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Powerful Fib Based System - by DAZfx

  • #1,541
  • Jun 10, 2009 4:10am Jun 10, 2009 4:10am
Quote
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.

wow!, that's big! am sure he will never commit such mistake again.
I have discovered advicing traders wont work becoz of ego but once the mkt give us a big 'smark' we tend to take correction.

am sure the guy must have learnt and he wont do it again.

lesson for us all but am sure most wont take it!
  • #1,542
  • Jun 10, 2009 10:39am Jun 10, 2009 10:39am
Possible setup GBPUSD 4h short right now?
  • #1,543
  • Jun 10, 2009 3:10pm Jun 10, 2009 3:10pm
Quote
Possible setup GBPUSD 4h short right now?

trend is up, look for safe long.......................
  • #1,544
  • Jun 10, 2009 3:17pm Jun 10, 2009 3:17pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting Naijafx
trend is up, look for safe long.......................
I agree Mike.Cable Trend is up.If you look at the daily, it seem to go Long.T1 is 1.6580 area.
  • #1,545
  • Jun 10, 2009 6:40pm Jun 10, 2009 6:40pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting Naijafx
wow!, that's big! am sure he will never commit such mistake again.
I have discovered advicing traders wont work becoz of ego but once the mkt give us a big 'smark' we tend to take correction.

am sure the guy must have learnt and he wont do it again.

lesson for us all but am sure most wont take it!
Its a fact Mike, you and I and many traders know it , we all have to gone thru an ego trip sometimes..Many traders once they got cocky, they overlaverage and overtrade.
That is where mistakes will happen.Hopefully we do not have to endure 15K loss like the trader friend, I mentioned earlier.The Market will take our money like it or not.

Something we as ABC(Daz /Dra) traders must think about.
  • #1,546
  • Jun 11, 2009 10:32pm Jun 11, 2009 10:32pm
this might be good long setting up
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  • #1,547
  • Jun 11, 2009 10:40pm Jun 11, 2009 10:40pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Yup.Aussie is going North.
Its a potential set up.Good target at 0.800
  • #1,548
  • Jun 15, 2009 6:16am Jun 15, 2009 6:16am
Quoting Dazfx
Hi,

[size=2]First off, I am a full-time trader and I have been trading in the currency market for more than four years now. As a long time lurker of this forum, I finally feel the need to participate in forums, as day-trading has gotten pretty boring. I have three very powerful strategies in my trading arsenal, and what better way to start than to share one of the strategies here. I wouldn’t call this an entirely mechanical system, as you need to use some discretion. I will be outlining some of the important factors that may need...
Hi Daz,

After reading through your strategy and doing some back testing myself I found this to be a great strategy and truly indicative of a solid technical trader.

I have got into this thread rather late and just wanted to know what variations came out of this without reading through all the posts.

Did you guys manage to come up with any ea at all?

Once again great job
  • #1,549
  • Jun 15, 2009 6:42am Jun 15, 2009 6:42am
We have a deep retracement of 62% from AB wave (fibo 61.8) and a possible hidden divergence (LL on Stoch and LH in price) which means possible trend continuation.

I'm waiting for the last candle to end to see where we are then.
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  • #1,550
  • Jun 15, 2009 9:06am Jun 15, 2009 9:06am
Quoting hutchy
Hi Daz,

After reading through your strategy and doing some back testing myself I found this to be a great strategy and truly indicative of a solid technical trader.

I have got into this thread rather late and just wanted to know what variations came out of this without reading through all the posts.

Did you guys manage to come up with any ea at all?

Once again great job
I really don't believe you can trade profitably with an EA for this method.
  • #1,551
  • Jun 15, 2009 9:07am Jun 15, 2009 9:07am
Quoting hcristea
We have a deep retracement of 62% from AB wave (fibo 61.8) and a possible hidden divergence (LL on Stoch and LH in price) which means possible trend continuation.

I'm waiting for the last candle to end to see where we are then.
Interesting, I have a short position from the daily perspective though.
Attached Image(s) (click to enlarge)
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  • #1,552
  • Jun 15, 2009 9:15am Jun 15, 2009 9:15am
Quoting soyabean
I really don't believe you can trade profitably with an EA for this method.

i didnt think so, but was alot of talk about it in the earlier days

what do you think of this trade coming up on the usd jpy
  • #1,553
  • Jun 15, 2009 9:21am Jun 15, 2009 9:21am
Quoting hutchy
i didnt think so, but was alot of talk about it in the earlier days

what do you think of this trade coming up on the usd jpy

sorry still trying figure out how to add attachments
  • #1,554
  • Jun 15, 2009 9:41pm Jun 15, 2009 9:41pm
Hi,
I just started using fibo and realise here got people using fibo and wave syatem just to double chk tht mine chart is correct telling me tht euro is going north after a retracement.

Pls comments thks cause i am still learning.
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  • #1,555
  • Jun 15, 2009 11:28pm Jun 15, 2009 11:28pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting soyabean
Interesting, I have a short position from the daily perspective though.
Hi Soyabean.
Nice one.I ll enter this as soon as the break of the upper TL, which is also near to the neckline of the H&S ( Daily TF).PA could move to test 0.59( Long term).
Let See how it goes.
Attached Image
  • #1,556
  • Jun 15, 2009 11:52pm Jun 15, 2009 11:52pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Hi guys.
we could see a morning star /BuE formations for the gbpusd.We just wait and see our confirmation candle.

jmx dude,

your chart has a lot of indicators.Which one do you choose when deciding your trade? I once traded using 9 indicators.I just hope those indicators does not clutter your trade decisions.

I stay away from euro for now.
Attached Image
  • #1,557
  • Edited 12:34am Jun 16, 2009 12:06am | Edited 12:34am
Quoting Nimrod
Hi guys.
we could see a morning star /BuE formations for the gbpusd.We just wait and see our confirmation candle.

jmx dude,

your chart has a lot of indicators.Which one do you choose when deciding your trade? I once traded using 9 indicators.I just hope those indicators does not clutter your trade decisions.

I stay away from euro for now.
Hi Nimrod,

I am now using more on fibo calculation and also looking at the wave formation i enter at 1.3994 where the 4 hrs candle shows support ard at 1.3786 my sl at 1.3930 in shorter time frame (1hr) i am looking to exit at .3890 where wave 3 is at 1.3895. will re-enter after the retarcement from there. Btw the 1.3894 is also 50 % retracement for the last down move

Cheers
  • #1,558
  • Jun 16, 2009 12:48am Jun 16, 2009 12:48am
this is my hrly euro chart
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  • #1,559
  • Jun 16, 2009 2:30am Jun 16, 2009 2:30am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
[quote=Nimrod;2805580]Hi guys.
we could see a morning star /BuE formations for the gbpusd.We just wait and see our confirmation candle.

A MS was formed and confirmed.Hopefully to closed at 1:1 or more.We shall see how this goes.:nerd:
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  • #1,560
  • Jun 17, 2009 8:27am Jun 17, 2009 8:27am
Quoting hutchy
i didnt think so, but was alot of talk about it in the earlier days

what do you think of this trade coming up on the usd jpy

Hi sorry for the late reply, I see a bearish engulfing entry on the 4H chart. Looks good for a run south.
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