Spud's MTF FIB Breakout System | Page 11 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/JPY

Similar Threads

Spud's Predictive MTF Stochastics 1,696 replies

LFB System - London Fib Breakout 45 replies

Fib 4Hour MTF Moving Average 287 replies

Journal related to: Spud's MTF Stochastics 178 replies

Spud's PVX Method 25 replies

Attachments: Spud's MTF FIB Breakout System
Exit Attachments

Spud's MTF FIB Breakout System

  • #201
  • Jun 2, 2007 3:26am Jun 2, 2007 3:26am
Quoting webdevjeff
Spud et al

I have been reading this forum since the first day and am really impressed by the results, it has blown lots of other systems I have been looking into and paper trading to bits! The last week being pip-tastic!

I finally feel I have enough knowledge to stump up some of my own cash and was wondering which brokers for MT4 people use and who offers the best spread in GBP/JPY? I have seen Alpari who are UK based like myself and they offer 7pips, is this the best?

Any information greatly appreciated.

Keep up the excellent work Spud
Hi webdevjeff,
FastbrokersFX get with 6 pips spreads on GBPJPY, it's very low compared to other brokers
If you want more information just drop me a pm
  • #202
  • Jun 2, 2007 7:52pm Jun 2, 2007 7:52pm
Oanda has just lowered their spreads recently, and I see a 4 pip spread on gbp/jpy more often. You could always use any MT4 platform for the charting, and use another broker for trading.

I think Oanda is prob one of the better choices or retail brokers if you are starting out, mainly due to the total flexibility in the units per trade.

Just another option for you to look at.

Cheers.
K.
  • #203
  • Jun 3, 2007 7:19am Jun 3, 2007 7:19am
Quoting Spudfyre
Well a nice weekend with 650 pips to party with. It must be Monday so will things get ugly?

Well if you had a bad hangover you might miss this early entry...it pretty much starts right at the open...we might get in on this a little late and reduce our pips a good deal...but if we stuck to the rules we'd be in right at the open.

Price breaks 0, both stochastics below 23.6 and the exit is again plain as day when the 14,3,3 crosses above 23.6. Take 375 pips.

So that was 3 days. With no tricks, no wishy washy entries and exits and 1025 pips to grab. If you went for 20 pips a day that would leave you a 1025:60 margin of error on your entries and exits....but we'd be pretty numb to miss 50% of these pips.

My next group of entries will concentrate on failures...so you can see what happens when things do go wrong.
After looking at this chart and comparing it to mine, I realized we had identical feeds, yet I'm having a hard time coming up with the 375 pips you mention which makes me think I'm missing something with my entry or exits.

If I understand correctly (which you clearly state two or three posts later) you should enter on the open of the next bar after the cross of the 0 and 23.6 lines. You then exit when the 14,3,3 crosses back up above the 23.6. Now given that you only see the stoch values associated with price at the close of a bar, I'm guessing you're talking about the close? In this case I can see only 150 pips. If I closed out at the open of the bar I'd be at 264 pips.

I don't mean to be anal about this, as in any rate it was a good trade, but I wanted to make sure I was clearly seeing things your way. How did you come by 375 pips for this trade? My platform is on FXDD which showed identical bars and stochs..

Thanks,

Jason

Note: I'm referring to post 39 if you want to see the image.
  • #204
  • Jun 3, 2007 9:58am Jun 3, 2007 9:58am
Hi skyline,

thank's for this nice indicator.

Would it be possible to also add an e-mail alert to this indicator?

Thank's in advance

PipCruiser

Quoting skyline
Hi guys
I'd like to share this little indicator that I created, it simply alert when price breaks the 0/100 Fibo lines and both stoch(5,3,3) and (14,3,3) for both M30 and H1 timeframe are above 76.4 or below 23.6.
Hope it could help your trading with MTF Spud's systems

http://www.divshare.com/download/724154-183
Less is more...
  • #205
  • Jun 3, 2007 11:21pm Jun 3, 2007 11:21pm
Spud,
could you tell which pairs do you use at H1(D1) and which at H4(W1)?

Thanks!
  • #206
  • Jun 4, 2007 1:28am Jun 4, 2007 1:28am
Quoting aktaurus
Spud,
could you tell which pairs do you use at H1(D1) and which at H4(W1)?

Thanks!
gbp/jpy, eur/jpy, eur/chf - H1(D1)
other - H4(W1)

Do you agree?
  • #207
  • Edited 7:01am Jun 4, 2007 3:03am | Edited 7:01am
Should we now take these 2 trades? Signals are here but there is a week-long rally here too...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: vot.jpg Size: 61 KB
Click to Enlarge Name: vot_.jpg Size: 62 KB
  • #208
  • Jun 4, 2007 1:36pm Jun 4, 2007 1:36pm
Quoting jlowder
After looking at this chart and comparing it to mine, I realized we had identical feeds, yet I'm having a hard time coming up with the 375 pips you mention which makes me think I'm missing something with my entry or exits.

If I understand correctly (which you clearly state two or three posts later) you should enter on the open of the next bar after the cross of the 0 and 23.6 lines. You then exit when the 14,3,3 crosses back up above the 23.6. Now given that you only see the stoch values associated with price at the close of a bar, I'm guessing you're talking about the close? In this case I can see only 150 pips. If I closed out at the open of the bar I'd be at 264 pips.

I don't mean to be anal about this, as in any rate it was a good trade, but I wanted to make sure I was clearly seeing things your way. How did you come by 375 pips for this trade? My platform is on FXDD which showed identical bars and stochs..

Thanks,

Jason

Note: I'm referring to post 39 if you want to see the image.
I actually peg the trade around 600 pips but I was actually trying to cut the pips down a bit taking into account missing perfect entries and such.

Only error I can think of is perhaps you have the Fibs in the wrong spot?

Here's a simplified chart:
Attached Image
  • #209
  • Jun 4, 2007 1:37pm Jun 4, 2007 1:37pm
Quoting aktaurus
Spud,
could you tell which pairs do you use at H1(D1) and which at H4(W1)?

Thanks!
I prefer just trading GBPJPY...that's my bread and butter. Any other pairs is just for fun.
  • #210
  • Jun 4, 2007 1:38pm Jun 4, 2007 1:38pm
I think you are suppose to use the H1 charts for the Fib. break-outs.

oo7_ts

Quoting aktaurus
Should we now take these 2 trades? Signals are here but there is a week-long rally here too...
  • #211
  • Jun 4, 2007 1:44pm Jun 4, 2007 1:44pm
Quoting aktaurus
Should we now take these 2 trades? Signals are here but there is a week-long rally here too...
The FIB breakout system is like a slot machine...plug your nickel in and pull....so you need to trade every trade opportunity or you will likely miss the one trade that breaks out and makes you the big pips. Oh....the odds are way better on the breakout system!

Don't second guess it...just pull when you have the opportunity to pull. Your losing nickels against large pip gains....just don't stop once you start..until you win.

This is why I tend to stick just to GBPJPY as I can follow it easily...but that's me.
  • #212
  • Jun 5, 2007 4:06am Jun 5, 2007 4:06am
Tradingrooms.com is having technical difficulties - shall we meet in room at chatzy's?
  • #213
  • Edited 9:54am Jun 5, 2007 9:18am | Edited 9:54am
Spud,

Was this a good entry for this trade? The trade was a sell at 241.59.

  1. The price broke the 0 and the 5,3, 3 and 14,3,3 were below 26.3
  2. Was it just a fake or a bad entry?

Thanks

Attached Image (click to enlarge)
Click to Enlarge Name: mtf fibo (06-05-07b).jpg Size: 74 KB
  • #214
  • Edited 11:40am Jun 5, 2007 9:47am | Edited 11:40am
  •  iya
  • | Joined Oct 2006 | Status: always protect yourself | 129 Posts
Quoting pipcruiser
Hi skyline,

thank's for this nice indicator.

Would it be possible to also add an e-mail alert to this indicator?

Thank's in advance

PipCruiser
I've added the e-mail option, and an exit alert when the H1 Stoch(14,3,3) crosses back.
Attached File(s)
File Type: mq4 MTF_Fibo_Breakout_Alert_v102.mq4   4 KB | 1,550 downloads
  • #215
  • Jun 5, 2007 10:33am Jun 5, 2007 10:33am
Iya,

thank's buddy, u made my day

PipCruiser


Quoting iya
I've added the e-mail option!
Less is more...
  • #216
  • Jun 5, 2007 2:45pm Jun 5, 2007 2:45pm
Quoting FTPippen
Spud,

Was this a good entry for this trade? The trade was a sell at 241.59.

  1. The price broke the 0 and the 5,3, 3 and 14,3,3 were below 26.3
  2. Was it just a fake or a bad entry?

Thanks

Pippen, looks like you were going against the trend. Shouldn't have taken it.
  • #217
  • Jun 5, 2007 4:49pm Jun 5, 2007 4:49pm
Quoting Porkpie
Pippen, looks like you were going against the trend. Shouldn't have taken it.
Porkpie
Now that you opened my eyes, it looks like a pretty good BOUNCE!

Thanks
  • #218
  • Edited 7:40pm Jun 6, 2007 12:29am | Edited 7:40pm
I use fibs but slightly different, I use extension levels as well:-

14 = 86 fib this level extends to 118

21.4 = 78.6 " " " " 127

38.2 = 61.8 " " " " 161.8

50 = 50 " " " " 161.8

61.8 = 38.2 " " " " 161.8
Attached File(s)
File Type: doc fib EUR.doc   76 KB | 816 downloads

and 0 and 100 are used at the highs and lows. If the trend is going long I pull the fib from High to low-(not always of the day) and if the trend is short I pull the Fib in the opposite direction. If the market retraces to a 382, 50 or 618 and gives an entry signal I set my final limit 10 pips off the 1618 extention, other limits may be set at 1.5 x risk, 5-10 pips off the high or low (depending on deriection) if greater than the 1.5 limit, 5-10 pips off the 127 extension as the market tends to find resistance and sometimes revers from there. by doing this I secure profit all the way to my final limit.

The result of the trade see chart
  • #219
  • Jun 6, 2007 3:33am Jun 6, 2007 3:33am
Quoting FTPippen
Spud,

Was this a good entry for this trade? The trade was a sell at 241.59.

  1. The price broke the 0 and the 5,3, 3 and 14,3,3 were below 26.3
  2. Was it just a fake or a bad entry?

Thanks

As I understand the author's last changes in the strategy, signal - is both MAs (not price) cross of yesterdays fibs. So you had not to take this trade.

Please correct me if I undestand the situation wrong.

Thank you!
  • #220
  • Jun 6, 2007 4:15am Jun 6, 2007 4:15am
Quoting FTPippen
Spud,

Was this a good entry for this trade? The trade was a sell at 241.59.

  1. The price broke the 0 and the 5,3, 3 and 14,3,3 were below 26.3
  2. Was it just a fake or a bad entry?

Thanks

This chart may help you see the trade better (I've removed some things for clarity). This is a chart with the 15M,30M,1H and 4H stochastics on it. The red shaded area is when the trade should have been - a short from the 100 to 0 Fibonacci.

The bounce is tradeable but riskier since we don't have the 4H stochastic with us. Here you might have aimed for 0-50 on the Fib scale and only adjust to go higher if the 4H turned up with the rest. Otherwise, probably leaving the bounce trade would have been a good idea.

The odds of the price dropping below zero dwindled when the 15/30/1H crossed up over 23.6. So the best trade here was from 100 to 0 and call it the day.

The breakout at the 100 up earlier on should have had us going long and we should have suffered at worst only a few pips lost by the time we saw the stochastics and the 4H trend going against us. If we were on our game we might have even grabbed a few pips from that quick long. Either way, the losses from that move would be insignificant to short that followed.

The move from 100 to 0 in the stochastics is actually the perfect "Escalator to Pips" move that I discuss in my journal.
Attached Image
0 traders viewing now