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Fibonacci Trading with Bobokus

  • #6,561
  • Edited 9:03am Oct 23, 2008 8:45am | Edited 9:03am
I am having difficulty determining where to place my current intraday g/$ fib. Does 1.6471 and 1.6042 seem right as swing hi & low. That long consolidation in between those numbers makes it look funky.
  • #6,562
  • Oct 23, 2008 9:10am Oct 23, 2008 9:10am
There is a thread on Forex Factory for Trading Fib Zones. This method involves taking the use of Fibonacci retracements and expansions to the next level. It is the new version of a thread once known as The New Mouteki Method, before Mouteki started a pay site and was banned from the forums.

You can find Trading Fib Zones here - http://www.forexfactory.com/showthread.php?t=112021
  • #6,563
  • Oct 23, 2008 9:29am Oct 23, 2008 9:29am
FXCHI...i was reading at your posts and i was viewing the chart you posted and i discovered you do use other indicators with fib...anyway,i am trying to train my self such that i dont use anyother indicator because i have used indicators in the past and they have wrecked me lots of havos,the only thing i use to compliment my fib levels is trendlines , but if your system works for you ,good for you.

happy pips taking to all
  • #6,564
  • Edited 10:52am Oct 23, 2008 10:36am | Edited 10:52am
Quoting monkey
There is a thread on Forex Factory for Trading Fib Zones. This method involves taking the use of Fibonacci retracements and expansions to the next level. It is the new version of a thread once known as The New Mouteki Method, before Mouteki started a pay site and was banned from the forums.

You can find Trading Fib Zones here - http://www.forexfactory.com/showthread.php?t=112021
Thanks for the offer but Ive seen that stuff and Ill stick to what I do. Its overcomplicating things too much.
  • #6,565
  • Oct 23, 2008 10:39am Oct 23, 2008 10:39am
Quoting Jazflyer
I entered short on the close/open of the 0100 and 0200 respectively. I pulled the plug on that one at retracement low. I had taken the previous short break too, (Wed 2200) but missed the retrace down to what is now intraday low but was still able to pull profits.
Looking to go short again if retrace short breaks and holds.

Could someone confirm my fib setup. Thanks

P.S. I decided to leave the retrace fib at its prior low since that is the only place from where we had a retrace from Tuesday's landslide. Is that wrong?
I would wait on placing the Retracement its more of a Daily chart tool. Wait until weve had a couple of days of bullish movement. You can use the swing to measure all these moeves during the ranging.
  • #6,566
  • Edited 10:46am Oct 23, 2008 10:45am | Edited 10:46am
Quoting lmturek11
I am having difficulty determining where to place my current intraday g/$ fib. Does 1.6471 and 1.6042 seem right as swing hi & low. That long consolidation in between those numbers makes it look funky.
Even though it may look a little strange the Intraday on Cable can still just be on the high and low points of Wednesday. Today will provide a better Intraday since weve had some smoother movement now.
The main reasoning is that we want to see if we get more than a 61,8% retrace on Wednesdays movement as a early indication we could be turning bullish.
  • #6,567
  • Edited 11:58am Oct 23, 2008 10:54am | Edited 11:58am
Quoting FxChi
I'm out with 2.5% account gain. Taking my money and running! LOL. US Indices Futures are already trading lower - could be a very big day. Good luck everyone.
Nice job !, its time to go do something else for the rest of the day.
  • #6,568
  • Oct 23, 2008 11:25am Oct 23, 2008 11:25am
Quoting Bobokus
Even though it may look a little strange the Intraday on Cable can still just be on the high and low points of Wednesday. Today will provide a better Intraday since weve had some smoother movement now.
The main reasoning is that we want to see if we get more than a 61,8% retrace on Wednesdays movement as a early indication we could be turning bullish.
Thanks
  • #6,569
  • Oct 23, 2008 12:28pm Oct 23, 2008 12:28pm
I was able to close about 50 pips on EU, I had an exam to write so therefore I was getting a little scared of US unemployment numbers, but I just saw a short entry on EU got 50, set it to a very moderate target it closed within the hour, got my pips really quickly. I am really getting the hand of this scalping, so I am pretty thrilled can't wait for tommorow. My account is finally out of the loss that I had when I made a lot mistakes when I should have been scalping like I am now, I learned good lesson and now I am up pips, everyday I just analyze mistakes and I stop making them and learn. So overall a good day, opened a couple trades but they closed at break even, so biggie. But netted 50 pips, got my new 2lb laptop that I adore and will be trading on it.

Good Luck, lets see if price breaks free of consolidation.
Thanx for advice today FxChi.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,570
  • Oct 23, 2008 1:11pm Oct 23, 2008 1:11pm
Quoting TheLegace
I was able to close about 50 pips on EU, I had an exam to write so therefore I was getting a little scared of US unemployment numbers, but I just saw a short entry on EU got 50, set it to a very moderate target it closed within the hour, got my pips really quickly. I am really getting the hand of this scalping, so I am pretty thrilled can't wait for tommorow. My account is finally out of the loss that I had when I made a lot mistakes when I should have been scalping like I am now, I learned good lesson and now I am up pips, everyday I just analyze mistakes and I stop making them and learn. So overall a good day, opened a couple trades but they closed at break even, so biggie. But netted 50 pips, got my new 2lb laptop that I adore and will be trading on it.

Good Luck, lets see if price breaks free of consolidation.
Thanx for advice today FxChi.

TheLegace.
Coming out positive on days like these is an accomplishment, now just resist the urge to trade any more today no matter what it does the rest of the day, youve made yours now just go and do something else until tomorrow.
  • #6,571
  • Oct 23, 2008 1:27pm Oct 23, 2008 1:27pm
hey bo,can see you are online,hope you were able to take some pips as usual today?anyay,my broker cheated on me a great deal today.i made 45 pips on gbpusd and to exit my trade it was just requoting..same thing when i wanted to make the second short entry.though its still a demo but i think i will start using take profits and scalps as well...those brokers can be very crazy at times.

happy pips taking to all
  • #6,572
  • Oct 23, 2008 2:02pm Oct 23, 2008 2:02pm
Bo,

how do you sell break? I sold it after the candle broke intraday with ~20min left in an hour, it hose 20 min it retraced. You recommend selling break of intradays or the pullbacks. When do you know it's done breaking? If I wait to long, it will go to T1. If I enter in the mid of the candle, it will retrace. It's like a curse
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  • #6,573
  • Oct 23, 2008 2:54pm Oct 23, 2008 2:54pm
Quoting bjpumping
hey bo,can see you are online,hope you were able to take some pips as usual today?anyay,my broker cheated on me a great deal today.i made 45 pips on gbpusd and to exit my trade it was just requoting..same thing when i wanted to make the second short entry.though its still a demo but i think i will start using take profits and scalps as well...those brokers can be very crazy at times.

happy pips taking to all
Most of the time its not the broker doing that on purpose, what happens is you try and close a trade when price is moving and by the time you press the button the price has changed from what your order goes in at so you get the new quote price is at and its promting you or asking if you want to close at the new price it has moved to. The way to avoid this is to set a target to exit at just a few pips away from price.
  • #6,574
  • Oct 23, 2008 3:14pm Oct 23, 2008 3:14pm
Quoting jasius
Bo,

how do you sell break? I sold it after the candle broke intraday with ~20min left in an hour, it hose 20 min it retraced. You recommend selling break of intradays or the pullbacks. When do you know it's done breaking? If I wait to long, it will go to T1. If I enter in the mid of the candle, it will retrace. It's like a curse

Selling a break is usually selling a break of a trendline or point of support and resistance. We have to sell the break of the low sometimes when the trending is strong and it doesnt retrace much but goes on the break the low.
With GBP today there was early retracement and the entry is back at the Short level of the Intraday, the optimum entry point is on the chart below indicated by the 2 horizontal lines...after price tested the Intraday levels you would look for it to begin to trade lower, thats the area marked by the 2 lines.
Your entry is just late, even if you are selling at the break of the low you would want to enter with a sell stop order just a few pips below the low not a manual order. I very rarely enter the market with a manual order, I use buy and sell stop orders. Once you see price has moved that far just dont enter because it doesnt leave enough room for profits, if the trade isnt there dont force it, just wait for the next one I promiss it will come around and set itself up again usually the very next day.
Another thing you want to do is not enter in the middle of a candle, you gotta wait until they close.
Youll get it it just takes time. With patience and perseverence it will come.
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  • #6,575
  • Oct 23, 2008 4:56pm Oct 23, 2008 4:56pm
Long entries now guys on ej, gj, gu, eu.
Long terms T1's have been hit and those 4 are showing signs of daily Pins which indicates reversal
  • #6,576
  • Oct 23, 2008 5:56pm Oct 23, 2008 5:56pm
Bo, could you plz post your fibs on GU/EU going into Friday.

Thanks
A lawn mower is not an effective tool to pick-up dog poop!
  • #6,577
  • Oct 23, 2008 5:59pm Oct 23, 2008 5:59pm
Quoting Bobokus
Selling a break is usually selling a break of a trendline or point of support and resistance. We have to sell the break of the low sometimes when the trending is strong and it doesnt retrace much but goes on the break the low.
With GBP today there was early retracement and the entry is back at the Short level of the Intraday, the optimum entry point is on the chart below indicated by the 2 horizontal lines...after price tested the Intraday levels you would look for it to begin to trade lower, thats the area marked by the 2 lines.
Your entry is just late, even if you are selling at the break of the low you would want to enter with a sell stop order just a few pips below the low not a manual order. I very rarely enter the market with a manual order, I use buy and sell stop orders. Once you see price has moved that far just dont enter because it doesnt leave enough room for profits, if the trade isnt there dont force it, just wait for the next one I promiss it will come around and set itself up again usually the very next day.
Another thing you want to do is not enter in the middle of a candle, you gotta wait until they close.
Youll get it it just takes time. With patience and perseverence it will come.

Bo, I'm a little confused - could you clarify this for me? When you say you need to wait until the candle closes, but you are trading with stop orders, do you refer to entering a trade manually once the candle closes, or don't set your sell stop order until after the candle has colsed?
  • #6,578
  • Oct 23, 2008 6:14pm Oct 23, 2008 6:14pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting jicjoc
Long entries now guys on ej, gj, gu, eu.
Long terms T1's have been hit and those 4 are showing signs of daily Pins which indicates reversal
Only speaking for G/U - definitely showing reversal signs but I don't have the heart to long it yet. UK GDP news coming out later too. But check out the daily - we're in bottom area of the LR channel, retracement targets have been met, intraday targets weren't met today - seems like it's stalling. US indices looks like a move up tomorrow too. If anything I'm either going to scalp it or not trade it. Was a good week. Good luck all.
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"Wishful thinking dies hard." Igor T.
  • #6,579
  • Oct 23, 2008 7:24pm Oct 23, 2008 7:24pm
Quoting FossilFX
Bo, I'm a little confused - could you clarify this for me? When you say you need to wait until the candle closes, but you are trading with stop orders, do you refer to entering a trade manually once the candle closes, or don't set your sell stop order until after the candle has colsed?
Sure, the previous periods or candles are closed and from that I am setting my stop orders. Previous candle not the cuurent one.
  • #6,580
  • Oct 23, 2008 7:26pm Oct 23, 2008 7:26pm
Quoting FxChi
Only speaking for G/U - definitely showing reversal signs but I don't have the heart to long it yet. UK GDP news coming out later too. But check out the daily - we're in bottom area of the LR channel, retracement targets have been met, intraday targets weren't met today - seems like it's stalling. US indices looks like a move up tomorrow too. If anything I'm either going to scalp it or not trade it. Was a good week. Good luck all.

Just be careful with long positions, Intraday support appears it will fail at this point. The big rally late in the day is loosing all the ground it gained. Asian banks must be clammering for dollars. Could be an erratic night ahead.
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