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Yet Another very simple Fib Strategy

  • #21
  • Jun 12, 2008 7:00pm Jun 12, 2008 7:00pm
Hi Melpheos, and thank you for sharing this neat fib method of yours. I've been using something similar, which I picked up from one of the instructional videos on YouTube, but your method is a bit more visual, thanks to the imaginative labelling you've employed. The entry is self-explanatory, as are the exit points.....altogether a very neat job, mate.
I've added a chart to this post, showing only one of the many opportunities that this method produces on a regular basis. As you can see, it's a 5m chart.....just to show that it can be done. I've added a 60ema to guide me with my entries. If price is below the MA, then I look for shorts, and above the MA, then I look for longs. Other additions are just pivot points and sweetspots (.50 and .00). As you can see, the entry on this example would have been slightly delayed due to the 1.5450 sweetspot.
Thanks again, Melpheos, and if you see anything worth commenting on, I'd appreciate your input.
Cheers
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  • #22
  • Jun 13, 2008 2:39am Jun 13, 2008 2:39am
Quoting eyevoltage
Hi Melpheos, and thank you for sharing this neat fib method of yours. I've been using something similar, which I picked up from one of the instructional videos on YouTube, but your method is a bit more visual, thanks to the imaginative labelling you've employed. The entry is self-explanatory, as are the exit points.....altogether a very neat job, mate.
I've added a chart to this post, showing only one of the many opportunities that this method produces on a regular basis. As you can see, it's a 5m chart.....just to show that it can be done. I've added a 60ema to guide me with my entries. If price is below the MA, then I look for shorts, and above the MA, then I look for longs. Other additions are just pivot points and sweetspots (.50 and .00). As you can see, the entry on this example would have been slightly delayed due to the 1.5450 sweetspot.
Thanks again, Melpheos, and if you see anything worth commenting on, I'd appreciate your input.
Cheers
Thanks for your input. I was actually looking yesterday into MA instead which might be easier to manage than momentum but hey like i said, i've been working on this only for a few week
  • #23
  • Jun 16, 2008 4:04am Jun 16, 2008 4:04am
Several orders this morning... I feel this strategy is pretty time consuming on lower TF.

I think i will move to higher TF...
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  • #24
  • Jun 16, 2008 4:58am Jun 16, 2008 4:58am
.....so I'll wait to see how this one turns out.
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  • #25
  • Edited 6:13am Jun 16, 2008 6:07am | Edited 6:13am
It took its own sweet time, but a 25 pip result more than compensates!

In............1.9592
Out..........1.9517



However, take a look at eur/usd for the same period........50 or 60 pips result!
Oh, well, can't win 'em all.

Melpheos, you IS the man!
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  • #26
  • Edited 8:23am Jun 16, 2008 8:12am | Edited 8:23am
Current status (2 lost trades)

Quoting eyevoltage
It took its own sweet time, but a 25 pip result more than compensates!

In............1.9592
Out..........1.9517



However, take a look at eur/usd for the same period........50 or 60 pips result!
Oh, well, can't win 'em all.

Melpheos, you IS the man!
Glad to see there is at least one person interested

Forgot to say that i'm currently testing with .5% risk with a calculation of the risk/pips/trade so a trade on one pair with different SL will lead to different size lot.
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  • #27
  • Jun 17, 2008 8:43am Jun 17, 2008 8:43am
Lets see where those trades go...

I missed the entry on eurusd because i forgot to add the spread, also i put the trade too late...
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  • #28
  • Jun 17, 2008 2:09pm Jun 17, 2008 2:09pm
Doh got kicked out on this one to the pip :-/
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  • #29
  • Jun 18, 2008 1:52am Jun 18, 2008 1:52am
Current order status... So so...

If i close now, it would not cover the previous losses...
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  • #30
  • Jun 18, 2008 3:34am Jun 18, 2008 3:34am
Just waiting to see if this one pans out........
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  • #31
  • Edited 4:45am Jun 18, 2008 4:43am | Edited 4:45am
This wasn't good for the nerves at all. Too many looooonnnnng shadows, as the bulls and bears were scrapping like mad! However, the 60ema held fast, running along right on the fib-pivot line, and creating a strong resistance. I was in at 9520 (just before that bloody magenta doji!) and finally got out at 9510, although price continued to drop after that. As I type this, price is nearing Target 1. You wouldn't believe it!
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  • #32
  • Jun 19, 2008 4:09am Jun 19, 2008 4:09am
Just keeping an eye on this one for the time being. Let's see what happens....
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  • #33
  • Edited 4:30am Jun 19, 2008 4:29am | Edited 4:30am
Just a question, mate, and if you've spelled this out before then I apologise.

When price starts pulling back from a swing low or a swing high.....how far into the "long/short entry" box would you like to see it go? Or is a touch by a shadow sufficient before price resumes it's original movement?

In the example below, only the candle shadow has pierced the "long/short entry" zone. Would you take that as a satisfactory signal, or wait for something a little more positive?

Just wondering, mate.
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  • #34
  • Jun 19, 2008 6:37am Jun 19, 2008 6:37am
I think in future, I'll choose a maximum number of bars before I kick it all into touch as a bad trade. I got in at 1.9685, but on reflection, not a good place to get in, with the R2 line plus a sweetspot in close proximity, it was always going to be a difficult trade. Another lesson learned. Out at 1.9689, because of being just under the R2 and the dojis not presenting a very optimistic picture. Then look what happened as soon as I exited.....the old, old story!
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  • #35
  • Edited 9:42am Jun 19, 2008 9:25am | Edited 9:42am
Quoting eyevoltage
Just a question, mate, and if you've spelled this out before then I apologise.

When price starts pulling back from a swing low or a swing high.....how far into the "long/short entry" box would you like to see it go? Or is a touch by a shadow sufficient before price resumes it's original movement?

In the example below, only the candle shadow has pierced the "long/short entry" zone. Would you take that as a satisfactory signal, or wait for something a little more positive?

Just wondering, mate.
I use pending orders so i does not matter either the price closes in the trade zone or not. Safer entry is to wait for a close above the short/long entry (see 1st post) but i dont use this kind of entry.

And as i said i a previous post, trading on short TF is very time consuming but you have to keep changing the pending order as the price makes new lower low or higher high. Quite boring in fact...

I'm testing now on H1...
  • #36
  • Jun 19, 2008 5:36pm Jun 19, 2008 5:36pm
Quoting melpheos
I use pending orders so i does not matter either the price closes in the trade zone or not. Safer entry is to wait for a close above the short/long entry (see 1st post) but i dont use this kind of entry.

And as i said i a previous post, trading on short TF is very time consuming but you have to keep changing the pending order as the price makes new lower low or higher high. Quite boring in fact...

I'm testing now on H1...
Many thanks for your reply, Melphios, and I apologise for the delay. It seems that you and I are quite different in our approach to trading. I'm quite happy to sit at the computer waiting for the opportunities to come along, whereas you are totally opposite. I guess it all depends on each trader's circumstances and preferences.

Anyway, whatever our approach, I certainly do like your fib system, and will be using it from now on. Eventually, I may even try a longer TF like your good self, old chap.

Thanks for your time and trouble, mate, and all the best.
Cheers
  • #37
  • Edited 3:54am Jun 23, 2008 3:33am | Edited 3:54am
Keeping an eye on this one. Let's see what happens....


EDIT: It's now 25 minutes later. Price seemed to be stuck on the sweetspot, so I didn't enter the trade. Price seems to be heading north again as I type this.
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  • #38
  • Jun 23, 2008 3:59am Jun 23, 2008 3:59am
Quoting eyevoltage
Keeping an eye on this one. Let's see what happens....


EDIT: It's now 25 minutes later. Price seemed to be stuck on the sweetspot, so I didn't enter the trade. Price seems to be heading north again as I type this.
After a big move, it's a good idea to keep track of the retracement of the said big move.

I have no access to my home pc for unknown reasons (rdp keeps crashing on me) so i can't tell for sure for this GU but tracing the fibs from 9740 to 9635 on M30 would show why the price can retrace pretty high.
  • #39
  • Jun 24, 2008 4:08am Jun 24, 2008 4:08am
Quoting melpheos
After a big move, it's a good idea to keep track of the retracement of the said big move.

I have no access to my home pc for unknown reasons (rdp keeps crashing on me) so i can't tell for sure for this GU but tracing the fibs from 9740 to 9635 on M30 would show why the price can retrace pretty high.
Hi Melpheos
Thanks for your comments, and I apologise again for the delay in replying.

When I drew the fibs, I was mindful of the big move down, and by how far the MA's were from price. Always a reason for caution, which is why I was just observing, so to speak, as I really wasn't confident of a nice fib move. The fact that it was up and down around the .50 sweetspot put me off in the end, but it did eventually drop down to the .00 sweetspot. I guess it's just a case of how long does one wait for that nice move!

Forgive my ignorance, old chap, but what is your rdp which keeps crashing? I hope it's nothing too serious.
Cheers
  • #40
  • Edited 11:33am Jun 24, 2008 4:14am | Edited 11:33am
Quoting eyevoltage
Hi Melpheos
Thanks for your comments, and I apologise again for the delay in replying.

When I drew the fibs, I was mindful of the big move down, and by how far the MA's were from price. Always a reason for caution, which is why I was just observing, so to speak, as I really wasn't confident of a nice fib move. The fact that it was up and down around the .50 sweetspot put me off in the end, but it did eventually drop down to the .00 sweetspot. I guess it's just a case of how long does one wait for that nice move!

Forgive my ignorance, old chap, but what is your rdp which keeps crashing? I hope it's nothing too serious.
Cheers
it's back to normal now after a reboot of my PC (no reboot for a week or so)

Here is some orders for today.

I have highly reduced the number of pair i follow because there is no real point following more than 4-6 pairs

edit : EURCH T3 reached allmost to the pip. As it was on my work PC i could not make the risk/trade calculation but aiming for .5% it would have rounded 1.5% on my total equity. Normaly T3 should give 6 times the risk but the smaller the move, the higher the spread change this calculation.
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