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Fibonacci Trading with Bobokus

  • #6,281
  • Oct 10, 2008 8:45am Oct 10, 2008 8:45am
Quoting speedarad
Sherm,is your long entry based on 4hr. chart?
I understand the logic behind this I'm just curios where your entry was on gbp/usd.
Thanks

I took at the break of the 1 hour candles high....I drop to the 1 hour chart to trade the retracement to the 4 hour swings depending on the trade...
The break of the high of the candle I took is the place I when long at..

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 21 KB
  • #6,282
  • Oct 10, 2008 8:47am Oct 10, 2008 8:47am
Quoting Shermenator
Dont have a bias its either resistance holds or support holds...dont get ahead of yourself we still have alot of hours left in the day and resistance is yet to brake
I dont have a bias, but on my chart support has held.
Of course the close of today is going to tell an awful lot. It'll probably indicate trading direction for the next few months...
  • #6,283
  • Oct 10, 2008 8:55am Oct 10, 2008 8:55am
Quoting jicjoc
I dont have a bias, but on my chart support has held.
Of course the close of today is going to tell an awful lot. It'll probably indicate trading direction for the next few months...

your basing it on the uptrendshort....the market trend is down and their is yet to be a single indication that its going to reverse since we are yet to have a single resistance failure...once resistance failure of smaller swings take place everything up becomes scalping untill at least price gets to the 1.80 area because until then the market will be looking to sell off hard...meaning that the probabilty of the bullish trades need to get treated like scalps untill we get a couple of days proving them selfs as supports and targets being meet..so anything taken short has higher probabilty at this point if price action indicates that...
  • #6,284
  • Oct 10, 2008 9:06am Oct 10, 2008 9:06am
I'm with ya on that jicjoc. Right now as I see it I won't play a short (unless of course a scalp come into play) until close on the daily below 7050 but if it closes above I'll be thinking long. The big picture tells it all alot better, gonna be interesting to see how it all pans out.

Happy Pippin'
KC

Quoting jicjoc
I dont have a bias, but on my chart support has held.
Of course the close of today is going to tell an awful lot. It'll probably indicate trading direction for the next few months...
  • #6,285
  • Oct 10, 2008 9:36am Oct 10, 2008 9:36am
Quoting Shermenator
I took at the break of the 1 hour candles high....I drop to the 1 hour chart to trade the retracement to the 4 hour swings depending on the trade...
The break of the high of the candle I took is the place I when long at..

Attachment
that's a great spot to get in ,but honestly, I wouldn't have the guts to pull the trigger against the trend like that.
Good for you it work out!
  • #6,286
  • Oct 10, 2008 9:42am Oct 10, 2008 9:42am
Quoting speedarad
that's a great spot to get in ,but honestly, I wouldn't have the guts to pull the trigger against the trend like that.
Good for you it work out!
You see look at the day movement...
If you look at the candles prior to the candles high I took all the candles had continue to brake lows..and the last candle prior to the one I took had give a long wivck at the bottom showing the momentum was slowing down a bitt and the confirmation to me was that price had stop braking lows so thats when I took the break of the high since price was yet to retrace ....I am still long in this trade and will let the market take me out...I move my stop every hour to the previous candles low...

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  • #6,287
  • Oct 10, 2008 9:45am Oct 10, 2008 9:45am
Quoting bjpumping
hello bo and everyone,i have made 30pips this morning,should have made much more but i had to leave my system and use take profit and price went farther down than the point i placed it,wonderful i think, isnt it!!it was on eurusd.
anyway,i just have this to share,i lost trade during the week and what i discovered is that there were some major news released at the time i placed the trade i lost.i used to have this style of trading before...i dont trade 30 minutes before and after a major news release that moves the market.since i started using fibonacci using bo's technique i have ignored this rule,but i started using it again and i am seeing results.what i discovered is that its better to allow a news event pass before entering the market cos it could go against one.i am only sharing what i used to usd before, dont know if this makes sense to anyone...but anyway, happy pips taking to all.
It makes sense more now than ever with all the turmoil in all the markets. Trading the news events are always going to be risky.
  • #6,288
  • Oct 10, 2008 9:49am Oct 10, 2008 9:49am
Quoting Shermenator
I took at the break of the 1 hour candles high....I drop to the 1 hour chart to trade the retracement to the 4 hour swings depending on the trade...
The break of the high of the candle I took is the place I when long at..

Attachment
Shemantor.

With Resistance Fib on your chart ,do you mean the downtrend Fib?
  • #6,289
  • Oct 10, 2008 9:57am Oct 10, 2008 9:57am
thanks sherm for sharing your thinking. if the present candle takes you out it will probably put me in short, stop at top of candle, small position due to size of candle
  • #6,290
  • Oct 10, 2008 10:08am Oct 10, 2008 10:08am
Quoting lmturek11
thanks sherm for sharing your thinking. if the present candle takes you out it will probably put me in short, stop at top of candle, small position due to size of candle
Me too, scalping this 'jink' down off breaks of 5min support through the hourly fib grid.
  • #6,291
  • Oct 10, 2008 10:22am Oct 10, 2008 10:22am
Quoting Shermenator
You see look at the day movement...
If you look at the candles prior to the candles high I took all the candles had continue to brake lows..and the last candle prior to the one I took had give a long wivck at the bottom showing the momentum was slowing down a bitt and the confirmation to me was that price had stop braking lows so thats when I took the break of the high since price was yet to retrace ....I am still long in this trade and will let the market take me out...I move my stop every hour to the previous candles low...

Attachment
I can't be but amazed about your strong analytical skill that you have on the mkt.
  • #6,292
  • Oct 10, 2008 10:40am Oct 10, 2008 10:40am
Shermenator...the trade you took is amazing.while looking at it at first i felt its very risky but the reason why you entered the trade looks very reasonable.kudos and big ups to you.are you trading live or demo trading?

happy pips taking
  • #6,293
  • Oct 10, 2008 10:51am Oct 10, 2008 10:51am
Quoting bjpumping
Shermenator...the trade you took is amazing.while looking at it at first i felt its very risky but the reason why you entered the trade looks very reasonable.kudos and big ups to you.are you trading live or demo trading?

happy pips taking
Thanks and yea I trade live...the way I trade is all due to Bobokus...I have been learning from him for a while now... as back as when the thread was still in the early pages
  • #6,294
  • Oct 10, 2008 10:51am Oct 10, 2008 10:51am
Quoting speedarad
I can't be but amazed about your strong analytical skill that you have on the mkt.
Thanks
  • #6,295
  • Oct 10, 2008 11:49am Oct 10, 2008 11:49am
shermenator...i sometimes see you on DAZFX's forum.do you use his trading ideas as well...or do you use some other indicators wiht the fibonacci.for me,DAZFX's system is a lil cumbersome for me for now, i prefer bo's and its working for me.

happy pips taking
  • #6,296
  • Oct 10, 2008 11:54am Oct 10, 2008 11:54am
Quoting bjpumping
shermenator...i sometimes see you on DAZFX's forum.do you use his trading ideas as well...or do you use some other indicators wiht the fibonacci.for me,DAZFX's system is a lil cumbersome for me for now, i prefer bo's and its working for me.

happy pips taking
I do not use his trading Ideas to put my trades...I simply know the rules they have on their system so what I do is when the trade I take with Bos system matches up with theirs I show it ....the way I trade is all on Bobokus thread...and one thing I have learned from Bo is to not use indicators since they lag....keep in mind you always whant to be ahead of price or at least keep up with it...then why bother with indicators.
  • #6,297
  • Oct 10, 2008 11:58am Oct 10, 2008 11:58am
Bo, would you have taken GU short here around 7190?

thanks
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  • #6,298
  • Oct 10, 2008 12:13pm Oct 10, 2008 12:13pm
Quoting Shermenator
I do not use his trading Ideas to put my trades...I simply know the rules they have on their system so what I do is when the trade I take with Bos system matches up with theirs I show it ....the way I trade is all on Bobokus thread...and one thing I have learned from Bo is to not use indicators since they lag....keep in mind you always whant to be ahead of price or at least keep up with it...then why bother with indicators.

Do you use any "Price Action" tehniques from James 16 thread for your entry or exit combined with Bo's strategie?
  • #6,299
  • Oct 10, 2008 12:19pm Oct 10, 2008 12:19pm
Quoting speedarad
Do you use any "Price Action" tehniques from James 16 thread for your entry or exit combined with Bo's strategie?
I know the pin stuff and formations but only look at them on the large timeframes since candle formations in low timeframes are noise...what we trade in this thread is support and resistance ...so I dont trade in a direction unless certain supports or resistance start to brake or hold...I try and trade like Bo ( I suck compare to him lol) the way I trade is in this 400 pages ...its up to you to put the puzzle in this thread together...any questions you have I will be glad to help
  • #6,300
  • Oct 10, 2008 1:01pm Oct 10, 2008 1:01pm
Quoting Shermenator
I know the pin stuff and formations but only look at them on the large timeframes since candle formations in low timeframes are noise...what we trade in this thread is support and resistance ...so I dont trade in a direction unless certain supports or resistance start to brake or hold...I try and trade like Bo ( I suck compare to him lol) the way I trade is in this 400 pages ...its up to you to put the puzzle in this thread together...any questions you have I will be glad to help
I have to tell you man,I'm reading Bo's thread for about 2month now and lately I got some results that I still pinching myself.I mean this week for instance I'm up about 250 pips and last week was even better.
But I'm always willing to look at somebody who put up a trade that may be I didn't see it coming or I consider to risky at the time.You never know what you can learn out of it!
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