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Fibonacci Trading with Bobokus

  • #8,421
  • Nov 2, 2010 3:36am Nov 2, 2010 3:36am
Quoting msmarple
Hello speedarad,

I am currently reading this thread with great interest. I would like to set up the fib tool on my own. Question : is the method how to do that still valid as in post #1, or are there any changes to that ?

I am basically a swing trader on 4h, daily and ( rarely ) 1h/30min.

I have been thinking about joining Bobokus`s site, but I really want to gain a solid understanding ( through practice ) of the basics.

I was searching for complexity in trading for a long time, now it`s just the opposite. Reducing the fibs...

The only change I think is in terminology ,later on in the thread some fibs where renamed but the way you custom your fibs is the same.
You can learn how to use fibs from this thread.Joining his site you will speed up this process.
You're absolutely right about simplicity.
Please post anything you like.
  • #8,422
  • Nov 2, 2010 8:32pm Nov 2, 2010 8:32pm
I find this thread very interesting and the thought of using simple S/R thru Fibs appeals to me. I have one question though, on the weekly GU, should the fibs be drawn from the drops from the highs 2 years ago, or the move higher from the lows, or the current down move?? Any guidance on setting up the weekly/daily trend fibs would be much appreciated thanks.
  • #8,423
  • Nov 2, 2010 10:09pm Nov 2, 2010 10:09pm
Been away from the thread for awhile as I thought there was no action here! Boy, was I wrong! I'm real glad to see you folks here. Like msmarple, I too would like to gain solid understanding and familiarity with this method before I go over to Bobokus site. And I plan to go as I find this method is really great and just this past month (slightly more than a month since I started on this method), my account (demo) increased by $600+. This might seem like small change to some of you but hey, I busted 2 demo accounts and that was AFTER I paid $2k for a forex course! Its not just the profit that makes me so happy but the sheer simplicity of this method as opposed to other people making things so darn complicated and charging an arm and a leg to teach all the headache-inducing stuff!

Since we're approachng year-end and real busy time at work, I'm now trying more on Bobokus' daily method. Hope to share some of that soon. Thank you all for posting your questions (and speedarad for replying). I am learning from your questions too!
  • #8,424
  • Nov 2, 2010 10:27pm Nov 2, 2010 10:27pm
Quoting Winged_beast
I find this thread very interesting and the thought of using simple S/R thru Fibs appeals to me. I have one question though, on the weekly GU, should the fibs be drawn from the drops from the highs 2 years ago, or the move higher from the lows, or the current down move?? Any guidance on setting up the weekly/daily trend fibs would be much appreciated thanks.
GU set up for weekly and daily.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nov2 week.jpg Size: 105 KB
Click to Enlarge Name: nov2 day.jpg Size: 129 KB
  • #8,425
  • Edited 1:44am Nov 3, 2010 1:43am | Edited 1:44am
Quoting speedarad
The only change I think is in terminology ,later on in the thread some fibs where renamed but the way you custom your fibs is the same.
You can learn how to use fibs from this thread.Joining his site you will speed up this process.
You're absolutely right about simplicity.
Please post anything you like.
Thank you for the kind reply. I will take note of questions as I go along. Your friendly and uncomplicated response is much appreciated.


____________
michael
Be like water.
  • #8,426
  • Nov 3, 2010 9:25am Nov 3, 2010 9:25am
Quoting speedarad
GU set up for weekly and daily.

What happ to the 19.1 and 80.1% fibs from Bobokus' first post??
  • #8,427
  • Nov 3, 2010 5:13pm Nov 3, 2010 5:13pm
Quoting Winged_beast
What happ to the 19.1 and 80.1% fibs from Bobokus' first post??

If you would follow the thread you would see that those levels are less significant.
  • #8,428
  • Nov 14, 2010 2:19pm Nov 14, 2010 2:19pm
Hi fibo guys,

what do you think about GU ? seems short after boucing on trend line and fibo 76.4, any other idea ?

cheers

Greg
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gudaily.gif Size: 52 KB
Click to Enlarge Name: guh4.gif Size: 52 KB
  • #8,429
  • Nov 15, 2010 2:33am Nov 15, 2010 2:33am
Hey Greg
How come you have fib level 76.4? I thought the fib levels are
161.8
138.2
100
61.8
50
38.2
0
-38.2
-61.8

I've been trying to trade the daily method but without much success. Or rather, without any success. Lost all the profit I made plus $400. ouch! It would have been more painful if it was my real account. But nevertheless I'm still bleeding. Not getting the hang of the daily so am going back to the intraday method.
  • #8,430
  • Nov 16, 2010 3:02pm Nov 16, 2010 3:02pm
Hi,

depends, Bobokus use the 50, i don't, but i use the 76.4 as last chance of bounce, it is an fibo number too
  • #8,431
  • Nov 18, 2010 6:22pm Nov 18, 2010 6:22pm
Quoting exupery
Hey Greg
How come you have fib level 76.4? I thought the fib levels are
161.8
138.2
100
61.8
50
38.2
0
-38.2
-61.8

I've been trying to trade the daily method but without much success. Or rather, without any success. Lost all the profit I made plus $400. ouch! It would have been more painful if it was my real account. But nevertheless I'm still bleeding. Not getting the hang of the daily so am going back to the intraday method.
You trade Daily just like you trade 1 hour.Only difference is you focus on the waves, not a specific timeframe to complete a cycle.
Here is a smple trade I took last night from daily chart.
Attached Image (click to enlarge)
Click to Enlarge Name: nov17 daily.jpg Size: 113 KB
  • #8,432
  • Nov 18, 2010 6:23pm Nov 18, 2010 6:23pm
Quoting gregart
Hi fibo guys,

what do you think about GU ? seems short after boucing on trend line and fibo 76.4, any other idea ?

cheers

Greg

At the time you posted it was a valid point of view just that I don't look at the 76.4 level
  • #8,433
  • Nov 19, 2010 3:27am Nov 19, 2010 3:27am
Hey Speedarad,
Thanks for posting the pix. It took me two tries before I could get my Daily to look like yours! It takes some getting used to - but I will practise! On the plus side, with the intraday I narrowed my lost to $300 so am real pleased about that. I don't want to resize the demo account; want to keep it as real as possible!
  • #8,434
  • Dec 1, 2010 3:02am Dec 1, 2010 3:02am
Hi Speedarad,
I have this basic confusion.

If we have to connect two points, viz, Low to High, which Swing low should I be starting with first. There are so many swing lows if one works backward from the current price level.

The swing low that we see in the current screen may not be the lowest point. If we scroll to the left of the chart frame, there will definitely be much lower swing lows.

So which swing low should one be considering as starting point?

Thanks
  • #8,435
  • Dec 1, 2010 6:02pm Dec 1, 2010 6:02pm
Quoting forexfx
Hi Speedarad,
I have this basic confusion.

If we have to connect two points, viz, Low to High, which Swing low should I be starting with first. There are so many swing lows if one works backward from the current price level.

The swing low that we see in the current screen may not be the lowest point. If we scroll to the left of the chart frame, there will definitely be much lower swing lows.

So which swing low should one be considering as starting point?

Thanks
It depends on what time frame we are and what's the purpose of our measurement .Are we talking about long term fibs , short term ,intraday ?
I would say post a chart so I know exactly what you looking for.
You can measure any wave you want with the fib tool it depends what type of information you're looking for.
Here is my current GU charts:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dec 1 daily.jpg Size: 101 KB
Click to Enlarge Name: dec 1 hrly.jpg Size: 96 KB
  • #8,436
  • Dec 7, 2010 11:48pm Dec 7, 2010 11:48pm
Hi Speed
Am I understanding this right? The bounce has to be in the zone (Long/Pivot/Short) or it doesn't count? So like in the chart attached, I would not move the low to 121.43 (3/27/01)? and would just move the high to 126.84 (4/1/01)? This is on the daily chart.

Thanks.
Attached File(s)
File Type: pdf Java Printing.pdf   55 KB | 701 downloads
  • #8,437
  • Dec 8, 2010 8:17pm Dec 8, 2010 8:17pm
Quoting daunte
Hi Speed
Am I understanding this right? The bounce has to be in the zone (Long/Pivot/Short) or it doesn't count? So like in the chart attached, I would not move the low to 121.43 (3/27/01)? and would just move the high to 126.84 (4/1/01)? This is on the daily chart.

Thanks.

I wish I know how much you read from this thread so I can give you the best answer.The bounce doesn't have to be in the zone ,but if it's in the zone you can have a trading opportunity.If it's above the 38.2 level usually you go with the break of the high.When you pull a fib you should get a high and a low of a move .So on your chart ,depending what you're looking for you should have the low ,right below 115 level and the high should be above 126 level where your second arrow is .Now you have a retracement and you will look for the inner levels (38,50,61) if they hold or not.A close above 38.2 fib lev. and the uptrend resumes.
  • #8,438
  • Dec 8, 2010 10:04pm Dec 8, 2010 10:04pm
Thanks, Speed. Its a little clearer to me now. I'm read almost all the posts; have taken notes as I went along. Think I need to re-read it though. Its fascinating but need some getting used to (like everything else that is new!).
  • #8,439
  • Dec 11, 2010 3:37pm Dec 11, 2010 3:37pm
I take it that the old heads (Bobokus and Shermenator) don't post here anymore.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #8,440
  • Dec 11, 2010 3:58pm Dec 11, 2010 3:58pm
Quoting kapital
I take it that the old heads (Bobokus and Shermenator) don't post here anymore.
Bob started his own paid trading service, and agreed to no longer post trades in the thread. When that happened it died off. I see shermen on skype sometimes, but not sure if he still trades. I'm sure he does though, because he seemed to know what he was doing, maybe just got tired of FF.

Kapital, I didn't know you traded fibs too? What do you prefer more? fibs or forks?
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