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Fibonacci Trading with Bobokus

  • #5,621
  • Sep 2, 2008 11:00pm Sep 2, 2008 11:00pm
Quoting Shermenator
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

Take this template as is and switch it to a Monthly, then once you see the major support levels from the uptrend switch this same chart now to a Daily to see this leg down of the uptrend, then to a 4 hour to see just the last step down and then finally the back to the 1 hour and youll have the whole picture of what GBP/USD is doing.
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File Type: tpl 0903.tpl   5 KB | 552 downloads
  • #5,622
  • Sep 2, 2008 11:18pm Sep 2, 2008 11:18pm
finally, been sitting on that 814 short since this morning, closed 734, net 80.
  • #5,623
  • Sep 3, 2008 3:33am Sep 3, 2008 3:33am
Cable seems to be giving us the pips as early as possible this days,i just have a kind of conviction that we might have a bounce or retracement before price could reach 7054.Are we getting more move down or retracement is about to set in?will the bounce experiencing with gold give us the bounce? Just asking all of us. Cheers!!
  • #5,624
  • Sep 3, 2008 4:57am Sep 3, 2008 4:57am
galaxymom,thanks for all you have said and how you have helped in answering my questions.thank you so much, God bless you.

i still have some more questions, i hope you will not get tired of my questions though.

1.if i want to place trade on monday,its difficult at times to use the high and low of sunday because of the short time to trade on sunday before entering monday...how do i locate my high and low to trade on mondays?

2.besides,if i want to trade higher time frames say...1 hour and 4 hour..do i still use the high and low of the previous day to mark my 100% and 0% lines on the fib?

3. if i want to trade the daily chart, do i still use the last day's high and low to fix my 100% and 0% points?

if there is anone here who trades the eur/usd pair, i will be very glad to hear his/her views on how he goes about it

hanks everyone on here for all your help,God bless you all.

happy pips taking.
  • #5,625
  • Sep 3, 2008 5:51am Sep 3, 2008 5:51am
Quoting bjpumping
galaxymom,thanks for all you have said and how you have helped in answering my questions.thank you so much, God bless you.

i still have some more questions, i hope you will not get tired of my questions though.

1.if i want to place trade on monday,its difficult at times to use the high and low of sunday because of the short time to trade on sunday before entering monday...how do i locate my high and low to trade on mondays?

2.besides,if i want to trade higher time frames say...1 hour and 4 hour..do i still use the high and low of the previous day to mark my 100% and 0% lines on the fib?

3. if i want to trade the daily chart, do i still use the last day's high and low to fix my 100% and 0% points?

if there is anone here who trades the eur/usd pair, i will be very glad to hear his/her views on how he goes about it

hanks everyone on here for all your help,God bless you all.

happy pips taking.
Ask away, BJ, that's how we all start.

1. On Sundays, the best thing to do is to have a demo account with a broker that gives the full day of trading feed, ex: FXSol or Saxo Bank. Then you can add a mark on your chart for any high or low that happened before your broker opens their feed.

2. You always use the High/Low of the previous day or days if price does not break out of the previous High/Low or if it continues in one direction without a retracement, say down, then you leave the high and move the low.

3. Using the Previous Day's levels is trading the Daily Chart on a H1 or 4H timeframe.

I trade EU, and I trade it like any other major pair. It's a slow-mover most of the time and doesn't usually make big moves, these past few months have been more volitale. With any pair, you have to spend time with it and learn it's movement tendencies.

I hope this helped.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #5,626
  • Sep 3, 2008 8:04am Sep 3, 2008 8:04am
Hey BP, have you read entirely thru the thread or have you just picked your way thru it? I highly encourage you to read the WHOLE thing from page 1. It's the ONLY way to go with. Almost all your questions will be answered.

Happy Pippin'
KC



Quoting big_pipin
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
  • #5,627
  • Sep 3, 2008 8:12am Sep 3, 2008 8:12am
I would suggest starting at the beginning, or where you left off if you can remember what you had read previously. Took me about a month to read thru it all, but it was time well spent.

KC


Quoting Yuppie
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
  • #5,628
  • Sep 3, 2008 8:50am Sep 3, 2008 8:50am
Currently short in usd/jpy ...its a 4 hour trade ...I took the rejection of the rejection pivot...nice setup

Lookinf for yesterdays low...as well as an M formation at top plus nice candle formations on 4 hour chart...

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  • #5,629
  • Edited 11:03am Sep 3, 2008 10:45am | Edited 11:03am
Trade is going very nice ....looking good in my short...
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  • #5,630
  • Sep 3, 2008 11:02am Sep 3, 2008 11:02am
I am now fallowing trade with swing fibb....

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  • #5,631
  • Sep 3, 2008 11:08am Sep 3, 2008 11:08am
I have now closed 80 percent of trade simply because of time of the day ...and voume should come down...

closed 80 percent with 50 pips ....

rather leave pips in the table then turn a good trade into a bad one...the reamainder 20 percent of trade will be fallowed with previous candles high...
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  • #5,632
  • Sep 3, 2008 11:29am Sep 3, 2008 11:29am
Quoting Shermenator
I have now closed 80 percent of trade simply because of time of the day ...and voume should come down...

closed 80 percent with 50 pips ....

rather leave pips in the table then turn a good trade into a bad one...the reamainder 20 percent of trade will be fallowed with previous candles high...
Attachment
Nice job, since it looks to retrace some now. Youve got money in the bank and should be done for the day now!
  • #5,633
  • Sep 3, 2008 4:18pm Sep 3, 2008 4:18pm
thaks for replying my questions again.

are there any other indicators you use on your set up?

in my last question....you said using the previous days levels is trading the daily chart on 1h and 4h time frame...i dont understand what you mean there?

are you saying i will still use the prevous days high and lows for this time frames?

happy pips taking
  • #5,634
  • Sep 3, 2008 4:38pm Sep 3, 2008 4:38pm
Quoting bjpumping
thaks for replying my questions again.

are there any other indicators you use on your set up?

in my last question....you said using the previous days levels is trading the daily chart on 1h and 4h time frame...i dont understand what you mean there?

are you saying i will still use the prevous days high and lows for this time frames?

happy pips taking
The concept of trading the Intraday levels is that we are trading the Daily chart on the H1 timeframe, therefore we use the High and Low of the previous day's price action to set our fib. You may also add the Support and Resistance Fibs to monitor the smaller moves (retracements) of the previous day's move. I really recommend you study Bo's videos and chart examples in the beginning of the thread. That is where I SAW how it worked, my AH Ha moment, if you will.

BJ, this takes some time and practice, and it will be more clear ass you apply the fibs and watch price move with in them, and how the specific pair also moves. You can go back in time, draw an Intraday fib and move the chart forward with the F12 button and see how it works, moving the fib each day as you go. Practice will help you get a grasp on the significance of the fib levels and timeframes, etc.

Then, there is the larger time frame fibs for Trends, etc. that are covered also, and these will guide you in seeing possible support and resistance levels that are on the larger time frames that affect price action as well. Keep reading, and practice. Keep asking questions.

Best of luck.
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #5,635
  • Sep 3, 2008 9:29pm Sep 3, 2008 9:29pm
Quoting bjpumping
thaks for replying my questions again.

are there any other indicators you use on your set up?

in my last question....you said using the previous days levels is trading the daily chart on 1h and 4h time frame...i dont understand what you mean there?

are you saying i will still use the prevous days high and lows for this time frames?

happy pips taking
We want to trade the higher timeframes, but when doing so you take very few trades , sometimes have much more drawdown and wait for many days sometimes weeks for price to reach a target range that may be 600pips away, instead why not trade the same thing but from say a 1 hour timeframe and trade each day as it makes its way to that 600 pip target range drawn from the higher timeframe charts (market direction) only this way trading each days movement there are 2400-3000 pips available ( I say available because you cant get em all) in the same amount of time as price makes its way to the higher timeframe target range. The Intraday and Swing relation is gone over many times throughout the thread and the best way to learn is go back and see the questions asked and the respones to those questions, then apply the logic to a chart. There are many variables to using the Intraday and its a task to try and explaign in just one post. It may take some time but if you want to be successful in trading its going to take time to become proficient, the market isnt going anywhere. Eventually if I can get over my lazyness Im suppose to be completeing a CD coarse to make all this much easier.
As far as indicators dont use em unless you are profitable using them already,if you arnt ...why use them ? Indicators will make much more sense after learning basic market movements first and what makes up market sentiment to make it all tick.
  • #5,636
  • Sep 3, 2008 10:26pm Sep 3, 2008 10:26pm
Quoting Bobokus
We want to trade the higher timeframes, but when doing so you take very few trades , sometimes have much more drawdown and wait for many days sometimes weeks for price to reach a target range that may be 600pips away, instead why not trade the same thing but from say a 1 hour timeframe and trade each day as it makes its way to that 600 pip target range drawn from the higher timeframe charts (market direction) only this way trading each days movement there are 2400-3000 pips available ( I say available because you cant get em all) in the same amount of time as price makes its way to the higher timeframe target range. The Intraday and Swing relation is gone over many times throughout the thread and the best way to learn is go back and see the questions asked and the respones to those questions, then apply the logic to a chart. There are many variables to using the Intraday and its a task to try and explaign in just one post. It may take some time but if you want to be successful in trading its going to take time to become proficient, the market isnt going anywhere. Eventually if I can get over my lazyness Im suppose to be completeing a CD coarse to make all this much easier.
As far as indicators dont use em unless you are profitable using them already,if you arnt ...why use them ? Indicators will make much more sense after learning basic market movements first and what makes up market sentiment to make it all tick.
hey bo i can't wait for your cd.... inform us when it is available..... really would like to have them and definitely they will be a great help to lots of new traders
  • #5,637
  • Sep 3, 2008 10:28pm Sep 3, 2008 10:28pm
Quoting xscamx
hey bo i can't wait for your cd.... inform us when it is available..... really would like to have them and definitely they will be a great help to lots of new traders

I gotta get off my lazy ass first. I nap alot...LOL
  • #5,638
  • Sep 3, 2008 10:44pm Sep 3, 2008 10:44pm
Hey Bo, mind putting up a chart for reference, just want to double check a few things, if you have a minute.
  • #5,639
  • Sep 4, 2008 12:19am Sep 4, 2008 12:19am
Once price penetrates and closes below my 66 and 68.2%

retracements, should I stop trying to play this long? or can i still try and

take advantage of a retrace before it goes lower?
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  • #5,640
  • Sep 4, 2008 1:57am Sep 4, 2008 1:57am
Is anyone trading cable this morning,who is with me.Am already short on it,it seems to retrace after breaking the short.Sherm!! it seems you ar avoiding cable this days,any reason behind that?
Bo!! am i right with the short on cable?
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