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Fibonacci Trading with Bobokus

  • #5,841
  • Sep 13, 2008 9:04pm Sep 13, 2008 9:04pm
Is the room on the tradingrooms.com platform still open? I don't see it listed.
  • #5,842
  • Sep 13, 2008 10:04pm Sep 13, 2008 10:04pm
Quoting jicjoc
Hi Bo,
Just wondering about your last template posted here http://www.forexfactory.com/showthre...63#post2197463
1st picture

Now, i just said i'd pull my uptrend fib as you had done recently with the retracement fib:
Arrow up marks a swing low, arrow down marks a swing high, tick marks levels respected and x marks target hit.

The next fib i place is where the previous levels were respected to where the previous target was hit.
Q1 - As far as i can see then this is the correct way you move your swing fib. Should it not be the same for the higher TF fibs?

So here they are:

Q2 - What i am wondering is should your uptrend fib not be as per my last picture gu_mine_uptrend_6th.gif?
Thanks for your help...
1. Yes the higher timeframes work exactly the same as the smaller ones but trying to trade from a monthly can require some major drawdown capabilities and tie up too much margin waiting those out. I use them more for the major support and resistance levels.The difference is the way your moving your uptrend is not measuring the actual uptrend but just the waves or movements that occured during it.

2. Not if Im trading from the lower timeframes, i want the higher timeframes to show the major support and resistance levels not necessarily trade the monthly chart. It depends on what you want from them to show you. My uptrend was where you have it until its inner levels were broken indicating the market has turned from just a correction into a downtrend...so from that I want to know what are the support levels below price now...if the short level is broken where mine is now I will use the targets from where you have yours, but not until then.
  • #5,843
  • Sep 13, 2008 10:33pm Sep 13, 2008 10:33pm
Quoting jicjoc
Hi Bo,
Here is my current placement of the intraday fibs in the 3rd pic.

The reason i placed it there and not from the low of friday at 1.7539, or lower at the start of the current wave at 1.7462 on thursday
is because thursdays intraday fibs were respected at the two ticks on pic 1, and their targets were hit at the x.

Q1 - Thursdays intraday fibs could have been pulled from either down arrow. It doesnt really matter which as it was only a difference of 10 pips. Is that correct?

Q2 - So i pull my current intraday fibs from the last area where an intraday was respected to its targets? Is that correct?

Q3 - How have you pulled your current intraday fibs?

Q4 - If a fib over shoots its target as it did on friday marked x in both pic 1 and 2. Do you pull the fib to the highest point it overshot before it retraced? As i did in pic 3.


thanks!
1. Your using one of those brokers that has the GMT off from everyone else by 3 hours. Your 2nd high which looks to be your opening candle for friday or 00 GMT is only my 2100 candle so yes the 2nd high on your chart was my Intraday high.

2. Normally yes but weve had an abnormal movement and we have to look at it that way.In this case where you have your Intraday is more where you would have a swing following each movement price makes. The Intraday if pulled would be the equivelant of the Retracement fib from the Daily since weve moved so far in 1 day and broken resistance levels to get there.

3. I have my retracement fib from the low of thursday to the high of friday. The next Intraday will most likely be the retracement from this move up friday, which was basically the amount of movement from 2.5 days of trending without any retracement.

4. Yes, if you want to look at it from a Swing fib type viewpoint.
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  • #5,844
  • Sep 13, 2008 10:34pm Sep 13, 2008 10:34pm
Quoting southernmind
Is the room on the tradingrooms.com platform still open? I don't see it listed.
That one I dont know. I think Sherm is the one running the trading rooms thing.
  • #5,845
  • Sep 14, 2008 10:00am Sep 14, 2008 10:00am
Hello Bob, I don't know what to say,but i think i was lucky not to trade on friday.I would have made some big losses.If u could notice,cable tested the intraday high 3 times b4 it finally breaks it.What can we say happen here,'cos ordinarily i would have gone for a short trade with a big lot seeing such rejection.And also on weekly chart,there was also a big rejection on the monthly level of fib,what can we expect this new week.Are we going to see more retracement toward the north? Always Learning, Hiswords. NB: My connection is bad,i would av posted the chart for my analysis.
  • #5,846
  • Sep 14, 2008 11:49am Sep 14, 2008 11:49am
Still trying to get back in the full swing of things after a nice week and a half vacation. But as I was reading thru the last cpl pages I zoomed in to look at the charts you posted with the explination, and it kinda hit me like a baseball bat and said "WHACK!!! duh ya big dummy why didn't it hit ya like this before" but it seems so much clearer now. Seems like more of the fog has lifted.
Thanks for your clear teachings Bo.

Happy Pippin'
KC

Quoting Bobokus
Loved the euro last week, it traded almost picture perfect and gave up some very nice moves. There are several ways you can enter. The most risky being to simply identify the market is bearish and place sell limit orders on the Inner levels of your fib, mid level risk is what the next few charts demonstrate which is following behind the market with either a buy or sell stop and letting the reversal of momentum pick you up on its way.The least risky is wait until the levels are tested and candle to open away from the levels after the test or break of the levels.In a trending market they will hit like clockwork in a ranging market youll have to put up with alot of noise and reversals so the method of choice during ranging is scalping until its obvious the ranging pattern has been broken.
The next few charts show the medium risk type entry used on the euro over the last week or so.
In Example 2, I mislabelled the entry candle..its the 00 candle low of the 8th
Its early for me.............
  • #5,847
  • Sep 14, 2008 12:38pm Sep 14, 2008 12:38pm
Quoting hiswords
Hello Bob, I don't know what to say,but i think i was lucky not to trade on friday.I would have made some big losses.If u could notice,cable tested the intraday high 3 times b4 it finally breaks it.What can we say happen here,'cos ordinarily i would have gone for a short trade with a big lot seeing such rejection.And also on weekly chart,there was also a big rejection on the monthly level of fib,what can we expect this new week.Are we going to see more retracement toward the north? Always Learning, Hiswords. NB: My connection is bad,i would av posted the chart for my analysis.
My friend I am not Bo but we never began to brake lows...the shows use the buyers kept on pushing up after pierceing the high...
  • #5,848
  • Sep 15, 2008 3:55am Sep 15, 2008 3:55am
Hello,
Is anyone trading the gap in usd/jpy and usd/chf?It seems the market it's not covering up the gap.
What can we do?
Hiswords.
  • #5,849
  • Sep 15, 2008 5:08am Sep 15, 2008 5:08am
I have made 65 pips in my short
total for night 90 pips



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  • #5,850
  • Sep 15, 2008 5:46am Sep 15, 2008 5:46am
Quoting Shermenator
I have made 65 pips in my short
total for night 90 pips



Attachment
Nice trade =)

This system seems to be very accurate when the correct fibs are pulled.
  • #5,851
  • Sep 15, 2008 6:12am Sep 15, 2008 6:12am
Hold on to your seats everyone, Lehman Bros. is Chap 11, Merill Lynch is bought by Bank of America. After today, instead of 5 big stock firms there will be only 3 and eventually 2. Everyone expects massive sell off on stock market and USD to plummet. I'm not trading until stock market reacts to this. Good Luck today everyone. Duck and cover if you have to. You may not see a day like today during our life time.
  • #5,852
  • Sep 15, 2008 6:19am Sep 15, 2008 6:19am
Hi Shermenator,
nice trades.

Is someone interested in skype chat ? Could open some chat room there.
I would like time to time observe some charts while learning.

Thanks.


Free


Quoting Shermenator
I have made 65 pips in my short
total for night 90 pips



Attachment
While trading, enjoy life - be happy
  • #5,853
  • Sep 15, 2008 7:24am Sep 15, 2008 7:24am
I have pulled a retracement fib from thursday's low to last night's high. Is there some reason that's not a good idea, anyone ?
  • #5,854
  • Sep 15, 2008 3:16pm Sep 15, 2008 3:16pm
Quoting prov1813
I have pulled a retracement fib from thursday's low to last night's high. Is there some reason that's not a good idea, anyone ?
Thats how Ive got mine
  • #5,855
  • Sep 15, 2008 4:01pm Sep 15, 2008 4:01pm
Quoting Bobokus
Thats how Ive got mine
Thanks, just need to double check myself as I bring on dif fibs I haven't been using. Went back and watched the videos again last night, and, just like before, there was new stuff, lol. If you wouldn't mind, it might be useful if you would post your 1hr chart once a week or so, just for reference. You prob do that already in the scheme of things.
  • #5,856
  • Sep 15, 2008 4:23pm Sep 15, 2008 4:23pm
Quoting prov1813
Thanks, just need to double check myself as I bring on dif fibs I haven't been using. Went back and watched the videos again last night, and, just like before, there was new stuff, lol. If you wouldn't mind, it might be useful if you would post your 1hr chart once a week or so, just for reference. You prob do that already in the scheme of things.
Sure, heres the Daily view and the 1 hour Intraday view.
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  • #5,857
  • Sep 15, 2008 4:31pm Sep 15, 2008 4:31pm
Ive been primarily trading the euro last week and most likely the next few weeks so here is a Daily and 1 hour Intraday view for it as well.
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  • #5,858
  • Edited 5:09pm Sep 15, 2008 5:03pm | Edited 5:09pm
Hi Bo,

I just made it through all 390 pages of this thread. Something I should have done a long time ago.

I'd like to commend you on your patience as well as the clear and concise format in which you have presented your framework throughout the various lessons in the thread. You done good! You've got to be the smartest redneck on FF by far.

What is your reasoning for switching over to the Euro as of late?

PS. Can someone please post the indicator and EA for me so I can retire.
  • #5,859
  • Sep 15, 2008 6:16pm Sep 15, 2008 6:16pm
Quoting Bobokus
Ive been primarily trading the euro last week and most likely the next few weeks so here is a Daily and 1 hour Intraday view for it as well.

Great stuff, Bo!
I just checked/fixed my Fibs

thanks
  • #5,860
  • Sep 15, 2008 7:20pm Sep 15, 2008 7:20pm
Quoting Bobokus
Ive been primarily trading the euro last week and most likely the next few weeks so here is a Daily and 1 hour Intraday view for it as well.
Thanks for those Bo, They're the same as mine. WooHoo!
I just realised that it doesnt really matter what the name is on the fibs, in fact the name's themselves were to me misleading as i didnt understand what move they related to.
What really matters is you know which move is which, and have all the fibs in the right places.

Q1 - Now im just wondering about entering opposite positions on the euro and cable. Would you ever do this?

The situation wont arise now as cable just dropped but for a while there it was going up and euro was going down.
Q1a - Would an opposite ever make make sense, or just very rarely anyway?


Im wondering aswell about when the intraday is inside and conflicting with a bigger fib as it is with gu and eu now.

Todays intraday on eu and gu are bearish but the move from thursday night to sunday night was bearish.
Q2 - What would make you take a bearish break from todays intraday levels?
Personally ive no interest in anything bearish these days only a quick scalp

Also i not that the intraday levels have already been broken long and now maybe holding. Is that decent analysis? Longs only ?

Q2a - Are you keeping an eye on the news and the banks going under?
Does news affect you much? Is it something you watch for? i dont. Just the fibs and PA



Q3 - Also Eu and Gu have been so very alike recently i was wondering why you've changed to eu
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