoting xscamx
hey bo is it possible for the gbp/usd to go down even further...
Whilst it is quite possible for cable to fall another 800 pips to the major support at the November 2005 lows, it is IMO more probable that we will see a retracement before then - the current move is now over 2100 pips in 26 trading days without a pause.

The last part of the fall was triggered by Chancellor Darlings comments over the weekend about weakness in the UK economy - so what's new about that! Now PM Brown is talking up the housing market with a stimilus package.

The dollar peaked last Tuesday at 1.088 (USDCHF) and as long as that high holds AND the euro holds above its 61.8 level on its daily chart - say 1.4400 I think we have a good possibility of a retrace in cable.

I've just closed my short on a limit order at 759, just above todays MS3 level of 755 and will now watch the action as the Brits start trading.....
Trading Levels with WRBs
  • #5,594
  • Sep 2, 2008 3:13am Sep 2, 2008 3:13am
closed short from 924 at 862, net 62.
  • #5,595
  • Sep 2, 2008 5:44am Sep 2, 2008 5:44am
I came out flying today
Aussy 52pips
Fiber 43
Cable 15pips
Eur/jpy 20pips
All using fibbo with a standard lot,am done for the day
Are we expecting Cable to go down more or a retracement?
Good night everyone.
  • #5,596
  • Sep 2, 2008 1:14pm Sep 2, 2008 1:14pm
Quoting big_pipin
What is the favorite time frame among fib traders? Also when a pair retraces 50%...at that moment in time, what should I be thinking to myself? 50% is an important level and I may not get a second chance for entry, but on the other hand it could sink to 60 or 70% levels...

I guess trading with the trend is the best road to take? or when it comes to fib trades, any direction is good?

thanks
bump

I've seen this video (
Inserted Video
), but i dont use a 5min and I'm still having a hard time knowing where exactly to draw my fibs, it seems as if, support and resistance levels are so far away, that the lines I draw are "un-reasonable"... maybe I just need more experience, but it should be easy.
  • #5,597
  • Sep 2, 2008 3:26pm Sep 2, 2008 3:26pm
Quoting big_pipin
bump

I've seen this video ( http://www.youtube.com/watch?v=R6ft90FLI-I ), but i dont use a 5min and I'm still having a hard time knowing where exactly to draw my fibs, it seems as if, support and resistance levels are so far away, that the lines I draw are "un-reasonable"... maybe I just need more experience, but it should be easy.
I dont recommend anything less than a 1 hour timeframe, the more experience you gain over time you may deveelope a good scalping strategy for the smaller timeframes but as a beginner I would not use less than a 1 hour.
In one of last few posts I placed a template that can be put on a 1 hour chart of GBP/USD to trade through today with ,all thats needed is to update the tools to the current movement from today
  • #5,598
  • Sep 2, 2008 4:36pm Sep 2, 2008 4:36pm
hello there,i read your post and i am highly impressd with what you have done and all your research.of recent, i just started getting informations about using fibonacci from google and i became more interested but i have some little questions to ask you and i will be very greatful if you can answer me.

1.can fib be used on shorter time frames...say 5mins,15mins,30minutes and 1 hour?

2.when using fib, how do you know the point where you will place the 100% and where to place the 0%, i mean how do you identify the 2 extremes where you put the 100% ont and the 0% point.

3.i trade eur/usd mostly, can fib be used for this currency pairs?

i will so much appreciate it if my questions are answered.

happy pips taking.

bjpumping
  • #5,599
  • Sep 2, 2008 5:06pm Sep 2, 2008 5:06pm
Quoting bjpumping
hello there,i read your post and i am highly impressd with what you have done and all your research.of recent, i just started getting informations about using fibonacci from google and i became more interested but i have some little questions to ask you and i will be very greatful if you can answer me.

1.can fib be used on shorter time frames...say 5mins,15mins,30minutes and 1 hour?

2.when using fib, how do you know the point where you will place the 100% and where to place the 0%, i mean how do you identify the 2 extremes where you put the 100% ont and the 0% point.

3.i trade eur/usd mostly, can fib be used for this currency pairs?

i will so much appreciate it if my questions are answered.

happy pips taking.

bjpumping
Hi bjpumping, I'm not Bo, but I can help.

1. Yes you can fib any time frame.

2. In general you place the 0% and 100% on the low of the previous day and the High of the previous day, respectively (see example).

3. You can use Fibs with any pair, and in reality with anything you can chart or graph.

I'm sure Bo can add anything I missed, best of luck.
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Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #5,600
  • Sep 2, 2008 6:15pm Sep 2, 2008 6:15pm
Quoting bjpumping
hello there,i read your post and i am highly impressd with what you have done and all your research.of recent, i just started getting informations about using fibonacci from google and i became more interested but i have some little questions to ask you and i will be very greatful if you can answer me.

1.can fib be used on shorter time frames...say 5mins,15mins,30minutes and 1 hour?

2.when using fib, how do you know the point where you will place the 100% and where to place the 0%, i mean how do you identify the 2 extremes where you put the 100% ont and the 0% point.

3.i trade eur/usd mostly, can fib be used for this currency pairs?

i will so much appreciate it if my questions are answered.

happy pips taking.

bjpumping
Yes you can use fibs on the smaller timeframes, but I dont recommend that unless you already have a good bit of experience trading already, the lower you go in time frame the more experience youll need. To learn the concept trade no lower than a 1 hour chart.
Galaxymom hit on where to place them, it depends on what you want them to show you, for the most part we discuss Day trading or Intraday here in the thread, in which we use the movement over each day to set our trading plan for the next day, in the background we run higher timeframe fib tools to give us market direction...basically trading the Daily chart from the 1 hour timeframe, its all here in the thread.
Certainly this same concept apply's to the Euro, the euro is actually the easiest of all pairs to trade. They will work best applied to the major pairs when trading currency's.
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