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Fibonacci Trading with Bobokus

  • #6,521
  • Oct 22, 2008 5:55am Oct 22, 2008 5:55am
Quoting FxChi
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.
If you shorted at 7214, your sitting pretty good right now.
  • #6,522
  • Oct 22, 2008 6:03am Oct 22, 2008 6:03am
Quoting bjpumping
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
Your Downtrend fib can be moved as soon as it makes new lows, but the Retracement is only used on moves that run counter to the downtrend. Its not retracing unless price is going up, If the Retracement fibs targets have been met it can be removed, but since weve had such drastic moves lower the other option is to leave the Retracement fib in place and add the -138.2, -161.8, to get the T3 and T4 levels in there. Times like this are why you have seen those levels on mine in the past, normally they arent needed but this is one of those extreme times that requires extreme measures. From the Daily viewpoint it isnt necessary though until we see a Daily close below 6254.
  • #6,523
  • Oct 22, 2008 6:04am Oct 22, 2008 6:04am
Quoting Bobokus
If you shorted at 7214, your sitting pretty good right now.

Holding shorts since 1.8608 The long term fibs rock
Just Trade It
  • #6,524
  • Oct 22, 2008 6:04am Oct 22, 2008 6:04am
Quoting Shermenator
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...

Attachment
There ya go, ride those waves.
  • #6,525
  • Oct 22, 2008 6:06am Oct 22, 2008 6:06am
Quoting Big Wave Rider
Holding shorts since 1.8608 The long term fibs rock

LOL, are sitting on a beach somewhere sipping fruity drinks with a little umbrella in them ?
  • #6,526
  • Oct 22, 2008 6:09am Oct 22, 2008 6:09am
Quoting Bobokus
LOL, are sitting on a beach somewhere sipping fruity drinks with a little umbrella in them ?

Actually I just got back from a one month vacation half of it was on a beach.
There is absolutely nothing better than making money on vacation. Let your profits ride while you go bikini watching.
Just Trade It
  • #6,527
  • Oct 22, 2008 6:12am Oct 22, 2008 6:12am
Quoting Big Wave Rider
Actually I just got back from a one month vacation half of it was on a beach.
There is absolutely nothing better than making money on vacation. Let your profits ride while you go bikini watching.
I knew it....LOL, Its such a hard life aint it.
  • #6,528
  • Oct 22, 2008 6:14am Oct 22, 2008 6:14am
Quoting Bobokus
I knew it....LOL, Its such a hard life aint it.

Somebody has to do it.

Been working my fingers down to the bone counting all those pips
Just Trade It
  • #6,529
  • Oct 22, 2008 6:28am Oct 22, 2008 6:28am
So has anyone taken a short on GU and EU? From this morning maybe past 6:00AM EST?

Just curious?
I took it and its going a bit against me, hope it wasn't a bad idea....

Well either way I checked news today, asian stocks have fallen quite a bit, as well Euro stocks have fallen quite a bit, so I figure from a fundemental point of few EU and GU will fall as money is being moved out of EU and GU markets I am assuming. I think I was hearing there was bad economic data for GU as well, but I am just hoping. I just hope trade doesn't go sour.

Thanx.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,530
  • Oct 22, 2008 6:34am Oct 22, 2008 6:34am
Quoting TheLegace
So has anyone taken a short on GU and EU? From this morning maybe past 6:00AM EST?

Just curious?
I took it and its going a bit against me, hope it wasn't a bad idea....

Well either way I checked news today, asian stocks have fallen quite a bit, as well Euro stocks have fallen quite a bit, so I figure from a fundemental point of few EU and GU will fall as money is being moved out of EU and GU markets I am assuming. I think I was hearing there was bad economic data for GU as well, but I am just hoping. I just hope trade doesn't go sour.

Thanx.
TheLegace.
I did not short it since I see all of the fall from yesterday as one move since we are yet to have a true retracement ...what made you pull the trigger? this is the important part...as long as you have reasons behind your trade then no matter what the results are stick to your plan.
  • #6,531
  • Oct 22, 2008 6:45am Oct 22, 2008 6:45am
Quoting TheLegace
So has anyone taken a short on GU and EU? From this morning maybe past 6:00AM EST?

Just curious?
I took it and its going a bit against me, hope it wasn't a bad idea....

Well either way I checked news today, asian stocks have fallen quite a bit, as well Euro stocks have fallen quite a bit, so I figure from a fundemental point of few EU and GU will fall as money is being moved out of EU and GU markets I am assuming. I think I was hearing there was bad economic data for GU as well, but I am just hoping. I just hope trade doesn't go sour.

Thanx.
TheLegace.
I didnt, Im going to wait a while until the US session gets going here and decide then if the opprortunity arises. If you want to reduce your risk use the previous period highs as a stop point.
  • #6,532
  • Oct 22, 2008 6:52am Oct 22, 2008 6:52am
Quoting Shermenator
I did not short it since I see all of the fall from yesterday as one move since we are yet to have a true retracement ...what made you pull the trigger? this is the important part...as long as you have reasons behind your trade then no matter what the results are stick to your plan.
Well I plotted intraday fibs and price looked like it was bouncing of intraday fibs. But the problem becomes when plotting the swing movement, it wasn't the whole movement, so maybe there was problem, in this trade. I am lucky through the GU saved me. I took a 16 pip loss on EU and 30 pip gain on GU, so over all its about 14 or 15 gain for the morning, I guess it's ok, but I will have to do some further analysis and I think things may go well.

Thanx for the advice, looks like price is moving back up, so I am just going to wait and see.

Whew no loss.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,533
  • Oct 22, 2008 6:57am Oct 22, 2008 6:57am
shermenator,you were not here for few days.anyway,i am sure you should have exited your short on audusd and kept some pips!!

happy pips taking
  • #6,534
  • Oct 22, 2008 6:58am Oct 22, 2008 6:58am
Believe it or not, didn;t take a single short trade today or yesterday... I am US Central and woke up yesterday and today with Intradays broken and T1 and T2 reached, didn;t know if it's going to retrace or move further down. Of course it moved down while I was watching... Bo, could you comment? Should I just enter whenever in a freefall days like these?

thanks

Quoting Bobokus
I didnt, Im going to wait a while until the US session gets going here and decide then if the opprortunity arises. If you want to reduce your risk use the previous period highs as a stop point.
  • #6,535
  • Oct 22, 2008 7:05am Oct 22, 2008 7:05am
Quoting TheLegace
Well I plotted intraday fibs and price looked like it was bouncing of intraday fibs. But the problem becomes when plotting the swing movement, it wasn't the whole movement, so maybe there was problem, in this trade. I am lucky through the GU saved me. I took a 16 pip loss on EU and 30 pip gain on GU, so over all its about 14 or 15 gain for the morning, I guess it's ok, but I will have to do some further analysis and I think things may go well.

Thanx for the advice, looks like price is moving back up, so I am just going to wait and see.

Whew no loss.

TheLegace.
All that matters is you came out ahead.
  • #6,536
  • Oct 22, 2008 7:07am Oct 22, 2008 7:07am
Quoting jasius
Believe it or not, didn;t take a single short trade today or yesterday... I am US Central and woke up yesterday and today with Intradays broken and T1 and T2 reached, didn;t know if it's going to retrace or move further down. Of course it moved down while I was watching... Bo, could you comment? Should I just enter whenever in a freefall days like these?

thanks

No, never. Thats called "jumping on a falling knife" and almost never turns out like you want it too. Its almost the same as a blind entry or an impulse trade.
  • #6,537
  • Oct 22, 2008 7:16am Oct 22, 2008 7:16am
Quoting Big Wave Rider
Somebody has to do it.

Been working my fingers down to the bone counting all those pips
Good thing your on a beach wearing flip flops your gonna have to use some toes to count all those pips.
  • #6,538
  • Oct 22, 2008 7:21am Oct 22, 2008 7:21am
Quoting bjpumping
shermenator,you were not here for few days.anyway,i am sure you should have exited your short on audusd and kept some pips!!

happy pips taking

Well I am actually still holding my short bud I just simply reduced my risk to protect some profits from my earlier long today...seems like price is finding buyers from the larger support swings..I will let the market take me out since price action is not on my side currently

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 18 KB
  • #6,539
  • Oct 22, 2008 7:40am Oct 22, 2008 7:40am
Quoting Bobokus
Damn ! ,youve been trading your ass off.
Thanks man, and id love to agree with you. But thats only 2 trades !
  • #6,540
  • Oct 22, 2008 8:40am Oct 22, 2008 8:40am
I guess we're still waiting for retracement to finish, if it breaks levels could there be a possible long scalp?

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
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