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Powerful Fib Based System - by DAZfx

  • #1,121
  • Sep 30, 2008 4:18pm Sep 30, 2008 4:18pm
DazFx is a trend trading system.it thrives well in a trendy period and it keeps u out of ranging period most times. We trade along the daily trend from either 1hr or 4hr. Defining the daily trend have been an issue but i keep it simple. I use TL as my daily trend direction. USDJPY, the trend is down but it will be difficult getting good entry in 1hr bcoz price has been sandwitched in between two TL making it to consolidate in the two TL But more experienced traders will find entry in 4hr short using the TL bounce on daily as possible profit exit. Attached are charts on UJ daily and 4h Hope this is clear?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj-4h.gif Size: 24 KB
Click to Enlarge Name: uj.gif Size: 26 KB
  • #1,122
  • Oct 1, 2008 11:00pm Oct 1, 2008 11:00pm
Heres a short I am currently in....

I am in the nzdjpy short since the market is short and we had a retracement to the 61.8 of a large wave ...
Pluss nice head and shoulders forming..

Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy.gif Size: 21 KB
  • #1,123
  • Oct 2, 2008 6:45am Oct 2, 2008 6:45am
Quoting Shermenator
Heres a short I am currently in....

I am in the nzdjpy short since the market is short and we had a retracement to the 61.8 of a large wave ...
Pluss nice head and shoulders forming..

Attachment
Hello Shermenator:

Thanks for the latest post for the NZD/JPY. I saw it 7 hours too late.

My last trade was one that I placed last week Wednesday. I was waiting for this bailout plan to get out of the way. It is tough sitting on the sideline, but I have managed to last this long.

Instead I have been reviewing the thread again to pick up anything that I may have missed in the past. I have also been reading up on anything that I can find regarding the Fibonnacci method so that I can better understand the Daz system.

The question that I have for you and any of the senior members is, do you have any explanation as to why the USD is showing so much strength against other currencies when the US has announced that it needs a bailout plan? I really expected the USD to be weaker at this time.

I guess that this is more for Mike, where do we meet to discuss trades? I finally figured out how to access skype but it is mostly empty and FF trading room is still giving me trouble to get in.

Thanks for your help.
  • #1,124
  • Oct 2, 2008 6:57am Oct 2, 2008 6:57am
Quoting forexgenius
Hello Shermenator:

Thanks for the latest post for the NZD/JPY. I saw it 7 hours too late.

My last trade was one that I placed last week Wednesday. I was waiting for this bailout plan to get out of the way. It is tough sitting on the sideline, but I have managed to last this long.

Instead I have been reviewing the thread again to pick up anything that I may have missed in the past. I have also been reading up on anything that I can find regarding the Fibonnacci method so that I can better understand the Daz system.

The question that I have for you and any of the senior members is, do you have any explanation as to why the USD is showing so much strength against other currencies when the US has announced that it needs a bailout plan? I really expected the USD to be weaker at this time.

I guess that this is more for Mike, where do we meet to discuss trades? I finally figured out how to access skype but it is mostly empty and FF trading room is still giving me trouble to get in.

Thanks for your help.
Simply because the news was not strong enough to change the sentiment in the market...meaning that the news simply was not strong to change the direction....most of the times news is simply a spike and then returns to its original direction..

I dont care about news when I trade ...only nonfarm lol
  • #1,125
  • Oct 2, 2008 10:04am Oct 2, 2008 10:04am
Quoting Shermenator
Simply because the news was not strong enough to change the sentiment in the market...meaning that the news simply was not strong to change the direction....most of the times news is simply a spike and then returns to its original direction..

I dont care about news when I trade ...only nonfarm lol

Hi Shermenator:

Thanks for your great insight.

I have seen setups that I could have traded but chose to sit on the sideline because I was very concerned about the effects of this bailout announcement.

I saw a few of the trades that I would have placed do well and I started to wonder when one should enter a trade.

Your response has definitely helped me get my head back on straight.

Thanks again.
  • #1,126
  • Oct 2, 2008 11:01am Oct 2, 2008 11:01am
there have been so many daz trades most especially on 4hr.

these includes

NZDJPY
AUDCHF

on 4hr

there have been so many but just to point at these two
  • #1,127
  • Oct 2, 2008 11:34am Oct 2, 2008 11:34am
Quoting forexgenius
Hi Shermenator:

Thanks for your great insight.

I have seen setups that I could have traded but chose to sit on the sideline because I was very concerned about the effects of this bailout announcement.

I saw a few of the trades that I would have placed do well and I started to wonder when one should enter a trade.

Your response has definitely helped me get my head back on straight.

Thanks again.

Yep...think about this...when you visually analyse over the past setups that worked out in your charts ...do you ever think about the news events that took place? this is also the same thing with Vhands the simulator....when you are using it you dont know what news is coming out. Forex is simply a constant battel between support and resistance ...so simply trade what you see
  • #1,128
  • Oct 2, 2008 11:37am Oct 2, 2008 11:37am
Quoting Naijafx
there have been so many daz trades most especially on 4hr.

these includes

NZDJPY
AUDCHF

on 4hr

there have been so many but just to point at these two

Hi Mike:

Thanks for pointing out the trades based on the Daz system. These are some of the trades that I am referring to about not taking them.

I really thought that I had to wait for this bailout mess to be taken care of before trading again; so I just stopped trading as of last week Wednesday even though I saw setups that seemed really good.

I could not get into the trading room to brainstorm with you guys to find out if sitting out was the best thing to do. Well, atleast I did not lose any money.
Whenever I logged into skype there was no-one there.

What am I missing about communicating with the Daz group?

Thanks for the feedback Mike.

I will get back to my trading ways. I was beginning to get a little confused about what I should be doing.

Looking back, my confidence was shaken a bit when I did not know what to do.

I just learned today that all I had to do was post my question or concern and I would have been back on track a long time ago.

Thanks to you and Shermenator, I am back on track.

I pray that I will give back to others the way you guys keep helping me out.
  • #1,129
  • Oct 3, 2008 6:53am Oct 3, 2008 6:53am
Quoting Naijafx
DazFx is a trend trading system.it thrives well in a trendy period and it keeps u out of ranging period most times. We trade along the daily trend from either 1hr or 4hr. Defining the daily trend have been an issue but i keep it simple. I use TL as my daily trend direction. USDJPY, the trend is down but it will be difficult getting good entry in 1hr bcoz price has been sandwitched in between two TL making it to consolidate in the two TL But more experienced traders will find entry in 4hr short using the TL bounce on daily as possible profit exit. Attached are charts on UJ daily and 4h Hope this is clear?
Very clear sir, thank you.
  • #1,130
  • Oct 4, 2008 12:57am Oct 4, 2008 12:57am
Quoting forexgenius
Hello Shermenator:

Thanks for the latest post for the NZD/JPY. I saw it 7 hours too late.

My last trade was one that I placed last week Wednesday. I was waiting for this bailout plan to get out of the way. It is tough sitting on the sideline, but I have managed to last this long.

Instead I have been reviewing the thread again to pick up anything that I may have missed in the past. I have also been reading up on anything that I can find regarding the Fibonnacci method so that I can better understand the Daz system.

The question that I have for you and any of the senior members is, do you have any explanation as to why the USD is showing so much strength against other currencies when the US has announced that it needs a bailout plan? I really expected the USD to be weaker at this time.

I guess that this is more for Mike, where do we meet to discuss trades? I finally figured out how to access skype but it is mostly empty and FF trading room is still giving me trouble to get in.

Thanks for your help.
Go to the link below, it may give you an interesting understanding as to why the USD is getting stronger...

http://www.forexfactory.com/news.php?do=news&id=111160
  • #1,131
  • Oct 4, 2008 7:25am Oct 4, 2008 7:25am
Nice 4 hour selling apportunity might take place in the Eur cad...
we have a nice downtrendline getting impacted as well as a nice fibb number getting hit....JUST BE VERY PICKY ABOUT THE CANDLE FORMATION...THATS THE DIFFERENCE BETWEEN A WINNER AND LOSER....

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.gif Size: 20 KB
  • #1,132
  • Oct 4, 2008 9:07am Oct 4, 2008 9:07am
Quoting Shermenator
Nice 4 hour selling apportunity might take place in the Eur cad...
we have a nice downtrendline getting impacted as well as a nice fibb number getting hit....JUST BE VERY PICKY ABOUT THE CANDLE FORMATION...THATS THE DIFFERENCE BETWEEN A WINNER AND LOSER....

Attachment
Hi Sherm, I suppose the candle formations we are looking for are the tweezertops, eBr and evening star which Dra advocates right?
  • #1,133
  • Oct 4, 2008 9:31am Oct 4, 2008 9:31am
Quoting Aad
Go to the link below, it may give you an interesting understanding as to why the USD is getting stronger...

http://www.forexfactory.com/news.php?do=news&id=111160
Hello Aad:

The information definitely helped me get a better understanding of the financial world.

This world of Forex is amazing.

Thanks for the link.
  • #1,134
  • Oct 4, 2008 9:42am Oct 4, 2008 9:42am
Hello Everyone:

Sorry to write that last week, I made no trades and so had no results.

Due to lack of experience in the Forex world, I thought that I had to wait for the bailout plan to be signed before trading again.

Now, do not ask where I got that from, this was all in my head. I came up with this ingenious thought all on my own and I was briefly proud of myself.

The lesson learned hear is that the Daz system is a technical system, it does not care about fundamentals. I now understand what these terms really mean. As Shermenator wrote "Just trade what you see"; I will start following these wise words.

Just for the record, there were many Daz trade setups last week, I just chose not to trade them because of my great idea of not trading. Mike pointed some of them out in the thread.

Well, we learn as we go right? When in doubt, post it on the thread. Somebody will provide a sense of direction.

Thanks for all of the great support from everyone in the thread and the trading room.
  • #1,135
  • Oct 4, 2008 9:43am Oct 4, 2008 9:43am
Quoting soyabean
Hi Sherm, I suppose the candle formations we are looking for are the tweezertops, eBr and evening star which Dra advocates right?
SoyaBean:

Will you please tell me what eBr stands for?

Thanks
  • #1,136
  • Oct 4, 2008 10:03am Oct 4, 2008 10:03am
Quoting forexgenius
SoyaBean:

Will you please tell me what eBr stands for?

Thanks
Hi forexgenius, it refers to the bullish or bearish engulfing candles.

I would strongly recommend you to check out another great thread on this forum, by Dra, ABCD setups. It uses trendlines and fibs. Personally I feel that daz method and dra's are complimentary in nature and I am still learning to trade both methods well.

Dra advocates entry only on 3 candle formations, the tweezer tops, engulfing patterns and eveing/morning stars.
  • #1,137
  • Oct 4, 2008 10:29am Oct 4, 2008 10:29am
Here is another setup to look at for next week

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 20 KB


my bad if I post them in more then one post since I am currently going over all my charts
  • #1,138
  • Oct 4, 2008 10:38am Oct 4, 2008 10:38am
Here is another setup since the market is as well in the buy zone lets see how it plays out...also we have finnaly manage to close above a weekly trendline...even though this trendline has been played around with for the 4 hour trades and smaller time frames ...for the longer term traders it is still valid support so we should find some nice buy limits in this are...the market is in the buy zone meaning that your impusilve waves are up...

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 21 KB
  • #1,139
  • Oct 4, 2008 11:13am Oct 4, 2008 11:13am
Good head up by sherm, they are nice setup but wait till the mkt opens to see if all our entry criterias are met.

Good head up
  • #1,140
  • Oct 4, 2008 12:49pm Oct 4, 2008 12:49pm
Hi Dazfx,

I am really impressed at the analysis you put up on the use of FIB and i quite agreed with most of your analysis, but I am particularly not very clear of the way you draw your FIB. so if you can throw more light on that.

Karobi
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