Blog Entries for bobokus

Learning Forex Market Movements: Basic Support and Resistance

bobokus@bobokus.com — Fri, 26 Jun 2009 08:00:00 +0100

In this quick lesson we’ll go over the basic concept of setting up your charts to trade in a support and resistance market, then make an analysis based on your chart; which leads into developing a trading plan. We’re only going to use basic tools, horizontal lines to mark the support and resistance points we find above and below price then add a few trend lines to help see the patterns unfolding. We’ll start with a Daily chart and move to the 1 hour timef [...]

Trading Forex From Your Analysis

bobokus@bobokus.com — Wed, 25 Mar 2009 08:00:00 +0100

Let’s do a quick analysis of the Euro and see what we come up with. It’s obvious the Euro has been trending down ever since the overall high of 1.6038 making an incredible drop to 1.2329, that’s a 23% devaluation in roughly 4 months.

Using Fibonacci and measuring this incredible drop in price we get our retracement points to this move. Looking at how price has reacted to these levels we can see defined support and resistance created at or around these levels. In the example belo [...]

Multi-Timeframe Fibonacci Forex Trading Setup

bobokus@bobokus.com — Sat, 28 Feb 2009 08:00:00 +0100

Many times I’ve seen a trader with one Fibonacci retracement tool on a small timeframe and wondering why price is not reaching a level or seemingly turning at a empty space on the charts. The reasoning for this is that Fib levels are traded from many different timeframes all at the same time and its best to know where all the higher timeframe levels are especially when trading from a small timeframe of 1 hour.

The object is to start from a higher timeframe here so tha [...]

Forex Training On How To Use The Fibonacci Retracement Levels

bobokus@bobokus.com — Thu, 12 Feb 2009 08:00:00 +0100

Forex Training Video On How We Use The Fibonacci Retracement Levels

In this Forex training video I strip down the Fibonacci tool so we can focus on the three main inner levels of the tool. The Fibonacci retracements are a critical part of trading as they provide entry points into the market where you are buying at wholesale. Remember you want to buy at wholesale and sell at retail to make money. Once again we use the Fibonacci to to frame the market and create our market [...]

Forex: Fibonacci & Price Action

bobokus@bobokus.com — Fri, 30 Jan 2009 08:00:00 +0100

Fibonacci is used many ways, but how many of you ever use it to determine the balance point between long and short? Fibonacci can be used to help identify reversal points in the market as they are unfolding and help give us one more tools in our inventory; to give you that ever so hard to keep edge in trading. Reversal signals are key in keeping pace with market sentiment. There are ways that we can use the Fibonacci tool as an aid in seeing these reversal points and to be able to look pas [...]

Trading Naked - Live Forex Trade With S&R

bobokus@bobokus.com — Thu, 22 Jan 2009 07:54:24 +0100

Live trade example using support and resistance to scalp a quick profit out of the market..

How To Trade Forex Using Fibonacci To Follow Price Action

bobokus@bobokus.com — Sat, 17 Jan 2009 08:00:00 +0100

This week we'll look at using the Fibonacci retracement tool to gauge price movement and give some pointers on using the Fibonacci retracement tool. In this example we'll use the USD/Yen and start from the 4 hour perspective. (Figure 1) is the starting point where we watch the retracement. After making a high we see price begin to fall, find mild support and begin to move back up. As it moves back up we can use the fib tool to point out the resistance levels to price.