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Fibonacci Trading with Bobokus

  • #6,221
  • Oct 6, 2008 5:05pm Oct 6, 2008 5:05pm
Quoting Bobokus
I wouldn't, That would be buying into weakness, the best trade for the Yen is to let it rally up and sell it when it fails at resistance levels again. As long as the US markets continue to fall so should the Yen. I would only buy after we have seen support levels holding after it makes a rally, you want it to prove to you that it has the potential to go up.
Are you trading real money or Demo?
hi bobokus.Should i pull the down tren to the new low ,and wait for a new retracement
  • #6,222
  • Oct 6, 2008 6:28pm Oct 6, 2008 6:28pm
Quoting TheLegace
I am still wondering who should be panicing, US markets or foreign markets, becuse US dollar is taking back a lot of ground insanely faster than it lost in previous months, it's unbeleivable.
Its like the old saying, "they take the stairs up and the elevator down"
  • #6,223
  • Oct 6, 2008 6:36pm Oct 6, 2008 6:36pm
Quoting boyeros
hi bobokus.Should i pull the down tren to the new low ,and wait for a new retracement
Yes the Downtrend fib low point can be moved to the new low, and yes we keep pulling it if new lows continue to be made...until we see it retracing from the Daily then we start with a new Retracement fib.
For now though we want to leave the Retracement fib as it is since it is giving us our Target range on the Daily.
  • #6,224
  • Oct 6, 2008 7:04pm Oct 6, 2008 7:04pm
Did anyone notice the Euro is sitting on its Retracement T1 today 1.3506 ?
  • #6,225
  • Oct 6, 2008 7:11pm Oct 6, 2008 7:11pm
Hi Bo,

Bo, I made nothing but great trades all last week following your method of analysis, and again today. Probably I over simplified your approach, but I sure hope we see this kind of trend again. All I did was follow the intraday and swing fib (since the daily fibs were all indicating south) and sold the rallies...all week long.

The way your fib set up maps the market is really quite ingenious. Now this is probably an exceptional market condition, but at least I am not chasing rallies in a downtrend thinking 'this has to start going up soon'... major shift in thinking for me.

So, I'll keep watching the fibs and see how the price reacts when the trend changes.

Thanks
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  • #6,226
  • Oct 6, 2008 8:09pm Oct 6, 2008 8:09pm
Quoting sundowner
Hi Bo,

Bo, I made nothing but great trades all last week following your method of analysis, and again today. Probably I over simplified your approach, but I sure hope we see this kind of trend again. All I did was follow the intraday and swing fib (since the daily fibs were all indicating south) and sold the rallies...all week long.

The way your fib set up maps the market is really quite ingenious. Now this is probably an exceptional market condition, but at least I am not chasing rallies in a downtrend thinking 'this has to start going up soon'... major shift in thinking for me.

So, I'll keep watching the fibs and see how the price reacts when the trend changes.

Thanks
These are definately the conditions we want to see in the market, there will be times that are not so cut and dry and the markets range for extended periods, during those times we just simply switch gears to more of the scalping tactics with the swing until we see the markets break into trending again.
  • #6,227
  • Oct 6, 2008 8:10pm Oct 6, 2008 8:10pm
Quoting Bobokus
Did anyone notice the Euro is sitting on its Retracement T1 today 1.3506 ?

At some point I was looking to take a long scalp above 1.3541.
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  • #6,228
  • Oct 6, 2008 8:29pm Oct 6, 2008 8:29pm
Quoting speedarad
At some point I was looking to take a long scalp above 1.3541.
Update your Intraday to the movement of just today and youll see were testing the resistance of those levels already and could turn short first. It can still take another plunge before attempting a push up.I would at least wait until we see it get above 1.3560 before considering it, that way it will be breaking into the previous support point on the previous waveforms.
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  • #6,229
  • Oct 6, 2008 11:00pm Oct 6, 2008 11:00pm
Quoting Bobokus
These are definately the conditions we want to see in the market, there will be times that are not so cut and dry and the markets range for extended periods, during those times we just simply switch gears to more of the scalping tactics with the swing until we see the markets break into trending again.

Yes, I need to work with these changes before I go live...but after a year of study, your method of market analysis is providing an amazing insight into the market's movements.

May I ask if you actually use interbankfx for live trading or is it just a charting program? If the question is out of line, or distracts from thread, please ignore.

I'm just looking to go live once I experience multiple market conditions and all I'm getting from my internet research is negative on forex brokers.

Truth is, having followed this thread for some time and having been very successful, I'm looking to start trading live. Your method of market analysis is all I use now.

Regards
  • #6,230
  • Oct 7, 2008 3:44am Oct 7, 2008 3:44am
Quoting Shermenator
Make your own thread bud lol....please dont cluttter with another system
Thanks for the welcome! I thought this was about Fib trading....



'Minds are like parachutes.........' know that one?
The framework is there; we just have to work on our frame of mind.
  • #6,231
  • Oct 7, 2008 6:48am Oct 7, 2008 6:48am
Quoting sundowner
Yes, I need to work with these changes before I go live...but after a year of study, your method of market analysis is providing an amazing insight into the market's movements.

May I ask if you actually use interbankfx for live trading or is it just a charting program? If the question is out of line, or distracts from thread, please ignore.

I'm just looking to go live once I experience multiple market conditions and all I'm getting from my internet research is negative on forex brokers.

Truth is, having followed this thread for some time and having been very successful, I'm looking to start trading live. Your method of market analysis is all I use now.

Regards
Ive had an account with IBFX for 5-6 years. The reason is the other brokers I use dont offer MT4 which I feel is the best platform for what we do.I still have a live account with them but I do most of my live trading with FXCM and now Saxo.
You'll know when your ready for live trading, just start small and make baby steps to build your account to the point your trading on the houses money at that point it becomes alot less stressful and more like trading with demo money.
  • #6,232
  • Oct 7, 2008 8:42am Oct 7, 2008 8:42am
I don't see anything wrong with his post, it's about fib trading. The ultimate call is Bo's decision, after all it is his thread.

And I seem to remember you had alot of other "stuff" on your chart before also.....

Happy Pippin' All
KC

Quoting Shermenator
Make your own thread bud lol....please dont cluttter with another system
  • #6,233
  • Oct 7, 2008 10:08am Oct 7, 2008 10:08am
Quoting niceguy777
Thanks for the welcome! I thought this was about Fib trading....



'Minds are like parachutes.........' know that one?
It is about trading with fibonacci, its just no-one understands what your talking about unless your willing to share with everyone how the levels of your Absolute Framework are calculated and its application here in a free forum.

  • #6,234
  • Edited 10:27am Oct 7, 2008 10:16am | Edited 10:27am
Quoting Bobokus
It is about trading with fibonacci, its just no-one understands what your talking about unless your willing to share with everyone how the levels of your Absolute Framework are calculated and its application here in a free forum.
hear, hear..
Bobokus i commend you for your patience and perseverance. You are one of the most helpful (trader, educator) on this site.
  • #6,235
  • Oct 7, 2008 4:29pm Oct 7, 2008 4:29pm
Quoting Bobokus
It is about trading with fibonacci, its just no-one understands what your talking about unless your willing to share with everyone how the levels of your Absolute Framework are calculated and its application here in a free forum.
Bobokus could you help me ,how to see the picture in small time frame .Because i would like to trade in 5m chart
  • #6,236
  • Oct 7, 2008 4:37pm Oct 7, 2008 4:37pm
Quoting niceguy777
Thanks for the welcome! I thought this was about Fib trading....

'Minds are like parachutes.........' know that one?


Quoting Shermenator
Make your own thread bud lol....please dont cluttter with another system
This user (NiceGuy777) is using a sellers aproach (and a bad one i must say). I know he sells a course or a indicator based on fibonnaci or whatever, and he is using this thread as a bait.
  • #6,237
  • Oct 7, 2008 4:58pm Oct 7, 2008 4:58pm
Quoting boyeros
Bobokus could you help me ,how to see the picture in small time frame .Because i would like to trade in 5m chart
I dont recommend trading anything less than a 1 hour timeframe.
  • #6,238
  • Oct 7, 2008 5:03pm Oct 7, 2008 5:03pm
In A Daily Chart ,can Place The Retracement Fib Or Wait For A Deeper Mov
  • #6,239
  • Oct 7, 2008 5:13pm Oct 7, 2008 5:13pm
Quoting boyeros
In A Daily Chart ,can Place The Retracement Fib Or Wait For A Deeper Mov
If your asking about GBP no leave it as it is for now.
  • #6,240
  • Oct 7, 2008 5:35pm Oct 7, 2008 5:35pm
Hey Bo, just suffered a pretty big loss, I am taking a break from forex for a day or two, just been stressed with school, and this is just adding onto it.


I was just wondering though, for future references, you mind explaining how exactly you set stop losses, and how exactly the stop and reverse might work.

I took a long yesterday, and it didn't make it to a high, just failed and shot down so fast, market is ranging and everything, but I didn't follow a good stop loss strategy, and lost quite a bit,(luckily I stil netted pips from last week). But this was a good lesson to learn I guess about how to minimize loss. I am assuming you set losses low of previous candles usually? I'm kinda ashamed by the loss to so it is kinda kick in the pants not be irresponsible and emotional over trading. But I think it takes a big loss to understand that properly.

Now I think if I had stoppped and reverse I would have definitely recovered loss and had a decent profit of pips, so I am just wondering if you could outline how exactly you would go stop and reversing a trade.

Anyway Good Luck with everything. Luckily I followed really good money management, and I'm not close to being in a danger zone when it comes to finances. Lesson learned, take a small loss because you can recoup it later, but risking a big loss will take even longer to recover.

Thanx a lot for everything.
I'll hope to have a better day in weeks and days coming up.
TheLegace.
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