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Fibonacci Trading with Bobokus

  • #8,321
  • Jun 7, 2010 5:12am Jun 7, 2010 5:12am
Quoting Shermenator
currently short here using a small stop...trying to see if the trend wants to continue risking very little for 5 times my money...and maybe more since if I do get the move to the downside I will like to sell the pullbacks.


Attachment
alright took a small loss...and now thinking the next price I want to get in...either by limit order or price action
  • #8,322
  • Jun 9, 2010 1:06am Jun 9, 2010 1:06am
Hello traders,

Thanks everyone for the reply of my earlier Qs.I got the templete fibo_bare.tpl and loaded on my chart.I read post of bobo post #814.But still i am trying to understand how to use them.I am totally confused on how to draw Upmove fib,retracement fibo,I am fine only with intraday Fib.Can someone pls guide me on that as i am totally new to fibonacci.
Step by Step explanation would be much better for newbee like me.

1)How to draw Upmove/down move fibo ? from where we have to start and end.
2)How to draw Retracement fibo,starting and end point.

After forming the fibos how to interpret each levels.
I can understand that these question might be answered somewhere on this forum,Bu really appriciated if you can guide on this.

thanks in advance
Dragon the best Indicator
  • #8,323
  • Jun 10, 2010 7:23am Jun 10, 2010 7:23am
Quoting FxNoob1
lol lekker die bulls, it was an epic final, stormers had no chance!!
The Waratahs were robbed!!!

Bring on the Tri-Nations

I was a bit late to that one! Now back to business....
Drink Coffee. Do stupid things faster with more energy.
  • #8,324
  • Jun 15, 2010 6:54pm Jun 15, 2010 6:54pm
Quoting jeffokes
[b]Congratulations to you for the babay!!! And thanks for the response to my post.What do mean by location?

Here you can see a classic example of the kind of accuracy in Shermenator's detection of turning points I made mention of sometime ago! Just look at how things unfolded from the point of his entry!! Sherm, please what is the secret? What are you really looking at to know the market was gonna turn there? Time of the day(US,UK ETC Sessions)? Other significant fundamentals? Please be kind enough to share this. Please!!!!!!...

Picking up turning points is a difficult task.It takes a lot of practice and experience to achieve that.Of course I can't talk for Sherm , here but the way something like this is usually approach is by establishing LIKLEY points where mkt may turn .Once you have those price levels you need to watch price action ,closely so you can get in.Risk reward is great on this trades , but to be able to pick those levels with accuracy is not easy at all.
You have to ask yourself is this level an over bought or over sold ??
Then next will be if it's a significant level,like fibo,support and resistance,place where mkt react sometime in the past.
It all comes to supply and demand in the end.
Don't try to copy what someone else does.Everybody has his own understanding of the market.
Try to develop your own style and keep it simple.
  • #8,325
  • Jun 15, 2010 7:23pm Jun 15, 2010 7:23pm
Sherm what are these levels you added? didnt notice these before...
Attached Image (click to enlarge)
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  • #8,326
  • Jun 17, 2010 1:39pm Jun 17, 2010 1:39pm
Very interesting system. I utilize similar approach except I expand the Fib projections to include extensions and alternate projections. I look for confluence and trade bounces off of support and resistance.

Well done everyone.

Cheers,
  • #8,327
  • Jun 20, 2010 12:48pm Jun 20, 2010 12:48pm
hello thanks i see ur comment on fibonacci i have problem how to use it in my plat form pls explain one by one when time its go up how i put these fibonacci trend ,and when its going down how i apply these fibonacci.
thanks
  • #8,328
  • Jun 21, 2010 9:04am Jun 21, 2010 9:04am
Quoting bright1985
hello thanks i see ur comment on fibonacci i have problem how to use it in my plat form pls explain one by one when time its go up how i put these fibonacci trend ,and when its going down how i apply these fibonacci.
thanks
Hi Bright1985,

Just to clarify, are you having issues applying the set of indicators used in this thread or Fibonacci indicator in the MT4 platform?

Cheers,
  • #8,329
  • Jun 22, 2010 7:39am Jun 22, 2010 7:39am
Quoting speedarad
......
Don't try to copy what someone else does.Everybody has his own understanding of the market.
Try to develop your own style and keep it simple.
Thank you very much Speedarad...these words are highly valued !!!
  • #8,330
  • Jun 23, 2010 6:35am Jun 23, 2010 6:35am
Quoting jeffokes
Thank you very much Speedarad...these words are highly valued !!!
hello sir thank you very much i m understand what you are say and its very important .but i want to no how we use these fibonnacci thanks
  • #8,331
  • Jun 23, 2010 6:38am Jun 23, 2010 6:38am
Quoting Pip_Fx
Hi Bright1985,

Just to clarify, are you having issues applying the set of indicators used in this thread or Fibonacci indicator in the MT4 platform?

Cheers,
hello sir thanks i have problem how to aply that fibo on platform i m not understand it well.
  • #8,332
  • Jun 23, 2010 2:32pm Jun 23, 2010 2:32pm
Quoting bright1985
hello sir thanks i have problem how to aply that fibo on platform i m not understand it well.
Bright1985,

Allow me to help you with that. The MT4 platform comes with two native Fibonacci studies - Retracements and Expansions.

A retracement is a corrective wave in the price movement where the price moves for a short period of time in the opposite direction of the trend, and so retracements are considered as internal Fibonacci price projections since the projection is within the range of the previous trend.

To calculate a retracement you need two pivot points - a High and a Low. Depending on the orientation of the trend you would start at either the High or the Low and determine the price range between these two points. Once you have the price range you multiple it by specific Fibonacci ratios to derive a set of numbers that you subtract from the original range to come up with specific price levels. Fortunately MT4 does all that in the back ground.

To use the Retracement tool simply select it from the menu under Insert ->Fibonacci -> Retracement (or you can click on the Retracement button at the user bar). If the trend is down, select a high pivot and a low pivot, where the low occurred most recently. Press the pointer arrow at the high of the high pivot and drag your mouse so that the pointer arrow is on the low of the low pivot, then release the mouse button. If you did it correctly you will see displayed Fibonacci retracements levels on your chart. I have attached an example for you.

You can adjust the % retracement by right clicking on the indicator in the chart, select properties, then change the percent levels as you wish.

Retracements are usually used as re-entry targets for trend continuation trades.
Attached Image (click to enlarge)
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  • #8,333
  • Edited Jun 24, 2010 2:38pm Jun 23, 2010 2:48pm | Edited Jun 24, 2010 2:38pm
Quoting bright1985
hello sir thanks i have problem how to aply that fibo on platform i m not understand it well.
A Fibonacci Expansion is an impulse wave in the same direction of the trend after the retracement took place, and so Expansions are considered as external Fibonacci price projections since the projected levels are outside the range marking the retracement pivots.

To calculate an expansion you need 3 pivot points - Depending on the orientation of the trend you would start at either the High or the Low, then moving the line to point 2, then selecting the retracement pivot point. Then, you would determine the price range between pivot 2 and the retracement pivot point. Once you have the price range you multiple it by specific Fibonacci ratios to derive a set of numbers that you add to the price level at point 2 to come up with specific price levels. Fortunately MT4 does all that in the back ground.

To use the Retracement tool simply select it from the menu under Insert ->Fibonacci -> Expansion (or you can click on the Retracement button at the user bar if you have it displayed). If the trend is down, select a high pivot and a low pivot, and a retracement pivot, where the retracement pivot occurred most recently. Press the pointer arrow at the high of the high pivot and drag your mouse so that the pointer arrow is on the low of the low pivot, then release the mouse button. Then double click the second dotted line and place it onto the retracement pivots high. If you did it correctly you will see displayed Fibonacci expansion levels on your chart. I have attached an example for you.

Similar to retracements, you can adjust the % expansion by right clicking on the indicator in the chart, select properties, then change the percent levels as you wish.

Expansions are usually used as profit targets for trend continuation trades.

I hope this helps.

Cheers,
Attached Image (click to enlarge)
Click to Enlarge Name: Expansion.JPG Size: 99 KB
  • #8,334
  • Jun 23, 2010 4:18pm Jun 23, 2010 4:18pm
Good explanation PiP_Fx. Always good to see an experienced trader sincerely trying to help newbies.
  • #8,335
  • Jun 26, 2010 3:03am Jun 26, 2010 3:03am
Does anybody know if Bobokus website is still taking any new members. I went on the site yesterday and noticed alot of old info and nothing seemed to be updated. I even tried to sign up for his mailing list and the link for subscription never came to my email. So I became somewhat skeptical of singing up. I hope someone can answer this for me thanks.
  • #8,336
  • Jun 26, 2010 3:45am Jun 26, 2010 3:45am
Quoting Checkz
Does anybody know if Bobokus website is still taking any new members. I went on the site yesterday and noticed alot of old info and nothing seemed to be updated. I even tried to sign up for his mailing list and the link for subscription never came to my email. So I became somewhat skeptical of singing up. I hope someone can answer this for me thanks.
Hi Checkz,

Yes - Bo's site is still taking members. I'm one of them. Bo is still available every day to answer everyones questions - including a hell of a lot from me!

I don't think he's been updating the public blog for a bit.

I take it you didn't get a confirmation email when you subscribed to the list?
Drink Coffee. Do stupid things faster with more energy.
  • #8,337
  • Jun 26, 2010 1:22pm Jun 26, 2010 1:22pm
Quoting forexpenguin
Hi Checkz,

Yes - Bo's site is still taking members. I'm one of them. Bo is still available every day to answer everyones questions - including a hell of a lot from me!

I don't think he's been updating the public blog for a bit.

I take it you didn't get a confirmation email when you subscribed to the list?
Yeah I had a problem getting a confrimation but I tried it again and it worked. Im just wondering if it's worth it.
  • #8,338
  • Jun 27, 2010 5:33pm Jun 27, 2010 5:33pm
Day Trading World Articles

Money Management & Risk Control



by Brandon FredricksonHere are a few quotes from some great traders and investors.

  1. " I haven't met a rich technician" Jim Rogers.
  2. "I always laugh at people who say "I've never met a rich technician" I love that! Its such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician" Mary Schwartz.
  3. "Diversify your investments" John Templeton.
  4. "Diversification is a hedge for ignorance" William O'Neil.
  5. "Don't bottom fish" Peter Lynch.
  6. "Don't try to buy at the bottom or sell at the top" Bernard Baruch
  7. "Maybe the trend is your friend for a few minutes in Chicago, but for the most part it is rarely a way to get rich" Jim Rogers.
  8. "I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms." Paul Tudor Jones.

So here we have a group of guys who have collectively taken billions of dollars out of the market and they don't agree on a damn thing regarding how to make money. Not one. So what is a person to do? Is there anything they do agree on? Just one:

  1. "My basic advise is don't lose money" Jim Rogers.
  2. "I'm more concerned about controlling the downside. Learn to take the losses. The most important thing about making money is not to let your losses get out of hand." Marty Schwartz.
  3. "I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have" Paul Tudor Jones.
  4. "Rule number one of investing is never lose money. Rule number two is never forget rule number 1" Warren Buffet.

  • #8,339
  • Jun 27, 2010 5:34pm Jun 27, 2010 5:34pm
Day Trading World Articles

Money Management & Risk Control - Part 2

There really are a lot of ways to make money in the market. There are tons of seminars you can pay for that will tell you "How I made $1 quadrillion dollars in the stock market" and its sister book "How I Double my Money Every Hour" is available in many different forms too for only $29.95. All of these will tell you some patterns that will work sometimes and won't others. Some might have you going long with Jimmy Rogers, while others will have you doing it with Bernard Baruch, but when it gets right down to it the most critical part of making money, is not losing much. Your always going to take stops and lose some. But you don't want to lose much, because you won't make a penny tomorrow if you go broke today. One of the most common mistakes traders will make is that of "risking the whole wad". There is not a faster way to have bad things happen to you than to do this. Studies have been done that suggest the most you should risk on any one trade is 2%. And most pros will tell you that is way too much and they risk 1/4 % to 1% on each trade. The idea here is that no one trades is going to really effect you either way. You're not going to get rich, but your also not going to have to sell the house, as has happened to people.
One other benefit of small positions is that it allows you some freedom from worry. If you are risking a fairly small amount, your not going to get shaken out. You're also not going to find yourself in a position where you say "Shesh, I can't lose this much money" and you turn bad trade into a terrible investment. So, if you are serious about this, if you want to make it long term you will practice sound money control. Before you ever enter a trade, the first thing you should ask yourself is how much am I risking here because, remember that while we are here to make money, we won't make any if we go broke.
  • #8,340
  • Jun 27, 2010 5:35pm Jun 27, 2010 5:35pm
Day Trading World Articles

Money Management & Risk Control - Part 3

The key to not going broke is to respect risk, take small positions that wont allow you to blow out. You must always keep in mind that in trading you are only playing the odds. You may have a setup that is correct 75% of the time but each trade is a random event. It doesn't take into account the last trade. If you have a 75% system, you can still be wrong 10 times in a row, and if you trade for any amount of time it will happen.
I once thought I had a foolproof way to make money at roulette. I would bet on black and red. I would sit at the table, and after the ball had landed on black or red 5 times in a row I would start to bet on the opposite color (so if it were 5 reds in a row I would start to bet on black) Then, if I was wrong, I would go ahead and double down, meaning that if my starting bet is $1, the next time I will be $2, then $4, then $8, then $16 etc... Eventually I would win, and would come out $1 ahead. So I am 13 years old and really thinking I have the Holy Grail. If its so easy for a 13 year old to figure out, why is it that all the casinos are not out of business and we are all millionaires. Simple. It does not work.
If we are flipping coins heads has a 50% chance of turning up on each roll, and so does tails. But each flip is independent of the last. The last coin toss has nothing to do with the one before it. It's a random event. There is a certain chance heads will occur on this roll, or that tails will. But which of them it is that comes up is a random occurrence. Each time you flip a coin it is one flip of a coin amongst the billions of times coins have been flipped. That's why you can roll 100 heads in a row if you do it long enough. That's why the first time I played roulette black came up 19 times in a row and I went home defeated.
Trading is the same. We have a certain percentage of our trades that will work out, and a certain percentage that will not. But your next trade has nothing to do with your last one. So even if you have the world's most accurate method, over time you will go broke if you don't practice good money management and risk control.
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