A picture explain a thousand words, please find below :-
DislikedStill collecting pips on a daily basis http://www.forexfactory.com/images/icons/icon10.gifhttp://www.forexfactory.com/images/icons/icon14.gif
20/9/07 +150 pips
21/9/07 +50 pips
24/9/07 +75 pips
25/9/07 +35 pips
26/9/07 +60 pips
27/9/07 +80 pips
28/9/07 +5 pips
1/10/07 +140 pips
2/10/07 +150 pips
3/10/07 +130 pips
4/10/07 +70 pips
5/10/07 +170 pips
8/10/07 +145 pips
9/10/07 +100 pips
10/10/07 +113 pips (still running)Ignored
DislikedThanks for posting, fx4live.
To understand better I have re-created the fib and chart on my software - slightly different candles but I guess that is down to time zone. I use charts from North Finance which are +2hr GMT. Do you only use 1 Hr USDCHF?
Please could you explain a little more? I am relatively new to Forex and not experienced enough to understand everything from the notes on your chart.
Thanks and looking forward to more.Ignored
DislikedChris, that's right..i use 1Hr USDCHF chart. I first plot the Fibo. Ret. levels on the swing low and swing high point (not sure North Finance will give you an inverted fib??) but anyway The retracement levels will be formed as seen in the pic. Place buy limit order 1% of your Net Asset Value(NAV) on every levels with a Take Profit(TP) from (top to bottom) 10pips, 15pips, 20pips, 25pips and the lowest swing point leave it without TP....because this level i will use trailing stop instead. So when the limit buy order get filled at this point/lowest level as the market pulls back, i will place stop loss(SL) at breakeven and then keep moving the SL upward trailing the current price until the position stop out.
On the other hand, i also stack my chips (1% NAV limit buy order) on every 5pips distance with TP of 5pips each all the way down to the current/market price minus 15 pips (billbss mentioned is a grid sys). Example if current price is 1.1850, i will stack my chips upward above 1.1865 (1.1865 - 0.0015 = 1.1850)...after that just sit tight and wait....keep repeating this scenario on and on till you say it is enough...so far my record has been good.http://www.forexfactory.com/images/icons/icon10.gifhttp://www.forexfactory.com/images/icons/icon10.gif
I have tried over 7 other systems which require me to glue to the screen all day and waiting for setup...some of them are greate and i'm still practicing it....but this one really hassle free and i enjoy it... http://www.forexfactory.com/images/icons/icon14.gifhttp://www.forexfactory.com/images/icons/icon7.gifIgnored
Dislikedcouple of questions for you....
1. what time do you set the 5 pip limit buy orders every day?
2. I see you post profit nearly every day of the week, how is this possible when not every day is a bullish day (your buy orders aren't getting executed every day)?
3. what happens if one of the 5 pip (buy limit) trades gets triggered but doesnt TP? when would you consider closing out the trade? you can't tell me that placing buy orders every 5 pips that every one that gets triggered TP EVERY time?!
If you can answer those questions it would be greatly appreciated.Ignored
DislikedYes, right from the Monday's session Lo/Hi. Looks strange here...my Oanda's fib has a inverted of your fib chart. In that case your second chart is the correct one to plot......hope this help http://www.forexfactory.com/images/icons/icon7.gifIgnored
DislikedI guess I confused you. In plotting FIBs, if the candles for a day starts from LO to HIGH then we should plot from BOTTOM to TOP, and if the day starts with HIGH to LO then we should plot from TOP to BOTTOM. Am I correct? Its just that I see in some threads where some say it makes no difference, but I think it does....Ignored