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Fibonacci Trading with Bobokus

  • #8,181
  • Feb 18, 2010 7:24am Feb 18, 2010 7:24am
Alright this is most likely my last trade for the week if I get taken out . Odds are we will wave up if todays news sentiment is the main focuse for tomorrow and the upcoming days. If this stays like this I will see if I can add to my postions as it waves up for now I am going to sleep... take it easy guys
  • #8,182
  • Feb 18, 2010 9:19am Feb 18, 2010 9:19am
ok trying this a/u one more time on this weakness off 4hr. stop back at 9045.
  • #8,183
  • Feb 18, 2010 5:53pm Feb 18, 2010 5:53pm
Pretty wild mkt. today huh!
How did U guys make out?

Sherm did U get the chance to book any profits on that long?
Hope you did.

Some of those moves where a bit hard to catch at list from the PA point of view.
  • #8,184
  • Feb 18, 2010 5:56pm Feb 18, 2010 5:56pm
Quoting speedarad
Pretty wild mkt. today huh!
How did U guys make out?

Sherm did U get the chance to book any profits on that long?
Hope you did.

Some of those moves where a bit hard to catch at list from the PA point of view.
I'm still short au with a daily target of 8750 from my entry of 8960. 219 pip goal...aint bad.
  • #8,185
  • Feb 18, 2010 8:20pm Feb 18, 2010 8:20pm
Quoting speedarad
Pretty wild mkt. today huh!
How did U guys make out?

Sherm did U get the chance to book any profits on that long?
Hope you did.

Some of those moves where a bit hard to catch at list from the PA point of view.
Noper I am not going to take profits when I am risking 60 pips and was up only 30 or osmething pips. If I dot this in the long run I loose money. I took a small loose of halve of my risk. Had a rgeat week overall .
  • #8,186
  • Feb 19, 2010 12:32am Feb 19, 2010 12:32am
Alright now I believe the usdcad is ready after pushing the traders around in the accumulation structure. I am now placing a limit order around 1.0440 and stops below this weeks low. I am only risking 1 percent of my account if I get stopped out. The key is managing the risk. Looking to hold this one for some days if the buying takes place. If I dont get the buying pressure in the market I will consider reversing my long postion if I infact get long.

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  • #8,187
  • Feb 20, 2010 5:54pm Feb 20, 2010 5:54pm
Careful with going long USD, the dollar index looks bullish, however the stock market is even more bullish, which usually weakens the dollar.

DOW may be heading back to its January highs.. 10700 is not a far feat for DOW.

When that happens, USD will plunge.
  • #8,188
  • Feb 21, 2010 12:20am Feb 21, 2010 12:20am
Quoting tradedragon
Careful with going long USD, the dollar index looks bullish, however the stock market is even more bullish, which usually weakens the dollar.

DOW may be heading back to its January highs.. 10700 is not a far feat for DOW.

When that happens, USD will plunge.
There always a chance. The only thing that matters is risk to reard nothing else.
  • #8,189
  • Feb 21, 2010 7:46am Feb 21, 2010 7:46am
Sherm, do you still look at PA when you make trading decisions or you drop that out of your trading arsenal and look more for mkt. structure and try to establish an entry on a small risk , where PA would have less meaning?
  • #8,190
  • Feb 21, 2010 6:33pm Feb 21, 2010 6:33pm
Just took a look at how the market opened and my current short position in the usdcad is working alright . Keep in mind this trade was taken as a reverse postion after taking a small loss on friday after buying the usdcad. Seeking to see a continuation from last week sentiment over to this week.

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  • #8,191
  • Feb 21, 2010 6:38pm Feb 21, 2010 6:38pm
Quoting speedarad
Sherm, do you still look at PA when you make trading decisions or you drop that out of your trading arsenal and look more for mkt. structure and try to establish an entry on a small risk , where PA would have less meaning?
Well I use structure as my key way of entering the market. I also use price action if for some reason I am not convinced that a support level should hold with out confirmation of price action. So for example if I see a support level or resistance level that is not so great but I see price action reacting to it in a very strong way I dont like to be hard headed and not participate. Keep In mind I have no problem in reversing my postion when I know Iam wrong so I am not the type of trader that seeks trades that are perfect. I only seek trades that have a chance of winning and the rewad is great compared to the risk. I play the numbers game so the way I participate is a bitt different since I take a differnt mental aproach. When I loose I just see it as a lost and nothing more ...I dont try and igure out why the market did not do exactly what it said it would . I simply move on and keep on trading.
  • #8,192
  • Edited 6:46am Feb 22, 2010 6:25am | Edited 6:46am
Alright I have now closed my shrot postion that was a reversal from last week. Dont like the price action.

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  • #8,193
  • Feb 22, 2010 9:13am Feb 22, 2010 9:13am
Quoting Shermenator
Well I use structure as my key way of entering the market. I also use price action if for some reason I am not convinced that a support level should hold with out confirmation of price action. So for example if I see a support level or resistance level that is not so great but I see price action reacting to it in a very strong way I dont like to be hard headed and not participate. Keep In mind I have no problem in reversing my postion when I know Iam wrong so I am not the type of trader that seeks trades that are perfect. I only seek trades that...
.wysiwyg { FONT: 10pt verdana, geneva, lucida, 'lucida grande', arial, helvetica, sans-serif; BACKGROUND: #f5f5ff; COLOR: #000000 } P { MARGIN: 0px } .inlineimg { VERTICAL-ALIGN: middle } hi Shermenator,
I have been reading your post today, great job on fibo trading .
and I like your Risk to reward ratio approach to each trade.I'll participate in this thread more often.

here my toughts on A/J, short at 61% SL=82.90
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  • #8,194
  • Feb 23, 2010 12:56am Feb 23, 2010 12:56am
Currently looking to buy between 90.80 and 90.30 in the usdjpy
looking to get a reload to the uptrend...
We should get some speed in the market at around 5 am today and 5 :15
we have the German Ifo Business Climate report and Inflation Report Hearings. Lets see how the markets plays out for now. Keeping risk low like always ...MONEY MANAGEMENT IS EVERYTHING



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  • #8,195
  • Feb 23, 2010 1:54am Feb 23, 2010 1:54am
Cable just decide to take a trip south.
The selling point was expected in that zone.Not the best PA for an entry on 4hr. Only hope is a pullback on 1hr.That could provide an opportunity , eventually!
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  • #8,196
  • Feb 23, 2010 3:39am Feb 23, 2010 3:39am
Most people have left this thread by now. Which is a shame.

I have spent the last few months reading and re-reading this thread - learning as much as I could from the many great people that added to Bo's selfless teachings with their own selfless contributions.

Added to that are the countless hours of back-testing, forward-testing, ahah moments. Not to mention all the times my wife thought I was listening to her when really I was thinking about Fibs

To all of you I owe a debt of gratitude.

To anyone who reads this final page (at the moment) of this thread and wonders if it is worth the effort to read through all 8,195 posts, the answer is an emphatic YES!

Bo, you're a legend!

Sherm, you are an exceptional trader, thanks so much for your input. Every trade you post adds that little extra to my knowledge.

That being said, you are an absolute freak! I'd use a cliche and say I'd love to be half as good a trader as you are, but in truth my Bank Manager and my wife would be happy if I were one fiftieth as good a trader as you are!

To all the newbees reading this thread - stick with it.

It will change everything, it did for me.

Cheers.
Drink Coffee. Do stupid things faster with more energy.
  • #8,197
  • Feb 23, 2010 4:50am Feb 23, 2010 4:50am
I like this tread,and just used it now.
wish to post my result in next few days.
  • #8,198
  • Feb 23, 2010 5:40am Feb 23, 2010 5:40am
A/U short
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  • #8,199
  • Feb 23, 2010 7:39am Feb 23, 2010 7:39am
Not sure if this is a valid fib line, but I was also bullish on uj, but never got the strength I was looking for. A/U is back on my radar as a short, and gu and eu are both bullish to me on the daily...I feel like we get a break out soon in them.
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  • #8,200
  • Feb 23, 2010 1:23pm Feb 23, 2010 1:23pm
Quoting Shermenator
Currently looking to buy between 90.80 and 90.30 in the usdjpy
looking to get a reload to the uptrend...
We should get some speed in the market at around 5 am today and 5 :15
we have the German Ifo Business Climate report and Inflation Report Hearings. Lets see how the markets plays out for now. Keeping risk low like always ...MONEY MANAGEMENT IS EVERYTHING



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just woke up lol to see myself loose my long but won the reverse postion ...total in the trade break even...crappy trade did not fight while I slept lol
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