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Powerful Fib Based System - by DAZfx

  • #941
  • Edited 10:40am Aug 16, 2008 10:28am | Edited 10:40am
Hi all,

Just out of interest I have just looked at an historic set up on USD_CAD.

This is utilising weekly and daily charts, using the weekly chars for entry confirmation with the daily.

As you can see it "apparently" works there too, see example below

Why weekly and daily?

Well Im currently looking for set and forget systems and this to me looks good

Any thoughts any one ?

PS: Mike please can you let us know how you get on with the sim?


Cheers DT
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  • #942
  • Edited 11:14am Aug 16, 2008 11:04am | Edited 11:14am
Quoting Naijafx
edward, nobody is confused, setup with 10-12 candle max gives the best setup and that's wot is we are alwayz looking for.
Hi,
10-12 candles in the first wave or 10-12 candles with the first wave + retracement ?

Also, in the first post the profit targets are given for an AB wave of more than 10 candles, so I assume the rules have changed now ?
  • #943
  • Aug 16, 2008 12:17pm Aug 16, 2008 12:17pm
Quote
Hi,
10-12 candles in the first wave or 10-12 candles with the first wave + retracement ?

Also, in the first post the profit targets are given for an AB wave of more than 10 candles, so I assume the rules have changed now ?

The rule hasn't changed!

Daz mentioned as well that 10-12 will give the best signals and we have proved that with chart analysis.

the 10-12(max) and 4(min) candle is for the wave AB
thanks
  • #944
  • Aug 16, 2008 2:48pm Aug 16, 2008 2:48pm
Good day to you sir/ma

I have analysis for possible good trades to watch next week on the making, will drop them as soon as am done but should be here before the begining of the week starting on sunday.

thanks
  • #945
  • Aug 16, 2008 3:06pm Aug 16, 2008 3:06pm
Quoting Naijafx
Good day to you sir/ma

I have analysis for possible good trades to watch next week on the making, will drop them as soon as am done but should be here before the begining of the week starting on sunday.

thanks
Hi Mike,

Looking forward to your anaylsis for possible trades next week.

Many thanks for doing this.

Noel.
  • #946
  • Aug 16, 2008 3:26pm Aug 16, 2008 3:26pm
hi mike, couldn't find the simulator you gave to me.pls can u paste it once more..chike
  • #947
  • Aug 16, 2008 3:46pm Aug 16, 2008 3:46pm
if u check 2 pages back, u will see it as i gave a link to the simulator
  • #948
  • Aug 16, 2008 4:01pm Aug 16, 2008 4:01pm
Am sorry Guyz, i will try to do the analysis in another 1hr 30mins. i will do some post in the room as well.

For now, am with the simulator.

see you then
  • #949
  • Aug 16, 2008 4:40pm Aug 16, 2008 4:40pm
Having problems runing the simulator.it reads file invalid or corrupt.Any solution to this
  • #950
  • Aug 16, 2008 4:55pm Aug 16, 2008 4:55pm
Quoting chyke22
Having problems runing the simulator.it reads file invalid or corrupt.Any solution to this

Mike gave me this link for the simulator yesterday

http://www.forexfactory.com/showpost...&postcount=701
  • #951
  • Aug 17, 2008 9:05am Aug 17, 2008 9:05am
Good day all, am sorry for keeping people waiting yesterday, i couldn't make it becoz my internet connection went down.

I tried till 000gmt this morning but yet wasn't going on fine but thank God its fair this afternoon.

We are presently in uptrend retracement and the hammer was as a result of a bounce from the resistance as shown in the chart.

Hourly and 4hourly are making lower low as well.

I might be wrong!
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  • #952
  • Aug 17, 2008 9:16am Aug 17, 2008 9:16am
The analysis we gave on NZDUSD is still holding, remember, the analysis gave us a winner,. I believe that the is strong resistance up north, about 100 pips from where price is , if u check the weekly but we will hope for a pull back and take advantage of that to give us a winner.

Moreover, hourly is making higher high.

remember, i might be wrong!

My weekly chart isn't loading, i would have love to spot the resistance on the chart.
  • #953
  • Aug 17, 2008 12:25pm Aug 17, 2008 12:25pm
Hello DT: I am hoping you dont mind revisting your CAD trade from Aug 15 for a couple questions.

Quote
will see the initial entry on the one hourly has a potential reversal set up of hitting the 68.1% retracement level.

Did you mean the 78 or the 61?

I ask b/c it appears the chart was setting up b/w the 61 and the 78 for a short with a fairly extreme stoch reading with x-over, a decent range down bar, followed by a doji/IB, and another doji "at or near" the SMA. If I understand this sytem (which I may not sense I only started reading 2 days ago), seems like it would have been an entry right there. And, if so, you were stopped out.

Then it hooked back up to resume the uptrend for another 20 pips or so and then gave a nice entry at the 78 fib (this time with divergence).

Just wanted to clarfiy what you were saying and where you actually entered. Or whether you entered at the first possible, were stopped out, then entered again.

I edited and attached your chart just to make sure we were talking about the same thing. Hope you dont mind.

Commentary from anyone encouraged

Thanks
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  • #954
  • Aug 17, 2008 1:07pm Aug 17, 2008 1:07pm
And one more question for the club.

My charts dont have the fib exp feature, nor can it be added at this time (but maybe in the next month or two, they tell me).
So I tried to come up with a way to fudge it for now. I am assuming AB = CD, which is one of the underlying premises of the
system (as I understand it). If so, its the same fib retrace as a fib on AB. So I draw the fib on AB, copy/move it so that what
was Point A is now Point C. AB distance is kept fixed, and now becomes C to projected D.
Make sense?

A random chart to better explain, hopefully.

Can someone please check the targets to see if the numbers are the same?
Do I even have the right idea? Anyone have a better/simpler solution?

Thanks guys and gals, your time and effort is appreciated.
Attached Images
  • #955
  • Aug 17, 2008 2:15pm Aug 17, 2008 2:15pm
Quoting Juan Grande
Hello DT: I am hoping you dont mind revisting your CAD trade from Aug 15 for a couple questions.



Did you mean the 78 or the 61?

I ask b/c it appears the chart was setting up b/w the 61 and the 78 for a short with a fairly extreme stoch reading with x-over, a decent range down bar, followed by a doji/IB, and another doji "at or near" the SMA. If I understand this sytem (which I may not sense I only started reading 2 days ago), seems like it would have been an entry right there. And, if so, you were stopped out.

Then it hooked back up to resume the uptrend for another 20 pips or so and then gave a nice entry at the 78 fib (this time with divergence).

Just wanted to clarfiy what you were saying and where you actually entered. Or whether you entered at the first possible, were stopped out, then entered again.

I edited and attached your chart just to make sure we were talking about the same thing. Hope you dont mind.

Commentary from anyone encouraged

Thanks

Hello Juan Grande,

Yes no worries, I have posted the charts for you again so hopefully you can see how the reversal is confrmed combining use of the 4hr time frame.


Quote: "Did you mean the 78 or the 61?"


I presume you are refering to the target level for which we are looking for?

If you do the target I was looking at was indeed the 68.1% T1 and neither of the levels you quote above.

As to the reversal confirmation remember its best to confirm the true reversal with the higher time frame, in this case its the 4hr we need to look at (please see the 4hr below for additional clarification).

If I may also point out the chart of the USD_CAD youve posted is too early as the 4hr stochs are still in a strong uptrend.

Have a look at the 4hr chart of mine and you will see I have placed a vertical line were your chart represents, do you see what I am refering too?

A sell taken in your place would of indeed invalidated the sell taken there.

Quote: "seems like it would have been an entry right there. And, if so, you were stopped out"

No.......

Again remember the place were I took the trade was later (confirmed with 4hourly) was a safe level when also combined when taken below the 5 sma.

I hope the above explanation helps?

Take care,

Good Luck for this week,

DT.
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  • #956
  • Edited 5:47pm Aug 17, 2008 5:34pm | Edited 5:47pm
Thanks for the reply DT and for clarifying what I had muddied up.

Just to check to see if have it -- are you saying that:

(1) there was a trade entry under this system on that 1 HR chart that I chopped up;

(2) but that you did not take it because the impulse wave was above a certain amount of candles, and you were therefore only trading off the 4H?
  • #957
  • Aug 18, 2008 1:30am Aug 18, 2008 1:30am
Good day everybody,

Possible EJ short but we have to wait for stoch to cross down the Over bought region before entry can be confirmed.

Thanks
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  • #958
  • Aug 18, 2008 3:38am Aug 18, 2008 3:38am
hello, greet to all...i'm new here & still learning...

can i said that eurgbp is going to go down as
stoch has crossed down,
price under 5SMA in H1, & under 200EMA in H4,
21EMA & 60EMA have crossed down in M30.

wish to get ur confirmation, thanx...

forgotten to mention that the lower high & higher high is formed.
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  • #959
  • Aug 18, 2008 3:56am Aug 18, 2008 3:56am
Quoting Juan Grande
Thanks for the reply DT and for clarifying what I had muddied up.

Just to check to see if have it -- are you saying that:

(1) there was a trade entry under this system on that 1 HR chart that I chopped up;

No.... because the 4hr chart stochs are trending up.

(2) but that you did not take it because the impulse wave was above a certain amount of candles, and you were therefore only trading off the 4H?

No.... I was trading off the 1hr chart but referring to the 4hr before entry.


Hope this helps?



Cheers DT
  • #960
  • Aug 18, 2008 10:04am Aug 18, 2008 10:04am
GBP/USD - Short 4h
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