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Powerful Fib Based System - by DAZfx

  • #1,201
  • Oct 8, 2008 9:28pm Oct 8, 2008 9:28pm
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?
Very nice trades! Informative too, will study them in greater detail. Thanks again Mike.
  • #1,202
  • Edited 9:58pm Oct 8, 2008 9:56pm | Edited 9:58pm
It will be too early to say that the trend is reversing, if u look at the following charts, u will quite agree that we are in sell zone on daily and weekly, buy zone on 4hr but mkt needs to break the TL resistance in magneta and yellow color to be comfortably on buy zone, obviously on comfortable buy zone on 1hr.

Mkt looks to head for correction up to 1.4427 and 1.4743 atm but we must watch how price behaves at 4hr TLs to give final verdict but for now scalping at 1hr for 1:1 when signal comes along the buy zone will produce good result.

No matter wot, we will alwayz get good trades at different zones

Just my 100 Naira contribution
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur-weekly.gif Size: 16 KB
Click to Enlarge Name: eur-daily.gif Size: 18 KB
Click to Enlarge Name: eur-4hr.gif Size: 15 KB
Click to Enlarge Name: eurusd1h.gif Size: 18 KB
  • #1,203
  • Oct 8, 2008 9:59pm Oct 8, 2008 9:59pm
Quoting soyabean
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.
Closed 1 lot at 1:1.5 for 20 pips and moved sl to b/e. Price seems to be reversing on the 30 mins chart. Looks like this trade might ot work out =(.
  • #1,204
  • Oct 8, 2008 10:03pm Oct 8, 2008 10:03pm
The more the bounce on TL the stronger the TL becomes, here was the first Long signal on that TL after connecting A to C.

Like i said earlier, 1:1 trade is very reliable at this level and if entry was made at sma5, that feat would have been achieved.

let see how price behaves at different levels
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1h.gif Size: 21 KB
  • #1,205
  • Oct 8, 2008 10:17pm Oct 8, 2008 10:17pm
Possible setup forming in the following pairs

NZDUSD
EURAUD
NZDJPY
  • #1,206
  • Oct 8, 2008 10:23pm Oct 8, 2008 10:23pm
Quoting Naijafx
Possible setup forming in the following pairs

NZDUSD
EURAUD
NZDJPY

I dont like any of those trades my friend....most of the trendline you are looking at are to vertical...also price stop breaking lows in daily chart coming to a pause to the movements....
  • #1,207
  • Oct 8, 2008 10:30pm Oct 8, 2008 10:30pm
Possible setup forming in the following pairs on 1hr

NZDUSD
EURAUD
NZDJPY


I will definitely take NZDUSD when if it forms but the signal bar for the other pairs might be news bar so will not take that base on our rules.

every other thing looks good for trading in the zone on 1hr
  • #1,208
  • Oct 8, 2008 10:32pm Oct 8, 2008 10:32pm
Quoting Naijafx
Possible setup forming in the following pairs on 1hr

NZDUSD
EURAUD
NZDJPY


I will definitely take NZDUSD when if it forms but the signal bar for the other pairs might be news bar so will not take that base on our rules.

every other thing looks good for trading in the zone on 1hr
Goodluck with it bud...I dont like them for several reasons
  • #1,209
  • Oct 8, 2008 10:35pm Oct 8, 2008 10:35pm
Quote
I dont like any of those trades my friend....most of the trendline you are looking at are to vertical...also price stop breaking lows in daily chart coming to a pause to the movements....

These are possible formation taking shape, they might and they might not give signals but as for you reason, may sound nice but stoch and price action will keep us out of bad trades.

Trust me!
  • #1,210
  • Oct 8, 2008 10:39pm Oct 8, 2008 10:39pm
Quoting Naijafx
These are possible formation taking shape, they might and they might not give signals but as for you reason, may sound nice but stoch and price action will keep us out of bad trades.

Trust me!

Like I said my friend good luck with the trades lol...you know me and you know I dont like indicators since they lag to what price tells me and in forex you whant to be ahead of things or at least keep up with the speed of forex...
  • #1,211
  • Oct 8, 2008 11:11pm Oct 8, 2008 11:11pm
This is one of my current trades...lets see how it plays out


Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 20 KB
  • #1,212
  • Oct 9, 2008 3:02am Oct 9, 2008 3:02am
Hi All,

I took a trade according to DAZ setup yesterday and it was a loser. Although I was already in profit about 150 pips I was asleep at that time and coudn't close it.

My entry was where the arrow shows down on the 5SMA. The stoploss is where the dotted line is.

I would be grateful for any comments from the experienced followers of that system what went wrong in that particular trade.

Thank you all.

Coobin
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd_daz_8_10.gif Size: 26 KB
  • #1,213
  • Oct 9, 2008 3:37am Oct 9, 2008 3:37am
Quote
Hi All,

I took a trade according to DAZ setup yesterday and it was a loser. Although I was already in profit about 150 pips I was asleep at that time and coudn't close it.

My entry was where the arrow shows down on the 5SMA. The stoploss is where the dotted line is.

I would be grateful for any comments from the experienced followers of that system what went wrong in that particular trade.

Thank you all.

Coobin

how would u have allowed 150pips to be a loser! if u have followed daz's rule for exit, u would have gotten to target 1.

the mkt is misbehaving these days so exit has been strictly to 1:1 or 1:1.5 personally to avoid giving back to the mkt.

and i posted on this about the time u took this trade, maybe u didn't see it or u ignore the advice but i think now that u have learnt and it will not happen to you again.

keep it up!
u did well to have spot good trade
  • #1,214
  • Oct 9, 2008 4:24am Oct 9, 2008 4:24am
Quoting coobin
Hi All,

I took a trade according to DAZ setup yesterday and it was a loser. Although I was already in profit about 150 pips I was asleep at that time and coudn't close it.

My entry was where the arrow shows down on the 5SMA. The stoploss is where the dotted line is.

I would be grateful for any comments from the experienced followers of that system what went wrong in that particular trade.

Thank you all.

Coobin

It was nice setup you took my friend...your only flaw is the way you are grabbing your fibb tool...grab entire movements since you are grabbing the move in the midle....the best places of starting a fibb should always be a clear cosolidation meaning a clear high. Also when in doubt of fibb placement whle you learn jump to the 4 hour chart to see the swing better and place the fibb correctly and then drop to the 1 hour chart and start trading from it.
Good luck
  • #1,215
  • Oct 9, 2008 5:09am Oct 9, 2008 5:09am
Hi Again,

Thanks Shermenator and Naijafx for your help.

I am still learning and I need your help.

Shermenator, As far as my usage of fibbs is concerned. yes I do understand you, but I placed the fibbs from the 1hour chart point of view, so to speak. That way it was not in a middle of the move. If I had grabbed all the move from the 4H chart then there would have not been a trade as it never retraced to 61.8 fib on the 4 hour chart.

Actually it is now happeing on the 4H chart, please see if the fibbs are correctly drawn now.

I think this is gonna be a nice setup.


Thanks .

Coobin.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd_daz_9_10.gif Size: 26 KB
  • #1,216
  • Oct 9, 2008 5:15am Oct 9, 2008 5:15am
Quoting soyabean
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.

Hi Soyabean:

Thanks for your nice charts and explanations for each trade.

I took that same trade on USD/CHF and instead used the 1:1 ratio on the 1 hour chart which I rarely trade, and it worked out just fine.

My stop loss was about 34 pips and my TP was 40 pips was hit before a reversal in price took place.

I did not take the EUR/USD because based on my R:R of the 1:1 ratio, my SL would have been over 100 pips while my TP would have been about 87 pips. The TP was hit before retracement took place.

Thanks Mike for the reminder about trading in the zone. I prefer to trade 4hrs and higher, but this zone trading with the Daz system is quite simple.

Thanks Shermenator for your continued insight.
  • #1,217
  • Oct 9, 2008 5:17am Oct 9, 2008 5:17am
Quoting Naijafx
It will be too early to say that the trend is reversing, if u look at the following charts, u will quite agree that we are in sell zone on daily and weekly, buy zone on 4hr but mkt needs to break the TL resistance in magneta and yellow color to be comfortably on buy zone, obviously on comfortable buy zone on 1hr.

Mkt looks to head for correction up to 1.4427 and 1.4743 atm but we must watch how price behaves at 4hr TLs to give final verdict but for now scalping at 1hr for 1:1 when signal comes along the buy zone will produce good result.

No matter wot, we will alwayz get good trades at different zones

Just my 100 Naira contribution
Hi Mike:

thanks for the explanation of market reversal.

I will study your comments in-depth to get a better understanding as to when the market is reversing trend.
  • #1,218
  • Oct 9, 2008 5:19am Oct 9, 2008 5:19am
Quoting coobin
Hi Again,

Thanks Shermenator and Naijafx for your help.

I am still learning and I need your help.

Shermenator, As far as my usage of fibbs is concerned. yes I do understand you, but I placed the fibbs from the 1hour chart point of view, so to speak. That way it was not in a middle of the move. If I had grabbed all the move from the 4H chart then there would have not been a trade as it never retraced to 61.8 fib on the 4 hour chart.

Actually it is now happeing on the 4H chart, please see if the fibbs are correctly drawn now.

I think this is gonna be a nice setup.


Thanks .

Coobin.
When you grabb the swing from the 4 hour chart what you are doing is ignoring the noise...I traded intraday for a while and would still grabb the swing that I told you from the 1 hour chart ...I trade different then you guys as well...I dont mind what fibb number hits..
  • #1,219
  • Oct 9, 2008 5:22am Oct 9, 2008 5:22am
This is a current short I just took on the the eurgbp...

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 24 KB
  • #1,220
  • Oct 9, 2008 7:22am Oct 9, 2008 7:22am
Mike:

Firstly, are these trend lines drawn correctly on the 1 hr chart.

What happens when the short trend line is broken as in the picture?
Pink = Short
Green = Long

Please remind me what we do once the line is broken.

Thanks for your help.
Attached Image (click to enlarge)
Click to Enlarge Name: brokentrend.gif Size: 16 KB
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