Fibonacci Trading with Bobokus

Quoting alex12

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I have been reading through your thread since a couple of month ago and I think I have started to undestand the concept, Unfortunately I missed your tradingroom session .The main help I have got from your system is that it stops me overtrading ( I only press the enter when I get a valid signal by breaking the short or long fib on the 1 hour chart ). The second help is that it keeps me in the direction of the main trend ( unless I want to scalp towards the intraday fibs with the help of swing fibs ).
The only question I have is the fact that you hardly use stop (as I have undestood).Don't you expose the trade for possibe big losses through sudden movements especially during voaltile period of the day in one trade which can spoil the profits you have had from a couple winning trades?
You are probably watching the screen when you do not use stop loss. What about if you are in a trade and you are not watching the screen ,do you use stop loss in that case.
I also understand that you put stop loss after the pris moves in your direction and you trail it .I would appriciate if clarify the subject of stoploss a little more or if you have already explained it let me know which page of the thread I can refer to.

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Quoting big_pipin

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galaxy, why didnt you draw the fib from 107.55? ... arnt you susposed to draw the lines from the bottom and tops of the trend lines?

thanks

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Quoting Shermenator

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My 4 hour trade is looking great...

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Quoting Bobokus

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Sure, a stoploss set by using a set number is nothing more than a target on your trade, just as when you enter the price you want to get in the market your also entering the point at which you will give your money away. Not putting your stoploss in at the onset of a trade is in a sense protecting yourself from stop sweeps, I dont necessarily recommend my particular style of no stop loss but Ive very rarely have any problems with getting stopped out.I do see it move against my entry alot but not to the point its reversing the market on me. If you must use a stoploss initially place it at a point the market will have to be reversing or showing a reversal signal...very rarely will stop sweeps go past a market reversal point, but they will go far enough to hit the ones that are using 30-40 pip stops from traders entry's(easy money). By a market reversal point I mean a previous high or low point on the chart and place your stop a few pips away from there, then once you see the action in your trade you manage your stoploss to reduce your risk by following along behind its movement. If the market shows signs of possible reversal then you place a stop to protect your balance and then look to start over. I also dont chase news events or try and enter at the release of news events.

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Quoting big_pipin

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yes, like shermenator did here on uj

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Quoting Yuppie

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Hey Bobokus (and others whome may wish to give their view),

I was just about to start ploughing through the 374 or so pages of this thread... Would my time be better spent with vhands and a fib tool?

No stranger to hard-grafting and endless hours of reading, but I'm trying to speed up the learning curve (I started following this thread a number of months ago, but have been side-tracked with various projects since)...

I would appreciate your thoughts...


Thank you in advance,

Magnus

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Quoting Bobokus

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I think the point where I re-organised everything was around page 205-210. You can start there but there are some good exercises in the pages before that. You can alsways go back at a later date if needed.

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Quoting xscamx

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hey bo or shermenator would you guy mind posting your charts... i just would like to make sure that my intraday levels are correct

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Quoting kpt1956

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I understand in the early part of the thread of encompassing the up or down moves on the larger time frames ( Daily or Weekly ) to including movement later in time ( smaller time frame intermediate, range fibs, intraday, etc.) , but as time goes on and the price retraces back to the extremes on the larger time frames do I adjust the fibs there ( on the larger time Daily or Weekly ) to make sure the small time frames stay encompassed within the larger time frames for reference points of high and low pricing. In other words, expand or contract the range there of the up and down movements at larger time frame?

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Quoting Bobokus

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Yes the object is to keep support levels below price and resistance levels above price. Uptrending moves give you the support levels, Downtrending moves give you your resistance levels.
An example is GBP/USD to keep support levels under price or with price still inside the support levels (38.2,50,61.8) you have to pull the low all the way back to June of 2001, giving the next major support level of 1.7422.(Monthly Chart)

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Quoting xscamx

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so bo would this mean that price would be going there

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Quoting kpt1956

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Therefore, the uptrend fib should be pulled from low in 2001 June to the appropriate high on the longer time frame. correct Bo?

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Quoting Shermenator

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bub i have been fallowing and you are a great trade.I want know when i should move the up trend ,and when the down trend will be usefull

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