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Fibonacci Trading with Bobokus

  • #6,641
  • Oct 25, 2008 7:54pm Oct 25, 2008 7:54pm
Quoting kpt1956
Bo, I think most people understand risking a small portion of capital ( 2% seems to be the basic rule of thumb ) on any given trade, but what I think is lacking with most traders ( my self included ) is deciding 1) setting actual or mental stop losses for a given trade. Should it be a certain number of pips or based on previous support and resistance. Sometimes previous support and resistance is pretty far away so your exposure can be great, but at the same time you don't want to be too close and be stopped out. What is your basic rules Bo? Do you pass on trades if your exposure ( potential trade risk to reward ) is too great? What do you do define the risk as too great? I think sometimes if I knew what trades to pass in those instances it would help me manage my money. Thanks for your insights and knowledge.
I use previous support and resistance points never a set number. I will pass on trades when I think the risk is too great, Friday was a prime example with GBP...I normally would try and play a retracement on big moves but if I did the potential risk was over 280 pips on a 1 hour chart so I let that one pass and will just wait for the market to return to less risky waveforms. Didnt want to risk 280 pips in a panicing market in the strongest movements Ive seen and it would have been counter trend or buying into weakness. You dont have to trade every single movement or even every day wait for it and they will come. I dont take Intraday trades every day, I wait until I see the pair develope into the trading plans Ive set up for it. When the trades are not there that im looking for I will open my Demo and trade one of the strategies that Ive been working on to keep me from entering live when the pair doesnt develope into my plans.
  • #6,642
  • Oct 25, 2008 8:48pm Oct 25, 2008 8:48pm
Bo, how many different trading plans do you have in your arsenal? Could you give a brief outline sometime? I'd love to have your entire "Play Book", but I'm sure it is quite thick and complicated. What are your "Bread and Butter" trading strategies. Is there anything different not in this thread? I seem to understand all of your setups and explanations. I guess doing forex can be like football, "Take what the defense gives you and " Don't force a play that isn't there, or you'll get sacked and fumble the ball ( loose a lot of pips ) Right? I understand what you've said throughout your thread, but sometimes it's hard to read between the lines of what you do sometimes in your analyis of the charts. Any enlightment on the finer nuances of analyzing would be helpful.
  • #6,643
  • Oct 26, 2008 5:50pm Oct 26, 2008 5:50pm
Quoting TheLegace
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.
Iam looking for a celullar phone where i can be able to trade .I have been waching a cople of them ,but i will like to get the best to trade since iam busy like you .
Please let me know if you can downloand the mt 4 plataform and your experience trading in the cellular phone.
reward
keep on, nothing good coming easy ,we'll get it .
  • #6,644
  • Oct 26, 2008 6:26pm Oct 26, 2008 6:26pm
Quoting Bobokus
I dont normally look for cross pair trades, but there isnt a short signal there yet, alot will depend on what happens with GBP and CHF against the dollar after the open.With CHF having a good bullish week and GBP ending with bearish week that pair could stall out, need to see GBP and the CHF trending in the same direction. Too many fundamental things to keep up with trading cross pairs.
I would like to know why did you place the down trend at 1.1576 to currency low, instant of 1.7610 to the same low .
bo resistance and support make me confuse should i place them to trade 1 hour o only are for daily and 4 hours.Please if me questions don't make sence
let me know .
REward
  • #6,645
  • Oct 26, 2008 7:28pm Oct 26, 2008 7:28pm
Quoting kpt1956
Bo, how many different trading plans do you have in your arsenal? Could you give a brief outline sometime? I'd love to have your entire \"Play Book\", but I'm sure it is quite thick and complicated. What are your \"Bread and Butter\" trading strategies. Is there anything different not in this thread? I seem to understand all of your setups and explanations. I guess doing forex can be like football, \"Take what the defense gives you and \" Don't force a play that isn't there, or you'll get sacked and fumble the ball ( loose a lot of pips ) Right? I understand what you've said throughout your thread, but sometimes it's hard to read between the lines of what you do sometimes in your analyis of the charts. Any enlightment on the finer nuances of analyzing would be helpful.

A few, but if I did Im afraid it would take the thread in a different direction. I will try and give a better detail of the thinking behind my analysis in the future though.
  • #6,646
  • Oct 26, 2008 7:39pm Oct 26, 2008 7:39pm
Hi Bo,

Am I right to say that each set of fibs plays a role as EITHER support or resistance depending whether it's a swing high or swing low? Eg, if the retracement fib is drawn as a swing high, ie "uptrend" direction, can I say that we're ONLY looking for support areas when price approaches the fib from the top?

For resistance levels we'll have to use another set of swing low fibs?

Just wanted need to be clear on this, as a cluster of fibs can get confusing, appreciate it.
I need to put up stop losses.
  • #6,647
  • Oct 26, 2008 7:45pm Oct 26, 2008 7:45pm
Quoting boyeros
I would like to know why did you place the down trend at 1.1576 to currency low, instant of 1.7610 to the same low .
bo resistance and support make me confuse should i place them to trade 1 hour o only are for daily and 4 hours.Please if me questions don't make sence
let me know .
REward
If your talking about the last template I posted, you can measure the last leg of the downtrend like the chart below. In the previous post I just have the last 2 step downs measured.
The support and resistance fib are no different than using the Intraday and the Swing but on a 4 hour chart it isnt looking at an Intraday movement. All fibs are either a resistance fib or a support fib the difference is a support fib is pulled across movements that is going up, a resistance fib is pulled across movements that are going down. In the chart posted below the Uptrend fib is a support fib, the Downtrend fib is a resistance fib. The Uptrend is showing the support levels to price the Downtrend is showing the resistance levels to price.
Attached Image (click to enlarge)
Click to Enlarge Name: gbplastleg.gif Size: 17 KB
  • #6,648
  • Oct 26, 2008 7:47pm Oct 26, 2008 7:47pm
Quoting swap
Hi Bo,

Am I right to say that each set of fibs plays a role as EITHER support or resistance depending whether it's a swing high or swing low? Eg, if the retracement fib is drawn as a swing high, ie \"uptrend\" direction, can I say that we're ONLY looking for support areas when price approaches the fib from the top?

For resistance levels we'll have to use another set of swing low fibs?

Just wanted need to be clear on this, as a cluster of fibs can get confusing, appreciate it.
Thats right, this is one of the reasons using one fib tool can only show you a partial view of price movement..you need one for support levels and the other for resistance levels.
  • #6,649
  • Oct 26, 2008 8:01pm Oct 26, 2008 8:01pm
Quoting boyeros
Iam looking for a celullar phone where i can be able to trade .I have been waching a cople of them ,but i will like to get the best to trade since iam busy like you .
Please let me know if you can downloand the mt 4 plataform and your experience trading in the cellular phone.
reward
keep on, nothing good coming easy ,we'll get it .
I currently use HTC TyTyn, if you want something really cheap get the HTC Touch I think it is, it has no keyboard, it would have done just fine for me, as its lighter and cheaper, its a pretty decent phone, my only complaint is battery dies quite quickly, I will always have to swtich between two batteries, at 11 is when phone usually dies, and then I just stop trading and leave my phone for its actual purpose. Just stick with any Windows Mobile Smart phone, make sure it has a stylus or touch sort of pad, otherwise you will never be able to draw fibs on the phone. I would stick with IBFX since they offer free MT4 mobile, and get the pocketPC edition, I thought smart phone edition was better, but its shitty as hell. Make you get a PDA type Windows Mobile Phone. The phone cost me about 250 on ebay, phones can be very pricey, but I just thought it was cheapest thing I could get.

Good Luck, anymore questions feel free to ask.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,650
  • Oct 26, 2008 10:45pm Oct 26, 2008 10:45pm
Thank you for chart.
  • #6,651
  • Oct 27, 2008 12:37am Oct 27, 2008 12:37am
Dont know if it has been already asked but i wonder how you draw your monday intraday fibos. Do you use High/Low from friday or saturday
Please lengthen your message to at least 1 characters.
  • #6,652
  • Oct 27, 2008 6:47am Oct 27, 2008 6:47am
Made two bad trades today, ones that should have been avoided, but made anyway. I am down over 111 pips, bad start of the week, but I know it will get better, I thought price continuing the trend but it was still retracing, now it looks like price is moving down again, waiting for confirmation at close of the candle, I hope I can recoup losses for today.
Good Luck for the week.

TheLegace
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,653
  • Oct 27, 2008 7:02am Oct 27, 2008 7:02am
Quoting TheLegace
Made two bad trades today, ones that should have been avoided, but made anyway. I am down over 111 pips, bad start of the week, but I know it will get better, I thought price continuing the trend but it was still retracing, now it looks like price is moving down again, waiting for confirmation at close of the candle, I hope I can recoup losses for today.
Good Luck for the week.

TheLegace
Did you buy or sell? The trend is still down . The price is retracing into the todays intraday levels ,the news(home sale) might push it into the Zone ,then I will look at shorting in that area based on price action and time of the day. If price does not move into the area then I will sell at the break of the low depending of time of the day and if it breaks the intraday long fib I will buy as a scalp.
Bo . Would you please let me know if I am correct with this analysise?
  • #6,654
  • Oct 27, 2008 7:34am Oct 27, 2008 7:34am
hello bo,i was reading swap's question and your response to his question but i got a lil bit confused.personally,i use intraday fibs on my 1hour chart and the swing fib when there is a last major move leading to new resistance and support but you were saying something about using different fibs to measure resistance and support...it got me a little bit confused,please what do you mean by that?

secondly,i just want to ask this ,though you have answered it but not that clearly,someone asked a question about if you have some other strategies and you said you will not want to mention anything for now on this thread not to complicate things...what i just want to ask is that..do use use some other indicators at all?i just felt any other strategy might be based on the use of indicator.i hope my second question does not intrude into your privacy.
thx for all the help thus far.

happy pips taking
  • #6,655
  • Oct 27, 2008 7:37am Oct 27, 2008 7:37am
Quoting Bbfx
Dont know if it has been already asked but i wonder how you draw your monday intraday fibos. Do you use High/Low from friday or saturday
for me it's also interesting because I can't choose what's bettre to use?? write,please,your opinions!
  • #6,656
  • Oct 27, 2008 8:20am Oct 27, 2008 8:20am
Quoting alex12
Did you buy or sell? The trend is still down . The price is retracing into the todays intraday levels ,the news(home sale) might push it into the Zone ,then I will look at shorting in that area based on price action and time of the day. If price does not move into the area then I will sell at the break of the low depending of time of the day and if it breaks the intraday long fib I will buy as a scalp.
Bo . Would you please let me know if I am correct with this analysise?
The price is ranging, I thought home sales would affect price so it would go down, but it hasn't done anything, I think I am done for the day, theres no point right now, just have to accept loss and start again tommorow. I thought it may have affected the price, but the price is not going to affected by that, there has been a lot of down movement, and I don't think the buyers are going accept that, theres gonna be retracement
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,657
  • Oct 27, 2008 8:36am Oct 27, 2008 8:36am
Quoting Bbfx
Dont know if it has been already asked but i wonder how you draw your monday intraday fibos. Do you use High/Low from friday or saturday
This is how I have my fibs for today.
I should mention most of the time is the high on Friday but for this situation I like to capture all prevoius downmove.
Hope it helps.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp fri.gif Size: 21 KB
  • #6,658
  • Oct 27, 2008 10:38am Oct 27, 2008 10:38am
well,bo,i have been online and its the 8th hour now,sincerely i lost a trade today...78 pips,but i want to ask a question again.i lost the trade on eurusd,i pulled my swing fib and the 38.2% was tested 6 times and after that there was a break of the 38.2%.i went short after the swing fib's 38.2% was tested and i was targeting the swing fib's low but the trade went against me.i should have posted the chart but i dont kow how to do so...please what went wrong?...although before entering the trade,i wanted to wait for the intraday's 38.2% to be tested but it was as if price will not get there that was why i focused on the swing fib.will be very happy if you could just shed a little light on what went wrong...and please do not forget my first question as well.i hope all this questions are not too much for you.

happy pips taking
  • #6,659
  • Oct 27, 2008 2:34pm Oct 27, 2008 2:34pm
Bo,

was following retracing price with a sell stop, it got hit but then price moved long for no reason. Do you see it as a wrong entry or should I have set buy stop above this waveform as well? Do you always have buy stop for a sell stop?
Attached Image (click to enlarge)
Click to Enlarge Name: new-1.gif Size: 76 KB
  • #6,660
  • Oct 27, 2008 3:21pm Oct 27, 2008 3:21pm
Quoting jasius
Bo,

was following retracing price with a sell stop, it got hit but then price moved long for no reason. Do you see it as a wrong entry or should I have set buy stop above this waveform as well? Do you always have buy stop for a sell stop?
Hm...maybe you should have used 1.2758 as your swing high. Right now its going down from the 38% level. (didnt quite touch it though)

I am quite new so you should wait for another opinion.
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