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Powerful Fib Based System - by DAZfx

  • #901
  • Aug 14, 2008 9:31am Aug 14, 2008 9:31am
dod,

am not Daz but i can assure you that am getting better trading and studying the chart.

The NZDUSD and AUSD, were based on price action, getting in the trade earlier, it might not work out perfectly well but will get us more of positive trades than losing ones most especially when price is about going correction.

just look at the chart again and see if there is sense in the analysis. remember that if the analysis is not ok, we would have lost the two trades. the AUSD gave 100% winner while NZDUSD returned 75%. that should give u an idea that the analysis is ok

thanks

Guyz am setting up the trading room!
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  • #902
  • Aug 14, 2008 9:36am Aug 14, 2008 9:36am
Quoting dod
That's clear enough. Thanks.

This thread is unusual. So far, the rules remain the same as they were in the beginning; nobody is talking about making an EA; and nobody is trying to add trade filters.

Also, nobody is arguing.

So refreshing!

as they say "If it ain't broke, don't fix it."

it works really well the way it is!
  • #903
  • Aug 14, 2008 9:46am Aug 14, 2008 9:46am
we have our trading room setup at
tradingrooms.com

name
Powerful Fib based system by daz

Hope to meet u there
mike
  • #904
  • Aug 14, 2008 9:47am Aug 14, 2008 9:47am
Quoting dod
That's clear enough. Thanks.

This thread is unusual. So far, the rules remain the same as they were in the beginning; nobody is talking about making an EA; and nobody is trying to add trade filters.

Also, nobody is arguing.

So refreshing!
. Hi dod, i wish we can all be in a single room trading this great system together. Thanks. Nerry.
  • #905
  • Aug 14, 2008 9:51am Aug 14, 2008 9:51am
Room Name: DAZ_FIB
Display Name: powerful Fib Based system by Dazfx
Display Category: Community Trading Rooms
Room Password: No password required.
  • #906
  • Aug 14, 2008 10:01am Aug 14, 2008 10:01am
Market Phases
There are only three ways the market can go;

  1. Up
  2. Down
  3. Sideways

With the swing high/low definition now in mind we can start to build some layers on to the chart to identify these market phases and start to do a simple count of these swing highs and lows.
In short

  1. The market is going up when price is making higher highs and higher lows
  2. The market is going down when price is making lower highs and lower lows
  3. The market is going sideways when price is not making higher highs and higher lows OR lower highs lower lows

This may sound like child's play and a statement of the obvious but you will be surprised at how often people will forget these simple facts. One of the biggest questions I get asked is, which way is it a market going? By doing a simple exercise you can see which way that price is going and decide on your trading plan and more importantly timing of a trade.
What do I mean by timing? It may be that you are looking for a shorting opportunity as the overall trend is down but price on your entry time frame is still going up (making HH's & HL's). There is, at this stage, no point in trying to short a rising market until price action start to point down (making LH's & LL's. More on this shortly).




and i hope am not boring with this

  • #907
  • Aug 14, 2008 10:04am Aug 14, 2008 10:04am
Quoting Naijafx
we have our trading room setup at
tradingrooms.com

name
Powerful Fib based system by daz

Hope to meet u there
mike
Mike,

Great to see you are setting up a trading room, the only problem with a trading room that I have seen in the past is that the thread on Forex Factory will slowly die out as people usually stop posting on the thread and we don’t see any new people come forward, perhaps you should make it clear to everyone joining the trading room that they must post at least once per day on Forex Factory about their Daz trades to keep the thread alive.
Just my thoughts.

Looking forward to the trading room.


Noel.


  • #908
  • Aug 14, 2008 10:05am Aug 14, 2008 10:05am
Quoting Naijafx
we have our trading room setup at
tradingrooms.com

name
Powerful Fib based system by daz

Hope to meet u there
mike
Hello Mike, Good to have the trading room back but i will be against it if we all fail to keep the thread alive here on FF. So the rule in my own opinion should be that any trade taken should be posted on the thread just the way Mike, DT and the rest guys have been doing recently. That will help in our own little way to those yet to discover this powerful system something to learn and to make money with. GOD BLESS DAZ. GOD BLESS US ALL. GOD BLESS POWERFUL FIB BASED SYSTEM. GOD BLESS FOREX FACTORY. Thanks. Nerry.
  • #909
  • Aug 14, 2008 10:16am Aug 14, 2008 10:16am
Quote
Mike,

Great to see you are setting up a trading room, the only problem with a trading room that I have seen in the past is that the thread on Forex Factory will slowly die out as people usually stop posting on the thread and we don’t see any new people come forward, perhaps you should make it clear to everyone joining the trading room that they must post at least once per day on Forex Factory about their Daz trades to keep the thread alive.
Just my thoughts.

Looking forward to the trading room.


Noel.

That's a good point. we will ensure that analysis and screen shots are posted here daily.

  • #910
  • Aug 14, 2008 11:49am Aug 14, 2008 11:49am
Hi all,

Decided to hold onto my earlier eur_jpy trade.

See chart,

Cheers DT.
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  • #911
  • Edited 12:22pm Aug 14, 2008 12:04pm | Edited 12:22pm
Quoting doubletop
Hi all,

Decided to hold onto my earlier eur_jpy trade.

See chart,

Cheers DT.

Well done Doubletop, I got out earlier at T2, now wish I held on!



Noel.
  • #912
  • Aug 14, 2008 2:27pm Aug 14, 2008 2:27pm
Cheers Noel, much apppreciated!

Just thought I would try an overnight position.

Lets see how it goes.


Cheers DT


*** ERROR WITH STOP LOSS, SHOULD BE SET @ 109.99!
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  • #913
  • Aug 14, 2008 6:14pm Aug 14, 2008 6:14pm
Quoting doubletop
Cheers Noel, much apppreciated!

Just thought I would try an overnight position.

Lets see how it goes.


Cheers DT


*** ERROR WITH STOP LOSS, SHOULD BE SET @ 109.99!
Hi DT, i was looking at the jpy trying to see why you might think a short was a good idea, but i just cant see it, it is just looking up to me????
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  • #914
  • Aug 14, 2008 10:35pm Aug 14, 2008 10:35pm
Any one jump on this daily set up.
To me this is text book set up, comments good and bad appreciated. The stoch. is turning up but has not showed on my chart. (something wrong with my sizing I think)

Good to see the trading room is being set up. I have found in other trading rooms that having a microphone and headset works well. Hope to see you all there in the future.

Regards,

Tony
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  • #915
  • Aug 14, 2008 10:52pm Aug 14, 2008 10:52pm
Hey tony,
good spotting mate,

daily uses big stops for me, but looks like a good setup all but the stoc cross, it is only just happening on my chart to.
as far as targets, the guys around here would be T1=109.92, T2=110.29, T3=110.74, T4=111.48

as i posted before i was looking at this earlier as a long trend, and yesterday found a long trade (which i didn't take) that worked out well.

cheers
geoff

ps see you in the room in a couple of hours, my room name is ozdog
  • #916
  • Aug 15, 2008 1:26am Aug 15, 2008 1:26am
You are right Geoff, the stoch is just turning up but for me the weight of evidence that turns it into a buy is that the 5sma is close to the close and it has bounced off the 25ema. Also, when I was originally taught this method we didn't use the 5sma, we simply bought after the reversal candle which is the hammer. Essentially, we develop little changes that suit our style of trading but the basis of the method stays the same. The stops are also part of that process and s/r lines have a bearing on those as well.
As long as the building blocks of the system remain then the little changes we make as individuals are like applying different paint to the walls.
I hope we can just feed off each other, as the guys before us obviously have. They have done a great job.

Tony
  • #917
  • Aug 15, 2008 2:02am Aug 15, 2008 2:02am
Quote
You are right Geoff, the stoch is just turning up but for me the weight of evidence that turns it into a buy is that the 5sma is close to the close and it has bounced off the 25ema. Also, when I was originally taught this method we didn't use the 5sma, we simply bought after the reversal candle which is the hammer. Essentially, we develop little changes that suit our style of trading but the basis of the method stays the same. The stops are also part of that process and s/r lines have a bearing on those as well.
As long as the building blocks of the system remain then the little changes we make as individuals are like applying different paint to the walls.
I hope we can just feed off each other, as the guys before us obviously have. They have done a great job.

Tony

http://www.forexfactory.com/images/buttons/quote.gif


Good work bro!
  • #918
  • Aug 15, 2008 2:29am Aug 15, 2008 2:29am
PT1 hit on the daily uj trade, sl to break even lets see where the rest goes.

Tony
  • #919
  • Aug 15, 2008 4:06am Aug 15, 2008 4:06am
Quoting geoffrod
Hi DT, i was looking at the jpy trying to see why you might think a short was a good idea, but i just cant see it, it is just looking up to me????
Hi Geoffrod,

Sorry for the late reply, just logged in this morning.

No your quite correct, I wasnt thinking right on this set up and I just got it wrong so please ignore.

Take care,

DT
  • #920
  • Aug 15, 2008 7:11am Aug 15, 2008 7:11am
no trading atmosphere except UJ on daily still in play.
thanks all
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