don't give up my friend...

first i'm sorry for my poor engkish, hope you all understand it

okay.. here we go...

Mouteki system still the most profitable price action for me until now..

some people confue about how to filter their entry
some confuse about the Projection Price.. and the stop lost too

so.. i made a little observation here, and found that maybe my modif of Mouteki can solve the problem.. or reduce it to minimum..

Here How I set my Chart..

1. I always use Weekly Fibbonachi level as my Target Price and Stop Lost
2. My Target price is always above the second level of weekly fibbonachi for LONG of my Open Position
3. My target is always below the second level of weekly fibbonachi for SHORT of my Open Position
3. My stop lost is always at the second second level above of weekly fibbonachi for SHORT
4. My stop lost is always at the second second level below of weekly fibbonachi above for LONG

5. Use Stochastic as a great filter to find OVERSOLD n OVERBOUGHT
if the stoch of 4H is in oversold area, don't try to take SHORT position and vica versa

6. ALWAYS CONFIRM in STOCH DAILY.. if you found Stoch in 4h is oversold, but Stoch Daily didn't say that OVERSOLD.. You can go SHORT and visa versa

7. IF YOU FOUND DAILY STOCH SAID.. OVERSOLD AREA... NEVER EVER EVER take a Long trade... and visa versa

8. Sometimes You go Short.. but then Mouteki give Long Signal.. Confirm it with Stoch Daily 4H and although your stop lost didn't HIT.. just quit, and wait for reversal direction

9. Beware of Major News...

see the chart.. will be more charts for my example

in this chart.. we have SELL SIGNAL and soon we have BUY signal.. WHAT WILL WE DO?

confirm with STOCH 4H and STOCH DAILY is very usefull, and Learning about candlestick patern help us in this case

Daily chart said there will be a reversal, and Stoch Daily said that Cable is not in oversold area.. so..

stay with SHORT.. TP in 2nd level fibbonachi below OP

sorry.. here is the chart

I have not used the Mouteki yet, but your explination is great.

Thanks

stevenali

In regards to FIBs, how did you determine if its in 1st or 2nd level?

How do you draw your fibonacci? Do you have a mq4 file to download?

Thank you for sharing
doura

I Always draw Fibbonachi Retracement of last week to find support resistance and to put my tp and sl in this week..

it's so simple, you can find this fibbo in Metatrader and draw fibbonachi by using HIGH anf LOW of LAST WEEK.

in the chart i give you my fibbonachi level for last week which i draw fib level using the privious week..

than you must add more the level, here is the level fibbonachi

0%
23.6%
38.2%
50%
61.8%
76.4%
100%..

to make me easy using it, i add the level from -100 to +200
so here is the level

-100%..
-76.4%
-61.8%
-50%
-38.2%
-23.6%
-0%
0%
23.6%
38.2%
50%
61.8%
76.4%
100%
123.6%
138.2%
150%
161.8%
176.4%
200%..



i made a little observasion by backtesting my mouteki modification methode from January 2006.. th results are surprising me

we have 103 transaction

21 transactions with Lose of 1393 pips
82 transactions with profit of 6653 pips

Profit is 5260 pips

for example IF you have open position LONG which price is between Fibbo level 38.2% and 50% so the target price not 61.8% fib level, but the price at 76.4%

IF you have open position SHORT which price is between Fibbo level 123.6% and 100% so the target price not 76.4% but but the price at 61.8%

hope you can understand it

sorry my mistake in previous post...

for example IF you have open position LONG which price is between Fibbo level 38.2% and 50% so the target price not 50% fib level, but the price at 61.8%

IF you have open position SHORT which price is between Fibbo level 123.6% and 100% so the target price not 100% but but the price at 76.4%

hope you can understand it

here is the chart

the next trade is happen in next week, so we must change our fibbo level first

from the chart above you can see i take the 2nd trade for SHORT..

you can see there stoch 4h is in oversold... why i still take short...

because i change my chart to daily and the stoch still not in OVERSOLD area

here is the chart


ps:sometimes i use rsi but not always... you can ignore that.. Keep Mouteki as PRICE ACTION....

Lord have mercy. You have a lot of crap on your screen.

7. IF YOU FOUND DAILY STOCH SAID.. OVERSOLD AREA... NEVER EVER EVER take a Long trade... and visa versa


it should be

7. IF YOU FOUND DAILY STOCH SAID.. OVERSOLD AREA... NEVER EVER EVER take a SHORT trade... and visa versa

yeah ... put off rsi.. may be will make my chart cleaner

i still need any good advise to make my trading perfect...

1. Stop drawing your fibs backwards
2. Stop mindlessly taking profit at a fib level
3. Stop thinking that trading is perfect.

its not lol trading is a probability game... sometime you win sometimes you dont just accept it and move on... its more of an art than a science.

Hey you can't follow TD's system and say this is more of an art than science. This is suppose to be the new science of technical analysis!

Hey if drawing the fib levels backward is working, don't fix it =o) Flip flop those lines and the TP projection might be off!!

I suggest taking small partial profit at TD price projector 3 where you do the same math for price projection as Mouteki suggested but this time, using the more recent bar near the trendline break. It allowed me to minimize my losses when it does turn on me...

can you explain it more detail and post to us your chart trading? so we can understand what do you try to advise...

thx 4 your time