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Powerful Fib Based System - by DAZfx

  • #1,181
  • Oct 7, 2008 7:48pm Oct 7, 2008 7:48pm
Quoting forexgenius
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.
Thanks for that. It's now much clearer to me for the impulsive wave. I

Gonna reread the thread again.

Thanks again,

Robin
  • #1,182
  • Oct 7, 2008 9:04pm Oct 7, 2008 9:04pm
Quoting Shermenator
Its a currency worth the watching for short...


Attachment
Hi Shermenator:

Thanks for another great tip.

I did not trade this potential setup because I never got the proper setup.

Thanks again for all your help.

I will make sure to include barbeque sauce with that steak.
  • #1,183
  • Oct 8, 2008 3:21am Oct 8, 2008 3:21am
Hi People

This is a set-up I observed yestarday.

Comments will be apreciated.

regards,

Coobin
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  • #1,184
  • Oct 8, 2008 3:28am Oct 8, 2008 3:28am
Quoting coobin
Hi People

This is a set-up I observed yestarday.

Comments will be apreciated.

regards,

Coobin
Nice setp...I would of pulled my fibb high to the previous high due to the fact it really is all one move since you did not have enough consolidation at the spot you placed it ....or a true retracement..
  • #1,185
  • Oct 8, 2008 3:29am Oct 8, 2008 3:29am
Hello, I havent posted before but I'm watching this thread because I'm trading using fibs in a very similar way.

coobin, regarding the chart you posted, I think that yesterday was a good setup for a short. I would have used a Sell Stop Order arund 93 and the Stop Loss a little bit above the top in C.
  • #1,186
  • Edited 4:40am Oct 8, 2008 4:15am | Edited 4:40am
Quoting coobin
Hi People

This is a set-up I observed yestarday.

Comments will be apreciated.

regards,

Coobin
Yup, nice! I noticed an advance setup of the same move on the 4h chart too.

And on EJ...
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  • #1,187
  • Oct 8, 2008 4:22am Oct 8, 2008 4:22am
Another setup which I took.

But my stoploss was not tight, I should have entered at the 5 sma, I didnt manage to get in when it retraced to the sma, entered late with a very high stoploss. I am going for target 3 for a 1:1.

According to the system, if the confirmation candle is long, the first target should be at 61.8, but I used 50.0 because I was away for sch and wanted to secure profits early. Will be closing 2nd lot after posting and move sl to b/e.

Appreciate any comments.
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  • #1,188
  • Oct 8, 2008 5:29am Oct 8, 2008 5:29am
Hi Again,

Thanks guys for your comments.

I am quite new to this method but I must say it is a powerful one. You got only to have a patience and wait for the proper set-up.

Since I can't participate in a trading room, I would like to learn as much as I can from the thread. So please post your charts so we can learn togoether.

regards,

Andrzej
  • #1,189
  • Oct 8, 2008 9:40am Oct 8, 2008 9:40am
hello all, I have been off the mkt for two days due to failed connection. happy to see that so many trades were successful trading in the zone. Happy pipping
  • #1,190
  • Oct 8, 2008 10:12am Oct 8, 2008 10:12am
Quote
Another setup which I took.

But my stoploss was not tight, I should have entered at the 5 sma, I didnt manage to get in when it retraced to the sma, entered late with a very high stoploss. I am going for target 3 for a 1:1.

According to the system, if the confirmation candle is long, the first target should be at 61.8, but I used 50.0 because I was away for sch and wanted to secure profits early. Will be closing 2nd lot after posting and move sl to b/e.

Appreciate any comments.

Subsequently, u place PO around sma5 in anticipation that price will get there. Most times it does.
  • #1,191
  • Oct 8, 2008 10:24am Oct 8, 2008 10:24am
Quoting Naijafx
Subsequently, u place PO around sma5 in anticipation that price will get there. Most times it does.
I didnt thought of that, was too anxious on getting in, thanks for the advice! Could use a PO for future entries near or above sma.
  • #1,192
  • Oct 8, 2008 10:38am Oct 8, 2008 10:38am
Hello Everyone:

I have to keep reminding myself this week about what Mike said in the trading room once, "The market will help you make up for the trades that you miss".

It just so happens that this week I have been running around taking care of lots of very important family business and my timing for the trades has been really off.

By the time I get back to the house, I have missed the setups. This is what happened with the setup that Shermenator suggested yesterday.

I am learning a lot about how to manage my time better. I trade mainly off the 4 hours chart so I have to start planning my outings around these crucial times.

I have not placed a trade for the last two days because I just keep missing the timing on the setups.

Looking at all the setups that I have missed the last few days, I started to feel frustrated, but as I write this post, I have started calming down because I know that Mike is right.

Thanks for allowing me to vent my frustration.

Any ideas that will help me will be greatly appreciated.

By the way, does anyone know what is going on with the FF trading room or the site? Internet explorer gives me a message that it can't access the site. This has been going on for over a week for me.
  • #1,193
  • Oct 8, 2008 3:32pm Oct 8, 2008 3:32pm
Broke support at 0.6167 ,come back to retest the same area real close- Entered at 0.6067 stop at 0.6105.fib at 61.8 ,trendline connnecting on top. Currently up 54 pips.I will probably close soon early in day. We had a 5 candle down wave .I consider this a high probablity trade because it broke support and close to retest at the 61.8 fib- Have a good day.

Tex
  • #1,194
  • Oct 8, 2008 4:08pm Oct 8, 2008 4:08pm
Quote
Broke support at 0.6167 ,come back to retest the same area real close- Entered at 0.6067 stop at 0.6105.fib at 61.8 ,trendline connnecting on top. Currently up 54 pips.I will probably close soon early in day. We had a 5 candle down wave .I consider this a high probablity trade because it broke support and close to retest at the 61.8 fib- Have a good day.

Tex

the following gave signal same time too

I for one trade 4hr and find it more reliable so when i get 1hr signal, I go for 1:1 risk / reward ratio

who says trading in the zone is not profitable?
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  • #1,195
  • Oct 8, 2008 7:32pm Oct 8, 2008 7:32pm
Quoting Naijafx
the following gave signal same time too

I for one trade 4hr and find it more reliable so when i get 1hr signal, I go for 1:1 risk / reward ratio

who says trading in the zone is not profitable?

Hi Mike:

Nice to know that you are back.

Thanks for reminding us about trading in the zone(the very enhanced Daz System). This is the solution to my ranting.
  • #1,196
  • Oct 8, 2008 7:55pm Oct 8, 2008 7:55pm
This is a currency worth the look for a short ...

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  • #1,197
  • Oct 8, 2008 8:38pm Oct 8, 2008 8:38pm
This is also worth the look for long..

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  • #1,198
  • Oct 8, 2008 9:09pm Oct 8, 2008 9:09pm
Good job on the trades.
  • #1,199
  • Oct 8, 2008 11:12pm Oct 8, 2008 11:12pm
Quoting Shermenator
This is also worth the look for long..

Attachment
Hi Shermenator:

Thanks for confirming those two possible setups for me. I was actually looking at those two the EUR/USd and USD/CHF pair.

I have been watching both wondering if there was a trend reversal. From your post today, do you believe that the trend has reversed for both USD/CHF and EUR/USD?

The other pair that I noticed tonight is the AUD/CAD. I do not know if it is too early to say but I am thinking that the trend might have reversed for this pair as well.

Please let me know what you think.
  • #1,200
  • Oct 8, 2008 11:22pm Oct 8, 2008 11:22pm
Hi all, this is a setup I just took on USDCHF.

I have posted 3 charts, first showing a trendline break and a bounce off the 1H uptrendline, based on what I learnt from Dra's ABCD 1234 system

2nd showing my entry decisions based on the advanced entry of Daz system. Hidden divergence on the stoch.

Lastly the Daily Chart showing why I took the trade with reference to the Daily stoch and uptrend correction.

Hopefully all goes well with this trade. I might be closing 1 lot a 1:1.5 to secure profits early although Target 1 is further away.
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