Hello all.
My first thread here.
This is more an exploratory thread to see if anyone else is using these kind of systems and a way to share experience.
Firstly these are not my primary method of training. I am more a BBMA trader but I do like the appeal of setting Pendings and coming back to profit more often than not.
So here here are some Fibo methods I have been experimenting with and that I hope we can develop.
Disclaimer: I did not come up with these fibo settings. THe first I got from some old website i cannot even find anymore.
THe other is from this thread https://www.forexfactory.com/showthr...=528703&page=3
Update 10th OCTOBER - I am now personally only trading the 5am -8am GMT box. Using Method A Fibo Settings.
Asian Break Out - Method A
This uses a break out of the Asian high low range.
On the last candle before London draw fibs from high of Asian session to low.
Set pendings.
0 - SWING LOW
0.382 - BUY SL
0.618 - SELL SL
1 - SWING HIGH
-0.1 - SAFE SELL
1.1 - SAFE BUY
1.3 - BUY TP1
-0.3 SELL TP1
1.618 - BUY TP2
-0.618 - SELL TP2
2.2 BUY TP3
-1.2 - SELL TP3
UPDATE on Method A - You will see in some of my pics a red box when using method A. This is the 5 am - 8 am gmt range. If Asian session looks like it will be a big fib with targets too far or sl to big then I can use the red box to get more achievable targets with smaller SL.
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Break Out - can be used for London and NY (Method B)
Again all credit goes to Phantom in this thread: https://www.forexfactory.com/showthr...=528703&page=3
This method we draw fibs on asian session then if last candle of asian bullish we put the Session Open line on the top of bull candle. Opposite for Bearish.
Please see pictures.
Here are the details from the original thread. Massive thanks to Phantom5000 for sharing it.
https://www.forexfactory.com/showthr...=528703&page=3
My first thread here.
This is more an exploratory thread to see if anyone else is using these kind of systems and a way to share experience.
Firstly these are not my primary method of training. I am more a BBMA trader but I do like the appeal of setting Pendings and coming back to profit more often than not.
So here here are some Fibo methods I have been experimenting with and that I hope we can develop.
Disclaimer: I did not come up with these fibo settings. THe first I got from some old website i cannot even find anymore.
THe other is from this thread https://www.forexfactory.com/showthr...=528703&page=3
Update 10th OCTOBER - I am now personally only trading the 5am -8am GMT box. Using Method A Fibo Settings.
Asian Break Out - Method A
This uses a break out of the Asian high low range.
On the last candle before London draw fibs from high of Asian session to low.
Set pendings.
0 - SWING LOW
0.382 - BUY SL
0.618 - SELL SL
1 - SWING HIGH
-0.1 - SAFE SELL
1.1 - SAFE BUY
1.3 - BUY TP1
-0.3 SELL TP1
1.618 - BUY TP2
-0.618 - SELL TP2
2.2 BUY TP3
-1.2 - SELL TP3
UPDATE on Method A - You will see in some of my pics a red box when using method A. This is the 5 am - 8 am gmt range. If Asian session looks like it will be a big fib with targets too far or sl to big then I can use the red box to get more achievable targets with smaller SL.
-----------------------------------------------------------------
Break Out - can be used for London and NY (Method B)
Again all credit goes to Phantom in this thread: https://www.forexfactory.com/showthr...=528703&page=3
This method we draw fibs on asian session then if last candle of asian bullish we put the Session Open line on the top of bull candle. Opposite for Bearish.
Please see pictures.
Here are the details from the original thread. Massive thanks to Phantom5000 for sharing it.
https://www.forexfactory.com/showthr...=528703&page=3
Steps:
*Decide what session you want to use:
(Australia,European,London,NYC,NYC-Mid, or Tokyo)
(I recommend NYC & London Sessions for best results)
*Draw any FIBO on chart.
*Open FIBO Properties and change parameters by applying yesterdays HIGH/LOW of the Session you chose to use
*Place 50% FIBO line on upcoming Session Open
(Example: London's OPEN 2:00AM CST / 10:00am My Broker MT4)
*Place X2 buy lots & X2 sell lots
*USE FIBO TEMPLATE & SET PENDING ORDER STOPS, STOPLOSSES, & TAKE PROFITS
*FIBO Template:
Depending on which way you had drawn your FIBO
100.0 TP#2
76.4 TP#1
61.8 BUY STOP
55.9 SELL STOPLOSS
50.0 SESSION OPEN
44.1 BUY STOPLOSS
38.2 SELL STOP
23.6 TP#1
0.0 TP#2
-------------------------------
0.0 TP#2
23.6 TP#1
38.2 BUY STOP
44.1 SELL STOPLOSS
50.0 SESSION OPEN
55.9 BUY STOPLOSS
61.8 SELL STOP
76.4 TP#1
100.0 TP#2
*Sit back and watch target #1 hit
*Close 1st lot
*Set 2nd lot to break even in case target #2 isn't reached
*That easy. Enjoy making so many pips you will need a wheel barrow
to carry them. :-)
NOTE: You can see how well my system works by checking previous days doing same method.
EX BBMA trader focusing on REE code.
