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Fibonacci Trading with Bobokus

  • #6,741
  • Nov 3, 2008 4:40am Nov 3, 2008 4:40am
Made my pips today...I will wait for new york to open to start trading again...
  • #6,742
  • Nov 3, 2008 7:08am Nov 3, 2008 7:08am
took a short on GU its up bout 30 pips
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,743
  • Nov 3, 2008 7:17am Nov 3, 2008 7:17am
Quoting Shermenator
Made my pips today...I will wait for new york to open to start trading again...

Sherm!!!!!
Lucky me,made another 125 pips from gbp/jpy.I also treated it as a scalp i will be waiting till it move below short on 4hrs tf.Seems a good trades to start with this week.
  • #6,744
  • Nov 3, 2008 7:20am Nov 3, 2008 7:20am
Quoting hiswords
Sherm!!!!!
Lucky me,made another 125 pips from gbp/jpy.I also treated it as a scalp i will be waiting till it move below short on 4hrs tf.Seems a good trades to start with this week.
yep nice stuff...Once I make my pips I like to sit back and relax and wait for the next best shoot at the market...I dont like trading while London is in lunchtime since the odds of getting stuck in a range is higher...so I had no postions running...very nice pips my friend
  • #6,745
  • Nov 3, 2008 7:33am Nov 3, 2008 7:33am
Good to see everyone doing well this morning, I slept through most of it already
  • #6,746
  • Nov 3, 2008 8:44am Nov 3, 2008 8:44am
Just closed 150 pips, great start to the month, hope I can keep this up. I was about to make a horrendous trade earlier today, but I learned it was a bad idea from long time ago.
I am done for the day, I only look to try and get 100 pips a day, but need to make extra because tommorow will likely be a consolidating day.

Good Luck for the week.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,747
  • Nov 3, 2008 12:18pm Nov 3, 2008 12:18pm
hello bo,can you please post your eurusd and gbpusd daily chart.i want to see how you have placed your fibs.thanks.

happy pips taking
  • #6,748
  • Nov 3, 2008 2:23pm Nov 3, 2008 2:23pm
I am really happy with the trade today, but I am a bit dissapointed, that I didn't let it run, I plotted my Intraday fibs, and set my order to the take profit level that price is at right now, I could have banked more pips, but I didn't want to risk and take what I could get. Bo I am just wondering how you distinguish whether you will let trades run or close em.

I figure today there was a lot of price movement with my trade and it didn't seem like there wasn't too much signs of bottoming out until my T1 targets, maybe next time I might know whether to keep trades running. Maybe it's just comes with experience. I remember last time I closed out the trade when I felt I should it was a great decision as the market turned on me. I am not complaining, but anything better that can be done I would like to do

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,749
  • Nov 3, 2008 3:36pm Nov 3, 2008 3:36pm
Quoting bjpumping
hello bo,can you please post your eurusd and gbpusd daily chart.i want to see how you have placed your fibs.thanks.

happy pips taking
Sure, not much has changed over the past few trading days.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro1103.gif Size: 17 KB
Click to Enlarge Name: gbp1103.gif Size: 18 KB
  • #6,750
  • Nov 3, 2008 3:39pm Nov 3, 2008 3:39pm
Quoting TheLegace
I am really happy with the trade today, but I am a bit dissapointed, that I didn't let it run, I plotted my Intraday fibs, and set my order to the take profit level that price is at right now, I could have banked more pips, but I didn't want to risk and take what I could get. Bo I am just wondering how you distinguish whether you will let trades run or close em.

I figure today there was a lot of price movement with my trade and it didn't seem like there wasn't too much signs of bottoming out until my T1 targets, maybe next time I might know whether to keep trades running. Maybe it's just comes with experience. I remember last time I closed out the trade when I felt I should it was a great decision...

You can let the market force you out of your trade by following the market, placing your stop at the previous candle high or low, whichever the case may be.
  • #6,751
  • Nov 3, 2008 4:35pm Nov 3, 2008 4:35pm
Quoting Bobokus
Sure, not much has changed over the past few trading days.
why in the first chart did you placed the downtrend in the hole mov and in the second (gbp usa ) the down trend is in the last mov
reward
  • #6,752
  • Nov 3, 2008 5:15pm Nov 3, 2008 5:15pm
Quoting boyeros
why in the first chart did you placed the downtrend in the hole mov and in the second (gbp usa ) the down trend is in the last mov
reward

LOL, I must have saved it before I moved it. It should look like this. The second chart shows the last leg down on the euro
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro1103.gif Size: 17 KB
Click to Enlarge Name: euro1103a.gif Size: 18 KB
  • #6,753
  • Nov 3, 2008 8:46pm Nov 3, 2008 8:46pm
Price for GU has reached a very long term resistace point dating back about months, I don't expect it to move much so better get into scalping mood.

I probably just aim to make about 50 pips tommorow and I'll be happy.

Good Luck.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,754
  • Nov 4, 2008 1:35am Nov 4, 2008 1:35am
Quoting TheLegace
Price for GU has reached a very long term resistace point dating back about months, I don't expect it to move much so better get into scalping mood.

I probably just aim to make about 50 pips tommorow and I'll be happy.

Good Luck.
TheLegace.

That seems to be a better idea,i have made my own scalp overnit and i think the whole thing might go to a kind of consolidation.I think i might call it a day for today.Like to see what is happening in USA,interesting election so to say

London session and nothing is moving,am afraid we might av consolidation!!!!!!!!
  • #6,755
  • Nov 4, 2008 1:36am Nov 4, 2008 1:36am
Quoting TheLegace
Price for GU has reached a very long term resistace point dating back about months, I don't expect it to move much so better get into scalping mood.

I probably just aim to make about 50 pips tommorow and I'll be happy.

Good Luck.
TheLegace.

That seems to be a better idea,i have made my own scalp overnit and i think the whole thing might go to a kind of consolidation.I think i might call it a day for today.Like to see what is happening in USA,interesting election so to say

London session and nothing is moving,am afraid we might av consolidation!!!!!!!!
  • #6,756
  • Nov 4, 2008 4:33am Nov 4, 2008 4:33am
hello bo,thanks for posting the chart.Actually,the main reason why i asked you to post the chart is that i am a little bit confused, i was thinking that for the daily chart,the high of the fib should be on last month's highest high while the low of the fib should be for the lowest low for the last month,dont you think that the candle with the highest high for last month was the candle formed on the 1st of last month,that is the candle formed on 01/10/2008.
i am a little bit confused but do check what i have said again and please post your comment.

happy pips taking
  • #6,757
  • Nov 4, 2008 6:43am Nov 4, 2008 6:43am
Quoting bjpumping
hello bo,thanks for posting the chart.Actually,the main reason why i asked you to post the chart is that i am a little bit confused, i was thinking that for the daily chart,the high of the fib should be on last month's highest high while the low of the fib should be for the lowest low for the last month,dont you think that the candle with the highest high for last month was the candle formed on the 1st of last month,that is the candle formed on 01/10/2008.
i am a little bit confused but do check what i have said again and please post your comment.

happy pips taking
If you wanted to measure just last months movements, yes that would be correct there are many traders that use their fibs based on time periods like that and they can be traded successfully that way.
  • #6,758
  • Nov 4, 2008 7:26am Nov 4, 2008 7:26am
Hi Bo,
Could you please explain how you would have traded the European session earlier today. The GBP ducked down below the Intrady Low....would you have taken that trade?....if not why not?..... then retraced quite strongly. I suspected it would would find support and do what it did, but how does one trade it, using your guidelines?

Thanks for your patience....
  • #6,759
  • Nov 4, 2008 7:58am Nov 4, 2008 7:58am
Quoting ihop
Hi Bo,
Could you please explain how you would have traded the European session earlier today. The GBP ducked down below the Intrady Low....would you have taken that trade?....if not why not?..... then retraced quite strongly. I suspected it would would find support and do what it did, but how does one trade it, using your guidelines?

Thanks for your patience....
After it broke the low it was a legitiment entry, this is a prime example of it breaking the low before there has been a retracement from the previous days movement, The movement from the previous day just continued into the next day and now we are seeing the retracement from that. If you would have taken the break of the previous low the signal it was turning against you is it begins to break the previous trading periods or candle highs, at this point the retracement can happen and in last nights session this is what we saw.
  • #6,760
  • Nov 4, 2008 8:15am Nov 4, 2008 8:15am
Damn I woke up late missed out on probably 70-80 pip long on GU, took on EU, but it didn't go to far. I think it was retracing or atleast stalling, and since I didn't enter into the trade the way I usually do, with more analysis, I just went in on it, I closed 14 pips, not bad for the day, I am staying away from GU and EU, because I'm just to late, I don't exactly have the feel for the market.

Good Luck.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
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