Mark ... Everything you have been told is a LIE
- #7,781
- Apr 25, 2023 9:22am Apr 25, 2023 9:22am
- Joined Dec 2010 | Status: Stop Pretending | 5,275 Posts
- #7,782
- Apr 25, 2023 9:27am Apr 25, 2023 9:27am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
{quote} Yes. Same basic areas for entries, moves are larger. Per tick (pip) payout is smaller, but it evens out with the larger moves which give you more leeway.
every Saint has a past. Every Sinner has a Future
- #7,783
- Apr 25, 2023 11:17am Apr 25, 2023 11:17am
- Joined Aug 2007 | Status: Trader | 3,215 Posts
{quote} A chart I posted the other day.... Now Check out today's spx US30 etc...... One of my favorite setups.. off the 50% still running .. The things with Fibs is where on a chart do you anchor the high and low ??? On price which is always changing ...or on Time the other axis...the one that never changes... That's the difference IMO.... Easy to set a FIB when it is done exactly at the same time,,,, everyday... Almost as if it would make sense to ohhh I don't know program something to a Time based Fib... .. Will write some more thoughts...
A good day
Cheers
Markets are Mirrors,,Mastery of craft is mastery of self
- #7,784
- Apr 25, 2023 4:01pm Apr 25, 2023 4:01pm
- Joined Dec 2018 | Status: Trader | 4,610 Posts
{quote}
The real question is, "are fibos useful to you". Me, I really do not use them.
I have my crazy system and it has the dynamic mid-points. <--- This I suggest people give some study/attention to.
The 50% point.
I am finding a "dynamic", ie one like the Kijun where the mid-point moves as price moves, is significant.
A great point on the charts imo, the 50%.
And I'm gonna say that it's pretty much for all methods & systems out there, I reckon.
Plus its fractal as well (I notice).
After that, as george would say, then its .... targets, targets, targets
- #7,789
- Apr 25, 2023 7:08pm Apr 25, 2023 7:08pm
- Joined Nov 2012 | Status: Naked Chart Samurai | 3,480 Posts
Hi All, A high probability trade on Gold. There were quite a few confluences. Quick 15 pips. {image}
Well spotted and executed.
Success = Practice + Patience + Persistence
- #7,790
- Apr 25, 2023 7:47pm Apr 25, 2023 7:47pm
- Joined Aug 2007 | Status: Trader | 3,215 Posts
I have had a few members pm me asking for help with Fibs and levels etc... I have started to write a post and havent finished 
I t will take many posts but thats alright
Charts speak volumes so heres a few from today. Fibs were used today in my entries and targets. As GEfx mentioned tho the 50% and as well the 1X and 2X
arent fibs either but they are 1000% a big part of the mechanics and psychology of the market.. Big big part that goes down to the 1 min candle and the retracements and expansions from candle to candle...etc etc etc I digress,,,,,,,
Today was a big day and is a great example of why if you have a setup its imperative you trade your setup when it shows up and have a trade mgmt plan where you will exit....
First trade was 11:05 NY long gold and the entry was one Turnip knows well a simple Roadmap(Laura) 1m entry 8ema channel and the 200sma exit was Fib based.
Second was US30...I also was eyeing the SPX and since my Bias was short I saw the US30 was in a deeper retracement....So I went with that...Turns out it gave me more heat than the SPX would of lol...but thats the way it goes. Entries Fib based and as well Exits...
I also will attach again this chart...and this post showing some of what I am doing... I spent alot of time with George going over the markets with Fibs and seeing the precision they can give...And George is an absolute master of them... Anyways the problem most have with Fibs is where to anchor them ....And again I will hammer home my take on it...its just my thinking and not the only way.. But my thinking is why not anchor your Fibs to TIME... The exact same time every single day.
https://www.forexfactory.com/thread/...0#post14403720
Makes it very easy to then backtest..Ive done it and I know their precision and hit rates from the 1.27 1.62 2 etc etc up to a 3rd full expansion of the Time based range. Which brings me to Lauras Roadmap and her use of the 8ema channel... I have posted many charts here showing how to use the 8ema channel as a dynamic take profit tool.... Now why would I close a trade at a say the 1.27 or 1.62 when the market is running up the frontside of the 8channel ? It makes no sense unless I have achieved a certain $$ fig or I simply have to leave my desk...Then ok close it...
Its why IMO only its a good idea to have confluences when taking profits just the same as entries...More than one reason to exit.. Everything is not Black and White in trading and there is always exceptions ..But you see what I am saying...Look at that 8ema channel and the Fib targets... My Gold trade is a great example of the two....
Lots more to say..This was more of a rambling post lol..sorry for that.. But the trades and charts today showed a great version of entries off the 50% Level as I had laid out Sunday i believe.... Its why Hindsight becomes foresight when you seen it often enough Setups are not hindsight its either you took them or you didnt.
Hopefully this post answers a few questions that have been asked and helps someone !!
And btw Beautiful Fibs on GEs chart with those pullbacks..and the 1.27 FIb its not a big extension level but it sure is a high probability target ..and one I use for my 50% entries as I know from years of backtesting....once the box closes and I get a 5m close outside the box that Fib is hit 90% of those times... Now if you are trading a simple break of the box...its a much smaller target...and you risk the market pulling back(as most BOs fail )..Hence the 50%+ level....exactly as GE is doing buying and selling the deep pullbacks...Awesome method,,
Enough babble,,,,
Cheers
Blue
I t will take many posts but thats alright Charts speak volumes so heres a few from today. Fibs were used today in my entries and targets. As GEfx mentioned tho the 50% and as well the 1X and 2X
arent fibs either but they are 1000% a big part of the mechanics and psychology of the market.. Big big part that goes down to the 1 min candle and the retracements and expansions from candle to candle...etc etc etc I digress,,,,,,,
Today was a big day and is a great example of why if you have a setup its imperative you trade your setup when it shows up and have a trade mgmt plan where you will exit....
First trade was 11:05 NY long gold and the entry was one Turnip knows well a simple Roadmap(Laura) 1m entry 8ema channel and the 200sma exit was Fib based.
Second was US30...I also was eyeing the SPX and since my Bias was short I saw the US30 was in a deeper retracement....So I went with that...Turns out it gave me more heat than the SPX would of lol...but thats the way it goes. Entries Fib based and as well Exits...
I also will attach again this chart...and this post showing some of what I am doing... I spent alot of time with George going over the markets with Fibs and seeing the precision they can give...And George is an absolute master of them... Anyways the problem most have with Fibs is where to anchor them ....And again I will hammer home my take on it...its just my thinking and not the only way.. But my thinking is why not anchor your Fibs to TIME... The exact same time every single day.
https://www.forexfactory.com/thread/...0#post14403720
Makes it very easy to then backtest..Ive done it and I know their precision and hit rates from the 1.27 1.62 2 etc etc up to a 3rd full expansion of the Time based range. Which brings me to Lauras Roadmap and her use of the 8ema channel... I have posted many charts here showing how to use the 8ema channel as a dynamic take profit tool.... Now why would I close a trade at a say the 1.27 or 1.62 when the market is running up the frontside of the 8channel ? It makes no sense unless I have achieved a certain $$ fig or I simply have to leave my desk...Then ok close it...
Its why IMO only its a good idea to have confluences when taking profits just the same as entries...More than one reason to exit.. Everything is not Black and White in trading and there is always exceptions ..But you see what I am saying...Look at that 8ema channel and the Fib targets... My Gold trade is a great example of the two....
Lots more to say..This was more of a rambling post lol..sorry for that.. But the trades and charts today showed a great version of entries off the 50% Level as I had laid out Sunday i believe.... Its why Hindsight becomes foresight when you seen it often enough
Setups are not hindsight its either you took them or you didnt.Hopefully this post answers a few questions that have been asked and helps someone !!
And btw Beautiful Fibs on GEs chart with those pullbacks..and the 1.27 FIb its not a big extension level but it sure is a high probability target ..and one I use for my 50% entries as I know from years of backtesting....once the box closes and I get a 5m close outside the box that Fib is hit 90% of those times... Now if you are trading a simple break of the box...its a much smaller target...and you risk the market pulling back(as most BOs fail )..Hence the 50%+ level....exactly as GE is doing buying and selling the deep pullbacks...Awesome method,,
Enough babble,,,,
Cheers
Blue
Markets are Mirrors,,Mastery of craft is mastery of self
- #7,792
- Apr 25, 2023 10:35pm Apr 25, 2023 10:35pm
- Joined Nov 2020 | Status: Trader | 2,634 Posts
{quote} Are you under a Non-disclosure Ihlas?
But I'm open for mutual beneficial work.Two heads are better than one... maybe
- #7,793
- Apr 26, 2023 12:09am Apr 26, 2023 12:09am
- Joined Apr 2007 | Status: Trader | 1,016 Posts
I have had a few members pm me asking for help with Fibs and levels etc... I have started to write a post and havent finished
Details, and a post of my v2_00 of P4L BoxFibo.mq4 is posted here.
Functionally, apart from the On/Off button I added, it will mostly appear the same as what you already have, but as I described, there were a number of other bugs that I identified; plus the performance of my version is much improved. For typical market conditions, you won't usually notice when an indicator takes 1000 microseconds ( = 1ms) for its calculations, but in your old version, this happens EVERY single tick. High news events can cause an extreme number of ticks in mere seconds, so you can imagine how it may bog down your system. In my new version, it runs no more often than once-per-second; and when it runs, most ticks are a trivial 1-5 microseconds. The exception is during the 1st bar after the time-window is complete, during which it will redraw the just completed "box" -- but only 1 box, not ALL boxes. This only takes ~25 microseconds, so still way faster than the original version. (It wasn't worth my time to optimize it further).
These are big changes, so I may well have introduced new bugs in my version. Please report any issues.
Kent (pips4life)
- #7,794
- Edited 2:19am Apr 26, 2023 1:36am | Edited 2:19am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
Lines and levels. I blame Blue and TT
every Saint has a past. Every Sinner has a Future
- #7,795
- Apr 26, 2023 1:58am Apr 26, 2023 1:58am
- Joined May 2010 | Status: Straight line Fest | 3,196 Posts
I have had a few members pm me asking for help with Fibs and levels etc... I have started to write a post and havent finished
Simply first class.
And repeatable.
The market repeats.
The setups repeat.
No bullsh1te or rocket science.
Just someone who knows what they are doing.
Pete trades entirely different, but like Kev, he has a method that works.
As do others on this thread.
- #7,796
- Apr 26, 2023 2:21am Apr 26, 2023 2:21am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
I have had a few members pm me asking for help with Fibs and levels etc... I have started to write a post and havent finished
every Saint has a past. Every Sinner has a Future
- #7,798
- Edited 3:36am Apr 26, 2023 2:42am | Edited 3:36am
- Joined Aug 2006 | Status: Trader | 5,319 Posts
Not sure why my news reader is blank.. {image}
I have messaged Mladen, so waiting for a response.
The FXSSI News Indicator is still working ;
Found a better one than the above one :
Sorry, just noticed pdf is in Russian, but the indicator is in english, so should be able to navigate the settings.
It never gets easier, you just get better
- #7,799
- Apr 26, 2023 3:39am Apr 26, 2023 3:39am
{quote} Has happened before when FF changed the source of the news file. I have messaged Mladen, so waiting for a response. The FXSSI News Indicator is still working ; {file} Found a better one than the above one : {file} {image} Sorry, just noticed pdf is in Russian, but the indicator is in english, so should be able to navigate the settings.
- #7,800
- Apr 26, 2023 3:45am Apr 26, 2023 3:45am
- Joined Aug 2006 | Status: Trader | 5,319 Posts
It never gets easier, you just get better