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Powerful Fib Based System - by DAZfx

  • #81
  • Mar 20, 2008 5:05pm Mar 20, 2008 5:05pm
Quoting fxguy
in your thread you reiterated that it should be traded in the direction of the trend but this one that i attached was in a up trend and where you put
A to B should be the retracement or what are you explaining over the use of this magical tool with trend,
dont mind my amateur question amm still new to this not quit so loong that i started, so pardon my question.
thank you sir
Yes I did mention that I avoided the trade as it was against the trend. EURUSD was at the start of a correction and hence the setup was present. Remember, you could have a setup inside a larger retracement.


-DAZ-
  • #82
  • Mar 20, 2008 5:06pm Mar 20, 2008 5:06pm
thanks sir
you are
Quoting Dazfx
To enter fib levels, you right click on the dotted lines, and go to 'properties'. There you enter the levels you want. 0.50, 0.618, 0.786 & 1.000. And in the description field, just add FE 0.50, etc.

If you are talking about the blue lines below the candles, don't worry, that is just for illustration.

Hope this helps.

Thanks
  • #83
  • Mar 20, 2008 5:09pm Mar 20, 2008 5:09pm
It did retrace to the 78.6 level ... I shorted it there
Locked 50 pips


Quoting Dazfx
Hi there,

I see you tried it on the 15min TF. As you go onto lower TFs, the setups become less accurate, though you do get more setups which make up for it.
A problem with that chart is that the AB wave was too big. You can find the retracement off a large wave, as long as the setup is present on the bigger TF, and on your instance, it wasn't (as Stochastics on the hourly was still looking up, Confirmation candle wasn't closed).

It looks like it wants to retrace off the 78.6 level.

Thanks
  • #84
  • Mar 20, 2008 5:11pm Mar 20, 2008 5:11pm
Quoting mkyg
Can someone please tell me how to draw the Fib Expansion?

I clicked the fib expansion at A, then B, it stopped at B and nothing happened after I clicked at C

Thanks
Hi,

You click on the AB Fib Expansion line, and then drag the smaller line to Point C.

Hope this helps.
  • #85
  • Mar 20, 2008 5:16pm Mar 20, 2008 5:16pm
This is an awesome strategy, I been using it for a while but today has been a really great day, I made over 200pips on GBP/JPY

All the currencies should be consolidating tomorrow as it's Good Friday but hopefully we'll get a fair few setups next week, see you guys then
  • #86
  • Mar 20, 2008 8:43pm Mar 20, 2008 8:43pm
Daz,

I took this trade today on the Gbp/jpn and it did not go very well. My stoploss was trickered. I traded this in 1hour TF, retracement is over 61%, red reversal confirmation candle was closed, the blue candle right after the confirmation candle is right on the SM 5. ( I drew a circle around the confirmation candle and the candle right after it) . Stoch was hooking down, The daily trend was going down too, everything looked great. But the next candle hit my stoploss.

Am I missing anything here? or is this just one of the very few times that ABC trading is not working? Please comment.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 03212008-011224560.GIF Size: 61 KB
  • #87
  • Mar 20, 2008 11:11pm Mar 20, 2008 11:11pm
Quoting fiborex38
Daz,

I took this trade today on the Gbp/jpn and it did not go very well. My stoploss was trickered. I traded this in 1hour TF, retracement is over 61%, red reversal confirmation candle was closed, the blue candle right after the confirmation candle is right on the SM 5. ( I drew a circle around the confirmation candle and the candle right after it) . Stoch was hooking down, The daily trend was going down too, everything looked great. But the next candle hit my stoploss.

Am I missing anything here? or is this just one of the very few times that ABC trading is not working? Please comment.
Hi,

Sorry you were stopped out. Seems very unfortunate that it went to Point C exactly at 197.68 and reversed. Just not enough volatility in the market to break free from the triangle formation on the 4hr.

Yes you did everything right in your part, just did it in a quite session on the Friday before Easter. Easter Monday might be another dull day. Hopefully, we can resume normal trading on Tuesday.

Thanks
  • #88
  • Mar 20, 2008 11:20pm Mar 20, 2008 11:20pm
good morning sir.
pls i want you as you always do to do me a favour all your sermon here is exclusively on trand witht the trend. i ahve checked some TF and am comfortable with 15min TF but i still find it a bit hard to define my trend vry well
1. which time frame exactly should i look at for my trend definition bcos some of the trade i see in 15min TF looks like trading against the trend in 15min TF thugh majority f them walked out well
just help me firstly with the trend of a thing

Quoting Dazfx
Okay, here are some recent trades. AB is an impulse wave with recognisable swing points. Please refer to {chart 1} on my first post where you can see how a wave is always followed by a retracement. So your Point A in a downtrend would be the first Swing High after a retrace. Point B would be the immediate Swing Low (as intraday traders you should look for waves consisting of 4-10 1Hr candles).

GBPJPY on the 1hr
http://b.imagehost.org/t/0284/abcd5.jpg

GBPJPY on the 1hr
http://b.imagehost.org/t/0284/abcd6.jpg

EURCHF on the 4hr.
http://b.imagehost.org/t/0284/abcd7.jpg

EURUSD on the 4hr. I did not take this trade as it was against the trend setup, but it did work out very well. You could have taken this as the Stop Loss is very tight giving an excellent Risk/Reward setup.
http://b.imagehost.org/t/0284/abcd8.jpg


By the way, I hope you have noticed how the time it takes to form 'AB' wave is roughly how long it takes for 'CD' wave to form. Using this, you can predict your exit point.

I hope this helps.

Thanks
  • #89
  • Mar 20, 2008 11:38pm Mar 20, 2008 11:38pm
look at this attached template
i want you to calrify something concerning the trend stuff.
the trend line i put there is that am impulsive or retracement?
1 if it is an impulsive, then of the uptrend of the previous day
2. if it is a retracement t means it did not work to the technique
3. pls try and keep it as simple as you can
4. i know its very simple just clarify things for me
my master.
Attached Image (click to enlarge)
Click to Enlarge Name: fib3.gif Size: 33 KB
  • #90
  • Mar 21, 2008 12:40pm Mar 21, 2008 12:40pm
Thanks Daz, really appreciate you sharing this with us. Just curious, what are the 6 pairs you trade with this system.
Yay! Pips for everyone!
  • #91
  • Edited 7:52pm Mar 21, 2008 7:16pm | Edited 7:52pm
Sorry for triple posting. Bad connection
  • #92
  • Edited 7:52pm Mar 21, 2008 7:21pm | Edited 7:52pm
Sorry for triple posting. Bad connection
  • #93
  • Edited 10:33pm Mar 21, 2008 7:32pm | Edited 10:33pm
Quoting Pipsforall
Thanks Daz, really appreciate you sharing this with us. Just curious, what are the 6 pairs you trade with this system.
Hi pipsforall,

I monitor all the majors and the volatile ones.

Favourites:

EURUSD, GBPUSD, GBPJPY, EURJPY, USDJPY, AUDUSD.

Hmm sorry, was the question directed to me? LOL
  • #94
  • Mar 21, 2008 7:59pm Mar 21, 2008 7:59pm
  • #95
  • Mar 22, 2008 11:48am Mar 22, 2008 11:48am
Quoting mazdaz
Hi pipsforall,

I monitor all the majors and the volatile ones.

Favourites:

EURUSD, GBPUSD, GBPJPY, EURJPY, USDJPY, AUDUSD.

Hmm sorry, was the question directed to me? LOL

Hi Mazdaz,
I was directing my comments to the Daz who started this thread, I think its an amazing trading tool he has so graciously shared with us. But, thanks for letting me know which currency pairs are your favorites as well.
Yay! Pips for everyone!
  • #96
  • Mar 22, 2008 11:57am Mar 22, 2008 11:57am
Quoting fxguy
good morning sir.
pls i want you as you always do to do me a favour all your sermon here is exclusively on trand witht the trend. i ahve checked some TF and am comfortable with 15min TF but i still find it a bit hard to define my trend vry well
1. which time frame exactly should i look at for my trend definition bcos some of the trade i see in 15min TF looks like trading against the trend in 15min TF thugh majority f them walked out well
just help me firstly with the trend of a thing
Hi,

If you use 15mins, look at 1Hr for trend confirmation. With 15mins, you will get more signals, so you have a higher chance of getting caught by whipsaws.

Regarding your other post, remember that a wave or a full ABCD move can exist within a larger retracement.

Thanks
  • #97
  • Mar 22, 2008 12:00pm Mar 22, 2008 12:00pm
Quoting Pipsforall
Thanks Daz, really appreciate you sharing this with us. Just curious, what are the 6 pairs you trade with this system.
Thanks for the compliments Pips4all.

I trade mainly the Yen Pairs and EU/GU.

But this system works on all the currency pairs and in all financial markets.
  • #98
  • Mar 22, 2008 12:01pm Mar 22, 2008 12:01pm
Quoting mazdaz
Hi pipsforall,

I monitor all the majors and the volatile ones.

Favourites:

EURUSD, GBPUSD, GBPJPY, EURJPY, USDJPY, AUDUSD.

Hmm sorry, was the question directed to me? LOL
Hi Mazdaz,

May I know what the 'daz' stands for?
  • #99
  • Mar 23, 2008 10:19am Mar 23, 2008 10:19am
thank you ... ur are good job
  • #100
  • Mar 23, 2008 1:58pm Mar 23, 2008 1:58pm
Quoting Dazfx
Hi Mazdaz,

May I know what the 'daz' stands for?
Daz as in Daz the washing up powder?
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