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Set and Forget: Fibo Pending Order Systems

  • #41
  • Oct 15, 2018 1:22am Oct 15, 2018 1:22am
Thanks Simon, another profitable day on GU and EU, unfortunately I arrived home too late to trade them!
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  • #42
  • Oct 15, 2018 1:42am Oct 15, 2018 1:42am
Quoting pedross
Thanks Simon, another profitable day on GU and EU, unfortunately I arrived home too late to trade them!{image}{image}
Yeah its a race against time sometimes getting the trades on.

I am loving the winning rate
EX BBMA trader focusing on REE code.
  • #43
  • Oct 15, 2018 2:42am Oct 15, 2018 2:42am
In case anyone needs a sessions indicator I updated the first page with the one I use.

EU all good today still waiting on GU to make the move.

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EX BBMA trader focusing on REE code.
  • #44
  • Oct 15, 2018 3:04am Oct 15, 2018 3:04am
Just to let anyone know who has got benefit from this thread.

I am talking to several coders to see what they get done for me in terms of a script/EA.

I will be having the 5-8gmt coded as default but will have it open for change so can set entire Asian BO or London BO if we wish.

Will update as I hear more.
EX BBMA trader focusing on REE code.
  • #45
  • Oct 15, 2018 4:22am Oct 15, 2018 4:22am
Hi,
I kind of used the same system in the past but let it go for a while.
The work that I see here is amazing, I will test your indicator for the next trade day.
I will post my results!
Also, very eager to see what this will do as an EA!
Keep up the good work
  • #46
  • Oct 15, 2018 6:48am Oct 15, 2018 6:48am
GU came through again.

M15 view.

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EX BBMA trader focusing on REE code.
  • #47
  • Oct 15, 2018 6:51am Oct 15, 2018 6:51am
Quoting Timr89
Hi, I kind of used the same system in the past but let it go for a while. The work that I see here is amazing, I will test your indicator for the next trade day. I will post my results! Also, very eager to see what this will do as an EA! Keep up the good work
Welcome.

Post 1 shows 2 methods A and B.

But I now only use FIBO set A on 5-8am GMT box. This has been more reliable with less risk.

What was your previous method? Win rate? Drawdown etc? What made you stop using it?
EX BBMA trader focusing on REE code.
  • #48
  • Oct 16, 2018 1:22am Oct 16, 2018 1:22am
Hi guys,
I was messing around with it this morning.
I had to add some extra fib lvls but once it is set it seems good.
Had no time to set the order before the buy price was hit. New chance tomorrow. Chart for GU in attachment
please see if my settings are correct
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  • #49
  • Oct 16, 2018 1:53am Oct 16, 2018 1:53am
Todays was quick on GU.

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EX BBMA trader focusing on REE code.
  • #50
  • Oct 16, 2018 1:56am Oct 16, 2018 1:56am
Quoting Timr89
Hi guys, I was messing around with it this morning. I had to add some extra fib lvls but once it is set it seems good. Had no time to set the order before the buy price was hit. New chance tomorrow. Chart for GU in attachment please see if my settings are correct {image}
Use these settings.

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
EX BBMA trader focusing on REE code.
  • #51
  • Oct 16, 2018 2:01am Oct 16, 2018 2:01am
Same, took pips on GU at TP1 and TP2 honed down from 15 mins to a 5 min chart for PA...
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  • #52
  • Oct 16, 2018 2:04am Oct 16, 2018 2:04am
Quoting pedross
Same, took pips on GU at TP1 and TP2 honed down from 15 mins to a 5 min chart for PA... {image}
Its crazy how consistent it is.
I look forward to this time every day now.
EX BBMA trader focusing on REE code.
  • #53
  • Oct 16, 2018 2:14am Oct 16, 2018 2:14am
Quoting Simontw
{quote} Use these settings. 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
Thanks, I noticed these just after posting and reviewing the other charts. Will try again tomorrow.

To answer the prior questions.
I used a similar system when I started forex some years ago.
Sadly I do not remember the data anymore because I used way to much systems at that time.
It was profitable in the run but to much work to get up early and set it up real quick
What made me stop is that it was far too time related, I had to set an alarm in order to not miss my entrees etc. It was just too much.
An Ea would make this system amazing
  • #54
  • Oct 16, 2018 5:36am Oct 16, 2018 5:36am
Only got TP1 on EU.

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and GJ.

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EX BBMA trader focusing on REE code.
  • #55
  • Oct 17, 2018 4:17am Oct 17, 2018 4:17am
Another day another TP.

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EX BBMA trader focusing on REE code.
  • #56
  • Oct 17, 2018 5:30am Oct 17, 2018 5:30am
Quoting Simontw
Another day another TP. {image}
Can you please explain this trade.
Did you buy or sell?
Where was your SL?
Price moved in both direction after the red box so its really important to know which direction you were trading.
Good job.
Thanks
  • #57
  • Oct 17, 2018 5:59am Oct 17, 2018 5:59am
Quoting Merka
{quote} Can you please explain this trade. Did you buy or sell? Where was your SL? Price moved in both direction after the red box so its really important to know which direction you were trading. Good job. Thanks
Welcome to the thread.

It is all in the 1st post.

We buy and sell

We set pendings as per the fib. It says exactly where to put pending, tp and sl. The tp is positioned so we mostly profit early before another trade in opposite direction is triggered.

Currently I take profit early as we don't have an ea to manage trades.
EX BBMA trader focusing on REE code.
  • #58
  • Oct 17, 2018 7:21am Oct 17, 2018 7:21am
Quoting Simontw
{quote} Welcome to the thread. It is all in the 1st post. We buy and sell We set pendings as per the fib. It says exactly where to put pending, tp and sl. The tp is positioned so we mostly profit early before another trade in opposite direction is triggered. Currently I take profit early as we don't have an ea to manage trades.
I will read again post1.
Could you please give us your feedback about the performance of this strategy since you started using it?
I'm not a coder but I usually pay freelance coders to do job for me so if your results are good I can help in that way.
Thanks
  • #59
  • Oct 17, 2018 7:36am Oct 17, 2018 7:36am
Hi guys,
A small update from my side.
First day in, for now I am testing on GBP/USD.
First and foremost, who ever wants to try this. I advise you to edit your FIB settings and FIB comments to the settings from the first post.
This makes setting pending trades so much easyer since you can clearly see SL, entry and TP on screen.
My first buy order got hit today but my sl got hit also. I put my TP @ point two but I drew the fib line incorrectly I guess.
Sell order got filled minutes later and made up for the loss.
I will keep you updated
  • #60
  • Oct 17, 2018 8:06am Oct 17, 2018 8:06am
Quoting Merka
{quote} I will read again post1. Could you please give us your feedback about the performance of this strategy since you started using it? I'm not a coder but I usually pay freelance coders to do job for me so if your results are good I can help in that way. Thanks
Currently it is too early to tell.

I have been using it since September. Just trading 0.01. As it is not my main method of trading.

Most days we hit TP1 very quickly.

I use x3 pending orders Trade 1 > TP1 etc. WHen TP1 is hit I move trade 2 and 3 to BE.

If/When trade 2 is hit I move trade 3 SL to TP1 - I do all this on the M15.

It is a bit fiddly so only consistently traded GBPUSD.

Another way might be to target tp1 for all 3 trades.

Depends on what you prefer.

Best to start trading it yourself each day as the consistency and profitability very much depend on how you manage the trade. The fibs gets you in but it still is up to the trader to squeeze the most out of the trade.

Hope that helps.
EX BBMA trader focusing on REE code.
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