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Powerful Fib Based System - by DAZfx

  • #1,521
  • Jun 4, 2009 12:52pm Jun 4, 2009 12:52pm
Hi Nimrod and soyabean, how is your USDCAD trade? Did the price hit your SL during the news just now? The news is so scary. Now it turns towards your way. Happy pipping.
  • #1,522
  • Jun 4, 2009 4:03pm Jun 4, 2009 4:03pm
There was a nice set up 5 huors ago.
I've reaches all two profit target
Attached Image (click to enlarge)
Click to Enlarge Name: wyk1.GIF Size: 15 KB

good trades all
  • #1,523
  • Jun 4, 2009 6:29pm Jun 4, 2009 6:29pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting puffy7
Hi Nimrod and soyabean, how is your USDCAD trade? Did the price hit your SL during the news just now? The news is so scary. Now it turns towards your way. Happy pipping.
It was a mental test when price goes against me.News will effect our trade , and I was able to bail out at the bounce of the TL in the nick of time .But , I immediatly resume the trade with a better entry and eventually took 100pips before my TP target.

News will excite the trade either way but price will calm down almost everytime..I hope soyabean had a good run.

That is the name of the game...SPECULATION BALL.
  • #1,524
  • Jun 4, 2009 9:31pm Jun 4, 2009 9:31pm
Quoting piterpl
There was a nice set up 5 huors ago.
I've reaches all two profit target
Attachment
good trades all
nice found piterpl, i'm still sleeping by that time. Missed out. Waiting for next setup.

Quote
It was a mental test when price goes against me.News will effect our trade , and I was able to bail out at the bounce of the TL in the nick of time .But , I immediatly resume the trade with a better entry and eventually took 100pips before my TP target.
News will excite the trade either way but price will calm down almost everytime..I hope soyabean had a good run.
That is the name of the game...SPECULATION BALL.

Nice trade you had there. Hope soyabean doesn't got caught.
  • #1,525
  • Jun 4, 2009 10:28pm Jun 4, 2009 10:28pm
The last time i checked before I left for work this mornign was +ve 90-100 pips. My sl is at 1.1245.
  • #1,526
  • Edited 10:46pm Jun 4, 2009 10:36pm | Edited 10:46pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Hi Guys, just to update what happened in the Looney trade I took yesterday.
There was a breach of trendline at C.Price did come down to retest it but it bounced not exactly to the line.
There was a retracement at 62% Fib, a tweezer top ( a Double top in lower TF) , confluence fib level at 78.6%,but in all those factors, the TRENDLINE played a major influence in the direction of trade.

A tripple top was formed after the bounced, again respecting the 62%fib area, again price did dived BUT price still respecting the TRENDLINE.

Trigger was pulled, the bullet ricochet lucky its missed.

I m sure Mike and the Gang agreed....,

Glad bean did ok in the trade.
Attached Image
  • #1,527
  • Jun 4, 2009 10:52pm Jun 4, 2009 10:52pm
Quoting Nimrod
Hi Guys, just to update what happened in the Looney trade I took yesterday.
There was a breach of trendline at C.Price did come down to retest it but it bounced not exactly to the line.
There was a retracement at 62% Fib, a tweezer top ( a Double top in lower TF) , confluence fib level at 78.6%,but in all those factors, the TRENDLINE played a major influence in the direction of trade.

A tripple top was formed after the bounced, again respecting the 62%fib area, again price did dived BUT price still respecting the TRENDLINE.

Trigger was pulled,...
I have made the same call as you due to the same reasons. Price action, fib retracement and the strong downtrend. Not all trades will win and its good you are evaluating your loss.

I have no idea whether I am ok in the trade, it's too early to say, my TP is still another 100-150 pips away =D Don't have access to my charts at the moment but will post mine as soon as I get home from work.

However, I will suggest widening your SL to get it "protected". Where is the next resistance level? My mantra in taking any position is always this, "take care of the downside and the upside will take care of itself". One of the first things I do when I evaluate a trade opportunity is to identify the Stop loss. I always define my losses before looking for a confluence of patterns.
  • #1,528
  • Jun 4, 2009 10:56pm Jun 4, 2009 10:56pm
http://i42.tinypic.com/14mcdwo.gif

Found another possible setup. Reversal candle. Stoch hooking up. Price touch/on 5sma. Retraced near 78.6. Anyone take on this?
  • #1,529
  • Jun 4, 2009 11:04pm Jun 4, 2009 11:04pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting soyabean
I have made the same call as you due to the same reasons. Price action, fib retracement and the strong downtrend. Not all trades will win and its good you are evaluating your loss.

I have no idea whether I am ok in the trade, it's too early to say, my TP is still another 100-150 pips away =D Don't have access to my charts at the moment but will post mine as soon as I get home from work.

However, I will suggest widening your SL to get it "protected". Where is the next resistance level? My mantra in taking any position is always this, "[b]take...
Hi Bean,
thanks for the tip.I ll keep that in mind.I like your attitude in trading.I have been reading your posts and learn tremendously a lot.I hope you keep posting more example of good trades as well as bad trades.

BTW, I was able to get out and pip some profit on this trade twice.all in all I was lucky is say.I ll remember to place SL at the nearest S/R.
  • #1,530
  • Jun 4, 2009 11:26pm Jun 4, 2009 11:26pm
You are too kind, it is good to see you doing well.

I must apologize as I have not been posting much on the forums although I have been lurking around. To be honest, I have not been trading Daz's method for a long while, I did not want to impose my trading method (ABCD1234) upon his thread. While largely similar in essence, they are still different in terms of rules, also, my trading is alot more discretionary.
  • #1,531
  • Jun 5, 2009 5:47am Jun 5, 2009 5:47am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting soyabean
You are too kind, it is good to see you doing well.

I must apologize as I have not been posting much on the forums although I have been lurking around. To be honest, I have not been trading Daz's method for a long while, I did not want to impose my trading method (ABCD1234) upon his thread. While largely similar in essence, they are still different in terms of rules, also, my trading is alot more discretionary.
I hear you bro.I too trade the Dra's method.Mike, blessed is he, helps to improve my trade.I hope many guys come forward and help one anoher.I m thankful to many people in FF.

I m on the side line today.What is the outcome of NFP? We shall see.Good luck today.
  • #1,532
  • Jun 5, 2009 8:00am Jun 5, 2009 8:00am
as promised, my chart on usdcad.

I have closed the trade for a small profit, do not want to risk the news release later.

You might wonder why was my entry so early, actually it was actually late. I only get to see my charts after work. I managed to enter on a discount.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 16 KB
  • #1,533
  • Jun 5, 2009 6:13pm Jun 5, 2009 6:13pm
i took the long in ucad after break of outer TL, HH formed and a pull back.
was a good one
  • #1,534
  • Jun 5, 2009 8:09pm Jun 5, 2009 8:09pm
Good trade Mike. I closed my trade also because I decided to respect the weekly uptrend line Was expecting some bullish sentiment.

And good to see you doing well too!
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 13 KB
  • #1,535
  • Jun 7, 2009 10:57pm Jun 7, 2009 10:57pm
http://i43.tinypic.com/2pr8a4o.gif

Possible setup?
  • #1,536
  • Jun 8, 2009 1:58am Jun 8, 2009 1:58am
Quote
Possible setup?

Good, i think shd be good till 1.0768
  • #1,537
  • Jun 9, 2009 8:41am Jun 9, 2009 8:41am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
This is a nice set up.The Daily Looney looks promising.The direction or trend certainly south.Let see how this goes.:nerd:
Attached Image (click to enlarge)
Click to Enlarge Name: lOONEY TOON.jpg Size: 58 KB
  • #1,538
  • Jun 9, 2009 12:33pm Jun 9, 2009 12:33pm
Quote
This is a nice set up.The Daily Looney looks promising.The direction or trend certainly south.Let see how this goes.:nerd:

Nice post but the candle havent closed. anything could happen between now and when the candle closes.

nice catch though
  • #1,539
  • Jun 9, 2009 3:07pm Jun 9, 2009 3:07pm
Quoting Nimrod
welcome Paddyp.If you know how this system works and how to manage risk , that all there is to it.Its simple and effective.Fib, trendline, candlestick pattern(Price action) will make your trade go beyond.

Why thousand of indicators are available , freely in most trading platform? To wreak havoc to your trading decision.Brokers love to mess around with our decision, make us loose.
Post in some charts , the guys here love to say a word or two.Teaching is a learning process too.
Hi Nimrod,Sorry for late reply,

Very true what you wrote here,if you saw my charts just couple of months ago - confusion city. 10 - 15 indicators . Hard to see a candle.

I got rid of all of that .And now I can ,,breath'' and see propelly what is going on.

Paddyp.
  • #1,540
  • Jun 9, 2009 10:15pm Jun 9, 2009 10:15pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Paddyp bro, glad you doing fine in this game.

Quoting soyabean
, "take care of the downside and the upside will take care of itself". One of the first things I do when I evaluate a trade opportunity is to identify the Stop loss. I always define my losses before looking for a confluence of patterns.
Risk management is something we must take into account when ever entering a position.I love this mantra.I ll adopt it.
Many traders forget how important risk management is aka stoploss.The first thing that we traders would focus upon is the profit target rather the risk.Out of impulse or gluttony, we pull the trigger without a second thought on the risk.

Many season traders would calculate the risk first regardless if its an AA setting , then contemplate the entry.

Had a trader friend, who trade without SL for fear of stop haunting,eagerly ,gingerly and confidently following the trend, only to find out that he is negative 15k.Would he had a SL, I m sure he would made a small loss but still stay in this game for a bit longer.

Moral is always have SL.
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