Fibonacci Trading with Bobokus | Page 343 | 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

  • #6,841
  • Nov 10, 2008 9:53am Nov 10, 2008 9:53am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Shermenator
Bud cool stuff...But I see that its what price is showing us....if we simply put a linnear regression channle like Bo tought us we still have the channel as well as see the direction of the market...I might be wrong since I am not experienced with that indicator to its full potential...

Attachment
Hey what's up Sherm. Hope you've been trading well. You still go into the trading room?

Regarding RSI - it is only another tool that can show another dimension of price behavior. It's useless to try to trade from RSI directly (especially if traders think it's possible to detect oversold/overbought with it...that's just silly), but I combine it with PA, use it on multiple tf's to learn more about what price is showing me, and it helps me to make $$$...lol. That's all I care about - but yes the RSI is derived from price, but sometimes there's patterns and movements RSI will pick up that can't be observed with PA alone. I guess it comes down to whatever a trader feels most comfortable. Stoch's, MACD, RSI, ADX....to me it doesn't matter - I think it all depends on how a trader interprets the information and can use it for an edge. OK - I'm done promoting RSI now. LOL.
"Wishful thinking dies hard." Igor T.
  • #6,842
  • Nov 10, 2008 10:14am Nov 10, 2008 10:14am
Quoting FxChi
Hey what's up Sherm. Hope you've been trading well. You still go into the trading room?

Regarding RSI - it is only another tool that can show another dimension of price behavior. It's useless to try to trade from RSI directly (especially if traders think it's possible to detect oversold/overbought with it...that's just silly), but I combine it with PA, use it on multiple tf's to learn more about what price is showing me, and it helps me to make $$$...lol. That's all I care about - but yes the RSI is derived from price, but sometimes there's patterns and movements RSI will pick up that can't be observed with PA alone. I guess it comes down to whatever a trader feels most comfortable. Stoch's,...
Lol hey as long as it works for you ...and as you said its making money its all good...and yea I dont do it on skype but I get together with a couple of friends and do it on skype...my skype is Jets211990....hit me up whenever you whant and like that we can trade together and stuff
  • #6,843
  • Nov 10, 2008 10:57am Nov 10, 2008 10:57am
I'm still having trouble knowing WHICH retracement to buy. Even with an indicator, price can be so volatile at those levels that if you dont enter quickly, you could be left behind, and right now im losing 2 trades for ever 1 winner.

Here is a chart of EU on a 10 min
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.JPG Size: 241 KB
  • #6,844
  • Nov 10, 2008 11:12am Nov 10, 2008 11:12am
Quoting big_pipin
I'm still having trouble knowing WHICH retracement to buy. Even with an indicator, price can be so volatile at those levels that if you dont enter quickly, you could be left behind, and right now im losing 2 trades for ever 1 winner.

Here is a chart of EU on a 10 min
Stop looking for trades on those small time frames, I would not trade on anything less than a 1 hour chart, theres enough false signals and whip on the 1 hour I cant imagine trying to trade from anything less. They are more of a trap than something to try and trade from, they show a false sense of the markets direction.

  • #6,845
  • Nov 10, 2008 11:24am Nov 10, 2008 11:24am
Quoting Bobokus
Stop looking for trades on those small time frames, I would not trade on anything less than a 1 hour chart, theres enough false signals and whip on the 1 hour I cant imagine trying to trade from anything less. They are more of a trap than something to try and trade from, they show a false sense of the markets direction.
Didnt you say that you were scalping EU also?
  • #6,846
  • Nov 10, 2008 1:29pm Nov 10, 2008 1:29pm
Bo,

so GU, EU punched through all intraday fibs, now we'll look for shorts? UJ stuck on intraday short, looking for a bounce back up?

I still don't get how to catch moves like today... Didn;t want to jump in after the move started because was afraid it would retrace but it went down all the way. Initial short was like a retracement (scalp) until it punched the intradays. But then again when it's in between intradays fibs it's even more unclear where it's gonna go... Confusing...
  • #6,847
  • Nov 10, 2008 1:58pm Nov 10, 2008 1:58pm
Quoting Bobokus
Those examples were based on the 4 hour timeframe. Your Intraday on the 1 hour would have been on the high and low of friday, but now the target range of that has been met and were seeing the retracement from that now.
The next Intraday isnt set yet since we have alot of time left before we know that a high and low of today have been established. Support levels would have to come from the 4 hour since weve had a 2 day movement or push up in price.
I really don't know ,how to say thanks! we need more people like you in this world , you are giving us your knowledge and time without nothing back ,i will be reading all your post ,follow your advises ...I hope no bother you with my questions.
  • #6,848
  • Nov 10, 2008 3:16pm Nov 10, 2008 3:16pm
Quoting big_pipin
Didnt you say that you were scalping EU also?

Yes I am, but my scalping strategy is done from a 1 hour timeframe.
  • #6,849
  • Nov 10, 2008 3:34pm Nov 10, 2008 3:34pm
Quoting jasius
Bo,

so GU, EU punched through all intraday fibs, now we'll look for shorts? UJ stuck on intraday short, looking for a bounce back up?

I still don't get how to catch moves like today... Didn;t want to jump in after the move started because was afraid it would retrace but it went down all the way. Initial short was like a retracement (scalp) until it punched the intradays. But then again when it's in between intradays fibs it's even more unclear where it's gonna go... Confusing...
Yes it can be difficult when the markets are in these large swing ranging patterns. We may even see them come back again now and break the Intraday levels again long and then reverse once again. Its just something we have to expect these days since these are the conditions we are dealt almost on an everyday basis. There really is no trending to this. If you look at your daily charts though you can see that both the Euro and GBP are making smaller and smaller waves and forming a triangular patterns, so it shouldnt be much longer before we see a continuation move attempted. We just have to remind ourselves everyday that we may not get continuation from day to day until we see a break from this pattern and we need to be prepared for it in this decending type triangle.
As it stands right now were still looking to sell the rally's on the Euro and GBP. The Yen is looking like supprt levels ar holding but its early yet. If you see the Euro or GBP break the Intraday long treat it as a scalp and follow the lows with your stop to protect youself some since we know we may not reach target ranges and it would be a reversal of what weve seen today.
Your not alone in getting confused by the conditions in the markets here lately, what were seeing though is not exactly normal, you dont see many days where the euro goes up for 400 pips one day and then reverses the next, If you can outlast these kind of markets youll do fine as a trader and build tremendous amounts of experience which to me is one of the most important factors.
  • #6,850
  • Nov 10, 2008 5:11pm Nov 10, 2008 5:11pm
Quoting Bobokus
Yes I am, but my scalping strategy is done from a 1 hour timeframe.
How do you do this with nothing smaller than a 1hr?
  • #6,851
  • Nov 10, 2008 5:39pm Nov 10, 2008 5:39pm
Scalping for now?

Quoting Bobokus
[font=Georgia][size=3]Yes it can be difficult when the markets are in these large swing ranging patterns. We may even see them come back again now and break the Intraday levels again long and then reverse once again. Its just something we have to expect these days since these are the conditions we are dealt almost on an everyday basis. There really is no trending to this. If you look at your daily charts though you can see that both the Euro and GBP are making smaller and smaller waves and forming a triangular patterns, so it shouldnt be much longer...
  • #6,852
  • Nov 10, 2008 10:36pm Nov 10, 2008 10:36pm
Really good thread bobokus.
I really like the videos in page 1. Is there otherones?
Thank you for the enlightening!
Best regards
Neko
  • #6,853
  • Nov 11, 2008 4:41am Nov 11, 2008 4:41am
pullback to Intraday 50% and close below the 38.2%, only demo trade because I didn't trust the setup enough.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 21 KB
  • #6,854
  • Nov 11, 2008 4:53am Nov 11, 2008 4:53am
Long gu just triggered. Also demo, I lost touch with the market today somehow.
Double bottom, scalping up to intraday short.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 18 KB
  • #6,855
  • Nov 11, 2008 2:40pm Nov 11, 2008 2:40pm
Hi, Bobokus.
A couple a weeks ago I have the following scenario.After targets where met previous day and price got rejected from intraday levels I put a Sell stop order targeting the intraday low.The order is fill on the next candle which actually is a very big candle( I think it was about 90pips)At the time that the candle closes I'm about 75 pips into the profit but it didn't rich my target ,so I'm thinking I have good momentum and I wait for the next candle to continue in the same direction.However the next candle is in the opposite direction and I actually close that trade with 10 pips profit and after that the mkt. went sideways for the day.
My question is : Whats your preference to handle this type of trade when you into the money for that much with one candle and the next one could actually get you on the negative territory if you let it run for too much?
Thank you
  • #6,856
  • Nov 11, 2008 6:10pm Nov 11, 2008 6:10pm
I posted this on the EUR/USD thread also but I'd probably have the best luck here.

So here's the EU retrace on a 1hr, I already took a short trade at 2578 (32.8), but for all I know, it could go to 2608 (50%) or 2653 (61.8%) and I have no way of knowing.....i feel like I'm gambling or damn near close to it.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.JPG Size: 240 KB
  • #6,857
  • Nov 11, 2008 7:00pm Nov 11, 2008 7:00pm
Hi Bo,

First of all, really appreciate your fantastic fibo thingy sharing, might be the key to my financial freedom, really thank you!!!

Well, I got some queries regarding the below yesterday cable trade
refer to the attachment below, I shorted cable at 11nov 1050hr at price point 1.5530(previous low~ 6nov 2200hr) hoping it will reach T1 at that very moment, however, price started to reverse 100pips against my direction...

From here, how am i gonna set SL and what should I anticipate in order to have a very good R:R (U reckon should I apply the other trend/range indicator like ADX, ATR etc to clarify is it a reverse or a retrace?)

Thank in advance for your reply!!!!!! wish all success with you and all our friend trading with multiple fibs tool...haha
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD FIBS TRADE.jpg Size: 83 KB
  • #6,858
  • Nov 11, 2008 7:36pm Nov 11, 2008 7:36pm
Quoting big_pipin
I posted this on the EUR/USD thread also but I'd probably have the best luck here.

So here's the EU retrace on a 1hr, I already took a short trade at 2578 (32.8), but for all I know, it could go to 2608 (50%) or 2653 (61.8%) and I have no way of knowing.....i feel like I'm gambling or damn near close to it.
This is how I trade fib levels...I only trade it if its at 50% or 61.8%...(I am still demo trading btw)...and I use stochastics to confirm. I'll post an example..I am posting an old chart I saved some time ago because I already have it on my computer

hope that helps a bit
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.JPG Size: 99 KB
  • #6,859
  • Nov 11, 2008 7:59pm Nov 11, 2008 7:59pm
Quoting misterboy
This is how I trade fib levels...I only trade it if its at 50% or 61.8%...(I am still demo trading btw)...and I use stochastics to confirm. I'll post an example..I am posting an old chart I saved some time ago because I already have it on my computer

hope that helps a bit
I use a macd sometimes to help confirm, but sometimes by the time the indicator gives the signal, price has moved to far away from your intended entry.
  • #6,860
  • Nov 11, 2008 8:15pm Nov 11, 2008 8:15pm
Quoting big_pipin
I use a macd sometimes to help confirm, but sometimes by the time the indicator gives the signal, price has moved to far away from your intended entry.
Hm...true. You could try going to a smaller tf to confirm

But I think theres really no way of telling which level will stay . Thats why i only like 2 levels--50 and 61.8%
6 traders viewing now