DislikedBobokus
In the charts you have posted, how would you actually decide whether price will/will not pierce the fib levels? Do you wait for so many candles [I know we do not trade strictly on fibs] which sometimes may be too late?Ignored
Fibonacci Trading with Bobokus
- #5,748
- Edited 2:57pm Sep 9, 2008 2:13pm | Edited 2:57pm
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Looks as if the Intraday short level will hold on this first attempt, did you close it out ?
Yep Bud I made 90 pips in my long last night...
80 percent whent we hit the intraday short on it...
and the remainder 20 percent got stopped out with 70 pips when we began breaking lows...
Here is my pic Bud...for some reason Forexfactory was not working at 6 am...
And I just woke up lol
I have made 280 pips this week bud...thanks alot...
I have found a way in my head when its right to trade Intraday and whent its right to jump to the 4 hour and trade against it...Thats why I now trade Intraday when I feel the market is right and I hate overtrading when trading Intraday so as soon as I got my pips I left the computer even though I knew I could had shorted when it rejected the Intraday levels.
that entry was based off a monthly level on my own version of fair market value ive been working on for about a year now.
I was only playing the trade back to the Intraday levels and shouldnt have posted it with that entry on there because it did raise some questions
(I numbered these questions, hope you dont mind, but there's enough rubbish on these great forums without me adding my own non-punctuated drivel that's impossible to read!)
1 - when to take scalp trades back to intraday levels.
1a - Do you look for specific candle patterns at certain times of the day?
Example here would be 28 august shown in the chart. It was a bearish day and finished up with two candle lows almost to the pip around 6pm GMT. Marked 1 & 2
When that second candle closed it would look to me like a strong point of resistance and indicate you could scalp back to intrday levels to candle 3.
1b - Would you agree with this?
1c - Do you look for certain 1hr bar patterns?
1d - Or do you just scalp back and hope lol
Just another small point.
2 - Would you enter the short trade on the next day from candle 4 or candle 5?
Candle 4 opened below the pivot but not outside the short level.
Candle 5 opened outside the short and would be the 'textbook' Bobokus entry i think?
The reason i ask this is because if i had entered on candle 4, then i would probably have moved my stop above candle 5 making the trade a free one. This would have gotten taken out at the next candle.
But the levels still weren't broken so later on possibly around candle 6 or 7 another valid entry short could have been taken. This was late in the day, and close to the intraday low (strong resistance there regularly)
2a - So im wondering do you take multiple entries off the same days levels, if you get what i mean.
You say you dont normally use a stop loss?
Ooh oh. Im out of my depth here
I think i'll just trail the candles for a while. MAybe move as many trades as i can to Breakeven and then wait and see.
3 - I was just wondering about trading times too. Do you have particular biases against certain zones?
I remember the last time i was here, and the guys like islander on skunny's thread who loved the london/frankie open's to trade. And would have stayed away from US session / Asian session / late in the day.
3a - When do you pull you intraday fib? Do you wait until just before frankie open? or the days end?
An interesting example would have been last friday on gu.
If you pulled your intraday fib as i had well then, your next day's tradin started that day, on friday evening to be precise.
Now this is where i start to get very shady about things.
3b - Would you have taken that long entry on friday?
3c - If it wasnt a friday, would you have taken a long entry so late in the day?
If you havent got time to answer all that, no problem. I'll just keep bugging ya
Thanks Bo!
- #5,756
- Sep 9, 2008 5:43pm Sep 9, 2008 5:43pm
- | Commercial User | Joined Oct 2006 | 2,560 Posts
Very interesting. But its your baby i'll not ask again
A question i am wondering about though is :
(I numbered these questions, hope you dont mind, but there's enough rubbish on these great forums without me adding my own non-punctuated drivel that's impossible to read!)
1 - when to take scalp trades back to intraday levels.
1a - Do you look for specific candle patterns at certain times of the day?
Example here would be 28 august shown in the chart. It was a bearish day and finished up with two candle lows almost to the pip around 6pm GMT. Marked 1 & 2
When that second candle closed it would look to me like a strong point of resistance and indicate you could scalp back to intrday levels to candle 3.
1b - Would you agree with this?
1c - Do you look for certain 1hr bar patterns?
1d - Or do you just scalp back and hope lol
Just another small point.
2 - Would you enter the short trade on the next day from candle 4 or candle 5?
Candle 4 opened below the pivot but not outside the short level.
Candle 5 opened outside the short and would be the 'textbook' Bobokus entry i think?
The reason i ask this is because if i had entered on candle 4, then i would probably have moved my stop above candle 5 making the trade a free one. This would have gotten taken out at the next candle.
But the levels still weren't broken so later on possibly around candle 6 or 7 another valid entry short could have been taken. This was late in the day, and close to the intraday low (strong resistance there regularly)
2a - So im wondering do you take multiple entries off the same days levels, if you get what i mean.
You say you dont normally use a stop loss?
Ooh oh. Im out of my depth here
I think i'll just trail the candles for a while. MAybe move as many trades as i can to Breakeven and then wait and see.
3 - I was just wondering about trading times too. Do you have particular biases against certain zones?
I remember the last time i was here, and the guys like islander on skunny's thread who loved the london/frankie open's to trade. And would have stayed away from US session / Asian session / late in the day.
3a - When do you pull you intraday fib? Do you wait until just before frankie open? or the days end?
An interesting example would have been last friday on gu.
If you pulled your intraday fib as i had well then, your next day's tradin started that day, on friday evening to be precise.
Now this is where i start to get very shady about things.
3b - Would you have taken that long entry on friday?
3c - If it wasnt a friday, would you have taken a long entry so late in the day?
If you havent got time to answer all that, no problem. I'll just keep bugging ya
Thanks Bo!
Its np.
1. Scalping back to the Intraday levels is simply counter trend trading, you have to ask yourself is there enough room from where you enter back to Intraday levels to profit from it..dont forget the less retracement there is the stronger the move is your trading against.
1a. No I dont look for candle formations on the 1 hour they are too unreliable.
1b. as a double bottom it would but its more important to look for previous 1 hour period highs to be broken.The bar after your #2 candle is what I look for to signal retracement could be under way.
1c & d. No just the previous periods...is it trading higher or lower than the last period.
2. I would enter on candle 3 as it broke the previous low...looking for the rejection. The break of the high of candle 5 could have taken you out for a small profit then the break of the 2nd canlde low after your candle 5 is the second entry...stop back above your candle 3 to prevent whip on the second entry since there were some dumbasses trying to fight the movement, then once you get your candle 7 start following along behind since they figured out they were fighting a loosing battle.
2a. Yes I will build on winning positions
Yes, i dont necessarily recommend my stoploss strategy, everyone has there own threshold of pain.
3. I like the London/US session, but I have entered as early as 0400 GMT.
3a. You just have to be careful when you have days without retracement especially when taking the break of a high or low since you could can get caught at the end of a move and have to suffer the retracement. Im pulling it as soon as a target level from the previous day is hit and look for the retracements then to get set up again. Normally the Intraday is set before the close of the day with an established high and low.
3b & c. No...too late and a friday, if it takes off and runs Ill just have to miss those.
2. I would enter on candle 3 as it broke the previous low
Hmmm nice. I always assumed that your entry was the first candle to open outside of the '38-62' fib zone.
1 - Do you enter a few pips below the candle break, or wait for a candle to close below a previous low?
2 - Are the intraday fibs the main priority on your screen? You have so many fibs on your charts it i hard to me to figure it all out yet.
Say an intraday target had to cross the pivot of a big uptrend.
2a - Would you still take the intraday trade and just mind what happens at that pivot level or would the bigger pivot scare you off?
I suppose it really depends on how much SR is at the particular level. See james16 for that
2b - Do you put more weight on the 0 and 100 levels than on the 38 pivot and 62 etc? For example a big swing fib surely has more weight at its 100 and 0 levels than at 38?
2c - Are trading decisions made from the swing fib? Or is it just a way of measuring how an already in progress intraday trade is going? This post http://forexfactory.com/showpost.php?p=2161704&postcount=5018
says you dont really trade from the swing fib unless as a scalp
Thanks again Bo...
- #5,760
- Sep 9, 2008 6:55pm Sep 9, 2008 6:55pm
- | Commercial User | Joined Oct 2006 | 2,560 Posts
ok i know this has been asked before so apologies in advance. (i find if i go off searching, i end up on a complete tangent and dont get the answer)
Hmmm nice. I always assumed that your entry was the first candle to open outside of the '38-62' fib zone.
1 - Do you enter a few pips below the candle break, or wait for a candle to close below a previous low?
2 - Are the intraday fibs the main priority on your screen? You have so many fibs on your charts it i hard to me to figure it all out yet.
Say an intraday target had to cross the pivot of a big uptrend.
2a - Would you still take the intraday trade and just mind what happens at that pivot level or would the bigger pivot scare you off?
I suppose it really depends on how much SR is at the particular level. See james16 for that
2b - Do you put more weight on the 0 and 100 levels than on the 38 pivot and 62 etc? For example a big swing fib surely has more weight at its 100 and 0 levels than at 38?
2c - Are trading decisions made from the swing fib? Or is it just a way of measuring how an already in progress intraday trade is going? This post http://forexfactory.com/showpost.php?p=2161704&postcount=5018
says you dont really trade from the swing fib unless as a scalp
Thanks again Bo...
1.For Cable Ill use 4-6 pips below and 6-8 pips above, each pair is different since the spread is different on each pair.
2. Yes, the Intraday is what we want to base our entry's from. You can use 2 separate charts with the different levels on them, On my 1 hour for the most part is just the Intraday and the Swing if needed. If you use a split screen you can view all the levels and timeframes without all the clutter on 1 chart. I normally have the screen split with the Daily, the 4 hour and the 1 hour side by side.
2a. Yes same price action/reaction logic as the higher timeframe levels are tested.
2b.Yes but taking trades from the 0 and 100 levels will usually place you in the middle of most moves and increase your risk.
2c.No, not unless the market is in heavy ranging and the swing fib can be used to make scalping trades.The swing is originally used for counter moves to the Intraday or measuring the retracements into the Intraday. Another use is to follow the ranging movements after entering if you plan on holding a trade longer than 1 day.The Swing fib is more of an all purpose tool to use anywhere on any movement to get a picture of where price is in relation to whatever you want to measure.