Andy, I PM'd you, hope you don't mind. I am in that EURO trade too. It looks good, hopefully all will go well.
Sell limit vs Sell stop
Hello Robby !
Can you tell me the difference between the sell/buy limit order versus sell/buy stop order?
Also, I saw that you use fibo reds and greens, do you have some indicador to draw fib red or green dependig the direction of the draw (up or down).
Thank you for sharing you experience !
By the way, this is my first post in Forex Factory !
MT4 and most other trading platforms have a built in fib tool all you need to do is change the color of the lines. If you don't know the answer to these basic questions I suggest you go to the newbies section or take a look at this website
This not meant to be rude but you need to do some research on your own.
Do you have some comments about the stop and limit orders?
Thank you !
**A buy limit is used when you expect the price to go down and then go back up. In this case you cannot use a sell stop because if the price hits that point it will start selling rather than buying. Since the price is above the area and you want to buy you need to use a buy limit so that once the price goes down, it hits the pending buy limit order and starts buying from there.
**A sell limit, on the other hand, is used when you expect the price to go up and then go back down. In this case you cannot use a buy stop because if the price hits that point it starts buying rather than selling. Since the price is below the area and you want to sell you need to use a sell limit so that once the price goes up, it hits the pending sell limit order and starts selling from there.
That is exactly what I got, a verticle straight line. Then reloaded it and it looked more like a tick line. Ended changing the MAPeriod to 50 as it said in the first post. Everything looks fine now.
Thanks for the post. Any idea how to post a chart on this thread, I have tried, but no luck yet.
EUR/USD +150 (.3 lots)
USD/CHF -24 (.2 lots)
Also had a pending for AUD/USD @618 the missed by 3 pips.
I am thinking of closing the EUR and banking the profit, or closing .2 lots and keeping the .1 to run with a trailing stop of 100 pips.
Not sure what to do with the USD/CHF, probable will let it run as the overall trend is still down.
Update: Closed USD/CHF, looks like the trend has changed, closed this trade at -28 pips (.2 lots). EUR/USD still open at +167 (.3 lots)
Missed trade but ...
I too missed that pending short on AUD/$ by 3 pips - would have been a nice one
thanks for the help robby.
Sell AUDCAD (38.2) -120
Sell AUDCAD (61.8) +72
Buy USDCHF(38.2) -70
Buy USDCHF (61.8) -100
Sell EURUSD (38.2) +45
Sell NZDUSD (38.2) +12
Sell EURJPY (38.2) +76
Sell AUDUSD (38.2) +1
Total : -85 pips
Here are the charts.
Hi Robby and hi to all the others,
I always take in consideration, for my normsal trading, the 50% retracement on the daily TF, in conjuction with support and resistence.
I've noticed that it is usable in Robby's method too... using 50 in alternative to the 38 Fib for the first entry could reduce the drawdown (manteining the stop loss at 61.8).
Sure we miss some trades but those we take are safer.
Just a consideration..
take in consideration that this method, like other using Fib and retracement, is more relaiable if the primary movement is strong enough.
With small movements Fib lines are close each other and become more difficult to trade..
Hope this help..
Hi robby and all,
I just make a trade on eurusd, i believe that this trade should be quite ideal
and according to your system.
I shorted at 38.2%. From the 61.8%, it is around 62 pips. So i make a short at 1.2901. Can share what is your practise in this case, it already move 38pips in my favour. Would you placed it break even and then see how far it run. CAn share what your approach on this current trade
Thanks robby. Surprisingly if one stick and pick those trend with no retracement. The probability seem very high. I now got 3 system from FF.
Robby, sonic and phillip nel.
im go throught your thread,
and im trying this.
is this right to draw a fibo for your method..?
quote=robby2007;2518934]Hello Okawa, it is acorrect setup, but i would be thinking on shorting UCHF it is sitting right now on a nice resistance area from the previous highs, regards
I can see a possible "short" short, based on resistance from Jan 23rd high and Feb 12 highs. But according to my charts, this pair is still in an upward trend . . . or am I seeing things wrong.
Does using the fibs indicate a trade here? Other than a retracement from the high, the trend is still up and the fibs show (to me anyway) a possible buy at any of the fib levels.
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