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Fibonacci Trading with Bobokus

  • #6,501
  • Oct 21, 2008 7:10pm Oct 21, 2008 7:10pm
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.
After what weve witnessed today there will be but I would only scalp regardless, take 10 pips and get out kinda thing. Me personally I would not look for more than 10 pips in a counter trend trade.
  • #6,502
  • Oct 21, 2008 7:21pm Oct 21, 2008 7:21pm
Quoting alex12
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 ?
Nope thats pretty much it. The retracement can be left in place since weve havnt reached T1 yet, if the market fails to reach T1 and retraces into the downtrend again and sustaines it for a couple of days then we can move it to the next retracement into the downtrend.
Also failure to reach that point is a reversal indication, so we want to leave it for now.

The Downtrend can be moved as soon as new lows are made.

The Intraday is going to be rather large for today so its not a bad idea to look at some of these smaller steps down with the swing since a strong move like this may not be able to retrace enough in 1 day to reach the Intradays levels.

Selling rallies are still the preferred until we see support holding from an Intradays levels.
  • #6,503
  • Oct 21, 2008 7:26pm Oct 21, 2008 7:26pm
Quoting TheLegace
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.

This is what youve seen us refer to as the "wheels falling off the wagon". We almost have to wait for retracement to have a more usable Intraday.
Congrats on the live trading !
Just trade with strict MM and dont stray from it, the time you stray from it is the trade you will end up loosing.
  • #6,504
  • Oct 21, 2008 7:35pm Oct 21, 2008 7:35pm
Quoting Bobokus
Nope thats pretty much it. The retracement can be left in place since weve havnt reached T1 yet, if the market fails to reach T1 and retraces into the downtrend again and sustaines it for a couple of days then we can move it to the next retracement into the downtrend.
Also failure to reach that point is a reversal indication, so we want to leave it for now.

The Downtrend can be moved as soon as new lows are made.

The Intraday is going to be rather large for today so its not a bad idea to look at some of these smaller steps down with the swing since a strong move like this may not be able to retrace enough in 1 day to reach the Intradays levels.

Selling rallies are still the preferred until we see support holding from an Intradays levels.
Thanks Bo . I made 200 pips today as everyone else who follows your system and I am very grateful that you have turned on the light for us which is getting brighter as we study and learn more about your system.
  • #6,505
  • Oct 21, 2008 7:39pm Oct 21, 2008 7:39pm
Quoting alex12
Thanks Bo . I made 200 pips today as everyone else who follows your system and I am very grateful that you have turned on the light for us which is getting brighter as we study and learn more about your system.

All you have to do is take what you see here and make it your own. Over time youll develope your own little tweeks from the things you find work over time and you can only get better and better.
  • #6,506
  • Oct 21, 2008 8:48pm Oct 21, 2008 8:48pm
Quoting Bobokus
This is what youve seen us refer to as the \"wheels falling off the wagon\". We almost have to wait for retracement to have a more usable Intraday.
Congrats on the live trading !
Just trade with strict MM and dont stray from it, the time you stray from it is the trade you will end up loosing.
should i keep the down trend until the market risk the targe t1 and meansure the last mov down with the recistance fib .please could you post your chart.
  • #6,507
  • Oct 21, 2008 9:52pm Oct 21, 2008 9:52pm
Quoting boyeros
should i keep the down trend until the market risk the targe t1 and meansure the last mov down with the recistance fib .please could you post your chart.
You can move the low of the downtrend as soon as new lows are made.
The resistance fib is only drawn on movements that retrace into the downtrend not with it.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: retracementfib2.gif Size: 16 KB
  • #6,508
  • Oct 21, 2008 10:05pm Oct 21, 2008 10:05pm
Every time there is a retracement into the downtrend that fails at the resistance levels another leg down of this downtrend is created. When you measure price in the direction of the trend your just measuring the last leg of it, this isnt a retracement this is a movement that creates the resistance levels.
Attached Image (click to enlarge)
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  • #6,509
  • Oct 21, 2008 10:07pm Oct 21, 2008 10:07pm
Hello Bobokus..what u think about gold today?
  • #6,510
  • Edited 10:20pm Oct 21, 2008 10:13pm | Edited 10:20pm
Quoting Msattar
Hello Bobokus..what u think about gold today?

It was like GBP and the Euro today, it couldnt buy a friend if it wanted one. Seems like alot of big money was moving out of alot of markets today.
Check the Dollar index over the past few days..............It tells the story of how everything is fairing against the Dollar
Attached Image (click to enlarge)
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  • #6,511
  • Oct 21, 2008 10:38pm Oct 21, 2008 10:38pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I can't believe how quickly we've reached the retracement target!!! We were at 7200 24 hours ago and now @ 6430. Unbelievable!!!
"Wishful thinking dies hard." Igor T.
  • #6,512
  • Oct 22, 2008 12:14am Oct 22, 2008 12:14am
Quoting FxChi
I can't believe how quickly we've reached the retracement target!!! We were at 7200 24 hours ago and now @ 6430. Unbelievable!!!

Its almost funny aint it !
  • #6,513
  • Oct 22, 2008 3:12am Oct 22, 2008 3:12am
Can we take the little retracement as our new low.Do breaking it also give us a new entry point?
  • #6,514
  • Oct 22, 2008 4:09am Oct 22, 2008 4:09am
Hi, Id just like to say a big thanks to Bo.
Im up 2400 pips this week. Thanks Bo!
  • #6,515
  • Edited 4:40am Oct 22, 2008 4:39am | Edited 4:40am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
Its almost funny aint it !
So pissed at myself for falling into the trap after seeing it drop for so long. Guess who shorted at 7214. C'mon laugh at me guys...on the friggin pin bar it reverses on me after I watched it fall all day. It's completely my bad b/c greed got a hold of me. There was absolutely no set-up. I'm on tilt right now, so no trading for me. I'll make it up with an actual analysis, but I guess I deserve that. To be honest, I have no idea what the hell this currency pair is doing so I'll wait for a more a tame environment where I can get a read. Good luck everyone else.
"Wishful thinking dies hard." Igor T.
  • #6,516
  • Oct 22, 2008 5:13am Oct 22, 2008 5:13am
made 50 pips in my long in audusd...

Attached Image (click to enlarge)
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  • #6,517
  • Oct 22, 2008 5:34am Oct 22, 2008 5:34am
hello bo,well,i dont really get something about what you said about moving the retracement fib but let me just say this...a new low has been made today on eurusd and gbpusd, i moved the low of my daily fib and the low of my retracement fib to the new low made.am i on track?

happy pips taking
  • #6,518
  • Oct 22, 2008 5:48am Oct 22, 2008 5:48am
Quoting hiswords
Can we take the little retracement as our new low.Do breaking it also give us a new entry point?
Yes, sometimes or when the movement is this strong all your left with is taking the break of the low or high if it were going the other way.
  • #6,519
  • Oct 22, 2008 5:49am Oct 22, 2008 5:49am
Quoting jicjoc
Hi, Id just like to say a big thanks to Bo.
Im up 2400 pips this week. Thanks Bo!
Damn ! ,youve been trading your ass off.
  • #6,520
  • Oct 22, 2008 5:52am Oct 22, 2008 5:52am
I currently made my 50 pips in the long back the intraday levels in the audusd and now I am currently short in it after resistance prove itself in the nrtaday levels...

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 18 KB
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