Hello TEB,
I am wondering where your first target percentage lines come from, on the E/J chart posted 2-27-08. It shows your trigger 100% line at apprx 159.50, the 200% line at apprx 161.25 and the 0% line at apprx 157.71. I thought you were in long (2 separate buys are visble) on the chart you posted on 2-26-08, where your 100% is at 159.48 and your 200% line is approximately 165.00 and the 0% line is apprx 154.05. The trade posted on 2-27-08 must be a different trade, other than the 2 buys shown on the 2-26-08 chart or do the exit parameters change due to passage of time. I am referencing the high/low dates for the fib tool are different on the two posted charts, so targets are very different. I am confused.
I am in for .30 units with buy @ 159.65 on 2-25-08, after the first 4 hour close above the 100% daily fib tool line. I was using the 1-30-08 high and the 2-7-08 low for my 100% and 0% points. I know I was playing aggressively as the daily chart was not yet above the 200 MA, but the 4hr had closed above the 200 MA since the end of the day/week on 2-15-08, and the weekly and monthly were strongly above the 200 MA. I have moved my stops to above BE at 159.80 which is just below the 4 hr fractal on 2-27-08. Management of the trade is truly the key to whether you win or lose over time. I am going to keep tightening my stops to just under key low fractals and wait on my first target at the 150% line (162.17) for .20 units and the 200% line (164.91) for .10 units.
Thanks for your imput on why the charts are different.
Roy
Hello TEB,
I think this system has some merit to it as I have concluded by testing it lately. Even after applying rules loosly it still managed better than my own trading. Thanks TEB.
I feel a need for one improvement on this system.
Here is an idea: leave expert adviser to trail pullback against main trend at, say, 50pips so it can enter automatcally.
Not sure what this type of stop entry method is called. It is similar to trailing stop but trailing stop has a position to which it is attached. This one does not have position open yet and just calculates amount of pullback.
I do not know where to find the EA. Can anyone point in a right direction?
I have tried 1d, 4hr, 1hr, and also 4hr 1hr and 15min with modest success.
Cheers
Hey teb, great charts that really show how the 1-2-3 break works! I see what you're saying about letting the set-up come to you.
I'm still doing well with the system, just not as many signals last week as the previous two. Guess that's where we need to be patient. Keep up the good work!
msac
Hi TEB63
been watching your thread, nice system. trying to see it on my charts, coming along nicely, i assume you trade this setup, would you mind explaining it some more things like when you entered short and how you handled SL as the trade was from a different position than the original entry point.
regards
MPP
sure... thanks
1. I do trade it 90% of the time, now.
2. "... enter short ... I do the same just "upside down"
3. SL is the "0" fibb the 1 in the system.. ( 2 pips farther away right)
4. Sometimes on the day I will find a swing the is closer then the "1" in the system,
... but you know I am moving away from that and just using the "1" which is the "0" fib.
I love this system not a lot of trades - but very good ones.
on the 15min -4 hour I always do 2nd target
on the day (the longest I trade) sometimes I only do the 1st target.
I do cheat a little I use the 100 & the 50 on the charts
and make them the target or SL if they are with in 10 -15 pips
on the rightside of the my chart.
ie. target closer & sl farther.
it really is a set and go system
other questions i will answer
cheers
teb
So on the shorter term trades are you only using the two tf's?
4hr - 200 ema trend
15min - opposite 200 ema 1.2.3, entry?
If so, I get it!
msac
going short term now I understand.... ok
4 hour & 1 hour are one way..
15 mins is the other way
then the 1.2.3 .4 breaks towards the 1 hour & 4 hour
then you are in
teb
