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  • #7,581
  • Jan 13, 2009 3:58am Jan 13, 2009 3:58am
  •  Tap
  • | Joined Jan 2009 | Status: Risk=not knowing what your doing! | 15 Posts
I feel what your saying on the drawing issue.
I felt the same way for a long time when I traded equities.
However, after back testing, I noticed it is not as subjective as drawing high and low fib's and has more value then normal fib drawing IMO!

The reason being it is static and proves dynamic growth?

I risk 0.2% a trade, and usually place on avg. about 3-5 trades during a 5-8hour session.

If there is confluence I will trade up to 1% per trade on those 3-5 trades.
The confluence usually happens in a cycle.

The first day of the week.
The first day of the month.
odd? eh? back test you will see...

Sunday-Monday are my favorite days, if I only traded those day I would be 95% accurate. Fridays usually are shitty. 40-60% accurate. This is based on my sample size which is 80% of the 240 trading days * 3-5 trades a day * 7years of trading... still very small...

The market follows a calendar because traders are real people and have daily(0.2-3%),weekly(1-5%), and monthly(10-20%) goals...

I am referring to traders that are alive after 12months of trading, and trading at least 60% of the 240 trading day a year...IMO!


These are a few reasons I draw fib's based on the crowd psychology behavior. I found using time instead of subjective highs and lows. I feel to many traders will pick different highs and lows where bank traders follow large grids and cycles and do this using PRICE and TIME.

What do you think?
  • #7,582
  • Edited 7:02am Jan 13, 2009 4:02am | Edited 7:02am
Quoting Tap
I feel what your saying on the drawing issue.
I felt the same way for a long time when I traded equities.
However, after back testing, I noticed it is not as subjective as drawing high and low fib's and has more value then normal fib drawing IMO!

The reason being it is static and proves dynamic growth?

I risk 0.2% a trade, and usually place on avg. about 3-5 trades during a 5-8hour session.

If there is confluence I will trade up to 1% per trade on those 3-5 trades.
The confluence usually happens in a cycle.

The first day of the week.
The...

Well heres how I do it I place fibbs at main highs and lows and I never try and figure out the once in between because I only place the once that are obviouse to every trader....I risk 2.5 percent on scalping trades and 5 percent on holding trades....the percent is high but my hit rate is high so I am used to this percentage I risk ...I grow an account about 20 percent in a great week and with that I am happy...but hey if what your doing is working for you thats all that matters let the pips be with you...keep in mind the risk I take per trade
  • #7,583
  • Jan 13, 2009 4:18am Jan 13, 2009 4:18am
  •  Tap
  • | Joined Jan 2009 | Status: Risk=not knowing what your doing! | 15 Posts
This is a very aggressive approach.
I see you age in your portfolio so I would assume you are trading with
< $100,000 usd. I do not mean this as a negative statement.

A 10% deviation is much to high for me personally in a month period let alone one trading day. Let me explain why.
In a month of trading my portfolio does not deviate that much.

I am lucky enough to trade with a broker and bank, where my segregated account via my IB has lose parameters set. Which I can not change, only he can...

IF I loose > 5% in a 24 hour period, all positions are closed and I am locked out of my account for 24 hours.

The only way to remove this is to call my IB ( who I have known for years ) and explain why he should called the bank and up my parameters.

Anyway, I feel all traders should have this saftey net. IMO. It not only protects you mentally, however it is a good way to stay static and consistent. To be consistent you must be consistent.


Given your growth if that is consistent, even if you have a small mini account, like i have compounded for you in the attached image, you will be richer then me after two years!!

They do say the children are our future!
Attached Image (click to enlarge)
Click to Enlarge Name: compounding.GIF Size: 45 KB
  • #7,584
  • Jan 13, 2009 4:52am Jan 13, 2009 4:52am
Nice buying shot is in the making draw your plan and make the market do what you whant....if you use candles look for the price action around this area...

rember long are scalps shorts or holding postions....

Attached Image (click to enlarge)
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  • #7,585
  • Jan 13, 2009 5:01am Jan 13, 2009 5:01am
hello house, i am back to trading fully this week,finished my professional exams over the weekend, i hope you all have been making pips.

speedarad, i read all your posts and comments, please keep up the good work, you are awesome.i will also like so much to contribute to this thread a lot by putting up charts as well,but my system is a little bit slow of recent and just planning to get a new one but anyway, i will like to share the little i can as well. i wish you all happy pips making today

Buy when price is going up and Sell when price is going down...always do what price is doing.
  • #7,586
  • Jan 13, 2009 5:32am Jan 13, 2009 5:32am
Crap no long for me yet ...I will have to wait for it to drop another couple of pips
  • #7,587
  • Jan 13, 2009 7:59am Jan 13, 2009 7:59am
Quoting Tap
Does anyone trade currency futures instead of forex?

So buy long or short USD instead of EURUSD or GBPUSD. Basically playing individual currency instead of playing pairs?
I don't but I would like to have a chart with those .I think even if you don't trade them directly is good to have them along so you can figure the strenght of a specific currency.
Do you have a link with a broker or platform?
  • #7,588
  • Jan 13, 2009 8:48am Jan 13, 2009 8:48am
Quoting Tap
I feel what your saying on the drawing issue.
I felt the same way for a long time when I traded equities.
However, after back testing, I noticed it is not as subjective as drawing high and low fib's and has more value then normal fib drawing IMO!

The reason being it is static and proves dynamic growth?

I risk 0.2% a trade, and usually place on avg. about 3-5 trades during a 5-8hour session.

If there is confluence I will trade up to 1% per trade on those 3-5 trades.
The confluence usually happens in a cycle.

The first day of the week.
The...

I think you can look at the fibs in different ways.As long as what you do is growing you're account ,that's all the matters.I'm very happy with this strategy , because it works for me.Oddly enough I like the first days of the week too, I usually have the best trades at the beginning and Fridays prove to be crappy in a few occasions.I put it on high volatility,bars have long wigs and
you could have a larger draw downs that usually so you have to plan carefully you're trading size!
You're approach in drawing you're fibs is interesting( we use the high&low of the day too) but I believe fibs can be use on any type of swings either big or small.Price will react toward them ,and levels either will hold or not so I don't find that highs and lows are ,necessarily,subjective.
In the first pages of this thread ,somebody ( I think it was Thexder) has a PDF study in which he follow price movements with a single set of fib. on 1 hr.chart.He actually proved that even like that ,it was possible to trade profitably.(sort of scalping if you want).Very interesting material !
But having draw with the highs of the (month,week etc) it's a logical idea and I will take a look at that.
About crowd psychology I feel that the big guys have an interest in that,may be you have some exposure to that environment but I don't.My main focus is how the price reacts to the fib levels.I will be curios to see what kind of approach they have ,especially if it comes to fibos.From what I know they look more to the big picture and follow those long term moves , since they have larger accounts.
  • #7,589
  • Jan 13, 2009 8:58am Jan 13, 2009 8:58am
Quoting bjpumping
hello house, i am back to trading fully this week,finished my professional exams over the weekend, i hope you all have been making pips.

speedarad, i read all your posts and comments, please keep up the good work, you are awesome.i will also like so much to contribute to this thread a lot by putting up charts as well,but my system is a little bit slow of recent and just planning to get a new one but anyway, i will like to share the little i can as well. i wish you all happy pips making today

[i][b][size=3]Buy when price is going up and Sell...
Thanks BJ and good to have you back!
  • #7,590
  • Jan 13, 2009 10:26am Jan 13, 2009 10:26am
Someone just email me with this piece of news ,and somehow I find this hilarious!


It recently surfaced that the employees of Madoff Securities are still working in their offices.

The New York Post revealed that Bernard Madoff's employees report for work each day and...

Do nothing.

The computers were all seized by the FBI.

The records were all taken by other alphabet agencies.

The phones have been turned off and yet...

No one has told these employees they're jobs are gone and...

They still get paid each week.
  • #7,591
  • Jan 13, 2009 7:04pm Jan 13, 2009 7:04pm
This the set up for tomorrow.As you can see we still good to sell dips!Except for some scalps in case we get a double bottom I won't look for longs unless we see a close above Intraday Long.That goes for both pairs.Good luck to everyone who trades London.
Attached Image(s) (click to enlarge)
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  • #7,592
  • Jan 14, 2009 10:55am Jan 14, 2009 10:55am
hello house,its a little bit quiet in here today,i hope you guys have made some pips today??


i am posting this to say something about what a guy posted on this forum on page502 or s0 of this forum, his name is BOSOKO, i hope i am not deviating from the purpose of this forum...BO,do forgive me and the whole house...lol

anyway, bosoko said something about nigerian universities going on strike alone all round the world, now you can see for yourself that its not only in nigeria,IT IS EVERY WHERE even the developed world.as a matter of fact,i never expected you to be a critic of your country rather you should pose a good image of your country.i am a nigerian,living in nigeria and i am proud to be...and for all of you that ran away to some other countries to do whatever,you better come back and lets build this country together.

all the developed countries never got there in little or short time,it took them years and hardwork...dont forget USA got its independence some 200years back and nigeria is just 48 years old...so be a patriotic son of your country and stop spoiling the image of your country...BOSOKO
  • #7,593
  • Jan 14, 2009 11:07am Jan 14, 2009 11:07am
yesterday,i lost 16 pips earlier and made up later with 35 pips using the same lot so i closed yesterday eith +19pips and today...i made 98 pips in a short on eurusd, i should have made more than that but i trailed stop my trade and allowed the market to get me out.i have attached a post of the trade

i went short at 1.32174 and i got hit out by the market at 1.31356 at 88pips but i did a little scalping in between to make extra 10 pips using a bigger lot.good thing is its my live account and i am happy with it.still trading and hopeful to catch more moves.happy pipping to all



Buy when price is going up and Sell when price is going down...always do what price is doing.
Attached Image (click to enlarge)
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  • #7,594
  • Jan 14, 2009 11:11am Jan 14, 2009 11:11am
i forgot to say that the indicators on my chart...MACD AND RSI are just there,i dont use them to make trading decisions at all...i use MACD to check for divergence which is not reliable on 1hour time frames except on 4 hour and higher time frames.





Buy when price is going up and Sell when price is going down...always do what price is doing.
  • #7,595
  • Jan 14, 2009 10:16pm Jan 14, 2009 10:16pm
A little help here Speedarad,
I see the first attachment is your set up at GU from your last post. What if I put multiple fib on it (second attachment)? Is it valid resistance? From the set up, I get overlaping fibs level. And it make me confused.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: second.JPG Size: 84 KB
  • #7,596
  • Jan 14, 2009 11:27pm Jan 14, 2009 11:27pm
Quoting Mini J
A little help here Speedarad,
I see the first attachment is your set up at GU from your last post. What if I put multiple fib on it (second attachment)? Is it valid resistance? From the set up, I get overlaping fibs level. And it make me confused.
Your second fibb has more importance to the market if the market shifts from the fibb the would signal the rythem to you in that timeframe...as well as that is ovbious since it stands out and it has no question mark in your head when trying to draw them....make sure you know what fibb you are standing in the daily when trading the smaller timeframes since you dont whant to run blindly into it....
  • #7,597
  • Jan 15, 2009 12:43am Jan 15, 2009 12:43am
Quoting Shermenator
Your second fibb has more importance to the market if the market shifts from the fibb the would signal the rythem to you in that timeframe...as well as that is ovbious since it stands out and it has no question mark in your head when trying to draw them....make sure you know what fibb you are standing in the daily when trading the smaller timeframes since you dont whant to run blindly into it....
If I want to trade Intraday, which Fib will be used?
When the price break from Resistance Failure of the First Fib, It will meet the second one. Can I enter position there?
  • #7,598
  • Edited 1:17pm Jan 15, 2009 12:49am | Edited 1:17pm
Quoting Mini J
If I want to trade Intraday, which Fib will be used?
When the price break from Resistance Failure of the First Fib, It will meet the second one. Can I enter position there?
Theirs different agendas taking place for the big boys...when trading intraday it does not mean you only need to be aware of the main movement that took place about 24 hour from the open....what it means it shows you how far price can travel within 24 hour in either extreme you get exceptions that go farther but thats forex lol....but you see simply because you have a bearish intraday it does mean you whant to go short from an intraday perspective it simply means the day before was short .....so you need to know if the daily charts are still suporting the fact that it should be sold and that your not walking into a demand area in the daily that will easily flip the intraday level...always do the oppositte of price, many people wont get this concept since its sounds wrong....the higher price go up the more it attract a seller since it becomes a bargain and the more price goes down it becomes a bargain for a buyer the middle is nothing...hope it helps
  • #7,599
  • Jan 15, 2009 1:53am Jan 15, 2009 1:53am
Quoting Shermenator
Theirs different agendas taking place for the big boys...when trading intraday it does not mean you only need to be aware of the main movement that took place about 24 hour from the open....what it means it shows you how far price can travel within 24 hour in either extreme you get exception that go farther but thats forex lol....but you see simply because you have a bearish intraday it does mean you whant to go short from an intraday perspective it simply means the day before was short .....so you need to know if the daily charts are still suporting...
Still blank..lol..sorry I am Indonesian and not good at English..So you mean, you prefer a bounce from Fibs level then a break?
May be with screenshot will help..Below is my current setup, Is It right? Or may be you can help me post your current setup and explain your latest plan..
Thanks alot
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  • #7,600
  • Jan 15, 2009 6:36am Jan 15, 2009 6:36am
Quoting Mini J
Still blank..lol..sorry I am Indonesian and not good at English..So you mean, you prefer a bounce from Fibs level then a break?
May be with screenshot will help..Below is my current setup, Is It right? Or may be you can help me post your current setup and explain your latest plan..
Thanks alot
This is the set up I will use for GU right know.I have the last down move measure (purple fib)and yesterday's range.Measuring other portions of this down move will just complicate things and we want to keep it simple.The rules are like this:The longer the time length for a move is ,the more weight the resistance levels have.In other words purple fibs levels have more importance than Intraday.However I will based decision on the intraday's levels right know.Observe that mkt.is in range at this time .Yesterday GU stop falling.In this case I'm not looking to trade the bounce from intradays levels.You can have scalps bet.high and low from yesterday but I prefer a break out of this range.For up watch T1 this could be the first major resistance that we will encounter.Down we face major support right now,if we manage to break it means that we still good with the downtrend move.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 1hr 15 jan..jpg Size: 129 KB
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