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Fibonacci Trading with Bobokus

  • #8,361
  • Jul 2, 2010 4:55am Jul 2, 2010 4:55am
Alright I have now moved my stop up to protect some profits...expecting to absorb the resistance level. Though depending on what I see I will consider reversing again.
  • #8,362
  • Jul 2, 2010 5:02am Jul 2, 2010 5:02am
Alright I m out of the market...got a 1 for 2 in my money. Gettng close to non farm and not willing to gamble . Total growth this week approximately 2 percent. Great week.

Attached Image (click to enlarge)
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  • #8,363
  • Jul 5, 2010 4:41pm Jul 5, 2010 4:41pm
Quoting Shermenator
I am currently short in this pair

Well seems like we might be getting some weakness in the USD all over the market. This might be taking place in anticipation of a bad non farm pay roll. Meaning the market is currently already pricing in the news report. I will be looking to buy some dollars back depending on the type of price action I get during london session.
Looking to investing against the NZD around current price or a bit higher at 0.6993

Attachment
What was your decision to enter here Shermanator?
Was it the pin on the hourly at the top of your pink retracement high? Did you enter with a pending sell order at the bottom of this or something else?

Im getting confused/paralysed between all the fibs, and when exactly to enter... Help with it would be great.

Also what do the heavy magenta lines reperesent on your image?

When you were drawing that chart how many fibs did you use and on what TF did you start placing them?


Sorry for all the questions!
Thanks
John
  • #8,364
  • Jul 6, 2010 5:30am Jul 6, 2010 5:30am
Possible short coming up here, i think...

I plotted out 4 possible trades recently in the blue boxes.

The first i wouldnt have taken, no PA and just a bit below the trading range i like. A pin Bang on the pivot of a move is perfect to enter

The second - i woundnt have taken either, as again it was too far below the pink pivot/trading range.

The third 6 hours ago, i definitely would have taken had i seen it. Bullish outside bar at defined resistance with profit target of about 1:1.

The fourth i am currently watching. Appropriate PA would see me enter short here, targetting .8320


Now i havent named my fibs as i found that very cumbersome. But i do use color coding to define each.
First off up move's are all a shade of green, with the most important being the darkest green.
Down moves are red-ish with pink being the weakest down move (on lowest TF in other words)


I am also probably missing a fib at a lower level, but *and here is my big problem* if i add another fib - i become paralysed by fibs... Too many lines with no trading range...

How many do you all typically have?

Anyone care to comment on my setup?
Thanks
John
Attached Image (click to enlarge)
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File Type: tpl audusdfib.tpl   3 KB | 455 downloads
  • #8,365
  • Jul 6, 2010 4:26pm Jul 6, 2010 4:26pm
as soon as price action show me weakness i will get short if seller ,are going to be stronger than buyer ,(orange mark,around than area)
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  • #8,366
  • Jul 7, 2010 1:16am Jul 7, 2010 1:16am
can you please give me the indicators on your template ?

thank you
  • #8,367
  • Jul 7, 2010 4:34am Jul 7, 2010 4:34am
i do not use indicator ,i learn from jeff (bobokus ) we trade suport and resistance ,the best tool to help you to develop to see sup and res are fibonacci ,if you really want to learn how to trade go to www.bobokus.com he charge 149 monthly but works ,you will not regret ,do not use indicator ,if you do not =have the money ,he offer a free forum in his webside ,also shermator can tell you more about it
  • #8,368
  • Jul 7, 2010 4:38am Jul 7, 2010 4:38am
Quoting boyeros
i do not use indicator ,i learn from jeff (bobokus ) we trade suport and resistance ,the best tool to help you to develop to see sup and res are fibonacci ,if you really want to learn how to trade go to www.bobokus.com he charge 149 monthly but works ,you will not regret ,do not use indicator ,if you do not =have the money ,he offer a free forum in his webside ,also shermator can tell you more about it
dude if you are living in usa you can ,get that money back in your taxi ,the webside count as a school ,now iam out but today o next week ,iam going back ,also he is going to open a trading room 24 hours ,+ a comunnity acount he offer ,exelent wedside to learn forex ,i think nobary in the market offer the education they have ,but of course ,it will take you time to learn it
  • #8,369
  • Jul 12, 2010 3:16pm Jul 12, 2010 3:16pm
watching this area to look for any bullish price action...
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  • #8,370
  • Jul 12, 2010 3:21pm Jul 12, 2010 3:21pm
Quoting islandtrader
watching this area to look for any bullish price action...
hi,teach me how to have this on my chart.pls.
  • #8,371
  • Jul 12, 2010 3:36pm Jul 12, 2010 3:36pm
Quoting ayour2a
hi,teach me how to have this on my chart.pls.
see this post: http://www.forexfactory.com/showpost...postcount=8227

in the fib tool property you can change the values as you like, instead of displaying 38.2, 61.8 etc I prefer it to show 'Long', 'Pivot', 'Short' etc
  • #8,372
  • Jul 13, 2010 12:50am Jul 13, 2010 12:50am
Quoting ayour2a
hi,teach me how to have this on my chart.pls.
hi thanks for your assisstance to me pls i need to forecast which indicator its sure to use because these africa the internet network is not rapid
  • #8,373
  • Jul 13, 2010 9:59pm Jul 13, 2010 9:59pm
this a daily base in 1 hour
  • #8,374
  • Jul 13, 2010 10:00pm Jul 13, 2010 10:00pm
Quoting boyeros
this a daily base in 1 hour
here the chart
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  • #8,375
  • Jul 14, 2010 2:31am Jul 14, 2010 2:31am
Which im long on.
Yesterday wasnt great, but im managing it on the daily and not going near any lower TFs so we'll see how it plays
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  • #8,376
  • Jul 14, 2010 7:55am Jul 14, 2010 7:55am
Quoting jicjoc
Which im long on.
Yesterday wasnt great, but im managing it on the daily and not going near any lower TFs so we'll see how it plays
Bearish 4 hour Pin forming against me so SL tightened to 1.5517.
Its at an area of high resistance now
  • #8,377
  • Jul 15, 2010 2:28am Jul 15, 2010 2:28am
Quoting jicjoc
Bearish 4 hour Pin forming against me so SL tightened to 1.5517.
Its at an area of high resistance now
Thats what matters just fallow your trading plan
  • #8,378
  • Jul 21, 2010 10:46am Jul 21, 2010 10:46am
Entered on the bearish engulfing candle and made 63 pips =)
The actual formation on the 15min looks like a flag. Maybe price continues to stall and hits the target. I decided to tp at the bullish trend line.
I'm still practicing, but i love this method!!!
Thank you Bobokus!
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  • #8,379
  • Jul 22, 2010 2:38am Jul 22, 2010 2:38am
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What about the actual USD/CAD - "SHORT CONDITION"?
I'm short 1.04611!!!
  • #8,380
  • Jul 22, 2010 3:41am Jul 22, 2010 3:41am
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I've missed to see the bullish trendline... Better point above this line! For a sure target i think i will better point near yesterdays low...
It's always the same - as soon as I'm in profit i think about putting it in the bank as soon as possible =)
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