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Yet Another very simple Fib Strategy

  • #61
  • Jul 7, 2008 8:21am Jul 7, 2008 8:21am
Quoting Stormin_Norm
i it possible to code this system logic into an EA? if it was it could be pretty powerful.
I dont think so as the EA would have to find the "right" swing point and i suspect it might be difficult to acheive.

Also it would have to update the order really often and the risk of having the plateform giving you an error might be high.
  • #62
  • Jul 7, 2008 8:26am Jul 7, 2008 8:26am
yeah very true. picking the high/low point to draw the fib between would be the challenge.

if that could be programmed correctly, then the rest of the system would be relatively easy to include.
  • #63
  • Jul 7, 2008 8:31am Jul 7, 2008 8:31am
Quoting melpheos
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
Yes, I had a feeling that the PP indicator wouldn't be much good for you, seeing as you prefer longer term trades. It does tend to clog things up a bit up there, doesn't it? Still, it might come in handy for you if you fancy a bit of ST trading.

Just a quick point. Where in the Long-Pivot-Short zone would you say the "scrap the trade" point is during a pull-back?

Cheers
  • #64
  • Jul 7, 2008 8:51am Jul 7, 2008 8:51am
Quoting eyevoltage
Yes, I had a feeling that the PP indicator wouldn't be much good for you, seeing as you prefer longer term trades. It does tend to clog things up a bit up there, doesn't it? Still, it might come in handy for you if you fancy a bit of ST trading.

Just a quick point. Where in the Long-Pivot-Short zone would you say the "scrap the trade" point is during a pull-back?

Cheers
If the trade stays too long near the trade zone and the momentum starts to circle around 100, i would kill the trade (pending or allready running)
  • #65
  • Jul 7, 2008 11:51am Jul 7, 2008 11:51am
This one from eurusd. I had to wait until price cleared a real confluence of indicators i.e. the sweetspot .50, the 60ema high, the long entry line and finally, the yellow S1 pivot line. After that, it was all systems go.

Melpheos, thanks for your response, and I note your comments. I don't use the Momentum indicator, as I've never been entirely comfortable with it, so I think I'll just judge each potential trade inside the zone as as, so to speak.
Thanks again, mate.

EDIT: Ooooops!! Wrong chart.
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  • #66
  • Jul 7, 2008 11:55am Jul 7, 2008 11:55am
Clicked the right one this time!!
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  • #67
  • Jul 7, 2008 1:58pm Jul 7, 2008 1:58pm
Hmmm bad day for me on H1, i allready have 4 consecutive trades in loss due to the reversal of the sentiment vs the $. Its in this kind of situation that lower TF is better.

I still have two opened positions and two pending orders.
  • #68
  • Jul 9, 2008 10:33am Jul 9, 2008 10:33am
This was a great opportunity that went begging, I'm afraid. I was busy with something else entirely, so I missed my chance.
I've changed my MA to a 20ema close, as I feel it's a bit more appropriate for the ST charts that I favour.
I rather liked how the pull-back to the Fib Pivot line coincided not only with the Price Pivot Point, but the 20ema as well, together forming a very strong support line. Price had an easy run-up to the R1 line, followed by a slight retracement, and then hitting Target 1, which would have been an ideal place to jump ship. Mustn't be greedy!
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  • #69
  • Jul 9, 2008 10:34am Jul 9, 2008 10:34am
I had a drawdown yesterday but with today trade i'm back on track +12% (*6 time my risk/ratio of 2%) so i recovered from 8% loss and have +3% added to my equity (due to the lower size lot used)
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  • #70
  • Jul 9, 2008 12:22pm Jul 9, 2008 12:22pm
Lovely trade, mate. Makes up for yesterday, eh?

I see you've got a "Target 4" on your chart. What fib level would that be?

Cheers
  • #71
  • Jul 9, 2008 1:11pm Jul 9, 2008 1:11pm
Quoting eyevoltage
Lovely trade, mate. Makes up for yesterday, eh?

I see you've got a "Target 4" on your chart. What fib level would that be?

Cheers
2.618 and -1.618 but i use it only on when there are some previous price action telling me to use it.
  • #72
  • Jul 9, 2008 6:41pm Jul 9, 2008 6:41pm
Quoting melpheos
2.618 and -1.618 but i use it only on when there are some previous price action telling me to use it.

  • #73
  • Edited 5:03am Jul 10, 2008 2:31am | Edited 5:03am
Crap, my RDP is broken again :-/

Trading for work without risk calculation.

Just seen that i made a mistake on the trade showing on the screenshot, going to correct it.

Edit : there was a nice entry on yen pair (i have not checked on this other yen pair but it should be there) but it was on M5 M15 and M30 and there was only 40 minutes to put a trade. So it definitly shows that on lower TF, you have to watch the market all the time (allmost)

Edit : current situation. I removed the €£ as i did not like the price action.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: trade2.PNG Size: 68 KB
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  • #74
  • Edited 10:11am Jul 17, 2008 8:22am | Edited 10:11am
jackpot before going on holidays ^^

edit : closed @ +160 that is 4 time my risk...
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  • #75
  • Jul 18, 2008 1:58am Jul 18, 2008 1:58am
Hey Nice Strategy..... Going To Try It Out..... I Am Learning How To Trade Using Fibs For The Moment...hopefully It Works For Me....may I Know What Are The Trading Hours You Guys Trade..
  • #76
  • Jul 18, 2008 2:39am Jul 18, 2008 2:39am
got 80pips trading the gu..... thankx bro
  • #77
  • Jul 18, 2008 2:47pm Jul 18, 2008 2:47pm
Quoting xscamx
got 80pips trading the gu..... thankx bro
You are welcome

Have a look on Bobokus thread http://www.forexfactory.com/showthread.php?t=50767

There is a lot of good information too about fibs.
  • #78
  • Aug 10, 2008 5:11am Aug 10, 2008 5:11am
I came across a pdf file from Bobocus which seems to be allmost the same as my strategy.
http://www.forexfactory.com/attachme...02008%205:27am
  • #79
  • Aug 11, 2008 3:46pm Aug 11, 2008 3:46pm
This is a quick example that shows why you should not take blindly the trade.

The price has closed below the short entry or the 382 retracement canceling the uptrend.

Note that on lower TF M15 and M30 there was an entry for at least 1:1 (unsucessfull trade)
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  • #80
  • Aug 13, 2008 8:04am Aug 13, 2008 8:04am
Small addition on the entry rule
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