Fibonacci Trading with Bobokus | Page 405 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

fibonacci trading log 2 replies

Need help Bobokus Fibo template 1 reply

Pulos Bill - The Truth About Fibonacci Trading (Attached) 4 replies

Attachments: Fibonacci Trading with Bobokus
Exit Attachments

Fibonacci Trading with Bobokus

  • #8,081
  • Oct 22, 2009 6:46am Oct 22, 2009 6:46am
If you are looking for an entry that repeats itself all the time with the exact same mechanical entry, then we would have no market. All you need is experience every system works it all about the driver behind the wheel.The market is chaose so if you are correct 50 percent of the time you are a great trader aslong as you make more then other 5 times you loose. Make the most out of your winners and keep your loosers smaller. Do that and any system works
  • #8,082
  • Oct 22, 2009 6:51am Oct 22, 2009 6:51am
you are an idiot sherm
cheers
  • #8,083
  • Oct 22, 2009 6:52am Oct 22, 2009 6:52am
Quoting islandtrader
you are an idiot sherm
cheers
I know lol...you're just too smart haha
  • #8,084
  • Oct 22, 2009 7:06am Oct 22, 2009 7:06am
Quoting Shermenator
If you are looking for an entry that repeats itself all the time with the exact same mechanical entry, then we would have no market. All you need is experience every system works it all about the driver behind the wheel.The market is chaose so if you are correct 50 percent of the time you are a great trader aslong as you make more then other 5 times you loose. Make the most out of your winners and keep your loosers smaller. Do that and any system works
I taught you left the boat!

lol
  • #8,085
  • Oct 22, 2009 7:24am Oct 22, 2009 7:24am
yes i'll have a look at jack's thread too.

-------

I put up a 4hr on the u/j and found that we're at a natural s/r level at 91.45, would this be a good place to short?
Attached Image (click to enlarge)
Click to Enlarge Name: uj4hr.jpg Size: 165 KB
  • #8,086
  • Oct 22, 2009 10:06am Oct 22, 2009 10:06am
Quoting big_pipin
yes i'll have a look at jack's thread too.

-------

I put up a 4hr on the u/j and found that we're at a natural s/r level at 91.45, would this be a good place to short?

lol...your being to mechanical once again....look at the pair in that chart how it has travel upward. Unless you are trying to anticipate a larger timeframes trend then you have to ask yourself if this is the area price should get reloaded on or if this levels or resistance are breakout levels and most likely you wont get bull traders trapped. Trading is not mechanical at all and you will notice that. Thats why most traders dont make money beacuse they seek and event that repeats the same way and that does not take place in any market, If it would then you would not be speculating. Thats why you simply need experience ...every trader whants to hear someone tell them when price does this you do this and it will work....just give it time and you should click. Goodluck
  • #8,087
  • Edited 11:47am Oct 22, 2009 11:21am | Edited 11:47am
Quoting big_pipin
yes i'll have a look at jack's thread too.

-------

I put up a 4hr on the u/j and found that we're at a natural s/r level at 91.45, would this be a good place to short?
I never even look at USDJPY (slow moving pairs are bad for my health, LOL!) so I can't help you much with that. You had some support level at around 90.81 which was also around your Intraday fib pivot level. You could of bought at around that 90.81 level safely with the current trend, (after the minor down move was rejected at the Intraday short line) then closed and sold at around 91.48 as you also had a good resistance level near your Intraday T1.

So have you tried looking at actual previous S/R levels to see how far/near they are to a fib level (to possibly know how much breathing room a fib retracement trade may have)? Don't just look at fibs in a vacuum, and remember that the market will usually take the path of least resistance plus look for bargains such Buy Low and Sell High.

Truly study your charts, keep it simple (start with the higher time frame S/R levels, W1, D1, and then H4) and the truth is not far behind. Just keep in mind that nothing will ever work 100%, if it did there would be no forex market...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ibfx usdjpy h4 10-22-2009a.gif Size: 51 KB
Click to Enlarge Name: ibfx usdjpy h4 10-22-2009b.gif Size: 59 KB
Click to Enlarge Name: ibfx gbpusd h4 10-22-2009a.gif Size: 50 KB
Click to Enlarge Name: ibfx gbpusd h4 10-22-2009b.gif Size: 65 KB
  • #8,088
  • Oct 22, 2009 9:34pm Oct 22, 2009 9:34pm
Am i not susposed to look at natural levels of s/r?
  • #8,089
  • Oct 22, 2009 10:25pm Oct 22, 2009 10:25pm
Quoting big_pipin
Am i not susposed to look at natural levels of s/r?
Who says you can't? It's common sense to know where they might be, regardless of the method used (get back to basics and find support for the method)...
  • #8,090
  • Edited 3:56am Oct 23, 2009 3:54am | Edited 3:56am
I am not an expert but i was in the same boat like you. I enrolled to BO's Class but still didn't understand a thing... I didn't blame his method coz i know it's me who needs th fine tuning. Somewhere in this forum someone said that reading PA takes time. So i studied historicals from 1992 to present dates of 3 pairs. Sad to say im still clueless after all of that due to information overload. I took a month off then started again...Read Jacko's trade then slowly i got the feel of this so called PA. I used to ignore trading the dailys and 4h because i want to make big fast money. But sooner i realize that PA is more reliable in Higher TF. I now trade the Daily and 4h only due to my comfort level and time limitations. and then my own method was born... I'm trading only with candle sticks ,only drawing lines for TP and SL.

-by no means im not getting rich with forex, im just doing this for fun...for now
  • #8,091
  • Oct 23, 2009 6:58am Oct 23, 2009 6:58am
Quoting eraptheman
I am not an expert but i was in the same boat like you. I enrolled to BO's Class but still didn't understand a thing... I didn't blame his method coz i know it's me who needs th fine tuning. Somewhere in this forum someone said that reading PA takes time. So i studied historicals from 1992 to present dates of 3 pairs. Sad to say im still clueless after all of that due to information overload. I took a month off then started again...Read Jacko's trade then slowly i got the feel of this so called PA. I used to ignore trading the dailys and 4h because...
Yeah, I've been there too! Where I seemed to reach a point that I thought things were finally starting to make sense and all of a sudden nothing made sense (I thought I was losing it, information overload indeed, LOL!). So I too had to take a break for about 2-3 months and went back to basics, studying the chart (focused on one currency only on H1+ higher time frames). Not trading but just watching how PA would react to actual major areas S/R during the main London and NY session hours. Once I got that down I then added the fibs back and watched how PA would react to the fib retracements while mindful of where the actual S/R levels were. I never have more than 2-3 fibs on my chart or a ton of S/R lines, I just try to find the most probable and strong areas where PA will likely test for that trading day. As far as volume goes, it can be used to see the strength behind a move into a certain direction or S/R levels (tick volume works fine as a proxy to real volume as it give us the same important trade signs).

Now I'm comfortable using 5M & 15M time frames for more precise entries (I use 15M, 1H, 4H for setups and tend to use H1, 4H, D1, W1 for S/R and Fib levels). But I would never recommend all that for newbies or call myself an expert, he he.

Below are the threads that I have found the most use out of in my trading (it does not mean that one has to read them fully but well enough to grasp the concept, heck I'm still learning VSA). Keep in mind that I have never joined any of the private trading groups, since one has all the important info already freely available you just got to put in the time to learn it yourself.

Jacko's Forex House of Pleasure and Pain - Keep It Simple Stupid...

Fibonacci Trading - Best Fib Method I've Ever Seen...

james16 Chart Thread - For Basic Understating Of Bars/Candles & PA...

No Brainer Trades - Great Basic S/R & PA...

Principles of market movements - Volume Based S/R Concept...

Volume Trading - More Volume Based S/R Concept...

Trade Using VSA (Volume Spread Analysis) - PA Volume Based Concept...


I posted the charts below on the Cable Update (GBPUSD) thread hours before the news. I hope some of you guys had a short order opened around 1.6693 for the nice ride down...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu w1 [10-21-2009].gif Size: 40 KB
Click to Enlarge Name: gu d1 [10-21-2009].gif Size: 43 KB
  • #8,092
  • Oct 23, 2009 9:48am Oct 23, 2009 9:48am
Had a sell-off on GU last night. Will short when I see a bounce back up on the 1hr. I know other people like me may have missed the move and will want to get in on the pullback.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gudaily.jpg Size: 173 KB
Click to Enlarge Name: gu1hr.jpg Size: 146 KB
  • #8,093
  • Oct 25, 2009 7:28pm Oct 25, 2009 7:28pm
Quoting big_pipin
Had a sell-off on GU last night. Will short when I see a bounce back up on the 1hr. I know other people like me may have missed the move and will want to get in on the pullback.
A lot of guys missed this trade.Tough set up even that 1.6740 level was worth watching to see PA, but fail to provide a decent entry.
Speaking of PA which in my opinion,is the key of successful trading, try this guy,Nial Fuller.He has a PA course and some interesting videos on you tube.
Also try the vhands simulating trading.For PA basically the experience will make the difference and with vhands you can speed up the process.
  • #8,094
  • Oct 25, 2009 11:17pm Oct 25, 2009 11:17pm
AU short on 1hr @ 9252
Attached Image (click to enlarge)
Click to Enlarge Name: au1hr.jpg Size: 176 KB
  • #8,095
  • Oct 26, 2009 11:45am Oct 26, 2009 11:45am
Would have had a very nice short on my hands with AU, but I closed out near break even for 15 pips. Price establiahed a big green bar at the 50%, and considering we were in this sideways move, I thought I was on the wrong side of the market. At least I saw the right move and took it
Attached Image (click to enlarge)
Click to Enlarge Name: au1hr.jpg Size: 147 KB
  • #8,096
  • Oct 29, 2009 1:26pm Oct 29, 2009 1:26pm
All the major pairs had strong pullbacks last night.

Here is usd/jpy on 1hr and 4hr, and its at time like these where Im not sure what to do.

Market setiment for u/j on the daily is still over-all bearish, but one should not have a bias view. Learned that from Shermen. So with that in mind, what do you guys think?

Thank you.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj1hr.jpg Size: 165 KB
Click to Enlarge Name: uj4hr.jpg Size: 167 KB
  • #8,097
  • Oct 29, 2009 2:37pm Oct 29, 2009 2:37pm
Hi,

I agree with you, very hard to determine if the pullback is the beginning of a major trendshift or will resume upwards again, both fundamentally and technically.

I`ve taken a very small sell position but thats just for practising.

Thanks, great posts here.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpyoct29hr1.jpg Size: 117 KB
Be like water.
  • #8,098
  • Oct 29, 2009 4:31pm Oct 29, 2009 4:31pm
Quoting big_pipin
All the major pairs had strong pullbacks last night.

Here is usd/jpy on 1hr and 4hr, and its at time like these where Im not sure what to do.

Market setiment for u/j on the daily is still over-all bearish, but one should not have a bias view. Learned that from Shermen. So with that in mind, what do you guys think?

Thank you.


Well, we had some good numbers fundamentally wise it should continue the bullish trend when Aussie&Tokyo opens up... I think it's just a matter of getting the correct R/R from the retrace...

Here is what I see
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.jpg Size: 64 KB
  • #8,099
  • Oct 29, 2009 10:42pm Oct 29, 2009 10:42pm
Quoting big_pipin
All the major pairs had strong pullbacks last night.

Here is usd/jpy on 1hr and 4hr, and its at time like these where Im not sure what to do.

Market setiment for u/j on the daily is still over-all bearish, but one should not have a bias view. Learned that from Shermen. So with that in mind, what do you guys think?

Thank you.
We have a pretty aggressive up move today so I would look to see if this move continues or not.Do we get a bounce from intraday fibs or not?
That's where PA comes ;in will see!
Attached Image (click to enlarge)
Click to Enlarge Name: ju oct 29 ex 1hr..jpg Size: 93 KB
  • #8,100
  • Oct 30, 2009 1:23pm Oct 30, 2009 1:23pm
Looks like my short was the right choice, but would I have been wrong to think about going long at the marked spot?...Obviously I would have been prooven wrong, but that did look like a good long entry.
Attached Image (click to enlarge)
Click to Enlarge Name: uj1hr.jpg Size: 185 KB
1 trader viewing now