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Powerful Fib Based System - by DAZfx

  • #1,141
  • Oct 4, 2008 1:45pm Oct 4, 2008 1:45pm
Quote
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

Plz shed more light to ur question, if u r quite impressed with our use of fib, u shdn't have problem understanding how we draw it.

maybe shedding more light to your question will enable us to give answer that will solve the puzzle u have in ur mind
  • #1,142
  • Oct 4, 2008 3:55pm Oct 4, 2008 3:55pm
Quoting soyabean
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.
Hi Soyabean:

Thanks for the tip about the complimentary system to Daz. I will take a look.
  • #1,143
  • Oct 4, 2008 4:51pm Oct 4, 2008 4:51pm
Quote
Originally Posted by soyabean http://www.forexfactory.com/images/buttons/viewpost.gif
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.
Hi Soyabean:

Thanks for the tip about the complimentary system to Daz. I will take a look.

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


I trade the two methods very well and dra has injected fresh ideals in trading daz with more success. if u can marry the two system well, am sure u will never do less than 20% monthly.

I assure u that!

something to ponder on!
  • #1,144
  • Oct 4, 2008 5:08pm Oct 4, 2008 5:08pm
If you guys trade the gbpusd the market might now change impulsive waves...meaning that the impulsive wave will become the bullish swings we might get support kicking in this fallowing days...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 18 KB
  • #1,145
  • Oct 4, 2008 5:20pm Oct 4, 2008 5:20pm
Quote
If you guys trade the gbpusd the market might now change impulsive waves...meaning that the impulsive wave will become the bullish swings we might get support kicking in this fallowing days...

That might be true but most times the stoch will keep us out of such bad and trickish situation.

4rh time frame is solid for this system as u are sure of getting better setup when they come and make sure u obey the daz rules.

This method looks simple but very delicate.

Bud, thanks for the head up once again


DAZ TRADERS, LET US MEET IN SKYPE ROOM FOR 1HR LECTURE ON TRADING THIS METHOD WITH OPTIMAL SUCCESS ON 4HR TIME FRAME.

ON MONDAY BY 10AM GMT
  • #1,146
  • Edited 5:35pm Oct 4, 2008 5:23pm | Edited 5:35pm
Quoting Naijafx
That might be true but most times the stoch will keep us out of such bad and trickish situation.

4rh time frame is solid for this system as u are sure of getting better setup when they come and make sure u obey the daz rules.

This method looks simple but very delicate.

Bud, thanks for the head up once again


DAZ TRADERS, LET US MEET IN SKYPE ROOM FOR 1HR LECTURE ON TRADING THIS METHOD WITH OPTIMAL SUCCESS ON 4HR TIME FRAME.

ON MONDAY BY 10AM GMT

Yep bud I whanted to make sure they understan the market was changing from sell zone to buy zone...since most people dont catch the change of direction untill they lost a couple of trades...and then once they do realize it then changes again...

as a currency trader you dont whant to be a laggin indicator...you always whant to be ahead of price or at least keep up with it...
  • #1,147
  • Oct 4, 2008 5:28pm Oct 4, 2008 5:28pm
Quote
Yep bud I whanted to make sure they understan the market was changing from sell zone to buy zone...since most people dont catch the change of direction untill they lost a couple of trades...and then once they do realize it then it changes again

Once again thanks for the insight, i think this is part of the issue that will be resolved in the room when we meet on monday.

Thanks
  • #1,148
  • Oct 4, 2008 5:55pm Oct 4, 2008 5:55pm
Quoting Shermenator
If you guys trade the gbpusd the market might now change impulsive waves...meaning that the impulsive wave will become the bullish swings we might get support kicking in this fallowing days...

Attachment
Hi Shermenator

I am new to the thread, how do you get the price levels on your fibs as shown in your post.
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #1,149
  • Oct 4, 2008 6:27pm Oct 4, 2008 6:27pm
Quoting okehiedon
Hi Shermenator

I am new to the thread, how do you get the price levels on your fibs as shown in your post.
Since Sherm is currently not around please refer to the link below...

http://www.forexfactory.com/showthre...46#post2151246
  • #1,150
  • Oct 4, 2008 6:37pm Oct 4, 2008 6:37pm
Quoting Aad
Since Sherm is currently not around please refer to the link below...

http://www.forexfactory.com/showthre...46#post2151246
Yea you write the %$ and you get it...hows your trading going bud....?
  • #1,151
  • Oct 4, 2008 6:52pm Oct 4, 2008 6:52pm
Quoting Shermenator
Yea you write the %$ and you get it...hows your trading going bud....?
Hi Sherm,

I see you've been doing very well.

So far it's been an interesting ride for me with all the financial troubles this past few weeks. Some say Forex is currently trading at around 50% volume do to many firms going under, but thankfully the Intraday Fibs have kept me out of major trouble.

Patience and watching PA react to our Fibs is the key, predict nothing...
  • #1,152
  • Oct 4, 2008 7:05pm Oct 4, 2008 7:05pm
Quoting Aad
Hi Sherm,

I see you've been doing very well.

So far it's been an interesting ride for me with all the financial troubles this past few weeks. Some say Forex is currently trading at around 50% volume do to many firms going under, but thankfully the Intraday Fibs have kept me out of major trouble.

Patience and watching PA react to our Fibs is the key, predict nothing...
I completly agree....hit me up in skype bud...I ll show you some new stuff I am doing to trade it gives me a very high probabilty win ratio and its less stressful...
  • #1,153
  • Oct 4, 2008 7:21pm Oct 4, 2008 7:21pm
Quoting Shermenator
I completly agree....hit me up in skype bud...I ll show you some new stuff I am doing to trade it gives me a very high probabilty win ratio and its less stressful...
Sounds good Sherm, though I've never used Skype before...
  • #1,154
  • Oct 5, 2008 2:44pm Oct 5, 2008 2:44pm
Quoting Naijafx
That might be true but most times the stoch will keep us out of such bad and trickish situation.

4rh time frame is solid for this system as u are sure of getting better setup when they come and make sure u obey the daz rules.

This method looks simple but very delicate.

Bud, thanks for the head up once again


DAZ TRADERS, LET US MEET IN SKYPE ROOM FOR 1HR LECTURE ON TRADING THIS METHOD WITH OPTIMAL SUCCESS ON 4HR TIME FRAME.

ON MONDAY BY 10AM GMT
Hi Mike:

Please count me in for the meeting on Monday.

It is good to know that we are getting together.

Look forward to meeting everyone again.

By the way Mike, thanks for giving so freely of your time and knowledge.
  • #1,155
  • Oct 5, 2008 2:51pm Oct 5, 2008 2:51pm
Quoting Naijafx
I trade the two methods very well and dra has injected fresh ideals in trading daz with more success. if u can marry the two system well, am sure u will never do less than 20% monthly.

I assure u that!

something to ponder on!
Hi Mike and Soyabean:

Following the recommendations to review the ABCD method to better understand the Daz system, I did over this weekend and it sure cleared up a lot of things for me, especially about trend lines. I was having a big challenge understanding how to draw them.

These two systems combined will dramatically improve our trading indeed.

I look forward to learning from you guys about how this will be done.
  • #1,156
  • Oct 5, 2008 2:56pm Oct 5, 2008 2:56pm
Hello DAZfx

Can you provide custom indicators you use for example (Impulse Wave-Retracement), please?

mima
The Market pays you to be disciplined
  • #1,157
  • Oct 5, 2008 4:55pm Oct 5, 2008 4:55pm
Quoting Dazfx
Hi,

INVALID SETUPS

 2) If the confirmation candle moves so much that the stop loss is widened to a point where the Risk/Reward ratio is no longer 1:1.5.
How is the risk/reward calculated since we trade with 3 lots ? Could someone help me with this ?
  • #1,158
  • Oct 5, 2008 5:05pm Oct 5, 2008 5:05pm
EXIT STRATEGY

Carrying on from the previous example, I would exit my first lot at Target 1. If price does reach Target 2, I will take out the second lot, and move my stop loss to Break Even (Entry point). I will then take out my last lot when Target 3 is reached.

If you look at the charts provided, you can see that the targets can be calculated using the Fibonacci Expansion tool.

-When the confirmation candle is a Harami (Inside bar), use FE 50.0 as Target 1, FE 61.8 as Target 2 and FE 78.6 as Target 3.

-When the 'AB' wave consists of more than 10 candles, use FE 50.0 as Target 1, FE 61.8 as Target 2 and FE 78.6 as Target 3.

-When the confirmation candle is quite large, use FE 61.8 as Target 1, FE 78.6 as Target 2 and FE 100.0 as Target 3.
  • #1,159
  • Oct 5, 2008 6:42pm Oct 5, 2008 6:42pm
Hey Naijafx,

I got the exit strategy well, what I meant is with wich of the three targets you have to calculate that 1:1.5 ratio. The first one or the third one ?
Let's say my stop loss is at 100 pips, my first target at 50 pips and my third target at 150 pips. If I take the first target the ratio is 100:50 = 1:0.5 but if I take the third target now the ratio is 100:150 = 1:1.5 and the setup becomes valid. So that makes a big difference...
  • #1,160
  • Oct 5, 2008 7:24pm Oct 5, 2008 7:24pm
Quite a few "interesting" post here. Good to see you guys doing well.
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