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Set and Forget: Fibo Pending Order Systems

  • #21
  • Oct 8, 2018 6:25am Oct 8, 2018 6:25am
Quoting nave
Trying out just 1x0.01 and only TP at TP1 Maybe gonna try 2x0.01 and TP at different level. Seems like a good quick scalp if tp at TP1 {image} {image}
Yep good point TP1 gets hit super quick. Nice to get those pips and get out.
EX BBMA trader focusing on REE code.
  • #22
  • Oct 8, 2018 3:36pm Oct 8, 2018 3:36pm
I still donīt have understood where and when you do place the open session of the fibo (50%) I did have read the thread of Phantom; something I have understand. I have modified the fibo as Phantom teach. I find a little complicated to place such fibo. It needs to adjust continuously the graphic to place the fibo. Nevertheless, it is interesting.
  • #23
  • Edited 6:51pm Oct 8, 2018 5:54pm | Edited 6:51pm
Quoting flashpaul
I still donīt have understood where and when you do place the open session of the fibo (50%) I did have read the thread of Phantom; something I have understand. I have modified the fibo as Phantom teach. I find a little complicated to place such fibo. It needs to adjust continuously the graphic to place the fibo. Nevertheless, it is interesting.

Hi, let me try to clarify.

For method A you use todays Asian range. The high to the low.

Notice it is completely different fib settings for method A. On the last candle of Asian place the fib and place the pending orders on the chart where the fib tells you to.
Done.
No continuous movement of fib.
Method B - If you are trading London then you use the previous days London session to measure the fibs.
Then on the last candle of Asian session you place the fibs (50% Session open line) on top of candle (if that candle was bullish or under if bearish).

So method A super simple and B almost as simple.
Here is a pic of method B again notice session open line at bases of bearish candle.
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EX BBMA trader focusing on REE code.
  • #24
  • Oct 8, 2018 6:16pm Oct 8, 2018 6:16pm
Method A

USDCAD
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GBPUSD
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EX BBMA trader focusing on REE code.
  • #25
  • Edited 6:32pm Oct 8, 2018 6:19pm | Edited 6:32pm
Thank you! I will try. This method remembers other old thread: London breakout.
  • #26
  • Oct 8, 2018 6:29pm Oct 8, 2018 6:29pm
Quoting Simontw
{quote} Hi, let me try to clarify. For method A you use todays Asian range. The high to the low. Notice it is completely different fib settings for method A. On the last candle of Asian place the fib and place the pending orders on the chart where the fib tells you to. Done. No continuous movement of fib. Method B - If you are trading London then you use the previous days London session to measure the fibs. Then on the last candle of Asian session you place the fibs (50% Session open line) on top of candle (if that candle was bullish or under if...
Per your picture, that's not the open. It should be at top of body of same candle.
Trade what "Is", not what "If".
  • #27
  • Oct 8, 2018 6:47pm Oct 8, 2018 6:47pm
More and mor pips...Method A did well yesterday.

Buy and sell trade activated yesterday.

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EX BBMA trader focusing on REE code.
  • #28
  • Oct 8, 2018 6:52pm Oct 8, 2018 6:52pm
Quoting 4xu2
{quote} Per your picture, that's not the open. It should be at top of body of same candle.
Pre morning coffee....well spotted and corrected.
EX BBMA trader focusing on REE code.
  • #29
  • Oct 8, 2018 7:03pm Oct 8, 2018 7:03pm
Quoting Simontw
{quote} Pre morning coffee....well spotted and corrected.
Trade what "Is", not what "If".
  • #30
  • Edited 3:32am Oct 9, 2018 2:34am | Edited 3:32am
Method A GU

Trade already complete

Tp 1 - 4
Tp2 - 8
Tp 3 - 16

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Method A EU
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Method A UJ
Tp 1 - 5
Tp2 - 10
Tp 3 - 18
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Method B is struggling a bit so far. Shall update this post later with Method A/B results Gu and Eu.
EX BBMA trader focusing on REE code.
  • #31
  • Edited 6:38am Oct 10, 2018 12:57am | Edited 6:38am
If you are trading red boxes 5-8gmt then get ready to set pendings.

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Update on GU..another winning day.

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EX BBMA trader focusing on REE code.
  • #32
  • Oct 10, 2018 6:36am Oct 10, 2018 6:36am
So far from testing Method A, B and the ultra safe Red box version of Method A the red box gets my vote to trade going forward.

Test it for your self. 5-8am gmt.

Method A fibo.

It is very consistent. Still losses but manageable due to the consistency of hitting TP2 and 3.

So now .....CODERS CAN YOU HELP?

The last candle of in the 5-8gmt range close and the fibo measures high to low and place pending.

The tricky part is how to treat the multiple orders and how to trail etc? I am thinking once tp1 is achieved remaining trade/s brought up to BE +spread/commissions

Since Oct 2nd.

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EX BBMA trader focusing on REE code.
  • #33
  • Oct 10, 2018 10:19am Oct 10, 2018 10:19am
Quoting Simontw
Remember this is only done for method B. Here is the process. At the end of Asian session you draw the FIBO from the highest point of Asian session to the lowest. Now double click the fibo and click and drag the middle dot. {image} Place this on the top (if bullish) of the last candle of the session. Or bottom of the candle (if bearish). {image}


Please can you upload the Fibo indicator that enables one to move the 50%?
Thank you.
  • #34
  • Oct 10, 2018 6:05pm Oct 10, 2018 6:05pm
Quoting aelimian
{quote} Please can you upload the Fibo indicator that enables one to move the 50%? Thank you.
There is no indicator. You manually draw the fibs then manually drag it,

The session indicator and template for method B are available on the Phantom thread linked to in post 1.
EX BBMA trader focusing on REE code.
  • #35
  • Edited 9:36am Oct 11, 2018 5:22am | Edited 9:36am
Todays results.
Sells
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Later we also got the buy, TP1.

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EX BBMA trader focusing on REE code.
  • #36
  • Edited 7:40am Oct 12, 2018 3:55am | Edited 7:40am
GU again got some nice pips.

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Here is the after picture:

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EX BBMA trader focusing on REE code.
  • #37
  • Oct 12, 2018 6:54am Oct 12, 2018 6:54am
Hello,
i would like to ask you if you have an indicator that automatically draw fibo retracements on previous swing.

Thank you!
  • #38
  • Oct 12, 2018 7:23am Oct 12, 2018 7:23am
Quoting Larz78
Hello, i would like to ask you if you have an indicator that automatically draw fibo retracements on previous swing. Thank you!
No I don't. Should be something like that on FF somewhere.
EX BBMA trader focusing on REE code.
  • #39
  • Oct 13, 2018 9:25pm Oct 13, 2018 9:25pm
Hi Simontw, been trying to find a decent timeframe for a breakout box for awhile, and the 5-8 GMT seems to hit the mark quite nicely. I have backtested the GU and will backtest the UJ. Looks promising! You have 3 TP's, how do you manage that with a single 0.01 lot or do you have 3 single 0.01 lots, how do you manage your trade? I understand the problem initiating pending orders, since price can move very quickly.
  • #40
  • Oct 14, 2018 12:35am Oct 14, 2018 12:35am
Quoting pedross
Hi Simontw, been trying to find a decent timeframe for a breakout box for awhile, and the 5-8 GMT seems to hit the mark quite nicely. I have backtested the GU and will backtest the UJ. Looks promising! You have 3 TP's, how do you manage that with a single 0.01 lot or do you have 3 single 0.01 lots, how do you manage your trade? I understand the problem initiating pending orders, since price can move very quickly.
Yes I use H1 for pendings or if I am late to set them and entering manually I use the M15.

M15 is also handy to manage multiple trades moving order 2 and 3 to BE after TP1 has been hit.

Sometimes if higher timeframe looks like it weakening I just take profit early, profit is profit. If looks like strong trend then will let order 2 and 3 hit their tps or fall back to BE.

It is a hassle though and only really possible on 1 or 2 pairs. The method is constantly producing results and a script or EA would really help.

Attention Coders: We really need a coder to assist with automating the setting and subsequent trade management.
EX BBMA trader focusing on REE code.
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