Simple Fibonacci Trading

look nice, looking for retresment.

That could be a good one to trade on the 5 min chart if it pulls back nicely.

it was eu.. itm now on demo though..
hugh, for this case would you recommend taking profit using smaller tf or stick to my 4h tf ?

how do i take half profit manually, do i buy it if i shorted ? need an answer to this

If you took the trade on the 4 hour chart then stick to the 4 hour chart.

The ea will take profit for you. If you're not using the ea then open the "close trade" dialogue box and change the position size to the amount you want to close (ie half or whatever) and then close it.

chart here..

ok thanks hugh, btw is there any rules pertaining to shifting of stop loss ?

iam doing demo to, u can add more pairs 4h has u wish.

Yes, in the first post.

hi hugh, i reread the 1st post, is sl always unchanged at 61.8, or do you shift it once 1st tp is reached ? do i shift sl to entry price after 1st tp is hit ?

SL goes to BE when TP#1 reached.

If you use the EA, all is done automatically.

[quote=Hugh Briss;5493595]I only started this thread a few weeks ago but already it has evolved into something better.

With all due respect Hugh....it´s a simple idea...and so far effective.

My trading plan (a little changed).
Find a nice swing (H or 4 H)
Wait till price hovers around the middle (50%)
Place 2 pending limit orders: long and short at either side (0,382 /0,786 which is the opposite)
Trail stop (auto), set at the same at opposite level.
T Profit at 1,272 either side.
Let the market decide direction.
No scaling down.
Once one side of the swing is breached, cancell the opposite order and let the open position run.

Come back a few hours later to fill the excell file with the results, and put some new orders.
So far I have an awsome performance which I expect to level down a good bit...(too good to be true)..
The idea is: keep profits big, loosers small...
Auto but no EA, just standard Limit orders, Trailing stops and Take profits.

So far the R expectancy is 0,724, positive, 80% winners.(real money)
Too few trades so far to validate...want to get at least 5 a day..after a month (100 trades) I will be more confident.

Proposal: who ever wants, post your results, maybe in terms of R, so you don´t have to show your $ levels...so we can collectively test the best setups, stops,TP etc...

My minimum expectancy to consider it worth the effort:
100 Trades
40% winners:35 R (some are a little bigger than 1, some a little smaller)
60% loosers: -30 R (average looser: 0,5, remember I trail a stop)
That´s a thin 0,05R expectancy, if it´s consistent it would still make money..an edge...is an edge...
Enjoy the weekend...

Well, eurusd blazed a trail today but didn't reach tp1 which leaves us open over the weekend. Not too much of a worry, the momentum is pretty much down. Anyone else got any setups?

eur / jpy was also good today
and I keep the position is over week-end also

EU short working great already tped half and moved to BE you can see to the left why it stalled will see what happens next week.

hello hugh....

i am a new trader... been trading for about 3-4 months and found that fibo method is the best for me.... i have quite the same method as you have.
50% retracement. my problem is sometimes the price didnt retrace but move to break 100% fibo...

i found that your method is good. i trade directly once the price touch 50%. instead of doing that, you choose to place buy/sell stop. looks like it will filter some bad trades.

can i join this thread and maybe post some of my set up ??

hugh, how to find a good TP ?? i dont understand how to use Fibo expansion...

and then, can anyone help me how to use the EA ?? how to install it and activate it ?? since i am new in trading, i have no experience using EA....

will the EA place 2 buy/sell orders at the same position ??

Thanks

fathin

wow, the EA is amazing, thanks alot ferrufx do hope to learn some coding from you, any advise where is good to start ?

Look for a mql manual ... learn ... and practice ...

thise is the best free lernnig book for mql4.

heve fun

can anyone help me and share some tips about which top and bottom to chose and why? i've been trying to figure out a mechanical way to decide this but im not 100% there. so i ask anyone really, some tips?