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Candle Stick Pattern & Fibonacci Retracement

  • #81
  • Feb 25, 2007 10:43am Feb 25, 2007 10:43am
Quoting GeorgeW
Hello All,

Well, I must say that this is one of the most interesting threads on trading. Price action itself - that is probably the oldest, yet most reliable trading method, sometimes I feel it's almost getting forgotten. People get hooked on indicators, more indicators, and more coplicated charts, which don't solve the problem of loosing. I used to be "hooked on indicators", now I simply hate them.
Candles formations, patterns, harmonics, Fibonacci, Gann, Elliot, Vegas - IMO it's all that can work in trading.
Thank you Leo and all the best with your exams.
This truly is a benefitting thread!

George
Hi all! Here i am, back again.. ( after the exam ) fyuh! Guess it's been busy days for me and many tasks to be done and i need to concentrate on them. And, Helo, george! Thnks for your kind response I hope i can give u guys another postings. And still, we try to make it simple. LAst time i was talking about Fibonacci, and this time i'd like to give you guys some views about the magic of Trendlines and Tunnels... And yet, we might still use the fibonacci for the price projection.
Honestly, i keep my self out of business for a while. Coz forex needs a Good mood to play. Which means, i am not in a Good mood right now. I have lost several dollars a few days ago. Things happened like this, when u have gained your profit and u think the market goes on your way, u get greedy and u put more money on it. And later on, u are back from the beginning. I am sure u guys have experienced such things. Thnks God i put stop loss, so i can prevent my self from loosing much further.
I'll be back with the new posts and i really hope you can also lighten up this thread with your posts.


Happy trading,


Leo
Forex has never been this SO exciteD !!
  • #82
  • Feb 25, 2007 10:45am Feb 25, 2007 10:45am
Quoting gendonp
Hi Leo,

Are you using stop loss everytime your are trading? How do you determine the Stop loss point ?
hi there,

so far i have put Stop loss at 30 - 35 pips.. I think this is worthed, to prevent you from loosing much further... Any other suggestion??


LEo
Forex has never been this SO exciteD !!
  • #83
  • Feb 26, 2007 8:47am Feb 26, 2007 8:47am
Hi all, here below is the example of the recent Gbp/USD. I tried to draw a channel. A channel is drawn by 2 lines which indicate the trend direction. Once the price crosses one of the line, get ready for price bounce. Dont forget to put your stop loss.
I hope this would give a new perspective of trading. Let's try to make it simple and enjoyable...


Leo
Attached Image
Forex has never been this SO exciteD !!
  • #84
  • Feb 26, 2007 8:51am Feb 26, 2007 8:51am
Here again, i'd give you another example. i put the chart on daily coz it seems more obvious, to set the channel. It supposes to have an uptrend. Till what point? I dont know... U just have to keep monitoring the price and the most important thing, your stop loss.

Leo
Attached Image
Forex has never been this SO exciteD !!
  • #85
  • Feb 26, 2007 8:59am Feb 26, 2007 8:59am
Okay, this time it is the most recent USD/JPY. You see that the price is still within the channel. And you might predict that it would have a downtrend for sure. So, hopefully the price will move 'zig zag'. And again, watch out when the price crosses one of the line, it is possible it will have a big bounce outside the channel. I usually put the target price at 15 - 30 pips. Better u save little by little than putting it on a higher target price and will not get nothing. Remember, greedy is our enemy
Attached Image
Forex has never been this SO exciteD !!
  • #86
  • Feb 27, 2007 2:47pm Feb 27, 2007 2:47pm
Quoting leo2006
when u have gained your profit and u think the market goes on your way, u get greedy and u put more money on it. And later on, u are back from the beginning. I am sure u guys have experienced such things.
Must feel tired after the exams, he? I'm long, long gone from school, so I've almost forgot how it feels.

Yes, I have the same experience. Since last November my equity grew nicely, and then bang, I got greedy and started to double and triple my lots. Damn, I've lost all profits and am actually in minues 15% of my initial amount. I'm talking live trading.
Good lesson from the Gods of Trading.

Your stop loss is really little considering the fact that you trade on D-1. In you experience: how ofter are you out due to small SL? How often the trend really reversed (not just triggered you SL then went your way)?
I mean plus-minus, statistically.
I'm asking because I'm using large SL, and seeing that only 35 will do... makes me angry with myself.

One more thing regarding SL - does anyone here use "Hedge" instead of SL? If so, how does it work, and what are the results (on average)?

Channels/trendlines are all great. I also use them. However, your idea on Fib level passed as signal to get to 100 - is totally new for me. I'm going to watch it closely.

This is a very good thread.IMO that's the only way to trade - by price.

BR

George
  • #87
  • Mar 2, 2007 3:50am Mar 2, 2007 3:50am
Hi guys! I very like japanese candles and try to trade only with them.
Here is my system: i find patterns on daily charts and if i see by signal, i wait for confirmation on 4hour charts. I use 38.2 or 50 fibo retracement on 4h candle to enter position. i close position on vegas tunnel fibo levels. I think, it is the most interesting way to trade, using only price action with no indicators =) here is some my last week trades
Attached Images
  • #88
  • Mar 5, 2007 4:53am Mar 5, 2007 4:53am
Hi all,

Pls see the drawing attached. G/U supposed to have an uptrend, but anyway it failed and turned vice versa. As u see from the chart, the price was over reaching the upper line of the tunnel. And it failed continuing upward. And i have drawn an addition line which is a trendline. U see that the price has touched the trend line THREE times before it passes the trendline and goes downward. And it is going to pass the lower line of the tunnel. This is a good signal for trend reversal. I put short on G/U.


happy trading!


Leo
Attached Image
Forex has never been this SO exciteD !!
  • #89
  • Mar 5, 2007 4:59am Mar 5, 2007 4:59am
This is so amazing... I have gone SHORT on USD/JPY and now i have gained 224 pips!


Leo
Attached Image
Forex has never been this SO exciteD !!
  • #90
  • Mar 5, 2007 5:02am Mar 5, 2007 5:02am
Again, it works on eur/jpy. I have gained 373 pips so far...


Leo
Attached Image
Forex has never been this SO exciteD !!
  • #91
  • Mar 5, 2007 5:06am Mar 5, 2007 5:06am
Hi all, it's me again... Aud/USD is going inside the tunnel and it supposes to go downward. Let's see... I'm just trying to give an example of the Tunnel simple trading..


Leo
Attached Image
Forex has never been this SO exciteD !!
  • #92
  • Mar 5, 2007 5:15am Mar 5, 2007 5:15am
Quoting GeorgeW
Must feel tired after the exams, he? I'm long, long gone from school, so I've almost forgot how it feels.

Yes, I have the same experience. Since last November my equity grew nicely, and then bang, I got greedy and started to double and triple my lots. Damn, I've lost all profits and am actually in minues 15% of my initial amount. I'm talking live trading.
Good lesson from the Gods of Trading.

Your stop loss is really little considering the fact that you trade on D-1. In you experience: how ofter are you out due to small SL? How often the trend really reversed (not just triggered you SL then went your way)?
I mean plus-minus, statistically.
I'm asking because I'm using large SL, and seeing that only 35 will do... makes me angry with myself.

One more thing regarding SL - does anyone here use "Hedge" instead of SL? If so, how does it work, and what are the results (on average)?

Channels/trendlines are all great. I also use them. However, your idea on Fib level passed as signal to get to 100 - is totally new for me. I'm going to watch it closely.

This is a very good thread.IMO that's the only way to trade - by price.

BR

George
Hi george!
Sure, 30 - 35 pips for stop loss is very small considering that i trade on D1. That's why i keep revising my self Thanks for reminding me. I still dont know, what stop loss should i put.. So far, i dont use SL I only use my intuition coz forex also needs our Feeling.. Since the market is totally unpredictable.
Please keep it as simple as possible...

Happy trading!

Leo
Forex has never been this SO exciteD !!
  • #93
  • Mar 5, 2007 5:42am Mar 5, 2007 5:42am
Quoting makron
Hi guys! I very like japanese candles and try to trade only with them.
Here is my system: i find patterns on daily charts and if i see by signal, i wait for confirmation on 4hour charts. I use 38.2 or 50 fibo retracement on 4h candle to enter position. i close position on vegas tunnel fibo levels. I think, it is the most interesting way to trade, using only price action with no indicators =) here is some my last week trades
Hi there... I am sure it's a good way of trading... Keep on good effort. It would be better if u give us more examples and also the steps how to trade it. Too much indicators sometimes make me dizzy. So, keep it simple, ok.


Leo
Forex has never been this SO exciteD !!
  • #94
  • Mar 5, 2007 10:53pm Mar 5, 2007 10:53pm
The current daily candle on USDJPY seems to be forming as "Bullish Engulfing". RSI and Stoch are both pointing up...Possibility to go long here?

http://img12.picsplace.to/img12/1/usdjpy.png
  • #95
  • Mar 12, 2007 1:55pm Mar 12, 2007 1:55pm
Quoting leo2006
Hi there,

If you use fibonacci retracement from Metatrader, you can get those numbers automatically set on fibonacci retracement once you pick them.
Go to : Insert - Fibonacci - Retracement.
Left click on your window and pull it on your way...

Hope this would help.

Leo
Hi Leo,
Its amazing method, I am sick of indecators!
Its just I have confussion of how you implement your Fibo retracment ... !?!??
My way i look for top and bottom and stick fibo and thats it
Could you please give some explanation?

Thanks alot

Abdel
  • #96
  • Apr 8, 2007 7:09pm Apr 8, 2007 7:09pm
Hi Leo,

Not Continued this Thread? I like this..please continued.
  • #97
  • Apr 16, 2007 12:50am Apr 16, 2007 12:50am
Leo come back! the thread was just getting interesting
  • #98
  • Apr 16, 2007 1:18am Apr 16, 2007 1:18am
Quoting leo2006
Hi all, it's me again... Aud/USD is going inside the tunnel and it supposes to go downward. Let's see... I'm just trying to give an example of the Tunnel simple trading..


Leo
hi thnx 4 your advice
  • #99
  • Jun 8, 2007 7:56am Jun 8, 2007 7:56am
Hi all Forex Trader...!

It's been such a hibernation to me since my last trade.. It's like abandoning the game. But, hey,, I come back.. This time i'd like to show you the recent Eur/USD. I'm using the '3rd touch of a trendline' which means the price will be thrown away from the trendline. I've set SHORT on Eur/USD. Hopefully it can reach 1.3249. I sell @ 1.3385 and the Stop loss would be 30 pips...
Well, set your fibo accordingly to set the Target Price.


Happy trading !

Leo
Attached Image
Forex has never been this SO exciteD !!
  • #100
  • Jun 13, 2007 8:18am Jun 13, 2007 8:18am
So far i got 60 pips from Eur/USD. I love when the market goes in trending market. So it is quite predictable.


Happy trading!
Attached Image
Forex has never been this SO exciteD !!
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