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Fibonacci Trading with Bobokus

  • #8,161
  • Feb 17, 2010 3:38am Feb 17, 2010 3:38am
Quoting speedarad
Hey, bud why did you pick up 1.4194 as a high for the white fib?
Well remeber every fibb has a chance and I know many traders perspective have not change in the overall downtrend . So I am betting in more of the structure of the market not the fibbs. The fibbs just tell me how far price can go and where something can happen. I focuse more on structure and how larger orders get in and the different perspectives of the market forcing accumualtion and distribution.
  • #8,162
  • Feb 17, 2010 3:56am Feb 17, 2010 3:56am
Quoting Shermenator
Well remeber every fibb has a chance and I know many traders perspective have not change in the overall downtrend . So I am betting in more of the structure of the market not the fibbs. The fibbs just tell me how far price can go and where something can happen. I focuse more on structure and how larger orders get in and the different perspectives of the market forcing accumualtion and distribution.

Gotch ya!

Thanks man!
  • #8,163
  • Feb 17, 2010 10:00am Feb 17, 2010 10:00am
Alright I have now closed all of my short postions in the eurusd . Sell to the newb when cant see the movie coming lol.

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  • #8,164
  • Feb 17, 2010 11:08am Feb 17, 2010 11:08am
Alright I now am long in the eurusd ....I believe we might get some accumulation in this pair here. Rik in trade is small compared to the potential so I am willing to risk some of my gains. Even if I loose I dont really care since I would be up regardless. All I care about is playing the numbers game.

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  • #8,165
  • Feb 17, 2010 12:50pm Feb 17, 2010 12:50pm
How far down is your stop shermen?
  • #8,166
  • Feb 17, 2010 12:53pm Feb 17, 2010 12:53pm
I'm short au again at 8999 with 9045 stop..lets see if there is finally some weakness.
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  • #8,167
  • Feb 17, 2010 2:22pm Feb 17, 2010 2:22pm
Quoting big_pipin
How far down is your stop shermen?
LAst weeks low though...this trade might not have the same high probabilty as the last one as I took. But thats ok since keep in mind I am gambling witha little bitt of my profits.
  • #8,168
  • Feb 17, 2010 3:01pm Feb 17, 2010 3:01pm
USDJPY

Pay close attention to this pair. As we get might push higher to the 91.80 area. Will be paying attention how price climbs to this level. Still holding my eurusd long at the moment.Will probably get a move on as we get closer to the european session.


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  • #8,169
  • Feb 17, 2010 5:21pm Feb 17, 2010 5:21pm
I'm little more bullish than bearish on uj...at least on a 4hr, as we broke, and closed above last swing high that I circled. Could get to 92. Might take a short scalp off 1hr.
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  • #8,170
  • Feb 17, 2010 5:23pm Feb 17, 2010 5:23pm
Up 36 pips on a/u short and stope moved to b/e. Gotta love when the trades free, but I just hope the bulls get killed tonight
  • #8,171
  • Feb 17, 2010 11:06pm Feb 17, 2010 11:06pm
Quoting big_pipin
Up 36 pips on a/u short and stope moved to b/e. Gotta love when the trades free, but I just hope the bulls get killed tonight
thats one of the main things to do in any trade...since we never know if the fibb thinking the reverse of us has more orders backing it.
  • #8,172
  • Feb 17, 2010 11:33pm Feb 17, 2010 11:33pm
Alright I am still currently long in this pair...currently noticing the weakness in the buying pressure. Keep in mind if this keeps on showing so much bearish strenght I might stop and go short.Like I said this trade has a smaller probabilty then my previous trade. Main reason why I was taking is because I have enough of a probabilty backing the chance and the reward is sufficient. Aslong as I have the odds backing the reward I will take it . I am also gambling with some small profits from earlier in the week so its fine.

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  • #8,173
  • Feb 18, 2010 2:05am Feb 18, 2010 2:05am
Alright my long postion is still holding....we got a bitt of indecision. At the moment its like flipping a coin . Will keep my postion open my risk is still small compare to the potential profit. Reversing my position is still something that can happen but for now I am on standby.

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  • #8,174
  • Feb 18, 2010 3:31am Feb 18, 2010 3:31am
Bunch of news is coming out at 8:30 AM EST.
That may generate some movement.
Played a long on gbp last night and lost 20 pips.lol
Much worst was that I fall a sleep and missed the move down afterwards.
Eh, s*** happens!
  • #8,175
  • Feb 18, 2010 4:19am Feb 18, 2010 4:19am
Quoting speedarad
Bunch of news is coming out at 8:30 AM EST.
That may generate some movement.
Played a long on gbp last night and lost 20 pips.lol
Much worst was that I fall a sleep and missed the move down afterwards.
Eh, s*** happens!
Yep I love news...i never know whats its going to do and dont care lol all I care is that it makes it move.
  • #8,176
  • Feb 18, 2010 6:29am Feb 18, 2010 6:29am
Alright the market is attempting to crawl its was back up .For now it seems like we have made some sort of base. Dont like how deep we are pushing the buyers back so odds are I will be a bitt agressive on how I tighten my stops.

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  • #8,177
  • Feb 18, 2010 6:42am Feb 18, 2010 6:42am
Alright my current long postion is playing out good...we are now impacting selling orders . Now its a matter of how much money is backing my postion. I will see if yesterday push down is the new sentiment in the market or if we are simply creating false short waves to position long...

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  • #8,178
  • Feb 18, 2010 6:52am Feb 18, 2010 6:52am
Alright I have gotten my stop closer to reduce my risk in the market. I wont be willing to stop and reverse anymore since that would place this market at a very undeceseive market specially if goes after me very fast...depending on how the structure develops I will decide if I want to bring back my stop and reverse. I want to see how the market is going to perform after the unemployment claims a litter worse then expected.

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  • #8,179
  • Feb 18, 2010 7:14am Feb 18, 2010 7:14am
stopped out again on a/u at b/e . should have taken some off the table
  • #8,180
  • Edited 7:58am Feb 18, 2010 7:18am | Edited 7:58am
Quoting big_pipin
stopped out again on a/u at b/e . should have taken some off the table
If you were an oracle then yes you should of taken profits. But your not and your decesion were great based on your money management and risk to reawrd you seeked. If you start cutting winners short because of fear of giving it back then you cant make money in the business . Great job on your trade.
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