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Powerful Fib Based System - by DAZfx

  • #1,161
  • Oct 6, 2008 4:55am Oct 6, 2008 4:55am
Hi guys. I have been following this thread for sometime now and I am really interested in learning this strategy by DAZfx. Could anyone direct me on how to get to the skype trading room that will be starting in a few minutes time? Thanks in advance.
  • #1,162
  • Oct 6, 2008 5:02am Oct 6, 2008 5:02am
Quoting Wahnone
Hi guys. I have been following this thread for sometime now and I am really interested in learning this strategy by DAZfx. Could anyone direct me on how to get to the skype trading room that will be starting in a few minutes time? Thanks in advance.

Hi Wahnone:

Please go to page 73, post #1095 for instructions on how to access Daz system discussion via skype.

looking forward to you joining us soon.
  • #1,163
  • Oct 6, 2008 5:30am Oct 6, 2008 5:30am
Hello Everyone:

I have been in the skype room for about 30 minutes now and there is nobody else there; did I miss something?

Did I get my timeframes confused.

I am in CST zone and figured that we were starting abround 5:00 A.M. my time. Please let me know if I missed something.
  • #1,164
  • Oct 6, 2008 5:32am Oct 6, 2008 5:32am
So far I have no trades this week....this seems to be something forming if it retraces a bitt deeper...

Attached Image (click to enlarge)
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  • #1,165
  • Edited 7:28am Oct 6, 2008 5:48am | Edited 7:28am
Please guys, is the teaching on the trading room currently going on? I couldn't access it on Skype. Any help pls...

Edit: Access gained to the trading room.
  • #1,166
  • Oct 6, 2008 6:51am Oct 6, 2008 6:51am
Quoting Wahnone
Please guys, is the teaching on the trading room currently going on? I couldn't access it on Skype. Any help pls...

I cant join either. tried many many times in the past,

but Naija has showed his kindness and patience in the trading room for my first appearance. Learnt a lot.

Thx Naija
  • #1,167
  • Oct 6, 2008 12:49pm Oct 6, 2008 12:49pm
Hello all, I believe this is a possible setup on EURGBP on the 4H chart:

1) Price has retraced to 61.8 fib
2) Confirmation candle not higher than the candle before
3) Reversal finds resistance off the 4H downtrend line.

Waiting for stoch to start crossing down.

May I clarify again, when does the stoch has to turn down? At the candle after confirmation candle? If the stoch only turns down at the 2nd candle after the confirmation candle, would it still be a valid daz setup?

Also, I noticed a bullish divergence on the stoch and a tweezer bottom, how does that affect the setup? Too many doubts = not a good setup?

Thanks for the advice!
Attached Image (click to enlarge)
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  • #1,168
  • Oct 6, 2008 2:10pm Oct 6, 2008 2:10pm
For those of you who would like to know more about drawing trendlines and incoporating them in this system, then download this right away. The PDF file contains all that was discussed today in the skype trading room. Even if you are not a trader of this system, and just interested in learning how to draw trendlines, then grab this quick.
Attached File(s)
File Type: pdf Today's session..pdf   81 KB | 919 downloads
  • #1,169
  • Oct 6, 2008 2:26pm Oct 6, 2008 2:26pm
Quoting Shermenator
So far I have no trades this week....this seems to be something forming if it retraces a bitt deeper...

Attachment

Hi Shermenator:

I waited for the retrace to hit the 50% retracement level, waited for my confirmation candle and placed the trade short as you recommended.

I placed my TP at the first target and made 79 pips or USD $693.28.

You keep this up, I will have to mail you a steak dinner.

The whole transaction took no more than 2 hours.
  • #1,170
  • Oct 6, 2008 2:29pm Oct 6, 2008 2:29pm
Hello Mike:

Thanks for spending all that time with us this morning imparting your wisdom on us.

Like you said, you spent 7 hours with us and could not place a single trade. The blessings will be returned my friend.

Thanks again for all of your help.

P.S.

Thank you Wahnone for the PDF. That was done very quickly. I love the teamwork.
  • #1,171
  • Oct 6, 2008 4:34pm Oct 6, 2008 4:34pm
Quoting forexgenius
Hi Shermenator:

I waited for the retrace to hit the 50% retracement level, waited for my confirmation candle and placed the trade short as you recommended.

I placed my TP at the first target and made 79 pips or USD $693.28.

You keep this up, I will have to mail you a steak dinner.

The whole transaction took no more than 2 hours.

No problem bud...I ll keep on posting the setups I see..
Make sure you include barbeque sauce with it lol...
  • #1,172
  • Oct 7, 2008 1:33am Oct 7, 2008 1:33am
Its a currency worth the watching for short...


Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 17 KB
  • #1,173
  • Oct 7, 2008 4:49am Oct 7, 2008 4:49am
Quoting Shermenator
Its a currency worth the watching for short...


Attachment
May I ask a question here please.

I was watching this pair in 1hr tf.

G/J retrraced less than 61.8%, BUT pinbar formed and stoch turning down. so how do we pick up a trade if the retrace is less then 61.8% percent?

Thanks
  • #1,174
  • Oct 7, 2008 6:37am Oct 7, 2008 6:37am
Quoting robincys
May I ask a question here please.

I was watching this pair in 1hr tf.

G/J retrraced less than 61.8%, BUT pinbar formed and stoch turning down. so how do we pick up a trade if the retrace is less then 61.8% percent?

Thanks
Hi RobinC:

The answer to your question is answered by Mike in post #783.
  • #1,175
  • Oct 7, 2008 8:08am Oct 7, 2008 8:08am
Quoting forexgenius
Hi RobinC:

The answer to your question is answered by Mike in post #783.
Thank for that, I have attached the chart.

Hope the the setup on the chart is the right one on 1hr tf...

1. Fibo 50% retrace,
2. Bearish Hidden divergence.
3. Pinbar confirmation candle

Thanks, Again
Attached Image (click to enlarge)
Click to Enlarge Name: 1hr.gif Size: 21 KB
  • #1,176
  • Oct 7, 2008 10:29am Oct 7, 2008 10:29am
Quoting robincys
Thank for that, I have attached the chart.

Hope the the setup on the chart is the right one on 1hr tf...

1. Fibo 50% retrace,
2. Bearish Hidden divergence.
3. Pinbar confirmation candle

Thanks, Again

Hi Robincys:

Sorry for just getting back to you.

From the chart posted, your impulse wave has way too many candles for the short that you are thinking of. I assume that it is short because of the way you drew your Fibs.

It is recommended for the maximum number of candles to be 10 - 12 and no less than 4 for an effective trade. This is a slight modification to the original Daz system.

I am sure that you will receive feedback from the more experienced guys soon.

Great to see you implementing your knowledge.
  • #1,177
  • Oct 7, 2008 11:47am Oct 7, 2008 11:47am
hello, what do you think of this one, eurjpy h4, using the advanced rules :
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  • #1,178
  • Oct 7, 2008 12:07pm Oct 7, 2008 12:07pm
This looks good if the stochs cross below.
  • #1,179
  • Oct 7, 2008 2:08pm Oct 7, 2008 2:08pm
Quoting boomswitch
hello, what do you think of this one, eurjpy h4, using the advanced rules :
Hi Boomswitch:

After reviewing the potential EUR/JPY 4hrs chart trade, on my chart it seems as though your stop loss would be quite large, over 200 pips.

Personally, I do not mind large stop losses if the potential payout is a minimum 2X the SL.

I suggest that you pay close attention to your R:R before placing the trade.

Keep implementing.
  • #1,180
  • Oct 7, 2008 2:49pm Oct 7, 2008 2:49pm
Quoting boomswitch
hello, what do you think of this one, eurjpy h4, using the advanced rules :

Its nice a short I like it...

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 13 KB
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