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Fibonacci Trading with Bobokus

  • #8,281
  • Apr 18, 2010 6:48pm Apr 18, 2010 6:48pm
For the past three weeks we have this up trend on Daily and was not much of retracement until now. Mkt open way down from Friday close and right now is bouncing around 1.5300 level.This is a level that I would pay attention because is close to 38.2 (white support fib) and also we have a round number. If we get a bounce here the next level to watch will be @1.5530
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  • #8,282
  • Apr 18, 2010 6:58pm Apr 18, 2010 6:58pm
So on the hourly I will keep an eye to see how price is going to react at this level.Before any retracement will occur on this down move as long as we see lower lows Intraday low will be keep going down to the new low.
For a long I would prefer to see a double bottom form in the next few hours.If the mkt gets to the inner fibs (38,50,61) and the price action is right, an short position could be consider but I wouldn't expect a break of the 1.52840 level at least not on the first attempt.
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  • #8,283
  • Apr 18, 2010 8:29pm Apr 18, 2010 8:29pm
Speedarad...how do you handle entries when you dont get a retrace in price? Do you just wait?

I am fibbing the previous days PA and then waiting for a retracement to the inner fibs....BUT...what do we do when we dont get that retrace...how does Bo say to enter in times like that?

Thanks
  • #8,284
  • Apr 19, 2010 4:24am Apr 19, 2010 4:24am
Only way is to enter at the break of the (high ,low).But is a risky move because you never know when the move is over and you can find yourself that trade could go against you.So you have to be careful.
Like last night , 1.5300 level didn't hold and mkt. kept going down but I didn't enter because this move didn't seems so strong and I expect some sort of retracement.So I stay out!
  • #8,285
  • Apr 21, 2010 11:15am Apr 21, 2010 11:15am
Are you guys trading fibos standalone or wih other indicators?
  • #8,286
  • Apr 21, 2010 7:13pm Apr 21, 2010 7:13pm
Quoting john225
Are you guys trading fibos standalone or wih other indicators?
Personally,I don't use any indicators at all.
I assume most of the guys who trade fibs are just about the same.
  • #8,287
  • Apr 21, 2010 7:27pm Apr 21, 2010 7:27pm
Quoting speedarad
Personally,I don't use any indicators at all.
I assume most of the guys who trade fibs are just about the same.
Same here. Only fibs.
Drink Coffee. Do stupid things faster with more energy.
  • #8,288
  • Apr 22, 2010 6:31am Apr 22, 2010 6:31am
Are you trading retracements at 61.8?
  • #8,289
  • Apr 22, 2010 5:12pm Apr 22, 2010 5:12pm
Quoting john225
Are you trading retracements at 61.8?

I can't give you a short answer.
It depends on a lot of factors. I can trade all kinds of retracements or could be situations that I don't trade at all.
For instance Is the mkt trending or not ? I can give you thousands of scenarios , you don't trade everything the same.
If you could be more specific ,may be post a chart , I could go into a more detail answer.
  • #8,290
  • Apr 22, 2010 5:44pm Apr 22, 2010 5:44pm
Quote
Originally Posted by speedarad http://cdn.forexfactory.com/images/buttons/viewpost.gif
Personally,I don't use any indicators at all.
I assume most of the guys who trade fibs are just about the same.

I agree, FIBS are the way to go.
Just out of curiosity, what are some of the preferred indicators/settings ya'll use, in conjunction w/ your Fibs?

Thanks
  • #8,291
  • Apr 22, 2010 8:04pm Apr 22, 2010 8:04pm
Quoting forexdave
I agree, FIBS are the way to go.
Just out of curiosity, what are some of the preferred indicators/settings ya'll use, in conjunction w/ your Fibs?

Thanks
Just mention a couple of post ago.I don't use any indicators.I believe that some indicators could be useful in trading but for me they do more bad then good.
Anyway if you are new to trading I will say forget about them till you learn how to trade.That means support and resistance , waves , price action.
Fibs is just a tool that you can use in trading.They project possible turning points in the future.You need to combine them with other features in order to turn the odds in your favor.If you just use them blindly ,like a mechanic system , won't do much good.
  • #8,292
  • Apr 22, 2010 9:41pm Apr 22, 2010 9:41pm
I like the way Euro moved in the last session.So I'm going to look for some sales opportunities.Ideal would be a rejection from the highlighted area.Longs bet 1.32010 and 1.32855 would be treat it as scalps if the mkt. would manage to generate a retracement.Selling pressure would be off if we got a candle close above 1.33370.That's where I start to look for longs.
I want to mention also the fact that on Daily we got a close below 1.32810 which was the previous low so this is another confirmation of the down trend we dealing with.
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  • #8,293
  • Apr 26, 2010 3:03pm Apr 26, 2010 3:03pm
Short gbp/chf looking for a movement back down to 1.61 currently short from 1.66 will watch how price moves but risk is currently small compare to reward...current risk is 1 for 10 or so...

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  • #8,294
  • Apr 27, 2010 2:28am Apr 27, 2010 2:28am
Alright I am currently up double my investment and will be lookng for some more new continuation. Depending how big the moves down are and how the retracements take place I will be looking to add to my postion.

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  • #8,295
  • Apr 27, 2010 2:42am Apr 27, 2010 2:42am
Quoting Shermenator
Alright I am currently up double my investment and will be lookng for some more new continuation. Depending how big the moves down are and how the retracements take place I will be looking to add to my postion.

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WTG .....glad to see you're still making plenty of pips.....
Trading Levels with WRBs
  • #8,296
  • Apr 28, 2010 2:08am Apr 28, 2010 2:08am
Quoting Islander
WTG .....glad to see you're still making plenty of pips.....
Yes sir!!!

Alright I have now reduced my risk to 0 and have trailerd my stop to the last high . I belive if the market is able to go above todays it will most like restart its momentum to atleast make it back to this weeks high.

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  • #8,297
  • Apr 28, 2010 3:16am Apr 28, 2010 3:16am
here is a little something to look at while trading lol

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  • #8,298
  • Apr 28, 2010 5:44am Apr 28, 2010 5:44am
Alright Iam currently up 4 times my risk and have move my stop to protect more profits...currently up around 150 pips

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  • #8,299
  • Apr 29, 2010 11:18am Apr 29, 2010 11:18am
Just woke up to see my trade close...seems like the uptrend is still a little to strong to get absorbed...made two times my risk

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  • #8,300
  • Apr 29, 2010 6:05pm Apr 29, 2010 6:05pm
Quoting Shermenator
Just woke up to see my trade close...seems like the uptrend is still a little to strong to get absorbed...made two times my risk

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Well done bud and keep posting!
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