Attachments: Fibonacci Trading with Bobokus

Fibonacci Trading with Bobokus

#6,401
Oct 15, 2008 7:53am Oct 15, 2008 7:53am

hiswords
| Joined Jan 2008 | Status: Trader | 182 Posts

Things seem pretty slow and unreliable today,tommorow is another day.I might wait a bit to see what fiber is saying,it seems going below short.

#6,402
Oct 15, 2008 8:17am Oct 15, 2008 8:17am

lmturek11
| Joined Sep 2008 | Status: Trader | 46 Posts

http://i340.photobucket.com/albums/o...rek/eurusd.gif

#6,403
Oct 15, 2008 8:38am Oct 15, 2008 8:38am

Just20pips
| Joined Nov 2007 | Status: Trader | 30 Posts

miss the gu train....

88,6% touched. I think this is the high lvl that gu can touch before it back down again for break. Just waiting for 2morrow

#6,404
Oct 15, 2008 11:04am Oct 15, 2008 11:04am

Bobokus
| Commercial User | Joined Oct 2006 | 2,560 Posts

Quoting lmturek11

Disliked

http://i340.photobucket.com/albums/o...rek/eurusd.gif

Ignored

Yep that looks good , now we just need something to drive it or we may end up ranging so watch out if it cant break yesterdays low

#6,405
Oct 15, 2008 12:19pm Oct 15, 2008 12:19pm

hiswords
| Joined Jan 2008 | Status: Trader | 182 Posts

Quoting Bobokus

Disliked

Yep that looks good , now we just need something to drive it or we may end up ranging so watch out if it cant break yesterdays low

Ignored

fiber finally breaks the yesterday low,i think the trend might continue.What can u say Bo?

#6,406
Oct 15, 2008 6:15pm Oct 15, 2008 6:15pm

jasius
| Joined Jan 2008 | Status: Trader | 197 Posts

Bo,

can it be any worse? On GBPUSD I was looking at price lingering around intraday long and setup a buy stop above last two candles high. It hit my stop buy and then started this short movement which extended all day. Was I wrong in loking for a bounce in the direction of the day (long?)

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#6,407
Oct 15, 2008 7:04pm Oct 15, 2008 7:04pm

Bobokus
| Commercial User | Joined Oct 2006 | 2,560 Posts

Quoting jasius

Disliked

Bo,

can it be any worse? On GBPUSD I was looking at price lingering around intraday long and setup a buy stop above last two candles high. It hit my stop buy and then started this short movement which extended all day. Was I wrong in loking for a bounce in the direction of the day (long?)

Ignored

The problem is the day before, Tuesday ended with a bearish tone to it, If youll notice that once you pulled your Intraday fib across Tuesday the levels were above the current price and were therefore resistance levels not support levels a rejection was more likely, the breaking through the levels would be more of another reversal signal and treated as a scalp.Even taking the long trade there the market did provide an exit point if it turns against you...indicated by the highlighted area. Sorry you took a loss today, I have been hoping we would get further movment to the topside but the current conditions just dont allow it yet.
I myself missed both opportunities to short GBP but got the break on the low.

And dont forget to check your higher timeframes, especially if the market is running against the current trend.

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#6,408
Oct 15, 2008 7:27pm Oct 15, 2008 7:27pm

Bobokus
| Commercial User | Joined Oct 2006 | 2,560 Posts

Tuesdays Intraday was established once the low was made right at the switchover to the new day. It was a bearish day and the fib pulled across bearish movement are resistance levels to price. A break of the Intraday long level here is a reversal of direction from Tuesdays results and should be treated as a scalp since it is a reversal that hasnt proven itself yet.

Mondays Intraday was a support fib because that was a bullish day and your fib once pulled across that movment on Monday were support levels.

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#6,409
Oct 15, 2008 7:38pm Oct 15, 2008 7:38pm

Bobokus
| Commercial User | Joined Oct 2006 | 2,560 Posts

The euro responded much smoother today even though I got in late on it as well, you can see it worked almost to perfection today from Tuesdays Intraday.

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#6,410
Oct 15, 2008 8:11pm Oct 15, 2008 8:11pm

Waforex
| Joined Oct 2008 | Status: Trader | 40 Posts

Hi Bobokus,

This is my first post but I have been following your thread for the past few months and have reaf right thru and followed Shermenators progress from the beginning. I think this is the best way to get an excellent knowledge on your method as he certainly asked all the questions that I would have liked to ask.
Yours and Shermenators patience is fantastic and I really appreciate what you are doing here.

Just one question if I may, I entered a short trade on the GBP/USD earlier today at the opening of LONDON at the rejection of the intraday short level. Although the trade went a little in my direction it turned around and proseeded to break the intraday long. Where would you have closed the trade having realised it was not going in the right direction? Also was there anything wrong with entering at this point or was it just a case of bad luck.

Many thanks

#6,411
Oct 15, 2008 8:23pm Oct 15, 2008 8:23pm

Bobokus
| Commercial User | Joined Oct 2006 | 2,560 Posts

Quoting Waforex

Disliked

Hi Bobokus,

This is my first post but I have been following your thread for the past few months and have reaf right thru and followed Shermenators progress from the beginning. I think this is the best way to get an excellent knowledge on your method as he certainly asked all the questions that I would have liked to ask.
Yours and Shermenators patience is fantastic and I really appreciate what you are doing here.

Just one question if I may, I entered a short trade on the GBP/USD earlier today at the opening of LONDON at the rejection of the intraday short level. Although the trade went a little in my direction it turned around and proseeded to break the intraday long. Where would you have closed the trade having realised it was not going in the right direction? Also was there anything wrong with entering at this point or was it just a case of bad luck.

Many thanks

Ignored

You had the direction correct and the timing, the problem we face with trading from the 1 hour timeframe is it doesnt always go directly to its target. There could have been some news events that cause a spike or prompted enough buying to temporarily turn it on the 1 hour timeframe. To protect yourself though you exit if the pair trades against you in this case there was a 1 hour candle high just prior to the first short signal that should have printed around 1.7495 a stop above there would have protected you in the event the market did reverse on you and the second short opportunity would more than make up for the first loss. It doesnt always give an second opportunity like this but yesterday did.

#6,412
Oct 15, 2008 8:30pm Oct 15, 2008 8:30pm