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Fibonacci Trading with Bobokus

  • #6,121
  • Sep 30, 2008 11:11am Sep 30, 2008 11:11am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
How long did you used to trade straight through? I think I remember you saying something along the lines of 5:00 GMT to 18:00 GMT. I did 12 hours yesterday - started during Asian (which wasn't the smartest in retrospect), and by the time US session was up, I was feeling a little spent. Any tips on how to trade straight through without losing your marbles in the long run?
"Wishful thinking dies hard." Igor T.
  • #6,122
  • Sep 30, 2008 11:14am Sep 30, 2008 11:14am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting sonicdeejay
I wonder where Shermantor goes..nowaday...

Sonic
Think he's learned some stuff from Bo and I see him over at this thread sometimes: http://www.forexfactory.com/showthread.php?t=100929 Does anyone go into the trading room anymore?
"Wishful thinking dies hard." Igor T.
  • #6,123
  • Sep 30, 2008 11:20am Sep 30, 2008 11:20am
Quoting FxChi
How long did you used to trade straight through? I think I remember you saying something along the lines of 5:00 GMT to 18:00 GMT. I did 12 hours yesterday - started during Asian (which wasn't the smartest in retrospect), and by the time US session was up, I was feeling a little spent. Any tips on how to trade straight through without losing your marbles in the long run?
I did it for about a year and a half, and it caught up to me physically. I had to stop now I just trade when I think the conditions are favorable. Lately thats all 3 sessions.
Never even dreamed it could have effected me the way it did, Ive always been in pretty good shape but lack of sleep can and does hurt you. I found out the hard way, but I couldnt stop it became such an addiction for money then more money then more money. Especially during the developement of my own stuff I just couldnt sleep.Ive discoverd I dont have to trade every single minute, when I need a break from it I take it.
  • #6,124
  • Sep 30, 2008 11:22am Sep 30, 2008 11:22am
Quoting FxChi
Think he's learned some stuff from Bo and I see him over at this thread sometimes: http://www.forexfactory.com/showthread.php?t=100929 Does anyone go into the trading room anymore?

He's still around, Ive talked to him through PM's. He's doing fine.
  • #6,125
  • Sep 30, 2008 11:39am Sep 30, 2008 11:39am
after this move should I go ahead and buy for retracement on intradays on both pairs?
  • #6,126
  • Sep 30, 2008 11:58am Sep 30, 2008 11:58am
Quoting kpt1956
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.
Bo, Did I ever tell you I used the Nostradamus indicator? It's kind of weird what I said that day and where we are today, - The meltdown of credit and the stock market. I've always had a gut feeling this was what was coming.
  • #6,127
  • Sep 30, 2008 12:04pm Sep 30, 2008 12:04pm
Quoting kpt1956
Bo, Did I ever tell you I used the Nostradamus indicator? It's kind of weird what I said that day and where we are today, - The meltdown of credit and the stock market. I've always had a gut feeling this was what was coming.
Yep markets cant continue to expand there has to be some retraction eventually. It would be like building 50,000,000 million homes in a market of only 5,000,000 buyers, Oh wait they did that....LOL
  • #6,128
  • Oct 1, 2008 2:51am Oct 1, 2008 2:51am
Did anyone go short on eu or gu in the last hour?
gu wasnt close enough to intraday levels from me to enter, eu almost was...
I prefer to see a candle get into the levels, or even just a wick.
Attached Image (click to enlarge)
Click to Enlarge Name: gu110.gif Size: 18 KB
Attached Image
  • #6,129
  • Oct 1, 2008 2:52am Oct 1, 2008 2:52am
Quoting Bobokus
I did it for about a year and a half, and it caught up to me physically. I had to stop now I just trade when I think the conditions are favorable. Lately thats all 3 sessions.
Never even dreamed it could have effected me the way it did, Ive always been in pretty good shape but lack of sleep can and does hurt you. I found out the hard way, but I couldnt stop it became such an addiction for money then more money then more money. Especially during the developement of my own stuff I just couldnt sleep.Ive discoverd I dont have to trade every single minute, when I need a break from it I take it.
I too paid the price of trading for too many hours.... until one day I discovered the 240 minute and daily charts... more time for decisions and a lot more pips in the black.......... and much better mental and physical health.

There is a level that works for each of us as individuals.. we have to find it for ourselves and do what is comfortable.

This is a great thread, I appreciate the insights in here.


dave
  • #6,130
  • Oct 1, 2008 3:03am Oct 1, 2008 3:03am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I took the the cable short. Yes no retracement to intraday levels though and I honestly noticed that after the trade. I was a little eager I guess because daily closed below retracement fib and my criteria for today was look for a support failure to enter, so I took it.

This reminds me very much of yesterday evening when I entered and the trade went against me almost immediately...lol. Only difference was intraday was tested yesterday followed by swing breaking.
"Wishful thinking dies hard." Igor T.
  • #6,131
  • Oct 1, 2008 3:42am Oct 1, 2008 3:42am
Hi there, for the last couple of days I've been reading up on the thread and trying to understand a bit better what is happening with Fibs. Is there a document that explains what all those lines are. What are the labels (like intraday short) supposed to mean ? Also, I downloaded the indicators posted a while ago but my charts don't look anything like the ones I see posted lately.

Thanks in advance to anyone willing to help.
The quality of your life is brought about by the quality of your thinking.
  • #6,132
  • Oct 1, 2008 4:00am Oct 1, 2008 4:00am
hi jicjoc,i am already short on eurusd,although i only risked it one, the 38.2% level has been tested first as i thought...thats the major reason why o went short, but on the contrary some news will be released soon till the next 2 hours and normally i dont like to place trade when news are to be released.i am still holding position anyway still believeing price will come down. happy pips taking
  • #6,133
  • Oct 1, 2008 4:11am Oct 1, 2008 4:11am
i have placed a take profit at 1.40895, i am not using stop loss at all cos i am staring at mt system and will prefer to exit manually if things go eithr way. happy pips taking
  • #6,134
  • Oct 1, 2008 4:24am Oct 1, 2008 4:24am
Quoting hornet
Hi there, for the last couple of days I've been reading up on the thread and trying to understand a bit better what is happening with Fibs. Is there a document that explains what all those lines are. What are the labels (like intraday short) supposed to mean ? Also, I downloaded the indicators posted a while ago but my charts don't look anything like the ones I see posted lately.

Thanks in advance to anyone willing to help.

Here you have a recent template of Gbp with the fibs I use for 1hr.
In order to get this right I sugest to start from page 1.
Will take some time but it's a great experience.

Cheers.
Attached File(s)
File Type: tpl Bo Tpl..tpl   4 KB | 461 downloads
  • #6,135
  • Oct 1, 2008 4:44am Oct 1, 2008 4:44am
I am still being patient with my trades, as a there isn't any momentum in the markets, and no levels have been broken/rejected yet. There's a lot of expectation for the non-farm payroll news item, that I think momentum will pick up at US open.

For GU I plotted really accurate resistance fibs as shown here, that's seem to being tested at the moment. Right now we're in a consilidation band, so I would expect a breakout in a couple bars. I think the level will eventually be broken, as price is testing it.

For EU the price is moving so slowly, its like watching paint dry, due to the momentum of the retracement I would expect it to bounce of intraday short level very soon.

Tell me what you guys thing. Thanx
TheLegace.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.10.01.08.gif Size: 14 KB
Click to Enlarge Name: gu.10.01.08.gif Size: 18 KB
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,136
  • Oct 1, 2008 4:49am Oct 1, 2008 4:49am
Quoting speedarad
Here you have a recent template of Gbp with the fibs I use for 1hr.
In order to get this right I sugest to start from page 1.
Will take some time but it's a great experience.

Cheers.
Thanks,
are the indicators the ones I downloaded already from some time back ?

Yes, I am reading up on the thread I find it extremely interesting since I am also learning about PA and S&R trading. So fibs fit in nicely obviously.
The quality of your life is brought about by the quality of your thinking.
  • #6,137
  • Oct 1, 2008 6:12am Oct 1, 2008 6:12am
Quoting hornet
Thanks,
are the indicators the ones I downloaded already from some time back ?

Yes, I am reading up on the thread I find it extremely interesting since I am also learning about PA and S&R trading. So fibs fit in nicely obviously.
I don't know what download you made before but for this all you need is a few sets of fibs wich you can also change it yourself with MT4 platform.
This combine with PA is prety powerfull.
Regards
  • #6,138
  • Oct 1, 2008 6:27am Oct 1, 2008 6:27am
here is a template with fibs that I use on higher timeframe.
I don't have them all on 1hr. chart is just too much for me.I'm just aware of those level when the mkt. gets there.
Attached File(s)
File Type: tpl dailytemp.tpl   5 KB | 434 downloads
  • #6,139
  • Oct 1, 2008 6:46am Oct 1, 2008 6:46am
Quoting speedarad
here is a template with fibs that I use on higher timeframe.
I don't have them all on 1hr. chart is just too much for me.I'm just aware of those level when the mkt. gets there.
The quality of your life is brought about by the quality of your thinking.
  • #6,140
  • Oct 1, 2008 7:10am Oct 1, 2008 7:10am
My Short on EU is up 66 pips, I hope it goes more. And I am waiting for market to close below the retracement levels, but due to the fact of the news announcement coming out, I will just wait and see what happens.

Cheers.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
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