Fibonacci Trading with Bobokus

It is possible to double your account every week or month. But is it worth the risk? The focus should not be on money that can be made but on the consistent application of one's trading plan within sound risk/money management boundaries. The focus should be on winning.

In trading , the key is consistent profits.
To double the acc in one month you will have a big exposure to the mkt.
Sooner or later it will bite you.

Can you do this in any business?..
Since the answer is no then it cant happen here either. This is just like any other business.

i dont think like u but its ok

so what the avg profit? samting betwin 20 to 40 % on a singel munth?

lol the faster you see things from a realistic perspective the less money you will loose mate. Growth changes as the markets change. Some months are great some months are not so hot. I get winning streaks like everyone does aswell as lossing strebut this is not a sport. . Nobody wants to admit lossing streaks happen because most traders dont make it long enought with the same system to tell you its part of forex lol. But just stick to system and you will make your own resuslts the more change systems the more time you waste. Even though I am giving you this advise it is very hard to fallow when you first start trading . I had to learn the hard way since I did not belive this myself so I wasted a period of my carrer untill things clicked. Goodluck man

Hi Shermy, good to see you. I am still doing the fibs but i added Elliot wave for trend direction. I only position trade when many wave degree are on same side, this improves my results a great deal. I use commercial software in order to get wave labeling. It was hard at first but it start to felt into place.

I would like to know how your still trading. What trading system do you mainly use? Not the whole story! But are you still mainly trading fibs based on previous day hi-lo?

Have any news from Bobokus? I haven't write to him since he left for his own forum.

Interesting idea with the Elliot wave and fibs.
What TF you place your entries (exits)?
May be you post a chart when you have a chance.
Thnx.

Hi All

I tried to make a new thread but it seems because of my post count (it is not enough) I am now allowed to do that.

So I decided to place my analysis here.

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Note: I am not responsible for about the result of these analysis. So take care and consider money management severely.

I place my analysis for a limited time.
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First GBPCHF DAILY

THIS is analysis for EURUSD at 4 Hours period.

see the NECK lines and SUPPORT lines.

the zone between two lines are very RISKY.

So it is better to wait.

Let us see what market says

SELL EURGBP

Hi Mehrdad, Nice Bearish Bat you found there, I really like the harmonic patterns just dont have the right indicator to locate them on my MT4, what do you use? any indicator or just do it yourself?
BTW, you might be Persian ,right? for how long have you been trading?

Hi shahan. How are you?

Yes, I am persian. I use nothing. Only our eyes

Pretty good, thanks, I'm persian too, living in US, where do you live?
about Harmonic patterns, I found it diffiult to have the proportions exactly as they say in each pattern, so just looking at the chart its a bit confusing for me, have you looked at AUDUSD/ NZDUSD weekly charts? they seem to have a bearish Bat too, let me know what you think, & count me in when you open your thread

I've been trading fibs for a long time now (over 2 yrs) and even was a member of BO's website, but I still cannot grasp the concept of a support fib and a resistance fib.

Bo, and many others have posted pictures and video clips (which I have seen multiple times) of trading fibs AFTER the fact...i have yet to see someone trade this live ( like these guys --> ) . A simple concept but so deceivingly hard to implement. Now I can kinda see why this thread died...perhaps others are having the same frustrating experiences I am, and have gone to greener pastures.

Here is the problem i am having, which I have divided up into three pictures.

1) In the first picture, I have a simple support fib, showing double bottom support at the 38.2, and the yellow arrows show the candles that I most likely would have taken the trade on.

but it gets worse...

2) Now the long trade is starting to show some weakness which i marked as the circle on the chart. I guess this would have been the short entry??

but here's what i dont understand...

A) theres no way i could have known before hand that my long trade would fail

B) Even when price was showing weakness, theres no reason to think, it wont bounce and continue up, as I had hoped.

after a few short hrs, price made new lows and would have stopped me out. Looking back on the support fib, price is resting right on the 50% support fib line... no problem I say to myself, I can just look for re-entry on the long side, but this too would have failed as the market headed lower once again.

3) Going back to the resistance fib, there was another smaller support fib that I drew...and this confuses me too, because we had the break of support, but why short into a support fib?...that just seems stupid to me

In conclusion it seems that this system is really just a 50/50 chance of success as there is no way of really knowing what side of the market one should take

either you go long, and get stopped out because the markets not done going down, OR you get stopped out because you short at the resistance fib, and the market wasn't done going up and it rallies, and takes you out.

So if there is anyone left of this thread that still trades successfully with this method, any help is much appreciated.

- Big

big pipin, you're an idiot
cheers,
IT

Awesome job contributing absolutely nothing of value to the thread or answering any part of my post.

cheers
big

bud you never accepted any help from any more experienced trader, hard headedly you apply basic fibs hoping for an easy recipe and if this doesn't exist you blame it on the method.

When have I ever turned down someone elses advice?

I used two basic fibs for the purpse of the example, not wanting to include more than I needed too. I know how to draw fibs from monthly, down to the 1hr like bo said to do.

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moving on

Here is my analysis, but it takes me right back to the original problem. UJ is at 50% resistance on the daily chart at 91.39....I could take it short at the break of the low at 90.76 , but at the same time we have a support fib right under it. This is why I said its a 50/50 because I have two different signals.

I suggest looking at Jacko's thread...it will really help a lot with PA then combine it with BO's Fib, sooner or later you'll see it PA more clearly. Try doing it on Daily then to H4

I think what Bo didn't emphasis that much was the importance of price action on his method.
you need to look at the bigger picture also.
At 4hr. chart you can see that this up move you talk about is a retracement of a big down move and you have a double top over there in the fib resist.area.
When you take this trade you have to have this in back of your mind.
look now at the 1hr.chart.See how many candles have the upwave compare to the down move?That means you dealing with a strong move and mkt. shift is sentiment.With this trade you could get out at BE consider all the circumstances.Also you never have a close above the swing level(blue fib).If this helps I'll get back to you on the next post.