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Fibonacci Trading with Bobokus

  • #5,961
  • Sep 24, 2008 2:32am Sep 24, 2008 2:32am
Quoting TheLegace
Hey guys, my laptops been down, so I couldn't really post much. My question of the day was could todays ranging day have been predicted. I am using a template for long term fibs I downloaded a while ago, theres an up trend and downtrend setup and everything, and right now the price looks like its inbetween a very tiny band. I decided to stay out of today, because the day just seemed very ranging, but I am looking at the my daily/h4 charts and the ranging day might have been obvious to me maybe early in the day, I'm wondering what you guys think. \

Thanx
TheLegace.

I dont have that blue uptrend on my chart!
Good spot.
Bo?
  • #5,962
  • Sep 24, 2008 2:36am Sep 24, 2008 2:36am
Bo, do you use T-stops on your trades? If so, how do you calculate how many pips to risk?

thanks
  • #5,963
  • Sep 24, 2008 4:06am Sep 24, 2008 4:06am
hello everyone...anybody trading EUR/USD?
  • #5,964
  • Sep 24, 2008 4:13am Sep 24, 2008 4:13am
hello bo, i have studied your thread and i am back to try them out now.i am trading eur/usd.i have placed my fib on yesterdays high and low..i mean the intraday fib.i have am considering going short now cos price has broken out of the 38.2% on 1 hr chart, and looking at the 4h chart as well,i placed a swing fib at 1.4864 and 1.4622 for the 100% and 0% respectively, and looking at the chart as well,price has broken the 38.2%,infact about 3 candles have formed below the 38.2% mark...do you think going short is reasonable based on all what i have observed?

happy pips taking
  • #5,965
  • Sep 24, 2008 6:10am Sep 24, 2008 6:10am
I've taken a look at charts this morning, wow what a ranging london session. I really hope it picks up in NY session. For the EU I am waiting for price to break intraday short level, and that will be my short. As for GU price has a bit to move I think before even thinking about a move. Good luck everyone.


TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,966
  • Sep 24, 2008 6:43am Sep 24, 2008 6:43am
Quoting watchout4me
how do you combine swing fibo and intraday fibo together?

do you sometimes consider the swing fibo first?

I've seen the videos - they are great, just need more clarification.


thanks

The Intraday is meant to measure the movement that happens over the coarse of a trading day, sometimes including candles from the previous day and or day after if its a continuos move.
The swing is meant to measure the retracements that happen into the Intraday movement.
  • #5,967
  • Sep 24, 2008 6:45am Sep 24, 2008 6:45am
Quoting big_pipin
Bo, do you use T-stops on your trades? If so, how do you calculate how many pips to risk?

thanks
No, I dont use trailing stops
  • #5,968
  • Sep 24, 2008 6:46am Sep 24, 2008 6:46am
Quoting bjpumping
hello everyone...anybody trading EUR/USD?
I havnt entered anything, too rangy so far. I may skip a day and trade tomorrow.
  • #5,969
  • Sep 24, 2008 6:47am Sep 24, 2008 6:47am
Quoting bjpumping
hello bo, i have studied your thread and i am back to try them out now.i am trading eur/usd.i have placed my fib on yesterdays high and low..i mean the intraday fib.i have am considering going short now cos price has broken out of the 38.2% on 1 hr chart, and looking at the 4h chart as well,i placed a swing fib at 1.4864 and 1.4622 for the 100% and 0% respectively, and looking at the chart as well,price has broken the 38.2%,infact about 3 candles have formed below the 38.2% mark...do you think going short is reasonable based on all what i have observed?

happy pips taking
So far the ranging has been dominate and I wouldnt enter anything right now
  • #5,970
  • Sep 24, 2008 6:48am Sep 24, 2008 6:48am
Quoting TheLegace
I've taken a look at charts this morning, wow what a ranging london session. I really hope it picks up in NY session. For the EU I am waiting for price to break intraday short level, and that will be my short. As for GU price has a bit to move I think before even thinking about a move. Good luck everyone.


TheLegace.
Maybe Bernanke's speeches today will give them a kick in the pants.
  • #5,971
  • Sep 24, 2008 6:54am Sep 24, 2008 6:54am
Quoting Bobokus
At this point it wouldnt be considered going back into a short market unless we get a Daily close below 1.4600, shorts from this point back to the Intraday levels and the Retracement fib levels should be considered scalps until these levels are broken.

Hi Bobokus,

kindly post your EURUSD screenshot to understand more.

Thank you
  • #5,972
  • Sep 24, 2008 6:58am Sep 24, 2008 6:58am
Quoting watchout4me
Hi Bobokus,

kindly post your EURUSD screenshot to understand more.

Thank you
Sure,
Attached Image (click to enlarge)
Click to Enlarge Name: euro0924.gif Size: 20 KB
  • #5,973
  • Sep 24, 2008 7:21am Sep 24, 2008 7:21am
Quoting Bobokus
At this point it wouldnt be considered going back into a short market unless we get a Daily close below 1.4600, shorts from this point back to the Intraday levels and the Retracement fib levels should be considered scalps until these levels are broken.
Thank you for the screenshot, I'm setting up mine as well. Is there any other level to be broken b4 going short apart from the intraday low 1.4623?

or is it that 1.4600 is a rounded number?
  • #5,974
  • Sep 24, 2008 8:26am Sep 24, 2008 8:26am
Quoting watchout4me
Thank you for the screenshot, I'm setting up mine as well. Is there any other level to be broken b4 going short apart from the intraday low 1.4623?

or is it that 1.4600 is a rounded number?
Certainly, from the 4 hour chart there will be support levels from this last up movement and of coarse the Retracement fib from the Daily chart that will offer support levels as well, and must be considered since these levels will be in the path if it does go short here.
  • #5,975
  • Sep 24, 2008 8:38am Sep 24, 2008 8:38am
Quoting Bobokus
Certainly, from the 4 hour chart there will be support levels from this last up movement and of coarse the Retracement fib from the Daily chart that will offer support levels as well, and must be considered since these levels will be in the path if it does go short here.

Thanks for your kind responses.

Bokokus, how would you advise someone like me who can't trade intraday due to work but can still to trade 4hr chart? - I can rarely use 1hr chart.

cheers
  • #5,976
  • Sep 24, 2008 9:18am Sep 24, 2008 9:18am
I made a short on EU @ 1.4691, I saw price cleared the long term downtrend level @ 1.4700. So far up 15 pips. Let's hope price keeps going down.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,977
  • Sep 24, 2008 9:41am Sep 24, 2008 9:41am
Quoting watchout4me
Thanks for your kind responses.

Bokokus, how would you advise someone like me who can't trade intraday due to work but can still to trade 4hr chart? - I can rarely use 1hr chart.

cheers

Even with a 4hour chart it would be better to be there at the open and close of each 4 hour period especially when the volitility is so high. You may be better served to adapt to a Daily chart if you cant be there to monitor each 4 hour period.
  • #5,978
  • Sep 24, 2008 9:45am Sep 24, 2008 9:45am
Quoting TheLegace
I made a short on EU @ 1.4691, I saw price cleared the long term downtrend level @ 1.4700. So far up 15 pips. Let's hope price keeps going down.

Same here shorted at 1.4702, I would like to see it retest yesterdays low again.
  • #5,979
  • Sep 24, 2008 9:47am Sep 24, 2008 9:47am
Hi Bobokus. I believe I have cracked a lot of the problems that people can have when trading with the Fibonacci, by discovering what I have called the Absolute Fibonacci Framework. I, and many other traders, have been using it for about three years now, and it is totally consistent. It shows you the levels without the need for continuous application fo new Fibs, because it follows the underlying patterns that are actually there permanently.

I have produced an ebook that explains a bit more, if you want to take a look.

The framework is there; we just have to work on our frame of mind.
  • #5,980
  • Sep 24, 2008 9:49am Sep 24, 2008 9:49am
Nice to find this thread! Fibs are the only way to go, actually, but not the way most people seem to use them....
The framework is there; we just have to work on our frame of mind.
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