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Fibonacci Trading with Bobokus

  • #8,241
  • Mar 10, 2010 7:18pm Mar 10, 2010 7:18pm
Quoting speedarad
P.S. I would suggest to include vhands in your study.Believe me it works.
Agreed.

I've lost count of the hours I've spent in vHands. But the upside is I've gained so much experience trading the market.
Drink Coffee. Do stupid things faster with more energy.
  • #8,242
  • Mar 11, 2010 3:26am Mar 11, 2010 3:26am
Quoting forexpenguin
Agreed.

I've lost count of the hours I've spent in vHands. But the upside is I've gained so much experience trading the market.
day is 24h. 365X24 is 8760h. To be a trader it takes some 2...3years... That is more than 17000h when you do only trading 2year 24h/day...
  • #8,243
  • Mar 11, 2010 4:13am Mar 11, 2010 4:13am
Quoting Fana
day is 24h. 365X24 is 8760h. To be a trader it takes some 2...3years... That is more than 17000h when you do only trading 2year 24h/day...
Looks like I should have kept a log book
Drink Coffee. Do stupid things faster with more energy.
  • #8,244
  • Mar 11, 2010 6:33am Mar 11, 2010 6:33am
Quoting forexpenguin
Looks like I should have kept a log book

I tought you have to be an aussie. You guys have a great sense of humor!
  • #8,245
  • Mar 11, 2010 4:11pm Mar 11, 2010 4:11pm
Quoting speedarad

I tought you have to be an aussie. You guys have a great sense of humor!
guilty as charged
Drink Coffee. Do stupid things faster with more energy.
  • #8,246
  • Mar 15, 2010 2:25am Mar 15, 2010 2:25am
Will be looking to short in the upcoming days at around 1.5450 in the meantime I might consider buying the dips...once I see how the sentiment for the week comes in...

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  • #8,247
  • Mar 17, 2010 11:00pm Mar 17, 2010 11:00pm
Quoting Bobokus
Next once another trending move has been established i like to pull a fib here. I should mention that I always draw my fibs from top to bottom and once you set your fib tool up this way you will always pull top to bottom. I know there is alot of traders who pull them differently but with this setup we have eliminated the need ...simplifying them.Back to the subject If another trending move has been established since the larger trending move this i call an Intermediate since it has not broken the 1 or 100 level of the first. With the same settings...

Hello Fellas,

I am pretty new to this thread, and it seems the thread is worth reading. I have been using the ICWR strategy but it hasnt been delivering for a while now as it only delivers when the market is trending big time. But from the small research I have done, this thread may be all I need.

However, I have a couple of questions.

1. With respect to the above quote on plotting intermediate fibs and considering market conditions on GBP/USD. There isnt another trending move yet according to my chart. Must I wait for a trending move or do I skip this step and go over to my 1hr chart for the range set step. Find my screen shot attached.

2. On the range set step, I got a little confused as par defining the trend with the envelop indicator and also plotting the fib with reference to the envelop.

Thanks in anticipation of your response.

Chirpy.


'I belive That the gap between dreams and reality can be bridged by the consistent efforts, & That hard work is the Shortest cut to success!!! So Lets Talk about Some Tips To Generate Some Pips'
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  • #8,248
  • Mar 18, 2010 4:33am Mar 18, 2010 4:33am
Quoting chirpy
Hello Fellas,

I am pretty new to this thread, and it seems the thread is worth reading. I have been using the ICWR strategy but it hasnt been delivering for a while now as it only delivers when the market is trending big time. But from the small research I have done, this thread may be all I need.

However, I have a couple of questions.

1. With respect to the above quote on plotting intermediate fibs and considering market conditions on GBP/USD. There isnt another trending move yet according to my chart. Must I wait for a trending move or do...

You are correct in your analysis.From the daily chart you have only two moves right now.However I like to start from the weekly chart ,it gives me a better perspective.Some of the terminology has change since the first pages of the thread.Also you don't need 0.8 and 0.19 levels.As you progress you will see Bobokus will stop using them.The envelope is just a visual aid to help establish the mkt condition (trend or range).You don't use that for plotting a fib.
Hope that helps.
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  • #8,249
  • Mar 21, 2010 6:42pm Mar 21, 2010 6:42pm
Hope you guys cought the gbpusd short last week I mentioned..

Will be looking to buy AUDUSD at around 90.78...will be seeking some demand around this area.
We also dont have much news early in the upcoming week so dont see much risk in maybe throwing a limit order. I will pay attention as price gets closer.

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  • #8,250
  • Mar 21, 2010 6:53pm Mar 21, 2010 6:53pm
Alright here is my update for todays trading in the gbpusd ...well I know I have like 15 different colors of fibbs but really the key thing is looking at price reaction...

If you look at my main downtrend fibb (red fibb) we can see we had a reload in the downtrend from the daily chart traders and we can see that their push was strong enough to make a preety big crack on the demand on the past 4 weeks up movement. So by understanding how the orders are bieng pushed I am now revolving my focuse to the current reaction in the market being my new little orange fibb. All I do with fibbs is get a feel of orderflow nothing else . I will be looking to sell the retracement to this sell off . Does that mean that the light blue fibb supporting the last 4 weeks up movement cant get random buying pressure no. Thats why we are playing with odds and have to manage our risk . I won the last gbpusd trade and its enough so that I can have a couple of losers and go back to break even . Thats why its and odds game. Hope I am not cluttering to much

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  • #8,251
  • Mar 21, 2010 7:10pm Mar 21, 2010 7:10pm
Pivots and Fibs are a great pair.

Inserted Video
  • #8,252
  • Mar 21, 2010 7:15pm Mar 21, 2010 7:15pm
Quoting acumen
Pivots and Fibs are a great pair.

http://www.youtube.com/watch?v=PZVDEh8LKQ0
Yep everything works in trading ...the key thing is the one driving the system and having solid money management and understanding you wont be right all the time. Liking the tools you work with is extremly important since some traders like simpler systems and some traders like more complicated ones...but once again simple is only define by the trader lol. I have seen your post before and you stick with your system and thats the difference between a newb and a pro.
  • #8,253
  • Mar 21, 2010 10:05pm Mar 21, 2010 10:05pm
i will take a retracement trade ,base on suplay point (trend linea from daily and suport from weekly )
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  • #8,254
  • Mar 22, 2010 4:14am Mar 22, 2010 4:14am
Quoting boyeros
i will take a retracement trade ,base on suplay point (trend linea from daily and suport from weekly )
Yea it can work just not a trade I would take myself but if you have good money management and its part of your plan then its good
  • #8,255
  • Mar 23, 2010 3:05am Mar 23, 2010 3:05am
Quoting Shermenator
Yea it can work just not a trade I would take myself but if you have good money management and its part of your plan then its good


i Shermenator how do you now if is choppy day or not
  • #8,256
  • Mar 28, 2010 10:01am Mar 28, 2010 10:01am
Quoting drortrader
i Shermenator how do you now if is choppy day or not
You know that is raining when it starts raining...lol.
It's difficult to predict when the mkt. gets choppy before it actually happens.One sign could be when candles start closing with big wicks on both ends and is not clear direction in the mkt.
Looks like Sherm is not around at this time , so I taught you wait enough for a simple answer.
  • #8,257
  • Mar 30, 2010 2:05pm Mar 30, 2010 2:05pm
I am going to start reading this thread. WOW...its gonna be a while.

Just a quick question......so we want to enter the first candle open after a bounce from the decision zone right of the intra day fib?

thanks
  • #8,258
  • Mar 30, 2010 8:08pm Mar 30, 2010 8:08pm
Quoting jflor100
I am going to start reading this thread. WOW...its gonna be a while.

Just a quick question......so we want to enter the first candle open after a bounce from the decision zone right of the intra day fib?

thanks

That's one way to do it.I would suggest to look at price action overall.
And of course there are all kinds of different market conditions.
But in a trending mkt. that's what you're looking for.
Or buy the dips , sell the rallys!
Any questions you have feel free to ask someone will help you out.
God luck in your journey!
  • #8,259
  • Mar 31, 2010 7:56am Mar 31, 2010 7:56am
Quoting speedarad
That's one way to do it.I would suggest to look at price action overall.
And of course there are all kinds of different market conditions.
But in a trending mkt. that's what you're looking for.
Or buy the dips , sell the rallys!
Any questions you have feel free to ask someone will help you out.
God luck in your journey!
I have a question for you, lets say that the GU trends up all day, makes a new high, then pulls back down to the Intraday High fib(38.6) and turns around and heads back up. Should we be buying that bounce?? Or do we need to see the price action enter the decision zone before we go short/long at the Intraday Short/High fibs??
Your feedback would be greatly appreciated.
  • #8,260
  • Mar 31, 2010 12:25pm Mar 31, 2010 12:25pm
Here is a post from Bobokus below in blue...I think this will help you. If the 38.2 showed strong support at the bounce and the entry still gave you good r/r I would say it would be a good entry.



Well thats basically what this thread is for on how i use fibs to trade with.the numbers are basically a percentage of the price movement since the last waveform whether it be up or down, and over time the these fib levels have proven to be common retracement points createing support and resistance levels.the most important being the 38.2...the 50 and the 61.8 % levels.How I trade them depends on alot of factors and you will need to just follow along with the thread to start to understand how it works...price action and knowing a currencies by trading it over time play a big part. what I like to trade is when price visits this area of the 38.2, 50 ,and 61.8...this is the take notice or trading zone..i look for the breakout of this area. Taking into consideration where your longer term fib levels are....is currency trending or ranging...time of day all have their impotance.
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