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Yet Another very simple Fib Strategy

  • #41
  • Jun 24, 2008 11:39am Jun 24, 2008 11:39am
I just add this trade i have set up this morning before going to work on my home pc


I'm aiming for T3 and have allready locked my risk in profit.
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  • #42
  • Edited 7:51am Jun 25, 2008 5:08am | Edited 7:51am
No action for the moment. Only one trade running, maybe a setup forming on EURGBP mais still need some more time.

Edit : not moving at all :-/ Closed @ +6 before new home sales...
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  • #43
  • Jun 26, 2008 3:30am Jun 26, 2008 3:30am
A successfull trade yesterday rounding 4 time my risk => 2% of my equity. Despite it's a T3 hit to the pip, it's again less than what it should be mathematically speaking because of the tighteness of the trade and the spread impact.

sidenote : I had a +1 pip short trade on the previous move down (i mentionned this potential trade on my previous post, my risk was also .5% of my equity)
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  • #44
  • Jun 26, 2008 1:53pm Jun 26, 2008 1:53pm
If i had more time today, i would have taken some great trade by the rule.

Of course, the only trade i took is the EURGBP which did not seem to go anywhere after a few hours so i closed it for very small profit
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  • #45
  • Jun 27, 2008 4:56am Jun 27, 2008 4:56am
Today trades...

I missed an entry on AUDUSD that would be on T1 allready (with a different fib study)
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  • #46
  • Jun 27, 2008 3:42pm Jun 27, 2008 3:42pm
Here is two trades i took today. I should not have taken the 1st one looking afterward. Eventually if i had taken it @ .7928 and not .7930 the ratio would have been 2/1

Even if it was successfull, the risk ratio was near 1/1.

The second one was definitly better with a 3/1 ratio.
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  • #47
  • Edited 11:52am Jun 30, 2008 4:30am | Edited 11:52am
This is today pending trade (subject to change as the day evolve of course)

edit : hmm bad start today, 4 losses allready. 2 active orders and 2 more pending orders.

Back to normal after two good trades rounding each around 1.2% so i'm up .4%... not a great day but still a positive day
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  • #48
  • Jul 1, 2008 8:00am Jul 1, 2008 8:00am
Only this trade ATM... Works on any time frame. Do not look at how manypips i have made, it is not relevant. My risk was 80 pips so i should have at least 160 pips to make a really profitable trade (always aim at least 2/1)

As i have no time to make a proper risk/balance calculation, i use only 0.1 lot demo trade and track the loosing and winning trade and make a calculation from here.
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  • #49
  • Jul 2, 2008 9:32am Jul 2, 2008 9:32am
simple and good !
i have green results till now. thanks
except any indicators i just use GANN - to confirm a signal
as here i took short. thats nice system !
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  • #50
  • Jul 2, 2008 9:48am Jul 2, 2008 9:48am
Today trades (i was just able to put them an hour ago or so)

There are multiple trades in different direction. This is because i have used H1 and Daily.

Only testing
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  • #51
  • Jul 3, 2008 5:36am Jul 3, 2008 5:36am
Hi Melpheos.
Didn't want you to think that I'd forgotten you!

Just thought I'd post this example of how Pivots and Sweetspots can be of great value when deciding when to take a trade or not.

As you can see, everything's happening around the S1 line and the 1.9850 sweetspot. NOT a good place to be planning a trade, as I think you'll agree.

As I type this, it's a few bars on from the chart shown, and price STILL hasn't managed to breach the sweetspot.

So, without those lines to guide you, entering a trade could have been a fruitless exercise.
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  • #52
  • Edited 7:56am Jul 3, 2008 7:45am | Edited 7:56am
Quoting eyevoltage
Hi Melpheos.
Didn't want you to think that I'd forgotten you!

Just thought I'd post this example of how Pivots and Sweetspots can be of great value when deciding when to take a trade or not.

As you can see, everything's happening around the S1 line and the 1.9850 sweetspot. NOT a good place to be planning a trade, as I think you'll agree.

As I type this, it's a few bars on from the chart shown, and price STILL hasn't managed to breach the sweetspot.

So, without those lines to guide you, entering a trade could have been a fruitless exercise.
Thanks again for the input. I'll have a look into this and see if there is a very good increase in the stats but i like to keep my strategy simple

Can you post the indicator you use for R1 R2 pivot etc ?

Some great trades today

I entered the USDY a bit late and this saved me from the spike... If i had entered 100% to me rule i would have gotten kicked out.
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  • #53
  • Jul 3, 2008 10:55am Jul 3, 2008 10:55am
Quoting melpheos
Thanks again for the input. I'll have a look into this and see if there is a very good increase in the stats but i like to keep my strategy simple

Can you post the indicator you use for R1 R2 pivot etc ?

Some great trades today

I entered the USDY a bit late and this saved me from the spike... If i had entered 100% to me rule i would have gotten kicked out.
Ok, mate, here's the indicator. It's called the FXI Pivot, and what I like about it is that you can set it for any amount of weeks behind, and you can do some backtesting, knowing that the pivots you see are the ones relevant to that day! Pretty neat.

Things were pretty quiet first thing, but it livened up a bit from just before lunch-time onwards. I like the simplicity of this fib system of yours. It reminds me of boxingislife's sexy stochastics........no screens full of indicators left, right and centre, but a nice clear picture of the price and what it's doing. I tell you, mate, some of the charts I see on FF make my head hurt, and I often wonder how they make any sense of them!

Cheers
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File Type: ex4 FXI Pivots.ex4   25 KB | 571 downloads
  • #54
  • Jul 3, 2008 12:35pm Jul 3, 2008 12:35pm
Quoting eyevoltage
Ok, mate, here's the indicator. It's called the FXI Pivot, and what I like about it is that you can set it for any amount of weeks behind, and you can do some backtesting, knowing that the pivots you see are the ones relevant to that day! Pretty neat.

Things were pretty quiet first thing, but it livened up a bit from just before lunch-time onwards. I like the simplicity of this fib system of yours. It reminds me of boxingislife's sexy stochastics........no screens full of indicators left, right and centre, but a nice clear picture of the price and what it's doing. I tell you, mate, some of the charts I see on FF make my head hurt, and I often wonder how they make any sense of them!

Cheers
Sexy stochastic is also very simple and i used it for quite a while (up until now in fact ^^ ) but with this strategy it's even more simple if one use pending orders.
  • #55
  • Edited 6:52am Jul 4, 2008 6:45am | Edited 6:52am
Off the 5min eur/usd chart. The two black lines are 60ema's High and Low, which, as you can see, coincided with the Long Entry and sweetspot, which price reversed off. Once price breached the Target 1 line, I was happy to close the trade, as I wasn't really confident it would go much further. If you look at the candle following my exit, the long bullish shadow seems to have justified my decision.
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  • #56
  • Jul 4, 2008 7:07am Jul 4, 2008 7:07am
Quoting eyevoltage
Off the 5min eur/usd chart. The two black lines are 60ema's High and Low, which, as you can see, coincided with the Long Entry and sweetspot, which price reversed off. Once price breached the Target 1 line, I was happy to close the trade, as I wasn't really confident it would go much further. If you look at the candle following my exit, the long bullish shadow seems to have justified my decision.
Yes this pin bar was a good exit sign. But you did not took the right swing high (check the picture)

I'm not trading today not even in demo. First, it's friday and second US is closed.
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  • #57
  • Jul 4, 2008 3:52pm Jul 4, 2008 3:52pm
Quoting melpheos
Yes this pin bar was a good exit sign. But you did not took the right swing high (check the picture)

I'm not trading today not even in demo. First, it's friday and second US is closed.

Yes, I see what you mean about the swing high. I've just adjusted it, and see how it could have been a better trade. Oh well, we live and learn!
Better luck next week, hopefully. Have a good weekend, mate.
Cheers
  • #58
  • Jul 7, 2008 7:28am Jul 7, 2008 7:28am
Nice cable trade this morning. I let this one run, as the double-60ema's were clearly showing a continuous downtrend. Price consolidated for a couple of hours, so I just kept an eye on it until it decided to drop down to Target 1. I exited the trade just below that, and price is doing a little more consolidating as I type this.
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  • #59
  • Jul 7, 2008 7:52am Jul 7, 2008 7:52am
Quoting eyevoltage
Nice cable trade this morning. I let this one run, as the double-60ema's were clearly showing a continuous downtrend. Price consolidated for a couple of hours, so I just kept an eye on it until it decided to drop down to Target 1. I exited the trade just below that, and price is doing a little more consolidating as I type this.
Nice trade ! And it stick to the rules

I have tried to use the pivot but if i agree it is great on lower TF, on longer TF it just encumbering the trade window so it's not for me.

Today trades with proper risk/trade calculation (2% on this demo account)
The AUDUSD trade has missed the entry point by 3 pips and i forgot the USD/CAD which would be on BE+5 right now
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  • #60
  • Jul 7, 2008 8:03am Jul 7, 2008 8:03am
i it possible to code this system logic into an EA? if it was it could be pretty powerful.
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