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Fibonacci Trading with Bobokus

  • #6,601
  • Oct 24, 2008 1:42am Oct 24, 2008 1:42am
Quoting FxChi
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.
Ya I know, my plan was just to get like 20 pips as soon as news came out thats why, but my phone just stopped working on me, it has nothing to do with Fiboncacci, so it was a bad idea based on the circumstances I was put in.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,602
  • Oct 24, 2008 1:45am Oct 24, 2008 1:45am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
And these moves are absolutely crazy to me - lol. 780 pip drop in less than 24 hours. I mean on a major pair, unbelievable.
"Wishful thinking dies hard." Igor T.
  • #6,603
  • Oct 24, 2008 1:48am Oct 24, 2008 1:48am
Quoting FxChi
And these moves are absolutely crazy to me - lol. 780 pip drop in less than 24 hours. I mean on a major pair, unbelievable.
Oh my god its still falling!!
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,604
  • Oct 24, 2008 1:48am Oct 24, 2008 1:48am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
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.
Just read that post - I'm actually using Oanda. Maybe they were pissed b/c I was making money off them...lol. Or maybe everyone is short and they're losing money. Who knows. Right now it's 5 pips so it has dropped, but its been really high during Asia session and even when I took my first scalp early during london session.
"Wishful thinking dies hard." Igor T.
  • #6,605
  • Oct 24, 2008 1:50am Oct 24, 2008 1:50am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
Oh my god its still falling!!
Yip - but you know what - Got burned earlier in the week jumping in. I'll make a mistake once, but never twice. LOL. Don't care - I'm just happy my account is up.
"Wishful thinking dies hard." Igor T.
  • #6,606
  • Oct 24, 2008 1:51am Oct 24, 2008 1:51am
Quoting FxChi
Just read that post - I'm actually using Oanda. Maybe they were pissed b/c I was making money off them...lol. Or maybe everyone is short and they're losing money. Who knows. Right now it's 5 pips so it has dropped, but its been really high during Asia session and even when I took my first scalp early during london session.
I think OANDAs service must have really gone down then, I haven't played with their account for over a year, it's probably different now. But I love my Interbank FX broker, their have best customer service and best products, they gave me MT4 free for Windows Mobile Platforms and Metaquotes company actually charges $50 for it, so I really like them even during news my spread for gu was 2 pips.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,607
  • Oct 24, 2008 2:29am Oct 24, 2008 2:29am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Apologies Bo for the non fibonacci banter but cable down 825 pips in less than 24 hours...crazy! Why doesn't it just go for the cool 1,000 at this point...LOL? I mean what's going to happen if US indices drop. They did have support which has failed now. This is too scary for me to jump in. I mean I need a retrace to 5800 for me to feel comfortable shorting it.
"Wishful thinking dies hard." Igor T.
  • #6,608
  • Oct 24, 2008 2:32am Oct 24, 2008 2:32am
Good job only 2 of my longs were triggered. Lesson learned...
  • #6,609
  • Oct 24, 2008 2:35am Oct 24, 2008 2:35am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
This is hysterical to me. LOL. It just keeps dropping. The range on pound yen is 17,000 pips already before US markets open. LOL. Man I hope some people are getting really rich of this...lol.
"Wishful thinking dies hard." Igor T.
  • #6,610
  • Oct 24, 2008 2:38am Oct 24, 2008 2:38am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Seriously...look at this monthly bar. What the hell do you call that? Ginormous Engulfing Eat All The Other Candles Bearish Candle?
Attached Image (click to enlarge)
Click to Enlarge Name: oct 24 monthly.jpg Size: 158 KB
"Wishful thinking dies hard." Igor T.
  • #6,611
  • Oct 24, 2008 2:47am Oct 24, 2008 2:47am
Quoting FxChi
Seriously...look at this monthly bar. What the hell do you call that? Ginormous Engulfing Eat All The Other Candles Bearish Candle?
Just heard on the news ,so much drop of pound in a day has not been seen for the last 37 years. I managed to get some chunk of it as hopefully everyone else.
That should be enough for the day ,it is friday too.
  • #6,612
  • Oct 24, 2008 2:58am Oct 24, 2008 2:58am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting alex12
Just heard on the news ,so much drop of pound in a day has not been seen for the last 37 years. I managed to get some chunk of it as hopefully everyone else.
That should be enough for the day ,it is friday too.
Wow. I didn't think a drop like that has ever been seen before. I honestly thought the market had already priced in the negative GDP news earlier in the week based on the moves. But now that I see this - it's official - everyone recognizes that we're in a worldwide recession. I just hope that the 300 pip plus day continue on the majors. Awesome for traders but very sad that we've entered a global recession - I mean as traders we had to expect something like this, but it's official now. Seems like hard times for a little bit. I think trading your own money is the best thing to do right now as the volatility is high and we can get paid and the trend is obvious too.
"Wishful thinking dies hard." Igor T.
  • #6,613
  • Oct 24, 2008 3:30am Oct 24, 2008 3:30am
Quoting FxChi
Apologies Bo for the non fibonacci banter but cable down 825 pips in less than 24 hours...crazy! Why doesn't it just go for the cool 1,000 at this point...LOL? I mean what's going to happen if US indices drop. They did have support which has failed now. This is too scary for me to jump in. I mean I need a retrace to 5800 for me to feel comfortable shorting it.

LOL this is insane, never seen this much sell off ever. They have already closed trading in S&P and DOW futures they have fallen so much.
  • #6,614
  • Oct 24, 2008 3:32am Oct 24, 2008 3:32am
Quoting FxChi
Wow. I didn't think a drop like that has ever been seen before. I honestly thought the market had already priced in the negative GDP news earlier in the week based on the moves. But now that I see this - it's official - everyone recognizes that we're in a worldwide recession. I just hope that the 300 pip plus day continue on the majors. Awesome for traders but very sad that we've entered a global recession - I mean as traders we had to expect something like this, but it's official now. Seems like hard times for a little bit. I think trading your own money is the best thing to do right now as the volatility is high and we can get paid and the trend is obvious too.

Major panic going on.
  • #6,615
  • Oct 24, 2008 3:38am Oct 24, 2008 3:38am
Quoting FxChi
Seriously...look at this monthly bar. What the hell do you call that? Ginormous Engulfing Eat All The Other Candles Bearish Candle?

Thats a distress signal...SOS. The wagon doesnt have any more wheels left on it to fall off, its tail dragging now.
  • #6,616
  • Oct 24, 2008 3:47am Oct 24, 2008 3:47am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
LOL this is insane, never seen this much sell off ever. They have already closed trading in S&P and DOW futures they have fallen so much.
Yip limit down. Honestly - trading is THE best profession right now. You can't invest and hold anymore.
"Wishful thinking dies hard." Igor T.
  • #6,617
  • Oct 24, 2008 3:50am Oct 24, 2008 3:50am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
Thats a distress signal...SOS. The wagon doesnt have any more wheels left on it to fall off, its tail dragging now.
Wagon - there is no more wagon. Just a piece of tin free falling into a dark well.
"Wishful thinking dies hard." Igor T.
  • #6,618
  • Oct 24, 2008 4:10am Oct 24, 2008 4:10am
Cable has fallen so far that its difficult to find any fibs to use, so I monitor the action via the 34 EMA on the 5 min chart as price continually moves around this MA.

Normally, the furtherst that price will move from the 34 before having a retrace is 200 pips - the inner dashed line.

This morning the humungous red blow off candle of 185 pips went 400 pips - the lower dashed line - under the 34 ema before the retrace began. I have never seen such an extreme oversold condition in cable.

Now perhaps this retrace will give some levels off which we can draw fibs......

PS Apologies for a non fib post, but I thought it might be of some interest....
Attached Image (click to enlarge)
Click to Enlarge Name: oct 23 cable 5m 1400.gif Size: 13 KB
Trading Levels with WRBs
  • #6,619
  • Oct 24, 2008 4:42am Oct 24, 2008 4:42am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Islander
Cable has fallen so far that its difficult to find any fibs to use, so I monitor the action via the 34 EMA on the 5 min chart as price continually moves around this MA.

Normally, the furtherst that price will move from the 34 before having a retrace is 200 pips - the inner dashed line.

This morning the humungous red blow off candle of 185 pips went 400 pips - the lower dashed line - under the 34 ema before the retrace began. I have never seen such an extreme oversold condition in cable.

Now perhaps this retrace will give some levels off which we can draw fibs......

PS Apologies for a non fib post, but I thought it might be of some interest....

Islander - RSI showing a squeeze condition leading to a breakdown soon and 34 EMA is holding PA right now. I entered a small position with a tight stop to see if it plays out. If price closes beyond 34 I'm out.
Attached Image (click to enlarge)
Click to Enlarge Name: oct 24 5 min.jpg Size: 97 KB
"Wishful thinking dies hard." Igor T.
  • #6,620
  • Oct 24, 2008 4:45am Oct 24, 2008 4:45am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting FxChi
Islander - RSI showing a squeeze condition leading to a breakdown soon and 34 EMA is holding PA right now. I entered a small position with a tight stop to see if it plays out. If price closes beyond 34 I'm out.
Yip out. No bueno. Done for the day. Small loss but no big deal.
"Wishful thinking dies hard." Igor T.
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