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Fibonacci Trading with Bobokus

  • #5,981
  • Sep 24, 2008 11:08am Sep 24, 2008 11:08am
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.
Closing a portion of my trade here at yesterdays low since we can still go back into ranging, let the rest run for what it can get and let the market close the remainder
  • #5,982
  • Sep 24, 2008 11:18am Sep 24, 2008 11:18am
Quoting niceguy777
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.

I appreciate the offer but I am content with my current methodology.
  • #5,983
  • Sep 24, 2008 1:06pm Sep 24, 2008 1:06pm
i saw your reply, but you went short later at 1.4702...i thought you said you were not going to trade for 2 days or so?anyway, i was able to take 14 pips earlier after i asked my question and i just came back online now.still looking if there can be any opportunity of taking some pips again.do you ever trade the AUD/NZD currency pair??

happy pips taking.
  • #5,984
  • Sep 24, 2008 1:11pm Sep 24, 2008 1:11pm
niceguy77...do you have any thread on this forum where one can view your trading styles and any other thing you have mentioned?

happy pips taking
  • #5,985
  • Sep 24, 2008 1:18pm Sep 24, 2008 1:18pm
Quoting bjpumping
i saw your reply, but you went short later at 1.4702...i thought you said you were not going to trade for 2 days or so?anyway, i was able to take 14 pips earlier after i asked my question and i just came back online now.still looking if there can be any opportunity of taking some pips again.do you ever trade the AUD/NZD currency pair??

happy pips taking.

Actually i said I may skip a day and trade tomorrow, I just saw a scalping opportunity and took it, it turned into a decent trade though. Honestly didnt expaect it to jump back into the Intraday levels like that.
No i dont trade the AUD/NZD cross.
  • #5,986
  • Sep 24, 2008 2:54pm Sep 24, 2008 2:54pm
thanks for the prompt reply.now i moved my intraday fib to a high of 1.46869 for the 100% and low of 1.46291 for the 0%.i was thinking of going short when price hit the 50% swing pivot but i was speculating..now price has gone down to hit the swing target1 which made me feel that what i did was reasonable.what do you think?

happy pips taking.
  • #5,987
  • Sep 24, 2008 3:16pm Sep 24, 2008 3:16pm
Quoting bjpumping
thanks for the prompt reply.now i moved my intraday fib to a high of 1.46869 for the 100% and low of 1.46291 for the 0%.i was thinking of going short when price hit the 50% swing pivot but i was speculating..now price has gone down to hit the swing target1 which made me feel that what i did was reasonable.what do you think?

happy pips taking.
The Intraday would be from todays high to whatever low we make today, the swing would be placed once it retraces back up after the low is established.

For today if you were following with your swing the last point the levels were respected is from todays high down to the low of 1.4629, from there there has been a rejection from the Short level. Being this late in the day though the risk is greater going into the asian session. The current Intraday should still be on Mondays high to yesterdays low.

But yes if you were going to scalp a few from the swings that sounds resaonable.
  • #5,988
  • Sep 24, 2008 5:06pm Sep 24, 2008 5:06pm
Bollinger band pinches on H4 and H1. H4 shows price could drop towards 89sma at around 1.4300. H1 shows price is flirting with 89sma now....
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  • #5,989
  • Sep 24, 2008 5:18pm Sep 24, 2008 5:18pm
Quoting Bobokus
Closing a portion of my trade here at yesterdays low since we can still go back into ranging, let the rest run for what it can get and let the market close the remainder
Since my phone died, I figured it would have been a good idea just to close my trade, I exited with 50 pips, pretty happy I am catching oppurtunities and getting kinda good at trading with fibs, still getting anxious about trading live, going to wire money next week. We'll see what happens.

Thanx a lot Bo
TheLegace
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,990
  • Sep 24, 2008 6:30pm Sep 24, 2008 6:30pm
Bo,

bad trade (again). Entered long on the bounce from intraday and on hammer, it turned on me on the next candle. Bad trade but everything looked right?..
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  • #5,991
  • Sep 24, 2008 7:28pm Sep 24, 2008 7:28pm
Quoting jasius
Bo,

bad trade (again). Entered long on the bounce from intraday and on hammer, it turned on me on the next candle. Bad trade but everything looked right?..
Dont sweat it, you entered correctly in the sense it was giving a long signal by the previous period high being broken the problem was the momentum was still down from being rejected from the Intraday levels, if it had retraced it would have most likely stalled again at the Intraday levels. The overall look from the 1 hour is also pointing down with lower highs but stalling at the support levels from the movements up. You could have kept your losses at a minimum once you saw the next periods low broken, once again signalling to reverse or close.
Even though its looking short were still seeing the support levels from Mondays movement and even the movement from fridays low to Mondays high are still in the path on short trades just be wary until we can clear this range. And dont put too much faith in candlestick formations on the 1 hour.
  • #5,992
  • Sep 24, 2008 9:26pm Sep 24, 2008 9:26pm
While H4 and H1 hold promise of run down, the asian session gave it a run up out of a bollinger band pinch on the M15.....right to the 1000% level. Maybe now it will proceed farther down.
Attached Image (click to enlarge)
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  • #5,993
  • Sep 24, 2008 11:14pm Sep 24, 2008 11:14pm
Entered long at 8514 earlier today on the bounce from the pivot and long fibs area, exited at 8590 for 76 pips.

Happy pippin'
KC
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  • #5,994
  • Sep 25, 2008 12:23am Sep 25, 2008 12:23am
I think I am going to take a short EU, right now price is bouncing of pivot point, but unless my downtrend short level is broken, there won't be a short. It's kind of funny, because it is the same move I made yesterday.

TheLegace.
Attached Image (click to enlarge)
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"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,995
  • Sep 25, 2008 12:31am Sep 25, 2008 12:31am
Quoting jasius
Bo,

bad trade (again). Entered long on the bounce from intraday and on hammer, it turned on me on the next candle. Bad trade but everything looked right?..
It may not fit with your style, but I like to add a macd to my charts to help me with entry once the fibs give the signal. I use

4hr charts with macd (12,100,9) settings
1hr with macd------------
20min with macd---------
  • #5,996
  • Sep 25, 2008 2:09am Sep 25, 2008 2:09am
I missed a really good trade oppurtunity for GU at london open, the price broke long @ 1.8547 and its hit T1 @ 1.8663. More than a 100 pip move, aw well. My main hesitaiton was that there was a major level, but even if price stoppped out there it still would have been a nice trade. It's ok though, I will trade the retracement late on US open. I am pulling an allniter so I am having trouble concentrating on homework and trades. Right now I am just waiting for price to break intraday long levels on EU, atleast I think I still may catch that long.

Anyway good luck.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,997
  • Sep 25, 2008 2:30am Sep 25, 2008 2:30am
Hi everyone,
It seems we should rest for a while things are not moving at all.I believe the economy crisis around the world is telling on the market as well.I hope it gets better soonest.
Bye.
  • #5,998
  • Sep 25, 2008 3:25am Sep 25, 2008 3:25am
Very interesting situation. It has hit the major barriers at the top of a 1000 set on the Ab Fib Framework. It has to stop there. At the moment, I'm not sure if, after a break of a day or more, it will continue quickly upwards to the 1.5140 or 1.5236 areas, or settle back into the lower set. It is channeling the gap on a 382, which may suggest a strong move coming up, but time will tell, and I hate making predictions on forums - better to observe and see the moves when I know they are happening.

That big move down on the EURUSD was a classic one for the Ab Fib Framework. Times may be a little alarming right now, but the Framework remains totally consistent.
Attached Image
The framework is there; we just have to work on our frame of mind.
  • #5,999
  • Sep 25, 2008 3:59am Sep 25, 2008 3:59am
here are my current fib levels:

the Retracement fib (purple) is drawn on the daily and goes back to the low of September 11 to recent high

the Support fib (light blue) connects the swing from Friday 19th to recent high

Intraday fib (green) just measures yesterday high/low.

Maybe somebody could confirm those levels, as I'm not quite sure from which timeframes the retracement fib and Support fib are drawn from.
Attached Image (click to enlarge)
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  • #6,000
  • Sep 25, 2008 11:58am Sep 25, 2008 11:58am
The attached M30 chart shows a Head & Shoulders formation for this current session. We are a bit over half way thru the US part of this session and the price is sitting on the neckline. If this breaks to the down side, the run should be the height of the Head (about 135 pips) subtracted from the neckline. This would be in the vacinity of the 262% fib extension level shown on the chart, around 1.4491, say a run down to 1.4500 to even things off.

I would not expect it this session, with so little time left. But the run could start and proceed during the next session on Friday.
Attached Image (click to enlarge)
Click to Enlarge Name: eurodollar m30.gif Size: 47 KB
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