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Fibonacci Trading with Bobokus

  • #6,581
  • Oct 23, 2008 7:40pm Oct 23, 2008 7:40pm
Quoting Jazflyer
Bo, could you plz post your fibs on GU/EU going into Friday.

Thanks
Sure here ya go
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File Type: tpl gbp1023.tpl   6 KB | 486 downloads
File Type: tpl euro1023.tpl   6 KB | 458 downloads
  • #6,582
  • Oct 23, 2008 8:09pm Oct 23, 2008 8:09pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
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.
Yip. It just failed. I'm still not anxious to jump in a trade though. I'm going to wait to see what plays out (momentum switched to bear team now). I think it's so funny the dollar is gaining strength right now (I understand the fundamentals behind it, in that people need dollars to sell off their USD based assets), but c'mon people, in the grand scheme of things, printing dollars like it's monopoly money is just going to make it worthless (funny link: http://sfbay.craigslist.org/sby/roo/889292171.html someone accepting Silver coins as payments rather than cash...lol) . Oh well, lol, I'll keep playing the dollar strength as long as it's there.
"Wishful thinking dies hard." Igor T.
  • #6,583
  • Oct 23, 2008 8:23pm Oct 23, 2008 8:23pm
Quoting FxChi
Yip. It just failed. I'm still not anxious to jump in a trade though. I'm going to wait to see what plays out (momentum switched to bear team now). I think it's so funny the dollar is gaining strength right now (I understand the fundamentals behind it, in that people need dollars to sell off their USD based assets), but c'mon people, in the grand scheme of things, printing dollars like it's monopoly money is just going to make it worthless (funny link: http://sfbay.craigslist.org/sby/roo/889292171.html someone accepting Silver coins as payments rather than cash...lol) . Oh well, lol, I'll keep playing the dollar strength as long as it's there.
Exactly, as long as the volitility remains high and we keep getting 200 +pip days with the Euro I could care less.
GBP support failed but Euro is hanging in there right now, lets see what happens when they try and rally back now.
  • #6,584
  • Oct 23, 2008 9:11pm Oct 23, 2008 9:11pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Just looked at my spread for a GBP scalp and it's 12 pips....uhhhh...I don't think so. Although it looks like a no brainer we will see 6040 pretty quickly. But TL break below intraday short and daily pivot - I think should be good. I'd take entry right here testing back of tl with tight stop.
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"Wishful thinking dies hard." Igor T.
  • #6,585
  • Oct 23, 2008 9:20pm Oct 23, 2008 9:20pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
And I'd be out here as it's a scalp - but spread not worth it to me.
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"Wishful thinking dies hard." Igor T.
  • #6,586
  • Edited 11:04pm Oct 23, 2008 9:43pm | Edited 11:04pm
Short cable @ 6155, up about 80 pips so far, moved stop to 6101, short euro @ 2837, up over 50 pips at the momemt.

Happy Pippin'
KC


Edit 1: Stopped out of euro @ 28071 for 29.9 pips, I had it on a tight leash w/ 50 pip trail, couldn't watch it on the commute home. Living in EST and having a 2nd shift job kinda sucks. might have to move to Europe when I get trading full time. +29 pips

Edit 2: Cable was stopped out at 6055, had it on a 35 pip trail for the commute. +100 pips
  • #6,587
  • Oct 23, 2008 10:36pm Oct 23, 2008 10:36pm
I took a shot on EU, I hope it will break low, there seems to be a lot of movement.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,588
  • Oct 24, 2008 12:40am Oct 24, 2008 12:40am
All my positions are out right now, but since GU has closed below my retracement level I may go short if price doesn't look like its going to retrace. Atleast on Monday the price is going to move in a trend direction which is good. This week ended up great about 400+ pips, and honestly thats they only thing I want to aim for in a week, I am perfectly happy with that many pips. Hopefully I can repeat.

Good Luck Everyone on Friday
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,589
  • Oct 24, 2008 2:01am Oct 24, 2008 2:01am
Just closed a GU short 115 pips, I kind of closed it early, but it reached my T2 targets, I entered extremely late, so I figure I may as well risk it. I don't know whats going on fundementals, but it was atleast 130 pip candle, just one freaking candle price seems to have stopped at T2 now, but man that was beautiful trade, wish I had gone on EU too, but I am extremely happy. And london hasn't even opened yet, up over 500 pips this week, wow, just wow.

I wanted to risk this trade because I saw price made a minimal retracement to my Resitance level so I figured price would have nosedived well and it did.

Anyway I hope someone else got into it, whats great is that was a real trade.
Maybe I am getting a bit over excited, I can't help it, I am succeeding at forex. Thanx again everyone for help.

Good Luck everybody.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,590
  • Oct 24, 2008 2:30am Oct 24, 2008 2:30am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Great trade Legace. I just took a quick scalp trade on it with a 10 pip spread...ridiculous my spread is that high. Done for the week. I, similar to you, hope this volatility continues. It's so sweet!!!
"Wishful thinking dies hard." Igor T.
  • #6,591
  • Oct 24, 2008 2:55am Oct 24, 2008 2:55am
Quoting FxChi
Great trade Legace. I just took a quick scalp trade on it with a 10 pip spread...ridiculous my spread is that high. Done for the week. I, similar to you, hope this volatility continues. It's so sweet!!!
I entered short again and I am up about 41 pips, I lower the time frame a bit to get an early entry I saw price was bouncing of short levels, since price is moving fast I guess you need to see the bounce on lower TF. I have a good feeling it will break low, if not I will just close with a small gain, either way today is a great day. Right now price is moving back down to the low, the 1H candle looks really good to, because its a hammer, very likely to be bearish and move even further. Just going to check fundementals to see if anything will slow down, or affect my trade.

EDIT: I just notice GU GDP is coming and it probably does not look good, so I am definiately staying in the trade.

Good Luck
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,592
  • Oct 24, 2008 3:25am Oct 24, 2008 3:25am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
I entered short again and I am up about 41 pips, I lower the time frame a bit to get an early entry I saw price was bouncing of short levels, since price is moving fast I guess you need to see the bounce on lower TF. I have a good feeling it will break low, if not I will just close with a small gain, either way today is a great day. Right now price is moving back down to the low, the 1H candle looks really good to, because its a hammer, very likely to be bearish and move even further. Just going to check fundementals to see if anything will slow down, or affect my trade.

EDIT: I just notice GU GDP is coming and it probably does not look good, so I am definiately staying in the trade.

Good Luck
TheLegace.
Yeah I'm taking chunks out of it too. I just closed another scalp...short of course b/c yeah GDP is coming out. I just hate that my spread is so high man. I'm looking for a nice retrace before I pull the trigger again. Playing with fire burned me earlier in the week, so I learned my lesson...lol.
"Wishful thinking dies hard." Igor T.
  • #6,593
  • Oct 24, 2008 3:25am Oct 24, 2008 3:25am
I just closed out my second short at 145 pips, today is just amazing. Price has reached my T1 targets, if economic data is bad then I might renter, but I doubt it, I may just end the day today.

But Today 265 pips, its been awesome.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,594
  • Oct 24, 2008 3:27am Oct 24, 2008 3:27am
Quoting FxChi
Yeah I'm taking chunks out of it too. I just closed another scalp...short of course b/c yeah GDP is coming out. I just hate that my spread is so high man. I'm looking for a nice retrace before I pull the trigger again. Playing with fire burned me earlier in the week, so I learned my lesson...lol.
How come your spread is so high, mine is max 4 pips for GU, and sometimes its 2.

I may even switch brokers to OANDA, which have amazing spreads I have heard, but I really like the way I have my setup with MT4 on my phone, its reason I have learned system.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,595
  • Oct 24, 2008 3:28am Oct 24, 2008 3:28am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
I just closed out my second short at 145 pips, today is just amazing. Price has reached my T1 targets, if economic data is bad then I might renter, but I doubt it, I may just end the day today.

But Today 265 pips, its been awesome.

TheLegace.
The wheels have fallen off the wagon. Crazy!!! Great job though! I'm looking for a retrace. Just don't want to jump in, b/c I lost earlier in the week being greedy. Hopefully the market will oblige.
"Wishful thinking dies hard." Igor T.
  • #6,596
  • Oct 24, 2008 3:32am Oct 24, 2008 3:32am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Let's see if we get a 100 pip bounce up to re-enter here
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Click to Enlarge Name: oct 24th daily.jpg Size: 162 KB
"Wishful thinking dies hard." Igor T.
  • #6,597
  • Oct 24, 2008 3:34am Oct 24, 2008 3:34am
Quoting FxChi
The wheels have fallen off the wagon. Crazy!!! Great job though! I'm looking for a retrace. Just don't want to jump in, b/c I lost earlier in the week being greedy. Hopefully the market will oblige.
I just got really lucky today, because I decided to pull an all niter because I am trying to fix my laptop(and not study). Just made some coffee.

Looks like GDP has been terrible, stupid phone stopped working so I am in the trade really late and it may have been a mistake to enter it, I will exit probably at -15 pips if it goes that bad, I have made enough pips today, this trade is just a bonus.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,598
  • Oct 24, 2008 3:35am Oct 24, 2008 3:35am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
I just got really lucky today, because I decided to pull an all niter because I am trying to fix my laptop(and not study). Just made some coffee.

Looks like GDP has been terrible, stupid phone stopped working so I am in the trade really late and it may have been a mistake to enter it, I will exit probably at -15 pips if it goes that bad, I have made enough pips today, this trade is just a bonus.

TheLegace.
What was your entry?
"Wishful thinking dies hard." Igor T.
  • #6,599
  • Oct 24, 2008 3:37am Oct 24, 2008 3:37am
Quoting FxChi
What was your entry?
It was just based on the news, but I was way too late, right now my long term resistance levels are being tested, and it looks like they'll hold, there will probably be a retracement here, I exited at 1 pip gain. Looks like it was a good idea, so no losses today even though been trading a bit recklessly.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,600
  • Oct 24, 2008 3:40am Oct 24, 2008 3:40am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
It was just based on the news, but I was way too late, right now my long term resistance levels are being tested, and it looks like they'll hold, there will probably be a retracement here, I exited at 1 pip gain. Looks like it was a good idea, so no losses today even though been trading a bit recklessly.

TheLegace.
As long as you exited on profit that's all that matters. I'm waiting for a bounce before I even attempt to short it again. It can drop to the center of the earth for all I care - wemade some good money on this pair this week and that's all that matters. Thanks Bo for showing us the the light.
"Wishful thinking dies hard." Igor T.
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