DislikedCan you explain where the fib level 127% comes from? Haven't seen it used before.Ignored
1.0
1.272 (127%)
1.4142
1.618
1.732
2.0
2.236
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DislikedHere is a eurcad trade I have been in for a while.
4 hour chart . I got in at 1.4876.
we have an awesome 1-2-3 buy set up.
Plotting fib extensions my target is 127% fib at 1.5500 if all things remain equal.
The linear regression channel shows the current trend
Forecasting forward the linear regression channel and fe 127 will intersect on March 13th.
This is if all thing remain equal and there is no major trend reversal.
Is it really that easy ???
HELL YEAH !!! It is simple geometry
AttachmentIgnored
DislikedGreat thread Malcolmb! I have a quick question if you dont mind answering. On your 1-2-3 set up for a long, where is your buy signal? Is there a certain place you place a buy? (or sell for a short 1-2-3 set up)
PipChickIgnored
DislikedIt's just another fib number actually. Here's some:
1.0
1.272 (127%)
1.4142
1.618
1.732
2.0
2.236Ignored
DislikedClick on the little paperclip on the top right of this page. It will be listed in the attachments.Ignored
Dislikedmalcolmb, your RSI is overbrought will you expect some sore of retracing since your are long? i want to jump in heheIgnored
DislikedDid you find it difficult to trade this week? Also, is your girlfr still trading using the 50 sma and the RSI14 trading above 50 or below 50? About a week ago you mentioned that you had taught her this method and she made 300 pips/gbpjpy. I'm wondering how it went this week. Thanks...I so enjoy reading your posts....Ignored
Dislikedthis week was ok
My woman has moved on to the YM (dj-30 e mini futures) as she likes to trade between 11am and 1pm pacific. I found this is better for her as there is always a little volatility coming into the close of market.
She is doing well trading only the RSI method and using fib channel break outs.
She has only traded three time .. each day she made some... about 100pips per day average as the YM ( dj futures ) really move and groove.
She is grasshopper. .... she has good Master.
We spend a little time going thru trades in the evening of the day that she traded.
If someone figures out how i can share my charting software for free via the internet so others can see and use headphones at same time I will put on a ' chart show' 2 hours a week .
I will not be able to do it during my trading time as I am VERY busy making $$$$$$$$$$$ (or at least trying to )Ignored
DislikedOk here is why you look at mutilple time frames and why I have stochastics on the chart.
RSI is consdiered one of the few leading indicators out there.
Stocahstics is a lagging indicator.
60 min shows long trigger , entry was 1.5170
2 hour show sell trigger 1.5110 sell entry but the stochastics are still pointing up so I think this is a false trigger.
4 hour sell trigger 1.5167 , entry 50 pips lower at 1.5111 ( matches 2 hour trigger). But again stochastcis pointing up.
Plot 14 , 7 , 9 stochastic on your charts and have a look
You could go long now , with stop belwo 1.5000 ( psychological barrier) .... 210 risk for 260 pips reward. Or you could wait till I post next short trigger and see if it gets filled for a better risk / reward.Ignored
DislikedHi Malcolm,
on higher timeframes like 30/1hr you also add/subtract 15pips or more? Can you ellaborate a little on this issue.
Cheers!Ignored
DislikedI call it a 1-2-3 but , idealy you are getting in at 3 (lower high for sell or higher low for buy). The 1-2-3 are really only pivotpoints and rsi should indicate that they are forming. Therefore i use rsi triggers to enter the trades.
Example:
On the eurcad trade below on the 2 hour chart there was a buy trigger on the 2 hour with a trigger bar high of 1.4756 , entry 50 pips higher ( due to longer time frame and for confirmation of trend continuation) at 1.4810. Max draw down 80 pips. This also formed the higher low giving the '3' on the 1-2-3 buy trigger , thus enabling me to put my fib extensions on the set up for targets.
As you can see they have worked very well so far. We are right above the 71.8% right now , typically when this break we go to 127%
Once I am in profit I move stop to 2 fib extensions below price ( stop at 1.4975 right now). I will exit the trade only if I get a short trigger on the 4 hour by either RSI or a breakdown thru the bottom of the Linear regression channel.
So now I am going to have a deluge of question of ' how do I trade breakouts of a linear regression channel'
LR channels are just a support and resistance line , that is all .. nothing fancy. If the price breaks down through the bottom of the channel it could be a sell trigger , so same as for RSI triggers : if price breaks down through the botttom of the LR channel go short 50 pips lower than the low of the trigger bar for 2 hour charts and higher time frames.
THIS IS A SIMPLE CONCEPT
Please let me explain
The idea to adding pips to the high or low of the trigger bar , weather it be MACD , stochastics , adx , moving average crosses , price breakouts , channel breakouts , fib breakouts , and the other 400 plus indicators out there ... is to make sure that the trigger is not a false trigger and in fact the trend is changing.
Most traders say get in at the best price you can.
I would rather miss a few pips and wait for trend confirmation , that way I get stopped out less often.
AttachmentIgnored
Dislikedthis week was ok
My woman has moved on to the YM (dj-30 e mini futures) as she likes to trade between 11am and 1pm pacific. I found this is better for her as there is always a little volatility coming into the close of market.
She is doing well trading only the RSI method and using fib channel break outs.
She has only traded three time .. each day she made some... about 100pips per day average as the YM ( dj futures ) really move and groove.
She is grasshopper. .... she has good Master.
We spend a little time going thru trades in the evening of the day that she traded.
If someone figures out how i can share my charting software for free via the internet so others can see and use headphones at same time I will put on a ' chart show' 2 hours a week .
I will not be able to do it during my trading time as I am VERY busy making $$$$$$$$$$$ (or at least trying to )Ignored
Dislikedthis week was ok
My woman has moved on to the YM (dj-30 e mini futures) as she likes to trade between 11am and 1pm pacific. I found this is better for her as there is always a little volatility coming into the close of market.
She is doing well trading only the RSI method and using fib channel break outs.
She has only traded three time .. each day she made some... about 100pips per day average as the YM ( dj futures ) really move and groove.
She is grasshopper. .... she has good Master.
We spend a little time going thru trades in the evening of the day that she traded.
If someone figures out how i can share my charting software for free via the internet so others can see and use headphones at same time I will put on a ' chart show' 2 hours a week .
I will not be able to do it during my trading time as I am VERY busy making $$$$$$$$$$$ (or at least trying to )Ignored
Disliked:surprised Nice! If you do this, I'll be one of the first people there.Ignored