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Fibonacci Trading with Bobokus

  • #6,941
  • Nov 17, 2008 7:14pm Nov 17, 2008 7:14pm
Quoting Bobokus
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.
Bo
Thanks. I will stop the habit of looking at 5 minute chart.
One more question.
As I have understood ,on trending days you use the intraday fib levels to enter the trade and targets are normaly are the extensions of the intraday fibs (mainly T1).
On ranging days you use the extension of swing fibs as targets but I am a bit confused about the entry on ranging days . Do you use the break of inner fibs of the swing or the break of the high or low of the swing for entry?
I really appreciate that you take the time to reply our questions.
  • #6,942
  • Nov 17, 2008 8:04pm Nov 17, 2008 8:04pm
Took a long, but price didn't move forward so I just closed 5 pip loss, I did make a small short on EU for about 20 pips, but redrew the fibs and saw the price wasn't breakin was going to get stuck at short level, so will wait until better time to trade.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,943
  • Nov 17, 2008 8:50pm Nov 17, 2008 8:50pm
Quoting alex12
Bo
Thanks. I will stop the habit of looking at 5 minute chart.
One more question.
As I have understood ,on trending days you use the intraday fib levels to enter the trade and targets are normaly are the extensions of the intraday fibs (mainly T1).
On ranging days you use the extension of swing fibs as targets but I am a bit confused about the entry on ranging days . Do you use the break of inner fibs of the swing or the break of the high or low of the swing for entry?
I really appreciate that you take the time to reply our questions.
Alot of trading Intraday has to do with the price action were getting. Some days no matter what we do we'll get our butts kicked trading Intraday its just the danger of trading Intraday. Realising your in a loosing battle needs to be recognised early to prevent losses on top of losses, If I have 2 losses during Intraday Ill stop and wait for the next day.Trading the swing fib can help by taking out small targets until the marlet or pair gets moving. I still look for the action at the inner levels of the swing it works the same its just on a smaller scale.
  • #6,944
  • Nov 17, 2008 8:52pm Nov 17, 2008 8:52pm
Quoting TheLegace
Took a long, but price didn't move forward so I just closed 5 pip loss, I did make a small short on EU for about 20 pips, but redrew the fibs and saw the price wasn't breakin was going to get stuck at short level, so will wait until better time to trade.

TheLegace.
Good job, If it dont look and feel right its probably not. Reading the action is just as important as the tools you use.
  • #6,945
  • Nov 18, 2008 3:10am Nov 18, 2008 3:10am
Up 32 pips on breakout to downside.
Attached Image (click to enlarge)
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  • #6,946
  • Nov 18, 2008 4:06am Nov 18, 2008 4:06am
Reversed on tweezer bottom. Up 11 pips
Attached Image (click to enlarge)
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  • #6,947
  • Nov 18, 2008 4:16am Nov 18, 2008 4:16am
Made another 20 pips on tweezer reverse to intraday pivot. Now looking for entry back down into trend.
  • #6,948
  • Nov 18, 2008 5:28am Nov 18, 2008 5:28am
The Legace,you are back.where you been all this while...since like 2 weeks you not been here.anyway,i am back too.hello to everyone in the house.i lost some trades last week but i was only experimenting.i hope i will be able to make some pips this week.

happy pips taking
  • #6,949
  • Nov 18, 2008 8:23am Nov 18, 2008 8:23am
This is the classic cup and handle formation on EURAUD 4h. In theory breakout above handle has potential to run up in distance equal to of bottom of cup to top of handle. We'll test that theory. I let everyone know how this one turns out.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud 1.9688.gif Size: 51 KB
  • #6,950
  • Nov 18, 2008 8:32am Nov 18, 2008 8:32am
http://i340.photobucket.com/albums/o...ek/eurusd1.gif
  • #6,951
  • Nov 18, 2008 8:34am Nov 18, 2008 8:34am
AudCad seems to be breaking down after 4 bounces away from pivot.
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  • #6,952
  • Nov 18, 2008 8:42am Nov 18, 2008 8:42am
Imture11, set up is okay, but I would have waited for another down candle before entering. Just the way I do things.
  • #6,953
  • Nov 18, 2008 3:16pm Nov 18, 2008 3:16pm
http://i340.photobucket.com/albums/o...rek/usdjpy.gif
  • #6,954
  • Nov 18, 2008 5:26pm Nov 18, 2008 5:26pm
Imturek11, fib is okay, but your entry is probably slightly off, because your going against the trend. Safer entry is after next candle opens up above Long. If it doesn't open above Long I would wait.
  • #6,955
  • Edited 6:09pm Nov 18, 2008 5:54pm | Edited 6:09pm
Quoting lmturek11
http://i340.photobucket.com/albums/o...rek/usdjpy.gif
The entry was when when the first bearish candles high broke...when you get a 61.8 brake in the 1 hour chart it could simply be a false brake in this timeframe. In larger timeframes this is the wick....also dont buy once price is moving up since you can get cought at the top. Always buy once price retraces and momentum shifts. At the spot your coming in is simply a continuation of momentum. Dont foreget fibbs are not an exact tool ... people place their orders on the levels 10 pips above it 10 pips below it...thats why forex is not exact.
  • #6,956
  • Nov 18, 2008 6:26pm Nov 18, 2008 6:26pm
Bobokus Should I Set Up The Intraday Fib For Today (gbp Usa, Eur Usa)or Traday With The Swing Fib.
  • #6,957
  • Nov 18, 2008 11:12pm Nov 18, 2008 11:12pm
any1 short in the gu
  • #6,958
  • Nov 19, 2008 8:40am Nov 19, 2008 8:40am
I hope you guys caught this one.
EUR looks even better but I missed that one.
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  • #6,959
  • Nov 19, 2008 1:06pm Nov 19, 2008 1:06pm
hello bo, you said you are going into been an educator type of career in one of your posts...great for you.anyway,i hope you are still making pips as usual (cos you are the master).
anyway, i lost some pips yesterday trading,about 45 pips and right ,there and then,i went back to this thread and discovered something,you do use trendlines on your posts on the 1 hour time frame...i use it only on 4 hour time frame but i have addded it to my 1 hour now and i have made more than 60 pips trading 2 retracements with the trend line as further confirmation, i did not see it before or may be i dont remember...thanks again for this thread.
i am trying to learn more about candle formations as well and of recent i have been visiting a thread on this forum (james 16 thread) and i am learning as well and will incorporate it with the fib analysis.
anyway,eurusd is ranging from the daily view and usdjpy is also ranging cos i lost trading both currencies yesterday but gbpusd is better and i made more than 60pips from it today...i think one has to look at the daily charts everyday and make necessary analysis.
anyway, i gat to go now,regards to you Bo and to everyone in the house.

happy pips taking
  • #6,960
  • Nov 19, 2008 3:22pm Nov 19, 2008 3:22pm
GU had a pop last night, but hasnt been able to hold, so on my fibs off the 1hr, do I need to extend the fib high from where its at on my chart, to the new highs?
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