Attachments: Powerful Fib Based System - by DAZfx

Powerful Fib Based System - by DAZfx

#641
Apr 24, 2008 2:14pm Apr 24, 2008 2:14pm

marvostica
| Joined Mar 2008 | Status: Trader | 11 Posts

Quoting Dazfx

Disliked

Hi Everyone,

First of all, I am very sorry for not being active. I was in Dubai the past week on a very important meeting. I told my friend to inform everyone in the room.

I am back now, and hopefully, we can start from where we left off.

-Daz-

Ignored

welcome back Daz we have really missed you
hope u are back for buz.

the lazy millionaire

#642
Apr 24, 2008 2:16pm Apr 24, 2008 2:16pm

Dazfx
Joined Mar 2008 | Status: Intraday Trader | 114 Posts

Quoting Dopey

Disliked

Hi Daz,

I just found this thread yesterday. I'm a long time user of Fibs. Your system is similar to DiNapoli's work in many ways. He also uses multiple fib targets with great success.

I'd like to contribute a few of things, if you don't mind.

Try putting up the 88.6 Fib Retracement. You'll find that those overshoots on the 78.6 are hitting the 88.6 to the pip. The great majority of the time it'll be the wick that hits it, it's rare for the close to hit it. In fact, it it closes at the 88.6, you're going to see it continue on it's way to the 100 retracement more often than not.

Different pairs have different characteristics when it comes to fibs. For example, the GBP will hit the 127.2 expansion quite often while the Eur tends to turn around at the 100 expansion. I imagine you've internalized this already. For others, they should keep records of what pair does what, it is valuable information.

Finally, Fibs work across time as well. You state that you prefer 4-10 bars for your setups. The fib numbers of 5, 8, and 13 are worth looking at. So that a retracement that seems to terminate on the 5th bar is probably the one. However, I wouldn't bet any money just on this alone, but it's a nice addition to the confluence of events that lead to a setup.

Look at today's Eur hourly. The high of 6018 to the low of 5968 is 8 bars, not counting the initial bar. Then the next high 5997 is 3 bars, not counting the initial bar (and 3 is a fib number). The very next bar made the same high and then turned bearish.

Great work.

Ignored

Hi Dopey,

I really enjoyed reading your post. Yes I agree with you in that 88.6 is a good expansion level, and there are others such as 121.4 & 161.8 where certain currency pairs tend to attract. But I wanted levels which would work on almost every currency pair. I developed the system over a year ago with the existing rules, and I never really felt the need to change them. Remember, the Entry/Exit rules are just what I mostly follow, so you can use the ideal levels on different currency pairs.

Thanks

#643
Apr 24, 2008 2:19pm Apr 24, 2008 2:19pm

Noel
| Joined Sep 2006 | Status: Trader | 179 Posts

Daz,

Its great to see you back.

#644
Apr 24, 2008 2:31pm Apr 24, 2008 2:31pm

Dazfx
Joined Mar 2008 | Status: Intraday Trader | 114 Posts

Quoting marvostica

Disliked

hello all, l really love the job Daz started in here i am sure its gonna work for me but not if i get it well.
l have some little problems tring to understand this system. but first pardon my questions cos i am a newbie and i am eager to learn from masters in the house.

1 first my problem is that i have understood how to get point A and B using the fibonacci retracement my major problem is the getting the point C and D

2 2ndly talking of the fibonacci expansion, where do that come in is it from point B to point C?

3 How do we know our take profit targets?

l will realy appreciate if anybody can put me through on this while waiting for Daz return.......
thanks everybody

Ignored

Hi Marvostica,

1) You get CD when you plott the Fib Expansion from AB to C. Remember you're trading the CD wave (entry near C and exit near or at D).
2) FE is from A to B to C.
3) Important exit levels: FE 50.0, FE 61.8, FE 78.6 & FE 100.0

FE 50.0 is your 1st Target if Stop Loss to Entry is lower than Entry to FE 50.0. Otherwise, 1st Target is FE 61.8. Keep taking out your positions as you reach the higher FE levels.

Thanks

#645
Edited 3:29pm Apr 24, 2008 3:11pm | Edited 3:29pm

marvostica
| Joined Mar 2008 | Status: Trader | 11 Posts

Quoting Dazfx

Disliked

Hi Marvostica,

1) You get CD when you plott the Fib Expansion from AB to C. Remember you're trading the CD wave (entry near C and exit near or at D).
2) FE is from A to B to C.
3) Important exit levels: FE 50.0, FE 61.8, FE 78.6 & FE 100.0

FE 50.0 is your 1st Target if Stop Loss to Entry is lower than Entry to FE 50.0. Otherwise, 1st Target is FE 61.8. Keep taking out your positions as you reach the higher FE levels.

Thanks

Ignored

thanks l think i am begining to get this thing right now
but still on the fib expansion from AB to C is it from the middle of the line AB or from point B to C
please just look at this AUS/USD on a 4Hr time frame l think l have known my point A, B and C. if i am to do my fib expansion l guess it should be from point B to Point C or am l getting something wrong?????? bcos when i did the fib expansion from point B to C, i did not see my targets in my chart and when i cant see the target level, how do i get my exit piont.

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the lazy millionaire

#646
Apr 24, 2008 3:22pm Apr 24, 2008 3:22pm

Dopey
Joined Apr 2005 | Status: Dopey Bastard | 1,568 Posts

Quoting Dazfx

Disliked

Hi Everyone,

First of all, I am very sorry for not being active. I was in Dubai the past week on a very important meeting. I told my friend to inform everyone in the room.

I am back now, and hopefully, we can start from where we left off.

-Daz-

Ignored

You should have called, I'm in Al Ain. Oh well, next time.

#647
Apr 24, 2008 5:34pm Apr 24, 2008 5:34pm

Naijafx
| Commercial User | Joined Nov 2007 | 1,296 Posts

Quote

Disliked

Originally Posted by Dazfx http://www.forexfactory.com/images/buttons/viewpost.gif
Hi Everyone,

First of all, I am very sorry for not being active. I was in Dubai the past week on a very important meeting. I told my friend to inform everyone in the room.

I am back now, and hopefully, we can start from where we left off.

-Daz-

You are welcome Daz..... We have missed you
mike

#648
Apr 25, 2008 5:25am Apr 25, 2008 5:25am

PipsUS
| Joined Mar 2008 | Status: Trader | 6 Posts

glad to have you back Daz. Look forward to trading with you.

#649
Apr 25, 2008 5:32am Apr 25, 2008 5:32am

06020384
| Joined Oct 2007 | Status: catwa|k | 6 Posts

Quoting Dazfx

Disliked

Hi Everyone,

First of all, I am very sorry for not being active. I was in Dubai the past week on a very important meeting. I told my friend to inform everyone in the room.

I am back now, and hopefully, we can start from where we left off.

-Daz-

Ignored

I wish you had told me earlier you were visiting Dubai cause I live here. We could've met up and teach me in person. =(

Anyways, I am looking forward to your strategy and new developments since I also rely purely on fibs, S/R and Price Action. =)

#650
Edited 3:49am Apr 26, 2008 3:48am | Edited 3:49am

Naijafx
| Commercial User | Joined Nov 2007 | 1,296 Posts

Hello Daz Traders,

Daz has promised to update his thread with two methods to be added to our trading arsenal.

I will keep my fingers crossed until he comes to unleash the dragon.

Stay blessed

#651
Apr 27, 2008 4:28pm Apr 27, 2008 4:28pm

Naijafx
| Commercial User | Joined Nov 2007 | 1,296 Posts

Hello fellow traders,

I know you will be dissapointed that Daz hasn't updated the thread as promised and couldn't turn-up in the room too. not too worry traders, i believe that the guy is having a little rest time and preparing for next week.

u will quite agree that the guy will need some rest after travelling for like 3weeks.

I believe we will see more of him this week.

expecting you in the room for a pipful week ahead.

thanks

#652
Apr 29, 2008 12:40am Apr 29, 2008 12:40am

jjkotze
| Joined Apr 2008 | Status: Trader | 6 Posts

Is the thread dead? where is everyone?

jjk

#653
Apr 29, 2008 2:53am Apr 29, 2008 2:53am

Noel
| Joined Sep 2006 | Status: Trader | 179 Posts

we meet daily at http://www.tradingrooms.com/
log onto DazFX Fibo Strategy in the community trading rooms

#654
Apr 29, 2008 3:48am Apr 29, 2008 3:48am

jjkotze
| Joined Apr 2008 | Status: Trader | 6 Posts

Thanx noel

#655
Apr 29, 2008 5:04pm Apr 29, 2008 5:04pm

alearner
| Joined Jan 2008 | Status: Trader | 328 Posts

Did well with euro/cad last night on first attempt. Thanks Daz and others active on this thread.

Could the 50SMA (on the 1hr chart) be used to effectively indicate the trend? or is there a better way?

#656
Apr 29, 2008 5:38pm Apr 29, 2008 5:38pm

Naijafx
| Commercial User | Joined Nov 2007 | 1,296 Posts

This is where discretion comes to play. there av been serious conflict here....... i use simple break away from HH and LL combined with fibo and trendline.

But i think we should wait for Daz to tell us how he determines daily trend since he does better with this method.

My 100 naira contributions

#657
Apr 29, 2008 6:10pm Apr 29, 2008 6:10pm

alearner
| Joined Jan 2008 | Status: Trader | 328 Posts

Quoting Naijafx

Disliked

This is where discretion comes to play. there av been serious conflict here....... i use simple break away from HH and LL combined with fibo and trendline.

But i think we should wait for Daz to tell us how he determines daily trend since he does better with this method.

My 100 naira contributions

Ignored