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Fibonacci Trading with Bobokus

  • #8,041
  • Aug 2, 2009 6:45pm Aug 2, 2009 6:45pm
Quoting TheGabriel
Thanks mate, appreciate it. I just could not understand where the names were coming from
You're very welcome.
Anyone has any question I will be happy to answer at my best of ability.
  • #8,042
  • Aug 3, 2009 11:46am Aug 3, 2009 11:46am
Quoting speedarad
And this will bring us to the 1hr. chart where we make the decisions.
We have a very strong up move which actually start thursday with almost no retracement so far.This move has to get some pull back at some point.If you decide to trade short keep in mind you're trading against a very strong trend.Longs are the trades what I'm looking for after I see some sort of retracement. I like to see if support inner levels get tested in the London session eventually
Speedarad,

YOU R A CHAMP, thanks alot for the detailed setup, much appreciated.

Now I just need to start using it and get the hang of it.

Just one question, on the 1hr chart, once a candle closes do you move the intraday fibo up to the next high if one is formed, or is this only done at the end of each day?

  • #8,043
  • Aug 3, 2009 10:18pm Aug 3, 2009 10:18pm
Quoting hutchy
Speedarad,

YOU R A CHAMP, thanks alot for the detailed setup, much appreciated.

Now I just need to start using it and get the hang of it.

Just one question, on the 1hr chart, once a candle closes do you move the intraday fibo up to the next high if one is formed, or is this only done at the end of each day?

Most of the time the answer to this question is NO....but there are some exceptions.The intraday fib measures, basically the high and the low of the day.So you have your fib placed on the previous day move and you wait to see the retracement unfold.Your decision is made in the highlighted box(inner fibs levels) where you may encounter a bounce from this levels.Sometimes you will have a move which will be longer than a day till you get a retracement and then intraday fibs will encompass the whole move even if it's larger than 24 hr.
Now if tomorrow we manage to rich the extensions again(T1,T2) and then we get some sort of retracement then the intraday fib will be updated to the new high.
For tomorrow ,since we are in a strong uptrend, we look to buy the dips.
As long as we hit T1 that proves that the move remains strong.
Watch for possible bounces in the box and if we don't get any more retracement on this move the only option is to go with the break of the high of today above 1.7000.
This level should be approach with caution since is a round nr. and we may see more than one attempt for a break.
Attached Image (click to enlarge)
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  • #8,044
  • Aug 4, 2009 10:14am Aug 4, 2009 10:14am
Quoting speedarad
Most of the time the answer to this question is NO....but there are some exceptions.The intraday fib measures, basically the high and the low of the day.So you have your fib placed on the previous day move and you wait to see the retracement unfold.Your decision is made in the highlighted box(inner fibs levels) where you may encounter a bounce from this levels.Sometimes you will have a move which will be longer than a day till you get a retracement and then intraday fibs will encompass the whole move even if it's larger than 24 hr.
Now if tomorrow...

Thanks for the advice, so I have tried putting this into pratice today on my demo account, but I have traded on GY & AU.

Do you have any preference for a currency pair?

Below are my setups for today!!!

The right time to enter would be once the intraday long fibo has been broken is that correct?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gy 04.08.gif Size: 20 KB
  • #8,045
  • Aug 4, 2009 10:03pm Aug 4, 2009 10:03pm
Quoting hutchy
Thanks for the advice, so I have tried putting this into pratice today on my demo account, but I have traded on GY & AU.

Do you have any preference for a currency pair?

Below are my setups for today!!!

The right time to enter would be once the intraday long fibo has been broken is that correct?
I wouldn't take that trade because previous to that mkt. fail to rich T1 which could be an early sign that we may go in range or possible reversal.
My entry would be a little earlier where I have the green arrow.After the second yellow candle closed I would move my stop below that candle because at that point I would suspect that the mkt. may turn around.You could take the second rejection from the fibs but the risk for a failure is a little higher this time.
I follow GBP/USD and EUR most of the time.Generally the USD pairs respond well to the fibs .I don't know how well GBP/JPY is responding to them.
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  • #8,046
  • Aug 4, 2009 11:25pm Aug 4, 2009 11:25pm
its been awhile since i posted anything... but here's my set up on ej... tell me what u think.... i plan to go long if there is a sign of reversal which means if this trend line holds and if price breaks long again
http://i635.photobucket.com/albums/u...mx/1111111.jpg
  • #8,047
  • Aug 5, 2009 5:28am Aug 5, 2009 5:28am
From what I see , we seems to be in an uptrend , but we have a major resistance around 137.46 , so be aware of that !
Pairs like E/J or G/J are easier to trade if you follow U/J which respond much better to fibs.
  • #8,048
  • Aug 6, 2009 6:09am Aug 6, 2009 6:09am
Quoting hutchy
Thanks for the advice, so I have tried putting this into pratice today on my demo account, but I have traded on GY & AU.

Do you have any preference for a currency pair?

Below are my setups for today!!!

The right time to enter would be once the intraday long fibo has been broken is that correct?
Just wondering wich ma and setting your are using on your aud/usd chart you post in this last chart? Please?
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #8,049
  • Aug 6, 2009 10:24pm Aug 6, 2009 10:24pm
Once a fib is broken on all three levels, does it still have any importance? Here the blue fib has been broken, as price continues to go up. should this old fib be deleted?
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  • #8,050
  • Aug 7, 2009 5:00am Aug 7, 2009 5:00am
Quoting GreatYves
Just wondering wich ma and setting your are using on your aud/usd chart you post in this last chart? Please?
it is trend magic, you can pick it up from the below mentioned link

http://www.forexfactory.com/t/165948...-system-1.html

makes for interesting reading
  • #8,051
  • Aug 7, 2009 5:56am Aug 7, 2009 5:56am
Quoting big_pipin
Once a fib is broken on all three levels, does it still have any importance? Here the blue fib has been broken, as price continues to go up. should this old fib be deleted?
Your looking at a reversal, the way that U presented the waves.You don't need the blue fib no longer because this levels didn't get respected,mkt. went thru them.Now it's trading above 61.8 ( long fib).
Now you can apply a fib for the up move if you wish..
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  • #8,052
  • Sep 1, 2009 10:33pm Sep 1, 2009 10:33pm
Shermen, where you at man?...you havnt posted here in a while. You still alive, still trading?
  • #8,053
  • Sep 3, 2009 4:07am Sep 3, 2009 4:07am
i wouldn't short this one immediately...ill stay at the side waiting for stronger PA.

-just my 2 cents
  • #8,054
  • Edited 4:20am Sep 4, 2009 2:06am | Edited 4:20am
Hello,
its time i havent posted here.
I like few things on those markets and one of those is fibs.

I like Bobokus fibs and will put my charts here - in my opinion - that is logical PA which should be applied on fibs.

On this chart i have my buy stop 1.6355

Overall - we are in downtrend.

So, this will be scalp. First Resistance would be red line - Daily trendline.I will look for it how it goes at this line.

Also, i will look for Short if i will get close below intraday short level.

Will keep update.


Edit 1: Reverse trade is also my SL for long position.
Edit 2: We have also Hourly Support line just below price, so, also broke of that would mean our long scalp perhaps is not ready. Pic 2
Edit 3: Today is NFP. Market shakers.. Be cautius and perhaps will close trade before news.. But time will tell.

Best,
Tom
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  • #8,055
  • Sep 4, 2009 3:19pm Sep 4, 2009 3:19pm
As soon as price mooved down on news it closed below intraday short, but very near. So my stop was just below that canlde. And it didnt penetrated and price moved back up very fast. So i am in profit.
And just forgot to close it and now trading is closed.. so my sl at +20.


Happy weekend all.

Best,
Tom
  • #8,056
  • Sep 5, 2009 4:56am Sep 5, 2009 4:56am
i took the EU short ^_^ in 4h TF.
  • #8,057
  • Sep 6, 2009 10:59pm Sep 6, 2009 10:59pm
how much time do u we need to put in thise sys on singel day?

and how avg profit its make on avg month?

and on what pair does u play ?(one pair? or more?)

thanks
  • #8,058
  • Sep 8, 2009 6:45am Sep 8, 2009 6:45am
Quoting Superscalper
how much time do u we need to put in thise sys on singel day?

and how avg profit its make on avg month?

and on what pair does u play ?(one pair? or more?)

thanks
Its like anything in life if you want to be good you have to put time. Also you cant replicate anyones trading experience or stats untill you have traded the market yourself for a good period of time goodluck.
  • #8,059
  • Sep 10, 2009 5:24am Sep 10, 2009 5:24am
Quoting Shermenator
Its like anything in life if you want to be good you have to put time. Also you cant replicate anyones trading experience or stats untill you have traded the market yourself for a good period of time goodluck.
Welcome back ,my friend, it's been a while.
  • #8,060
  • Sep 21, 2009 12:54pm Sep 21, 2009 12:54pm
Quoting Shermenator
Its like anything in life if you want to be good you have to put time. Also you cant replicate anyones trading experience or stats untill you have traded the market yourself for a good period of time goodluck.

CAN U DUOBEL U R ACCUoNT EVREY MOUNTH ? or evry week or 2?
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