Fibonacci Trading with Bobokus | Page 325 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

fibonacci trading log 2 replies

Need help Bobokus Fibo template 1 reply

Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies

Attachments: Fibonacci Trading with Bobokus
Exit Attachments

Fibonacci Trading with Bobokus

  • #6,481
  • Oct 21, 2008 9:20am Oct 21, 2008 9:20am
fxchi,great trades you took .i want to ask a question...your entry position on cable, were they based on retracement at the retracement pivot?


happy pips taking
  • #6,482
  • Oct 21, 2008 10:01am Oct 21, 2008 10:01am
I didn't get to watch the markets(been sleeping) so I didn't find oppurtunity on GU and EU, but I did enter long on USD/CAD it reached my T1 targets and I was able to close 100 pips, its been two days and I have already netted 350 pips, too bad I didn't make them live trades.

Anyway glad everyone had a good day. I am just happy the market is finally tradable, after the last two weeks.

Good Luck.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,483
  • Oct 21, 2008 10:06am Oct 21, 2008 10:06am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting bjpumping
fxchi,great trades you took .i want to ask a question...your entry position on cable, were they based on retracement at the retracement pivot?


happy pips taking
My entries were aggressive to be honest - and the way I trade fibs right now not sure Bo would condone this approach, but its what's been working for me. My pre trading week analysis told me that once price is trading below the retracement pivot at 7205, it's all over for the bull team - especially considering Monday's PA when price reversed hard at resistance short fib at 7500. If I have a view like this I'll just use entry limit orders and don't wait for test/reaction to fibs. So yesterday as it was retracing back into the intraday fib levels I jumped in and took one entry during Asia session, then I had another entry 20 pips above there, and then if price continued moving up I had my last largest entry order sitting at 7240, a little below the 382 because I want to make sure my whole position is in the market (I also thought UK session would cause a slight bull move and I can enter largest position then based on PA last week) - anyways in this scenario I'm willing to let the market move against me, but again, I was confident price was trading below 7205 and would come back. I was willing to hold the position through a negative all week if I had to when I entered the position (assuming higher tf resistance was still present obviously). If you do scale into positions like this and the largest position isn't triggered it can be tricky finding another good entry, but patience pays in finding it. Don't rush in just to get your largest entry in. I actually like it when price moves against me so that I can enter the largest position at a better price. Like last night I had to maneuver my largest position in when the market didn't make it to my last entry so during franky session at about 2:40 AM I got my last entry/largest position in minutes before the drop.

To succinctly answer your question- I was heavily biased in shorting cable once it was trading below 7205 b/c it should be going to 6454 so I jumped in yesterday. Just one of those cases where you know a probable scenario before it occurs.
"Wishful thinking dies hard." Igor T.
  • #6,484
  • Oct 21, 2008 10:36am Oct 21, 2008 10:36am
Quoting FxChi
My entries were aggressive to be honest - and the way I trade fibs right now not sure Bo would condone this approach, but its what's been working for me. My pre trading week analysis told me that once price is trading below the retracement pivot at 7205, it's all over for the bull team - especially considering Monday's PA when price reversed hard at resistance short fib at 7500. If I have a view like this I'll just use entry limit orders and don't wait for test/reaction to fibs. So yesterday as it was retracing back into the intraday fib levels I jumped in and took one entry during Asia session, then I had another entry 20 pips above there, and then if price continued moving up I had my last largest entry order sitting at 7240, a little below the 382 because I want to make sure my whole position is in the market (I also thought UK session would cause a slight bull move and I can enter largest position then based on PA last week) - anyways in this scenario I'm willing to let the market move against me, but again, I was confident price was trading below 7205 and would come back. I was willing to hold the position through a negative all week if I had to when I entered the position (assuming higher tf resistance was still present obviously). If you do scale into positions like this and the largest position isn't triggered it can be tricky finding another good entry, but patience pays in finding it. Don't rush in just to get your largest entry in. I actually like it when price moves against me so that I can enter the largest position at a better price. Like last night I had to maneuver my largest position in when the market didn't make it to my last entry so during franky session at about 2:40 AM I got my last entry/largest position in minutes before the drop.

To succinctly answer your question- I was heavily biased in shorting cable once it was trading below 7205 b/c it should be going to 6454 so I jumped in yesterday. Just one of those cases where you know a probable scenario before it occurs.
I just took a short on GU, it's actually looks like a good trade. The price has broken its all time low the next level isn't another 300 or so pips away, but thats a horizontal line that I went and looked for. Generally when price has broken long term lows, what I want to do is find the next level, but sometimes you can't do that with fibonacci, I can't see a place to plot anything at the moment, but I will do some deep analysis later. But for now I just opened up the weekly chart found the next strong resistance point and thats just a guideline of where price is going to go. I planted intraday fibs, the price retraced and broke through short level thats the 1h or short time frame, but long term wise we broke this all time low and there is a 4h candle that broke through it. So I think I am able to find a short, although it is late in the day, the markets got a lof power and I think I want to take advantage of it.

This is a live trade so I hope it goes well to bring confidence back into me.

FxChi I really like your method on saving your trades, I think once I have developed more experience I think I may just follow that sort of system where I try and renter a trade at a better price.
Thanx.
Good Luck.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,485
  • Edited 11:05am Oct 21, 2008 10:59am | Edited 11:05am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
I just took a short on GU, it's actually looks like a good trade. The price has broken its all time low the next level isn't another 300 or so pips away, but thats a horizontal line that I went and looked for. Generally when price has broken long term lows, what I want to do is find the next level, but sometimes you can't do that with fibonacci, I can't see a place to plot anything at the moment, but I will do some deep analysis later. But for now I just opened up the weekly chart found the next strong resistance point and thats just a guideline of where price is going to go. I planted intraday fibs, the price retraced and broke through short level thats the 1h or short time frame, but long term wise we broke this all time low and there is a 4h candle that broke through it. So I think I am able to find a short, although it is late in the day, the markets got a lof power and I think I want to take advantage of it.

This is a live trade so I hope it goes well to bring confidence back into me.

FxChi I really like your method on saving your trades, I think once I have developed more experience I think I may just follow that sort of system where I try and renter a trade at a better price.
Thanx.
Good Luck.

TheLegace.

Hope it works for you my man. I've seen several entries this morning, but I've burned more money opening trades the same day once I've banked pips - i'm waiting for set-up later tonight. Anyways don't be concerned about time of day on the cable trade. There have been some big moves in the afternoon the past few weeks on cable as US indices sell off. (Anyone know of a broker that we can use to chart track Indices? Used to use WHC but doesn't work anymore). Anyways 6849 is Intraday T2, so I'd expect stalling there, but it could blow through the way cable has been moving lately. I wish I had kept with my entries, but profit is profit so I'm happy. Good luck.

By the way, you should keep a trading plan/journal. It has done wonders for me. Demo scaling your positions also. It's just something I'm comfortable with and might not work for everyone.
"Wishful thinking dies hard." Igor T.
  • #6,486
  • Oct 21, 2008 11:17am Oct 21, 2008 11:17am
Quoting FxChi
Hope it works for you my man. I've seen several entries this morning, but I've burned more money opening trades the same day once I've banked pips - i'm waiting for set-up later tonight. Anyways don't be concerned about time of day on the cable trade. There have been some big moves in the afternoon the past few weeks on cable as US indices sell off. (Anyone know of a broker that we can use to chart track Indices? Used to use WHC but doesn't work anymore). Anyways 6849 is Intraday T2, so I'd expect stalling there, but it could blow through the way cable has been moving lately. I wish I had kept with my entries, but profit is profit so I'm happy. Good luck.

By the way, you should keep a trading plan/journal. It has done wonders for me. Demo scaling your positions also. It's just something I'm comfortable with and might not work for everyone.
Well my first live trade in a while went well. It was relatively small trade compared to what I have made these last to days, but based on timing and everything it was a good trade. Closed at T1 @ 60pips, glad my live trade went well. And now I am very close to recouping the losses I have made. My confidence in forex has returned, and it has a vengeance.

Thanx for the Adivce everyone.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,487
  • Oct 21, 2008 11:33am Oct 21, 2008 11:33am
I just realized I have been talking about EU the entire time. sorry for the mistake. I think I may play with UJ during asian session. but I don't want to overtrade so I might just stay out of it and relax. just feel like trading cuz I have been sleeping all day.

Thanx
TheLegace
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,488
  • Oct 21, 2008 11:39am Oct 21, 2008 11:39am
Quoting Jazflyer
Does anyone have an opinion on the retracement and subsequent break of downtrend low on fiber. I entered short at the break 3234 but am wondering if scalping is in order or if I should set my goals higher? BTW how do you attach a snapshot to the post. I've asked b4 but no reply.

Aloha

Actually the downtrending pressure has resumed since the ranging of last week. Mondays break short was all we needed too see and its back to selling rallies with the Euro, GBP as well.
To attach a pic or chart when your in the post page scroll down to the manage attachments, click there and upload your pic or chart there.
  • #6,489
  • Oct 21, 2008 11:40am Oct 21, 2008 11:40am
Nice job in your trades everyone !
  • #6,490
  • Oct 21, 2008 3:08pm Oct 21, 2008 3:08pm
What just happen to cable is amazing,well i am not use to trading news so i know i really miss that.Will it save some move for us later?
Bo u there?
  • #6,491
  • Oct 21, 2008 3:16pm Oct 21, 2008 3:16pm
Quoting Bobokus
Actually the downtrending pressure has resumed since the ranging of last week. Mondays break short was all we needed too see and its back to selling rallies with the Euro, GBP as well.
To attach a pic or chart when your in the post page scroll down to the manage attachments, click there and upload your pic or chart there.
Thanks for the reply Bo, and thanks for putting this thread together. I'm presently on page 100 something and am learning new things on every page.
The only problem is that it's like reading the "Da Vinci Code", I can't stop.

Aloha
A lawn mower is not an effective tool to pick-up dog poop!
  • #6,492
  • Oct 21, 2008 3:23pm Oct 21, 2008 3:23pm
Bo,please can see what your intraday will look like.After that news move,i am a little bit shaky.
  • #6,493
  • Oct 21, 2008 3:34pm Oct 21, 2008 3:34pm
Quoting hiswords
Bo,please can see what your intraday will look like.After that news move,i am a little bit shaky.
Intraday will still be the high and low of today, unless we dont get any consolidation or retracement then this drop may continue into the next day.
  • #6,494
  • Oct 21, 2008 3:36pm Oct 21, 2008 3:36pm
Quoting Jazflyer
Thanks for the reply Bo, and thanks for putting this thread together. I'm presently on page 100 something and am learning new things on every page.
The only problem is that it's like reading the \"Da Vinci Code\", I can't stop.

Aloha
And welcome to the thread, hopefully you can take something from this and apply it to your trading.
  • #6,495
  • Oct 21, 2008 3:42pm Oct 21, 2008 3:42pm
Bo do you think there will be a lot market movement, enough to able to trade during the asian session. I fell asleep during the day, I am just hoping I can bank some pips before I go to sleep. If you think its a good idea to trade asian session what currencies might be a good idea?

Thanx.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,496
  • Oct 21, 2008 4:19pm Oct 21, 2008 4:19pm
Quoting TheLegace
Bo do you think there will be a lot market movement, enough to able to trade during the asian session. I fell asleep during the day, I am just hoping I can bank some pips before I go to sleep. If you think its a good idea to trade asian session what currencies might be a good idea?

Thanx.
TheLegace.

i personally do not think we can still have a huge or better movement in the market during the asian session,what i think will happen now to the major pairs will either be a consolidation or retrecement and if u are looking for pairs to trade during the asian time,i'll advice u pick on pairs like aud/jpy or any crosses related to aud,jpy and sometimes nzd.They sometimes moves during this periods,but still keep your finger cross bcos anything can happen
  • #6,497
  • Edited 5:23pm Oct 21, 2008 5:09pm | Edited 5:23pm
Quoting hiswords
i personally do not think we can still have a huge or better movement in the market during the asian session,what i think will happen now to the major pairs will either be a consolidation or retrecement and if u are looking for pairs to trade during the asian time,i'll advice u pick on pairs like aud/jpy or any crosses related to aud,jpy and sometimes nzd.They sometimes moves during this periods,but still keep your finger cross bcos anything can happen
Looking at the price action thats what I should have expected anyway. Well I made 60 real pips today, so I guess I am pretty happy. I just tommrow goes well as well, and that the couple trades I have made past two days aren't flukes.

Has anyone been taking a look at the charts in the long term. It is kind of scary but for almost 400 pips there are no levels standing in the way of GU, I can't wait to find a position for tommorow, because it looks like there will be a lot of pips to ride.

Good Night.
TheLegace.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 21 KB
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,498
  • Oct 21, 2008 5:35pm Oct 21, 2008 5:35pm
I still use WHC but I had to configure it after they done what ever it was they did. Open up the market watch window, right click on go to symbols, then expand the area you want and double click to show what you want charts for.

Happy Pippin'
KC

Quoting FxChi
Hope it works for you my man. I've seen several entries this morning, but I've burned more money opening trades the same day once I've banked pips - i'm waiting for set-up later tonight. Anyways don't be concerned about time of day on the cable trade. There have been some big moves in the afternoon the past few weeks on cable as US indices sell off. (Anyone know of a broker that we can use to chart track Indices? Used to use WHC but doesn't work anymore). Anyways 6849 is Intraday T2, so I'd expect stalling there, but it could blow through the way cable has been moving lately. I wish I had kept with my entries, but profit is profit so I'm happy. Good luck.

By the way, you should keep a trading plan/journal. It has done wonders for me. Demo scaling your positions also. It's just something I'm comfortable with and might not work for everyone.
  • #6,499
  • Oct 21, 2008 6:57pm Oct 21, 2008 6:57pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting kc8flq
I still use WHC but I had to configure it after they done what ever it was they did. Open up the market watch window, right click on go to symbols, then expand the area you want and double click to show what you want charts for.

Happy Pippin'
KC
Sweet. Back in business. Thanks!
"Wishful thinking dies hard." Igor T.
  • #6,500
  • Oct 21, 2008 6:58pm Oct 21, 2008 6:58pm
Bo.

We are reaching the T1 of the retracement on daily chartGpb/Usd). Shall we move the down trend fib to the lowest point to bring the resistance down and should we remove the retracement fib and wait for a new retracement ? Is there anything else we need to do on the daily chart?
On the 1 H we just keep following the price until we get a high and low for the day and wait for a retracement into the intraday fibs. Is there anything else we need to do ?
21 traders viewing now