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X-Man's Super Simple System

Quoting rehepapp
Hi,

Do you use MT fibo tool or some indi ? Thanks for you analysis and explanations , very helpful .

Regards,
Hi,

For the NZDUSD chart , I use the MT4 fibo tool. Just add the addtional % levels you want to see. Draw each day using the high - low.

I am working on an indicator which will draw these automatically and also in historical charts for analysis and back-testing purpose. Still a little 'buggy' right now and I need to clean up some coding.

I thought this would help us to see how price move and to pick some trades when we do not have the usual S3 H1 LO and NYO type of setups.

regards,
well market made a burst when FFM market open followed by LO.
Got my TP 1.3250 which did not happen yesterday.
Now price retraced again. I am sure many buyers chase price and now there are many stops below to clear. After that, then it will decide whether to continue upwards or move sideway. There is no sign of bearish reversal so don't pre-empt that.

Better not chase market now, ... wait for NYO and news release.
Quoting emmanuel7788
Hi,

For the NZDUSD chart , I use the MT4 fibo tool. Just add the addtional % levels you want to see. Draw each day using the high - low.

I am working on an indicator which will draw these automatically and also in historical charts for analysis and back-testing purpose. Still a little 'buggy' right now and I need to clean up some coding.

I thought this would help us to see how price move and to pick some trades when we do not have the usual S3 H1 LO and NYO type of setups.

regards,
Hi Emmanual,

Will you make this Indicator available to us here on the Forum or is one of those Indicators that will cost thousand of dollars? I hope you make it availabe to us. Seems good from the picture on your former chart.

Also, since it is Fibo based indi, I assume it can draw the Ratios on any TF it is put on right? Confirm please.

Thanks
Quoting sharemaster2
Hi Emmanual,

Will you make this Indicator available to us here on the Forum or is one of those Indicators that will cost thousand of dollars? I hope you make it availabe to us. Seems good from the picture on your former chart.

Also, since it is Fibo based indi, I assume it can draw the Ratios on any TF it is put on right? Confirm please.

Thanks
Hi,

It definitely wont cost thousands of dollars to make one.
unless of course when we decide to re-invent the wheel.
just some late nights and lose some hours of sleep.

no wish list for now.
It will be simply for day high-low plus fibs.

regards,
There was quite a couple of beautiful setups 1H ago on 1h. On E/U sell, E/J sell and right now A/U sell. Here's one of that trade on E/J +29:
Attached Image (click to enlarge)
Click to Enlarge Name: EJ sell.png Size: 44 KB
Quoting sharemaster2
Hi Emmanual,

Will you make this Indicator available to us here on the Forum or is one of those Indicators that will cost thousand of dollars? I hope you make it availabe to us. Seems good from the picture on your former chart.

Also, since it is Fibo based indi, I assume it can draw the Ratios on any TF it is put on right? Confirm please.

Thanks
Hi Sharemaster, Here is one fibo you can use in the meantime before Emmanual perfected his.

This fibo will display the fib of the Hi and Lo for the period you select.
Attached Images (click to enlarge)
Click to Enlarge Name: Fibo 24.jpg Size: 91 KB Click to Enlarge Name: Fibo 48.jpg Size: 99 KB
Attached File
File Type: mq4 Fibo #.mq4   4 KB | 189 downloads
Quoting Star178
Hi Sharemaster, Here is one fibo you can use in the meantime before Emmanual perfected his.

This fibo will display the fib of the Hi and Lo for the period you select.
Hi buddy,

very Many Thanks for this as we awaite the beauty Indi from emmanual.

Thanks again.
very obvious pullback, anyone take a long trade on E/U?
Yup I also am long now. Would TP of 1.32500 be reachable?

I got whipped on the London opening candle? Did you avoid it? It looked good as it broke the low 8 candles back? How do you make better judgements?
I didn't take the London open candle,it always proved to be fakey,the long trade E/U reached my TP +30 at the resistance I think.
Quoting SoniPipster
Yup I also am long now. Would TP of 1.32500 be reachable?

I got whipped on the London opening candle? Did you avoid it? It looked good as it broke the low 8 candles back? How do you make better judgements?

1.3250 ... yes!

look at my post #7231, there is a H4 chart.
try draw the channel and that may help identify this trade on H4 and its potential.
several technical reason for a high probability trade:
- fib-r 61.8%
- channel bounce
- EMA200 on H4 support
- EMA60 cross EMA200?
- MBL bullish
...

Edit:
forgot to mention, you only need to look after the downside, let the market decide the upside!
Entered long on E/J 1H. TDI haven't crossed but price bounced of support level.

Edit: Closed at BE.
Quoting FXflag
Entered long on E/J 1H. TDI haven't crossed but price bounced of support level.

Edit: Closed at BE.
puzzle me?
why close trade at BE... barely 2 hours after open?
kiwi is racing to recover lost ground.
let's see if this week will close a green candle....^0.8180^
I went long E/U at 1.3186 at the close of the first London bar. Closed when it reached 1.3210. I'm doing my best to learn how to move my stops as each bar progresses and get more than 10 - 20 pips per trade.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2012-04-27 at 6.50.20 AM.png Size: 23 KB
Quoting emmanuel7788
puzzle me?
why close trade at BE... barely 2 hours after open?
Ive set TP 20 and when price reached 15 pips i've set SL at BE.
Quoting FXflag
Ive set TP 20 and when price reached 15 pips i've set SL at BE.

I think you need to review your trade management method, .. especially on how you first determine your initial SL, do position sizing for each trade, how to determine targets for exits, ... and how you manage your exits.
This will help ensure long term success in trading.
Quoting danielw
I went long E/U at 1.3186 at the close of the first London bar. Closed when it reached 1.3210. I'm doing my best to learn how to move my stops as each bar progresses and get more than 10 - 20 pips per trade.

Hi,

Based on your chart, I see you made a very good entry.
If your SL was the most recent swing low, then it would be about 30pips.
Exit therefore would be +30pips to give a 1:1 Risk Reward trade minimum.

If your SL is 30pips, that would be R and you have to consider how to move your protective stops with this R multiple in mind.

Think of a exit management plan using R multiple.

Good Trading.

regards,
poor data release sinks USD !!!
Quoting emmanuel7788
I think you need to review your trade management method, .. especially on how you first determine your initial SL, do position sizing for each trade, how to determine targets for exits, ... and how you manage your exits.
This will help ensure long term success in trading.
I usually set 1:1 RR. As nowadays economy is in toilet. So i tend to keep my entry parameters tight.
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