Fibonacci Trading with Bobokus | Page 334 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

fibonacci trading log 2 replies

Need help Bobokus Fibo template 1 reply

Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies

Attachments: Fibonacci Trading with Bobokus
Exit Attachments

Fibonacci Trading with Bobokus

  • #6,661
  • Oct 27, 2008 6:57pm Oct 27, 2008 6:57pm
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?
Hi ! I'm not Bo but I trade Euro today so I can tell you my approach!
First you want to look how I have my intraday fibs apply.Basically you want to make your decision based on your intradayfibs from the previous day!You can see that coming into London sesion price get rejected from intraday levels ,so first entry could be the white horizontal line.After that price continue downside never challenging the intraday levels again.I enter the mkt at break of intraday low targeting T1.I follow the mkt. with a stop above the prev. high candle so I got stopped out above the first blue candle for a +45 pips.Fibs. that you have should be set up for tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: euro retr.oct.27.jpg Size: 126 KB
  • #6,662
  • Oct 27, 2008 7:11pm Oct 27, 2008 7:11pm
Hi ! I'm not Bo but I trade Euro today so I can tell you my approach!
First you want to look how I have my intraday fibs apply.Basically you want to make your decision based on your intradayfibs from the previous day!You can see that coming into London sesion price get rejected from intraday levels ,so first entry could be the white horizontal line.After that price continue downside never challenging the intraday levels again.I enter the mkt at break of intraday low targeting T1.I follow the mkt. with a stop above the prev. high candle so I got stopped out above the first blue candle for a +45 pips.Fibs. that you have should be set up for tomorrow.

Hi, I'm new in this fofum ,but i want to learn ...in what TF you pull your retracement?? in thie Eur/chart ?
  • #6,663
  • Oct 27, 2008 7:27pm Oct 27, 2008 7:27pm
Quoting focuson
Hi ! I'm not Bo but I trade Euro today so I can tell you my approach!
First you want to look how I have my intraday fibs apply.Basically you want to make your decision based on your intradayfibs from the previous day!You can see that coming into London sesion price get rejected from intraday levels ,so first entry could be the white horizontal line.After that price continue downside never challenging the intraday levels again.I enter the mkt at break of intraday low targeting T1.I follow the mkt. with a stop above the prev. high candle so I got stopped out above the first blue candle for a +45 pips.Fibs. that you have should be set up for tomorrow.

Hi, I'm new in this fofum ,but i want to learn ...in what TF you pull your retracement?? in thie Eur/chart ?
If you ask me about retracement fib I used on the 4hr and daily to have an idea where major support and resistance is.
Yes that is EUR/USD chart
  • #6,664
  • Oct 27, 2008 7:52pm Oct 27, 2008 7:52pm
Quoting speedarad
If you ask me about retracement fib I used on the 4hr and daily to have an idea where major support and resistance is.
Yes that is EUR/USD chart
thanks , that was my questions, but could you tell me those levels, of the retracement , I 'm confused about this set , i was to be sure...again , thanks
  • #6,665
  • Oct 27, 2008 8:35pm Oct 27, 2008 8:35pm
Quoting focuson
thanks , that was my questions, but could you tell me those levels, of the retracement , I 'm confused about this set , i was to be sure...again , thanks
Fibbonaci levels are places where price cannot easily move through, they are important markers for where price has trouble going through and are idea to trade from because they give a good place of entry.

Fibonacci Levels on different timeframes give you different strength, fibs that are drawn from a larger timeframe will give you longer term levels where price will have more trouble breaking or holding. if you want higher TF resistance fibs then u open higher timeframe and draw fibs from bigger swngs, from weekly/daily/h4 these can tell where the price can move in its respective time frame.

Fibs are traded from H1 with intraday fibs generally, but fibs from higher TFs shows logical bias and aids in deciding where and when you think price will move.

I hope thats helps, thats how a I basically see the system, obviously it's incredibly simplified, it's a place to start atleast, as you practise and follow the thread you will pick up the system, but it takes time.

Good Luck.
If I have said anything wrong please let me know, I know I am not an expert at the system yet, but I have been following along for a couple months now and trading live.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,666
  • Oct 27, 2008 9:10pm Oct 27, 2008 9:10pm
Quoting Bobokus
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.
Would price breaking a set of resistance fibs turn that very same set into support fibs when it turns around? Much like how resistance lines turn into support when broken.
I need to put up stop losses.
  • #6,667
  • Oct 27, 2008 11:06pm Oct 27, 2008 11:06pm
Quoting Bobokus
Sure here is the setup on GBP
Hello Bob , and first of all , let me tell you THANKS , I have been reading your thread , and let me tell tyou ..I was looking for this , but I didn't find nothing like this , you are admirable ...I am in pag 20 ..from , but I read from tha last one back too , I can see your desire to teach no matter don't get nothing back.
Ok ... You are going to get back that you give. I'm here because I really wan't to learn very well ,this is my hope .., I'm am little confuse whit the way that you star your trading, this is what I have:
1. Montly TF
2.Day TF
3.H1 TF
But when I have to use the swing, and In the intraday leves it has to be the high and low for jus that day?? in what TF I have to use the retracement??

I now it is too much But i can't loosse more time,if you can pull yours fibs , that will be great !!
Please forgive my English .It's not my firts language..
  • #6,668
  • Oct 27, 2008 11:09pm Oct 27, 2008 11:09pm
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?
Thats the same thing I was looking for.
  • #6,669
  • Oct 27, 2008 11:21pm Oct 27, 2008 11:21pm
Quoting bjpumping
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
That post about the support and resistance fib tools are meant more for a 4 hour chart so that you could trade the 4 hour the same way as the 1 hour, but with the 4 hour you cant really use an Intraday since most of the 4 hour movements will be more than a day. I was just responding to one of the readers that needed to trade more from the 4 hour and Daily because of screen time.
You can classify the fib tolos by what your measuring with it, pulling a fib tool on movements where price is going up is a support fib(support levels), a fib tool pulled across price movements that are going down is a resistance fib (resistance levels).
Its not too personal, but here isnt the place for something new. I only use the simple tools provided with MT4 and my own way of measuring price value.
  • #6,670
  • Oct 27, 2008 11:25pm Oct 27, 2008 11:25pm
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
Sorry for being late but the previous Intraday for GBP would have been drawn from the high just before the end of the day Thursday to the low of Friday. Today its on just the high and low of the day Monday.
  • #6,671
  • Oct 27, 2008 11:31pm Oct 27, 2008 11:31pm
Quoting bjpumping
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
Honestly I would have to see where you had the swing at to give you a legitimate answer.
  • #6,672
  • Oct 27, 2008 11:47pm Oct 27, 2008 11:47pm
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?
You played it our right, I think I would have taken the same trade, the stop loss would have been a few hours later once it began to trade higher, later in the day it gives a second entry short that would have more than made up for the loss, most times you wont get a second opportunity like there was today, usually you have to wait or the next day. Really there wasnt anything wrong with what you did the first short signal just didnt have the momentum or push behind it. The direction was correct, the time of day was good it just didnt work out the first time.
Attached Image (click to enlarge)
Click to Enlarge Name: euro2ndentry.gif Size: 23 KB
  • #6,673
  • Oct 27, 2008 11:53pm Oct 27, 2008 11:53pm
Quoting TheLegace
Fibbonaci levels are places where price cannot easily move through, they are important markers for where price has trouble going through and are idea to trade from because they give a good place of entry.

Fibonacci Levels on different timeframes give you different strength, fibs that are drawn from a larger timeframe will give you longer term levels where price will have more trouble breaking or holding. if you want higher TF resistance fibs then u open higher timeframe and draw fibs from bigger swngs, from weekly/daily/h4 these can tell where the price can move in its respective time frame.

Fibs are traded from H1 with intraday fibs generally, but fibs from higher TFs shows logical bias and aids in deciding where and when you think price will move.

I hope thats helps, thats how a I basically see the system, obviously it's incredibly simplified, it's a place to start atleast, as you practise and follow the thread you will pick up the system, but it takes time.

Good Luck.
If I have said anything wrong please let me know, I know I am not an expert at the system yet, but I have been following along for a couple months now and trading live.

TheLegace.
Thats was a good general desciption, nothing wrong with that.
  • #6,674
  • Oct 27, 2008 11:55pm Oct 27, 2008 11:55pm
Quoting swap
Would price breaking a set of resistance fibs turn that very same set into support fibs when it turns around? Much like how resistance lines turn into support when broken.
Certainly, Until its target range is met you may see price bounce or be rejected from them several times.
  • #6,675
  • Oct 28, 2008 12:01am Oct 28, 2008 12:01am
Quoting focuson
Hello Bob , and first of all , let me tell you THANKS , I have been reading your thread , and let me tell tyou ..I was looking for this , but I didn't find nothing like this , you are admirable ...I am in pag 20 ..from , but I read from tha last one back too , I can see your desire to teach no matter don't get nothing back.
Ok ... You are going to get back that you give. I'm here because I really wan't to learn very well ,this is my hope .., I'm am little confuse whit the way that you star your trading, this is what I have:
1. Montly TF
2.Day TF
3.H1 TF
But when I have to use the swing, and In the intraday leves it has to be the high and low for jus that day?? in what TF I have to use the retracement??

I now it is too much But i can't loosse more time,if you can pull yours fibs , that will be great !!
Please forgive my English .It's not my firts language..
The Retracement fib is drawn on the Daily chart when there is retracement into the current trending movemnt, its used as a catalyst for detirmining if the current trending will continue or not.
As a general rule we look to place the Intraday on the high and low of each day if they were both established during each day, alot of times a movement will continue into the next day and we try and include that as well in the Intraday, the market isnt a mechanical entity there is always some chaos to it so there always has to be some adaptability.
And welcome to our thread.
  • #6,676
  • Oct 28, 2008 12:17am Oct 28, 2008 12:17am
Consumer Confidence is coming out later in US session, it's kind of funny all of the financail news websites are saying blah blah banks are doing so and so in fear of a recession, everyones fearing a recession so much no one wants to admit it just yet, stocks have fallen to horrble lows, gas has fallen incredibly fast is it a recession or not?

I just find it really stupid, but then again people that caused the mess weren't really playing to smart.
I am looking at the GU looks like London session may be a scalp session, price is moving from short levels to low, so there may be 60-70 pip trade there, right now I am waiting for price to dip below short or above long levels to grab a couple pips, hopefully make up for yesterday.

Good Luck everyone
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,677
  • Oct 28, 2008 12:25am Oct 28, 2008 12:25am
Quoting TheLegace
Fibbonaci levels are places where price cannot easily move through, they are important markers for where price has trouble going through and are idea to trade from because they give a good place of entry.

Fibonacci Levels on different timeframes give you different strength, fibs that are drawn from a larger timeframe will give you longer term levels where price will have more trouble breaking or holding. if you want higher TF resistance fibs then u open higher timeframe and draw fibs from bigger swngs, from weekly/daily/h4 these can tell where the price can move in its respective time frame.

Fibs are traded from H1 with intraday fibs generally, but fibs from higher TFs shows logical bias and aids in deciding where and when you think price will move.

I hope thats helps, thats how a I basically see the system, obviously it's incredibly simplified, it's a place to start atleast, as you practise and follow the thread you will pick up the system, but it takes time.

Good Luck.
If I have said anything wrong please let me know, I know I am not an expert at the system yet, but I have been following along for a couple months now and trading live.

TheLegace.
Thanks , for your answer was clearly , is good to have people able to help.
  • #6,678
  • Oct 28, 2008 12:31am Oct 28, 2008 12:31am
Quoting Bobokus
The Retracement fib is drawn on the Daily chart when there is retracement into the current trending movemnt, its used as a catalyst for detirmining if the current trending will continue or not.
As a general rule we look to place the Intraday on the high and low of each day if they were both established during each day, alot of times a movement will continue into the next day and we try and include that as well in the Intraday, the market isnt a mechanical entity there is always some chaos to it so there always has to be some adaptability.
And welcome to our thread.
Thanks for help me to understand this , I know that somentimes is very hard to see what the prices wants to do ...I will follow your thread.
  • #6,679
  • Oct 28, 2008 7:03am Oct 28, 2008 7:03am
bo, where do we have intraday fibs on both pairs? Both on yesterday highs lows? ant then there is a support to 22-23rd?
  • #6,680
  • Oct 28, 2008 7:48am Oct 28, 2008 7:48am
Quoting jasius
bo, where do we have intraday fibs on both pairs? Both on yesterday highs lows? ant then there is a support to 22-23rd?

Yes , just the high and low points of the days... On the 4 hour the support would be from the lowest point over the past few days to the highest point after that, if this drive up can continue for another day and we start breaking Daily candle highs we could have another retracement fib setting up.
1 trader viewing now