Fibonacci Trading with Bobokus

Hi Alden, It seems to me, that you have entered into market before you made yellow fibo. Why did you entered the market???

I also observed, that your fibo doesnt respect main price action. The price started to go up sharply and that is the place where i have placed my fibo... I think that not 24candles should be the best intraday setup. But the main price movement +- 15...24...30... candles... So we have the change bounded by fibo and can go from here... Its only my point of view...

Here is my trade.. SL is under blue line short, so its not visible...

Now i have replaced orange fibo to predict, how far can price fall... But i let PTs little higher...

KPT has his fibs on the April 14 down move.You apply yours on the previous day.
Not that is anything wrong with your setup necessarily, but it comes to what type of trading you're looking for.
If it's intraday ,then you look at the previous day movement from the 1hr. chart.
In this case KPT has an early entry on a bet that the mkt. keeps going south.
From your point of view ,below 1.32044 you will have an short condition as well according to Bobokus strategy.
Both approaches has advantages and disadvantages.
it will come on how you manage the trade.

Fib levels are not always respected.That doesn't mean they don't work. Try to see them more like a zone where mkt may react.The mkt reaction to fibs should be confirm by price action.
And I suggest an analys of the higher TFs as well before jumping on the 1hr.

Wishfulpiping, I've learned from Bo that when applying the intraday, sometimes you want to capture the start of the downtrend or uptrend even if it starts before the current 24 hour time frame. At least be aware of it. It depends what you want to look at. I try to look at the current trend's move even if it's a little more than an " intraday" time frame. The more you use fibs, the more you get a feel for market sentiment during the current trend.

These are my set-ups for tomorrow, but not trading as options expire tomorrow and I prefer to be on sidelines. There's bearishness on GBP right now. It's rallied a bit too far and the price action today proves it. Careful just selling right off the bat bc 4 hr shows past res as support. I'd be looking for a move back into the DZ. My 30 min charts show the DZ and supports that will be coming into play. The supports I'd use to be TP though, and I'd use 30 min to watch the PA in DZ. Personally, I find watching PA on 30 (that's why I zoomed) to be sufficient as long as you've watched 30 min for a bit bc can get you in a bit sooner if you know what you're looking for. Look at last chart and look at confirmation price was going to drop countertrend. In any case last chart shows why bearish sentiment may be taking place right now. Some of what I use isn't based purely on fibs though...more on Volume Spread Analysis. Good luck though if trading. Again, I'd wait for a move to 4950ish as support is showing right now and look for bear candle formations with volume supporting move.

EDIT: Oh yeah this analysis is countertrend, but if we see closings above 4980, I'd be wary of shorts. Again, watch the 30 min or 1 hr PA at that level if it hits. If it's pinbars or upmoves with no volume, bearishness still owns.

EDIT2: Watch out for that 4hr 618 check out all the res now supp by the way. Good place to TP from higher up if we can get another shot @ 4980ish.

UsdJpy taking a dive for pips. Almost like scooping up pearls.

The concept of Fibonacci Forex trading is being used by millions of Forex traders all around the world. These numbers forecast the coming oscillation in the Forex charts. Though, at the same time, the prediction made cannot be proclaimed as flawless and straight hitting to the mark, the closeness it gets to is quite amazing. The Fibonacci levels are very elementary and fundamental concepts which need to be grasped before delving into the risky environment of Forex trading.

You can read rest of the article at Fibonacci theory.

Up 22 pips on the rebound

Good stuff FxChi, I'm also getting into utilizing Fibs and VSA to be more in tune with SmartMoney...

Here's a link if anyone is curious about getting a better understanding about Supply and Demand: http://www.forexfactory.com/showthre...48#post2597148

Dead thread? Are fibs failing you guys?

Defently not mate...just all the questions have been answered in the thread to start of your carrer.

where is every body on this thread?

SHERMENATOR, FXCHI, THE LEGACE....everybody everybody, where are you at?

please lets keep sharing ideas on here cos i have learnt a lot on here.

green pips to you all

I guess everyone followed Bo!

Ive been having success in the stock market with fibs. these work in any market....for real.

Looking for a sell here. News just came out so this could be a nice spike to trade back in general downtrend. Watching right now...

Train may have left w/o me. I didn't see any PA that I wanted to risk money on so I'm still on sidelines. Wanted it to hit 1195 area and give me some solid PA. Rather miss a trade than miss my $$$.

Hi, Anyone interested in Fib zone trading should look at how the AUD/USD has hit the zone target to the pip almost. This has been on the cards for a while now but when there is good fib harmony, Its almost unstoppable. the Pink line on the chart shows where the zone was fixed 1-2 weeks ago.


Cheers

Pirate B
http://fxtraderuk.blogspot.com/

Hi,

do you know any site with fibo retracement statistics ( or do you have such a statistics or any tool to do it) ?

I need such an information:
Currency : XXXYYY
In the period of ...
price retraced at fibo 38% level in ...% of cases;
price retraced at fibo 50% level in ...% of cases;
etc.

Thanks in advance
Regards
Rem