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Powerful Fib Based System - by DAZfx

  • #301
  • Mar 31, 2008 3:08am Mar 31, 2008 3:08am
Hi Daz,
Nice trade on the USDCHF just now, congrats!

I have been studying this approach all weekend....looking at your chart of this USDCHF trade, I understand the setup...retrace, confirmation candle and then entry candle.....but would lke to know how you determined your entry at .9970 as the 5SMA was well below this level.

The GU, GJ AND GC were also good overnight trades, unfortunately I was asleep!!

Thanks for sharing this KISS approach......more power to your elbow (as they say over here in N Ireland)!
  • #302
  • Mar 31, 2008 3:28am Mar 31, 2008 3:28am
Hi all,


I was looking at USDCHF on 26 and 27 of march.

on 27, it retraced to 50fib, after the big drop on 26.

My question is, would we trade the retracement?
thank you for any help.
Why do people only post a nice trending period chart?
  • #303
  • Mar 31, 2008 3:38am Mar 31, 2008 3:38am
Quoting suspect
Do anyone know how to draw 2 step Fibs? I mean from Point A to B and then to C in MT4?
u need to use fibo expansion... it will have 3 point to drag on...
hope this help
  • #304
  • Edited 3:53am Mar 31, 2008 3:41am | Edited 3:53am
Quoting attictrader
Hi Daz,
Nice trade on the USDCHF just now, congrats!

I have been studying this approach all weekend....looking at your chart of this USDCHF trade, I understand the setup...retrace, confirmation candle and then entry candle.....but would lke to know how you determined your entry at .9970 as the 5SMA was well below this level.

The GU, GJ AND GC were also good overnight trades, unfortunately I was asleep!!

Thanks for sharing this KISS approach......more power to your elbow (as they say over here in N Ireland)!
Hi AT,

Yes, you have got the hang of it. Remember, when looking to short, either you enter on the 5SMA or even better, enter slightly higher (as the higher it goes, the tighter the stop loss gets). I was watching the 5-15mins charts on the entry candle, and placed a limit order at a round figure (open of previous 15min candle) and luckily it was hit before price went down.

EDIT: Cable Target 3 (1.9842) HIT!! Notice how price bounces off these Fib Expansion levels. Entry higher than 5SMA, as price is always likely to test the Daily Pivot.
Attached Image (click to enlarge)
Click to Enlarge Name: abcd18.gif Size: 16 KB
  • #305
  • Mar 31, 2008 3:52am Mar 31, 2008 3:52am
Quoting peszals
u need to use fibo expansion... it will have 3 point to drag on...
hope this help
Yap! Thanks!
  • #306
  • Mar 31, 2008 3:53am Mar 31, 2008 3:53am
Quoting popisdead
GU

on the longer term(Daily)
still got more room to go down!

plot ema601 and u will see how price found support there on 20feb and 22Jan!

FYI,
on H4 price already break ema601!

just my idea..

PiD
GU
final lot TP at 19853!

really worth it to follow this pair from friday!

chronology:
http://pic50.picturetrail.com/VOL400.../310675617.jpg

http://pic50.picturetrail.com/VOL400.../310684151.jpg

http://pic50.picturetrail.com/VOL400.../310692690.jpg

http://pic50.picturetrail.com/VOL400.../311083613.jpg

http://pic50.picturetrail.com/VOL400.../311095407.jpg
{Promotion Removed}
  • #307
  • Mar 31, 2008 4:00am Mar 31, 2008 4:00am
Quoting Dazfx
I was watching the 5-15mins charts on the entry candle, and placed a limit order at a round figure (open of previous 15min candle) and luckily it was hit before price went down.
...what time do you usually get in front of your charts in the morning, Daz?
  • #308
  • Mar 31, 2008 4:02am Mar 31, 2008 4:02am
Hi Daz
Thanks for the explanation of your entry in USDCHF this morning.... Good idea to use lower TFs to gauge entry level for better Stoploss and higher profits. I will keep this in mind for my future entries.

Regards,
AT
  • #309
  • Mar 31, 2008 4:08am Mar 31, 2008 4:08am
Quoting ChowClown
...what time do you usually get in front of your charts in the morning, Daz?
Usually 5:00am GMT+1, but on Sundays I usually stay up all night (not trading though, unless I see a setup).

Btw, a very nice EURGBP trade that I might have forgotten to mention. Don't have all my monitors (in a hotel), so I might miss some setups.
  • #310
  • Edited 4:19am Mar 31, 2008 4:08am | Edited 4:19am
Mind if i join in ?

I like using Fibs myself and just found this thread.

I took a few trades today on GBP/USD, NZD/JPY and GBP/JPY all short using Fibs and other tools.

I've closed out my GBP/JPY at the middle prong and i'm letting NZD and GU run as they are both at 1:1 already.

Hope more people start using fibs. Folks are always leaving out the best stuff.


http://img2.freeimagehosting.net/uploads/e4051c2c76.jpg
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #311
  • Mar 31, 2008 4:15am Mar 31, 2008 4:15am
Hey Daz thanks a lot for the simple and very effective system. bro i a up around 700 pips on jpy pairs using just this simple system. may pips be with you all the time.
regards
Quoting Dazfx
Usually 5:00am GMT+1, but on Sundays I usually stay up all night (not trading though, unless I see a setup).

Btw, a very nice EURGBP trade that I might have forgotten to mention. Don't have all my monitors (in a hotel), so I might miss some setups.
  • #312
  • Mar 31, 2008 4:20am Mar 31, 2008 4:20am
Quoting effilang
Mind if i join in ?

I like using Fibs myself and just found this thread.

I took a few trades today on GBP/USD, NZD/JPY and GBP/JPY all short using Fibs and other tools.

I've closed out my GBP/JPY at the middle prong and i'm letting NZD and GU run as they are both at 1:1 already.

Hope more people start using fibs. Folks are always leaving out the best stuff.
Hi Effi,

Good to see you here. Yes fibs are an excellent tool. Hope to see you here often, and good luck with the trades.
  • #313
  • Mar 31, 2008 4:27am Mar 31, 2008 4:27am
Hi All

Here is another sucessfull trade at USDCHF. Thanks Dazfx for sharing this trading system.

Dazfx, about risk reward calculation I am doing the relationship between Take Profit Targets 1,2,3 average and the initial Stop Loss. Do you agree with this?

Many thanks,

Pip
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf1.png Size: 29 KB
  • #314
  • Edited 4:49am Mar 31, 2008 4:31am | Edited 4:49am
Quoting Pip
Hi All

Here is another sucessfull trade at USDCHF. Thanks Dazfx for sharing this trading system.

Dazfx, about risk reward calculation I am doing the relationship between Take Profit Targets 1,2,3 average and the initial Stop Loss. Do you agree with this?

Many thanks,

Pip
Yes, you can just have one target at FE 78.6 (remember, the Entry/ Exit rules are what I follow, you can make your own rules).

EDIT: We might have the pullback on Cable (61.8[daily pivot] or 78.6 level).
  • #315
  • Mar 31, 2008 5:22am Mar 31, 2008 5:22am
EUR/JPY looks a nice setup.
  • #316
  • Mar 31, 2008 5:27am Mar 31, 2008 5:27am
Quoting Xplorer
EUR/JPY looks a nice setup.
is it for long or short setup.. & could u pls post a chart too...
i'm a newbie here... still trying to get a use of it...
  • #317
  • Mar 31, 2008 5:35am Mar 31, 2008 5:35am
Quoting peszals
is it for long or short setup.. & could u pls post a chart too...
i'm a newbie here... still trying to get a use of it...
I think they are referring to this long below.
I'd be weary though, all the Yens are selling off (although in a correction right now), plus you're buying right across resistance.

Regards,
Fe

http://img2.freeimagehosting.net/uploads/56569dad91.jpg
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #318
  • Mar 31, 2008 5:42am Mar 31, 2008 5:42am
Quote
I think they are referring to this long below.
I'd be weary though, all the Yens are selling off, plus you're buying right across resistance.
thanks effilang for the quickest feedback..
thats make me really curious when Xplorer said that..because i'm already close the EURJPY before news time... & get some green pips too while in short....

well ... thank a lot..
  • #319
  • Mar 31, 2008 5:43am Mar 31, 2008 5:43am
Quoting Xplorer
EUR/JPY looks a nice setup.
Yes Effilang is right. The short setup on EJ on the 4hr is still playing out.
  • #320
  • Mar 31, 2008 5:46am Mar 31, 2008 5:46am
Quoting effilang
I think they are referring to this long below.
I'd be weary though, all the Yens are selling off, plus you're buying right across resistance.

Regards,
Fe
It is a bit risky but I am hoping it retest the resistance above (orange line in the attached charts).
Anyway, you are probably right.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY1.jpg Size: 62 KB
Click to Enlarge Name: EURJPY2.jpg Size: 72 KB
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