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Powerful Fib Based System - by DAZfx

  • #121
  • Mar 26, 2008 9:37am Mar 26, 2008 9:37am
Quoting Dazfx
Point A is a swing point (retracement point of the previous impulse wave). Please take a look at the first chart in my initial post. In a downtrend, Point A is a swing high (a higher high than the previous candle and the candle after).

You can have more than one setup per day on any one pair, But when I reach my target for the day, I don't trade.

And yes to trading on the 15min TF. Just need to know that the success rate declines as you go into lower TFs, but you do get more setups. Just keep your AB waves small (4-10 candles)

I hope this helps.
hi DAz wat do u think of USD/CAD and cable
  • #122
  • Mar 26, 2008 9:48am Mar 26, 2008 9:48am
Well i saw a setup of the CAD in the15 min tf and took it . Hope it goes well.it is also on the 30 min and 1hr tf only that they are not triggered yet.
Attached Image
  • #123
  • Mar 26, 2008 9:48am Mar 26, 2008 9:48am
Quoting roger0078200
hi DAz wat do u think of USD/CAD and cable
Hi Roger, I'm not Daz but I spotted USD/CAD as a potential trade and have gone short. But I'm new to Daz's method so ...
  • #124
  • Mar 26, 2008 10:13am Mar 26, 2008 10:13am
Hi,

I am also looking at USDCAD on the hourly. I still don't have an entry signal, so I am waiting on the sidelines. (Need Stochs to hook down) But if price moves down a lot, I won't take the trade as the R:R won't be good.
  • #125
  • Mar 26, 2008 10:17am Mar 26, 2008 10:17am
Quoting Dazfx
Hi,

I am also looking at USDCAD on the hourly. I still don't have an entry signal, so I am waiting on the sidelines. (Need Stochs to hook down) But if price moves down a lot, I won't take the trade as the R:R won't be good.
Daz,

Do you only trade off the hourly using this method?
  • #126
  • Mar 26, 2008 10:21am Mar 26, 2008 10:21am
USD is propped by USDJPY option at 99. when this breaks or expires USDCAD will selloff rapidly.
It really is that easy.
  • #127
  • Mar 26, 2008 10:26am Mar 26, 2008 10:26am
Quoting The Fxorce
USD is propped by USDJPY option at 99. when this breaks or expires USDCAD will selloff rapidly.
Interesting Fxorce. Thanks.
Is there a strong expectation that USDJPY will actually break 99 as opposed to head up?
  • #128
  • Mar 26, 2008 10:31am Mar 26, 2008 10:31am
the last time this happened so powerfully was EURUSD a couple weeks ago. price continued to move up in an angle and tight range until it broke through the level. this kind of option protection throws off the whole market as we see EURUSD stalling and USDCAD stalling at odd levels while USD is bought heavily to protect a level.
It really is that easy.
  • #129
  • Mar 26, 2008 11:04am Mar 26, 2008 11:04am
Quoting priceaction
Daz,

Do you only trade off the hourly using this method?
Yes I only trade on the hourly. Don't get many setups, but it has a better win rate than lower TF setups. Too much whipsaws if you ask me.

Btw, the USDCAD trade setup is negated on the hourly. I see there was a valid signal on the 15min.
  • #130
  • Mar 26, 2008 11:06am Mar 26, 2008 11:06am
hi all,

good thread. thanks danfx for sharing your system. i've been working on something similar and wanted to get your (and other trader's) feedback on something...

do you think putting the zigzag indicator (settings 6,5,3) will be helpful in drawing the legs of the 1-2-3 (or A-B-C)? please try it out and give me feedback. it is a regular MT4 indicator.

it may be helpful in getting us traders on the "same page" when it comes to identifying set-ups. feedback is appreciated. i'll post the usd/jpy chart for an example of how the zigzag draws...
Attached Image (click to enlarge)
Click to Enlarge Name: zigzagfibo.gif Size: 39 KB
  • #131
  • Mar 26, 2008 11:09am Mar 26, 2008 11:09am
Quoting 9voltbattery
hi all,

good thread. thanks danfx for sharing your system. i've been working on something similar and wanted to get your (and other trader's) feedback on something...

do you think putting the zigzag indicator (settings 6,5,3) will be helpful in drawing the legs of the 1-2-3 (or A-B-C)? please try it out and give me feedback. it is a regular MT4 indicator.

it may be helpful in getting us traders on the "same page" when it comes to identifying set-ups. feedback is appreciated. i'll post the usd/jpy chart for an example of how the zigzag draws...
9Volt ...I have the zigzag on my chart. I was actually thinking of asking Daz the same thing for the same reason.
  • #132
  • Mar 26, 2008 11:16am Mar 26, 2008 11:16am
AUD/USD (60min) heading towards it's long Daz zone now, more work to do yet though...
  • #133
  • Mar 26, 2008 11:18am Mar 26, 2008 11:18am
He He,got stopped out on the CAD trade,guess i'll have to take DAZfx advice and stick to the 1hr tf.coz of wippsaw on the 15mintf.
  • #134
  • Mar 26, 2008 11:19am Mar 26, 2008 11:19am
I think that the GBP/USD is setting up for a trade once the stochastics turn over, what do you think?
Yay! Pips for everyone!
  • #135
  • Mar 26, 2008 11:30am Mar 26, 2008 11:30am
yeah, looking that way...just a matter of waiting patiently for a while.
  • #136
  • Mar 26, 2008 11:34am Mar 26, 2008 11:34am
Quoting ericoco
He He,got stopped out on the CAD trade,guess i'll have to take DAZfx advice and stick to the 1hr tf.coz of wippsaw on the 15mintf.
Yeah ...costly lesson learned for me
  • #137
  • Mar 26, 2008 11:34am Mar 26, 2008 11:34am
Also looking at the USD/JPY at around 99.65 off the 61.8 fib if I lined up my fibs right. lol
Yay! Pips for everyone!
  • #138
  • Mar 26, 2008 11:35am Mar 26, 2008 11:35am
Quoting priceaction
Yeah ...costly lesson learned for me

Same thing happened to me as well, just doing 1 hr, 4 hr and even took a daily on the GBP/USD that worked out.
Yay! Pips for everyone!
  • #139
  • Mar 26, 2008 12:11pm Mar 26, 2008 12:11pm
I am more interested in the AUDUSD long setup. Looks very sweet. 61.8 level is also near the Daily Pivot Point and the 50MA. Remember, the trade is only valid if the 61.8 level is tested and you see stochs hooking up.

The thing I like about trading off the hourly is that you can look at potential trades and only look at the screen at the end of every hour.
  • #140
  • Mar 26, 2008 12:23pm Mar 26, 2008 12:23pm
Quoting Pipsforall
Also looking at the USD/JPY at around 99.65 off the 61.8 fib if I lined up my fibs right. lol
I have 61.8 @ 99.76 and 78.6 @ 100.01. The USDJPY has been producing a lot of ABCD setups lately.
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