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Fibonacci Trading with Bobokus

  • #7,601
  • Jan 15, 2009 6:32pm Jan 15, 2009 6:32pm
GBP hit the top of the channel, will it pullback?
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  • #7,602
  • Jan 15, 2009 7:09pm Jan 15, 2009 7:09pm
Quoting psneto
GBP hit the top of the channel, will it pullback?


What time of the day is it ?
and 95 percent of the retail traders will try a breakout at this time....always try and do the oppositte of price.....if it goes up you whant to sell if it goes down you whant to buy never do the same thing as price
  • #7,603
  • Jan 15, 2009 7:19pm Jan 15, 2009 7:19pm
Quoting Shermenator
What time of the day is it ?
and 95 percent of the retail traders will try a breakout at this time....always try and do the oppositte of price.....if it goes up you whant to sell if it goes down you whant to buy never do the same thing as price
It was around 00:50 gmt.
Actually I'm expecting it to go down after it tests that level.
  • #7,604
  • Jan 15, 2009 7:46pm Jan 15, 2009 7:46pm
Quoting psneto
It was around 00:50 gmt.
Actually I'm expecting it to go down after it tests that level.

ok my bad bud lol....good decesion then...time is still bitt early though but has better odds
  • #7,605
  • Jan 15, 2009 8:58pm Jan 15, 2009 8:58pm
Quoting Shermenator
What time of the day is it ?
and 95 percent of the retail traders will try a breakout at this time....always try and do the oppositte of price.....if it goes up you whant to sell if it goes down you whant to buy never do the same thing as price
Do you mean "In an Uptrend you buy dips..In a downtrend you sell the rally's"? Like Bo said before..
So when the price is above the fib level and go down toward fib levels, you look for a Buy when it bounce..
Thanks
  • #7,606
  • Jan 15, 2009 9:22pm Jan 15, 2009 9:22pm
Quoting Mini J
Do you mean "In an Uptrend you buy dips..In a downtrend you sell the rally's"? Like Bo said before..
So when the price is above the fib level and go down toward fib levels, you look for a Buy when it bounce..
Thanks
That is correct but not he did not go in depth in the example (he is 50 times better then me lol he has been my personal mentor for a while now lol).... you have to know that everytimeframe has its own rythem and depending what time you get the signal you either to buy or sell...fibbs just show conditions and over extended moves past a 61.8....
Fibbs are not exact lines they are areas thats why when a 61.8 breaks in down swing that does not mean you cant go short it just shows a certain condition.Besides that point never buy when the market is already going up and always look to that opposite of it this thread is just the start to getting your journy to success started.
  • #7,607
  • Jan 15, 2009 10:21pm Jan 15, 2009 10:21pm
Here is my currency short in the audusd ...its a bitt early so it has a small postion

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  • #7,608
  • Jan 16, 2009 1:12am Jan 16, 2009 1:12am
Like stealing candy from a baby lol

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  • #7,609
  • Jan 16, 2009 1:42am Jan 16, 2009 1:42am
Quoting Shermenator
Like stealing candy from a baby lol

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Can I have your setup on AU and GU?Thanks
  • #7,610
  • Jan 16, 2009 6:47am Jan 16, 2009 6:47am
Quoting Shermenator
Like stealing candy from a baby lol

Attachment
Sherm,what's your target on this trade?
Your risk is obviously very small ,but you really have to know when to get out in order to be profitable! Would you be so kind to tell us a little bit about your target , please?
Thanks!
  • #7,611
  • Jan 17, 2009 8:48am Jan 17, 2009 8:48am
hello everyone,hope you guys have had a nice week?i lost a big trade on thursday and since then i have stayed out of the market but by monday i will be back and better.

anyway,i have a question to ask shermenator and i will be very glad if you can answer it sincerely.

1.THE HORIZONTAL LINES YOU USE THIS DAYS, DO YOU USE THEM MAJORLY TO MAKE YOUR TRADING DECISIONS OR DO YOU STILL USE FIBONACCI AT ALL?

2...AND FOR THE HORIZONTAL LINES, ARE THEY BASED ON TOM DEMARK'S RANGE PROJECTION TECHINUQE??

one thing i know is that,it is better to be versatile and be so good in a trading technique before trying to add and learn more ,so for me, i am still trying to perfect my fibonacci trading approach. i wish every one on here a wonderful new week ahead.



Buy when price is going up and Sell when price is going down...always do what price is doing.
  • #7,612
  • Jan 17, 2009 9:49am Jan 17, 2009 9:49am
Quoting speedarad
Sherm,what's your target on this trade?
Your risk is obviously very small ,but you really have to know when to get out in order to be profitable! Would you be so kind to tell us a little bit about your target , please?
Thanks!
Well the risk is only small because of the time of day if not I would be in heavy....and the way I choose my target are things that BOBOKUS tought me as my personal mentor and those are things I cant show my friend since they are not mine...
  • #7,613
  • Jan 17, 2009 10:09am Jan 17, 2009 10:09am
Quoting bjpumping
hello everyone,hope you guys have had a nice week?i lost a big trade on thursday and since then i have stayed out of the market but by monday i will be back and better.

anyway,i have a question to ask shermenator and i will be very glad if you can answer it sincerely.

1.THE HORIZONTAL LINES YOU USE THIS DAYS, DO YOU USE THEM MAJORLY TO MAKE YOUR TRADING DECISIONS OR DO YOU STILL USE FIBONACCI AT ALL?

2...AND FOR THE HORIZONTAL LINES, ARE THEY BASED ON TOM DEMARK'S RANGE PROJECTION TECHINUQE??

one...
Well the horizontal line is simply a fib with a 1 percent.....and fibbs is the core of all my decesions in the market and its just that BOBOKUS has tought me to see the fibbs with out having to draw them and understanding the market as one and not as a tool that has exact numbers like most people use fibbs....and I dont know what demark does lol....and give it time and trading will become easier just seek the help from the correct people and BOBOKUS is defently the correct guy ...and in order to become great you will learn everything at a pace and your in the right track with this thread to take of your journy. By the way I always do the opposite of price lol I sell when it goes up and buy when it goes down lol.
  • #7,614
  • Jan 17, 2009 10:38am Jan 17, 2009 10:38am
thanks for your quick reply...but i can remember in one of the posts on this thread,you entered the market and someone asked you your reason for entering the market and you said it has nothing to do with fibonacci?
so am i missing something out cos you said you make all your decisions based on fibonacci while answering my question

PLEASE AM I MISSING SOMETHING OUT??





Buy when price is going up and Sell when price is going down...always do what price is doing.
  • #7,615
  • Jan 17, 2009 2:03pm Jan 17, 2009 2:03pm
Quoting bjpumping
DO YOU STILL USE FIBONACCI AT ALL?

.
  • #7,616
  • Jan 17, 2009 5:08pm Jan 17, 2009 5:08pm
Quoting bjpumping
thanks for your quick reply...but i can remember in one of the posts on this thread,you entered the market and someone asked you your reason for entering the market and you said it has nothing to do with fibonacci?
so am i missing something out cos you said you make all your decisions based on fibonacci while answering my question

PLEASE AM I MISSING SOMETHING OUT??





Buy when price is going up and Sell when price is going down...always do what price is doing....

Well everything revolves around the fibbs simply because those tell me either to hold a postion or sclpa as well as the structure of the markt and they rythem...and their is a couple of things I do that are seperate from the fibbs but without looking at the market structure based on my fibb experience my hit rate would decrease in the other stuff by alot ...AND NEVER BUY WHEN PRICE IS GOING UP OR SELL WHEN ITS GOING DOWN only 95 percent of the traders do that and they dont make it thrue forex...never do what the herd does...
  • #7,617
  • Jan 17, 2009 6:18pm Jan 17, 2009 6:18pm
Quoting Shermenator
Well everything revolves around the fibbs simply because those tell me either to hold a postion or sclpa as well as the structure of the markt and they rythem...and their is a couple of things I do that are seperate from the fibbs but without looking at the market structure based on my fibb experience my hit rate would decrease in the other stuff by alot ...AND NEVER BUY WHEN PRICE IS GOING UP OR SELL WHEN ITS GOING DOWN only 95 percent of the traders do that and they dont make it thrue forex...never do what the herd does...
Hey, bud I see that you I got into what's called "contrarian trading".That's how the broker's approach when they can't match your trade with another participant and take the other side of the trade to assure liquidity to the mkt.That's when you may get played around ,if you will .Bottom of line is mkt. goes up when participants are buying and goes down when they are selling or ( supply and demand).Consider our resources as retail traders I think is next to impossible to predict a major shift in a trend which will happened when big guys kick in large order.Taking trades at logical points where you can expect the mkt. to move in a different direction ,besides the fact that requires high skill and i know you have that ,are still scalp trades where you will need to grab profits quickly because on those trades a small lose if you're not careful could turn in large loses.This being said, what wonders me the most is your recent statements "NEVER BY WHEN MKT. IS GOING UP...etc,which fits the Big Players because they have to move big amounts of money,and they scale in ,anyway.So my question to you is: You are not taking trades with the trend no more,which still will bring you the most of the pips .Trades based on rejection of intraday levels ,like Bo thought us in this thread are still high probabilities trades with a good amount of pips in your pocket.It's hard for me to believe you ignore them.
Don't take this in a negative way,your posts means a lot for many of those who follow this thread including me.
  • #7,618
  • Jan 18, 2009 12:49am Jan 18, 2009 12:49am
IMHO, Don't chase the pips. When it's trending your looking like bo said and sherm has mentioned several times, "buy the dips sell the rallies"... So simple but so misunderstood. He is simply trying to give a little more detail on that quote, from what i understand. If you look at sherm's posts he mentions weather the trade is a scalp(Against the trend) or not almost every time he posts.

Up or down? Who cares as long you can hitch a ride. LOL....
  • #7,619
  • Jan 18, 2009 1:26am Jan 18, 2009 1:26am
Quoting speedarad
Hey, bud I see that you I got into what's called "contrarian trading".That's how the broker's approach when they can't match your trade with another participant and take the other side of the trade to assure liquidity to the mkt.That's when you may get played around ,if you will .Bottom of line is mkt. goes up when participants are buying and goes down when they are selling or ( supply and demand).Consider our resources as retail traders I think is next to impossible to predict a major shift in a trend which will happened when big guys kick in...
Ummm I am not doing contrarior trades all the time it depending on the market structure I know either to hold or scalp depending on the timeframe each timeframe has its own mindset and direction....some of this trades I will take and hold for 300 pips just depends how much I know I am going to get out of it....and I do take trades with the market and without market in my direction.....and yes the more price goes up the more sellers gather simple because it will become a bargain for a seller and vice versa so as long as you know how to pick the correct spots its very high probabilty trading the retail always does the oppossite of this and that why 95 percent of the peopole never ake it and thats because they buy high and sell low....and the intraday stuff its looked to manual by most traders still and that is simply looking at the market with some set rules and running them ....its just the start to navigate with what can happen ....fibbs are areas not exact numbers to hold thats why you dont need to draw them its like an art
  • #7,620
  • Jan 18, 2009 7:03am Jan 18, 2009 7:03am
Quoting Shermenator
Ummm I am not doing contrarior trades all the time it depending on the market structure I know either to hold or scalp depending on the timeframe each timeframe has its own mindset and direction....some of this trades I will take and hold for 300 pips just depends how much I know I am going to get out of it....and I do take trades with the market and without market in my direction.....and yes the more price goes up the more sellers gather simple because it will become a bargain for a seller and vice versa so as long as you know how to pick the correct...
Thanks for your response ,pall , this clarifies my dilemma and I agree with everything that you just said in this post .
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