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Fibonacci Trading with Bobokus

  • #6,921
  • Nov 16, 2008 8:57pm Nov 16, 2008 8:57pm
Quoting Bobokus
The GBP can just be left on the high and low of friday, the Euro can be from the high of friday to the current low since it has met its target range from friday.
Hey Bo..

Just checking in to see how your doing. I do have a question on the EUR fib placement. Should the EUR fib be pulled from the high and low of last Thursday since neither the high or low from that day have been broken?
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  • #6,922
  • Nov 16, 2008 10:27pm Nov 16, 2008 10:27pm
Quoting ozziedave
Hey Bo..

Just checking in to see how your doing. I do have a question on the EUR fib placement. Should the EUR fib be pulled from the high and low of last Thursday since neither the high or low from that day have been broken?
Its still a valid placement but you looking at so much movement (around 470 pips high to low) its practically turned itself into more of a 4 hour waveform instead of an Intraday and with the movement made during friday there was an established high and low during friday to use. From what weve seen so far today that movement measured friday has already met its target range and we may see it retrace now. In this case we can pull from the high of friday to this low just created (still a large move of 340+ pips) and see the resistance levels to the retracing.We wont have another Intraday until tomorrow is completed because of the large amounts of price covered over the last 2 movements.

Forgot to add its good to see you still around here.
  • #6,923
  • Nov 17, 2008 5:16am Nov 17, 2008 5:16am
Lets see how my usdjpy short plays out....

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  • #6,924
  • Nov 17, 2008 6:07am Nov 17, 2008 6:07am
http://i340.photobucket.com/albums/o...rek/eurusd.gif
  • #6,925
  • Nov 17, 2008 11:42am Nov 17, 2008 11:42am
Looks like USD/CAD would be a better short.
  • #6,926
  • Nov 17, 2008 12:11pm Nov 17, 2008 12:11pm
In at 1.4969 took partial profits at 1.5000 final target was 1.5065.T1 was met.
Not bad for a Monday.
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  • #6,927
  • Nov 17, 2008 2:13pm Nov 17, 2008 2:13pm
Darn, I missed that trade on GU.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,928
  • Nov 17, 2008 2:25pm Nov 17, 2008 2:25pm
Hello fellow traders;
I'm not a novice trader but my experience with fibs has been minimal. I've always wanted to learn more but haven't found anything regarding fibs that went beyond elementary.

I read the first 55 pages - TWICE - took notes, studied and feel that I have the basics down enough that I can start trading micros and follow along with you guys in real time.

I will definitely read the entire thread. My question is: Have there been any significant changes to the method since page 55 which would prevent me from following along? Or should I just read some more, then come back and try to join in?

Thank you for the advice
  • #6,929
  • Nov 17, 2008 2:36pm Nov 17, 2008 2:36pm
Quoting lmturek11
http://i340.photobucket.com/albums/o...rek/eurusd.gif

You can sneak your entries a little closer to price when using sell and buy stops just a few pips off the low and highs to account for the spread. The closer you get to the transitional or directional change points the quicker you can be in profit and minimize the amount needed for stop loss protection.Now that weve gotten some movement we can use the high and low of Monday as the new Intraday and go from there.
  • #6,930
  • Nov 17, 2008 2:43pm Nov 17, 2008 2:43pm
Quoting optik
Hello fellow traders;
I'm not a novice trader but my experience with fibs has been minimal. I've always wanted to learn more but haven't found anything regarding fibs that went beyond elementary.

I read the first 55 pages - TWICE - took notes, studied and feel that I have the basics down enough that I can start trading micros and follow along with you guys in real time.

I will definitely read the entire thread. My question is: Have there been any significant changes to the method since page 55 which would prevent me from following along? Or...

The only thing weve changed is some of the names to make it easier to follow and give a better description of what each tool is showing you on the charts. You can click on the paper clip icon at the top and scroll back throught the attachments and look for the last template file, you can then just add the template to your chart and all the tools will be already set up on it.
  • #6,931
  • Nov 17, 2008 3:32pm Nov 17, 2008 3:32pm
Quoting Bobokus
The only thing weve changed is some of the names to make it easier to follow and give a better description of what each tool is showing you on the charts. You can click on the paper clip icon at the top and scroll back throught the attachments and look for the last template file, you can then just add the template to your chart and all the tools will be already set up on it.
Bo.
As we have broken daily highs on the daily on GPB/Usd ,shall we start drawing a new retracement fib and remove the old one?
  • #6,932
  • Nov 17, 2008 4:00pm Nov 17, 2008 4:00pm
Quoting alex12
Bo.
As we have broken daily highs on the daily on GPB/Usd ,shall we start drawing a new retracement fib and remove the old one?
We should wait and see if were going to get continuation first, since this could turn out to be just another retracement.
  • #6,933
  • Nov 17, 2008 4:07pm Nov 17, 2008 4:07pm
Quoting Bobokus
We should wait and see if were going to get continuation first, since this could turn out to be just another retracement.
OK. Thanks
  • #6,934
  • Nov 17, 2008 5:01pm Nov 17, 2008 5:01pm
bobokus since we did not reach t1 i will trade scalper ,won't i.
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  • #6,935
  • Nov 17, 2008 5:07pm Nov 17, 2008 5:07pm
Iam Expecting To Go Long At London Open .are Me Fib Placing In The Right Place?
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  • #6,936
  • Nov 17, 2008 5:35pm Nov 17, 2008 5:35pm
Quoting Bobokus
We should wait and see if were going to get continuation first, since this could turn out to be just another retracement.
Bo.
We normally enter a trade when the daily fib long or short are broken on the 1 hour chart.
I have read and heard (not in your thread) that it is always best to fine tune the entry by switching into 5 minutes chart,so sometimes I have tried to switch to 5 minutes as we break the long or short fib and enter there.
But the results have not been very good because after I have entered the trade I regrett later as I feel I was caught in too much noise.
Should we ever look at 5 minutes for entry?
  • #6,937
  • Nov 17, 2008 5:35pm Nov 17, 2008 5:35pm
http://i340.photobucket.com/albums/o...k/eurusd-2.gif
  • #6,938
  • Nov 17, 2008 5:52pm Nov 17, 2008 5:52pm
Quoting boyeros
Iam Expecting To Go Long At London Open .are Me Fib Placing In The Right Place?
GBP looks right but the Euro should look like this.
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  • #6,939
  • Nov 17, 2008 5:54pm Nov 17, 2008 5:54pm
Quoting alex12
Bo.
We normally enter a trade when the daily fib long or short are broken on the 1 hour chart.
I have read and heard (not in your thread) that it is always best to fine tune the entry by switching into 5 minutes chart,so sometimes I have tried to switch to 5 minutes as we break the long or short fib and enter there.
But the results have not been very good because after I have entered the trade I regrett later as I feel I was caught in too much noise.
Should we ever look at 5 minutes for entry?
I never look below the 1 hour timeframe since the 1 hour gives enough false signals and if you look at each candle high and low as support and resistance points the 1 hour candle high or low breaking has much more significance than a 5 minute candle.
  • #6,940
  • Nov 17, 2008 5:59pm Nov 17, 2008 5:59pm
Quoting lmturek11
http://i340.photobucket.com/albums/o...k/eurusd-2.gif
Yep, your Intraday is correct, I would just stay on top of a long position during this asian session, todays movement could just be another retracement day into the downtrend and we may see the Intraday levels fail again later. If price does attempt to push up this early be wary around todays high as well. Another bullish day and the long positions might carry more weight but I would like to see it to believe it.
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