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Powerful Fib Based System - by DAZfx

  • #1,621
  • Jun 23, 2009 3:31am Jun 23, 2009 3:31am
Quoting ianf0ster
Just add the indicator(s) , modify the period as required, choose if you want to see both normal and hidden divergence. |Then take the alerts with a 'pinch of salt'. That is, there is nothing that can 100% predict the future the best a good indicator or chart pattern can do is to give a higher probability of a move in one direction rather than the other.
If you are interested in divergence indicators, here are some that I have adapted (to remove delays and fix the problem of constant alerts when both normal and hidden divergence are triggered at...

Hi Ian,

Thanks for taking the time to explain and provide the indicators.

Just wish everyone else was as patient with us newbies.

Cheers<


Darryl
  • #1,622
  • Jun 23, 2009 3:49am Jun 23, 2009 3:49am
Quoting Pipsy108
Not sure I follow. If I get confused because I include some cooked up "expert opinion" into my fundamental analysis, it's going to lower my win:loss ratio no matter what my account size is. Or do you think that extra 2% loss counts only if it's greater then X thousand dollars or something like that? Not to me. These issues are orthogonal.
Agreed
  • #1,623
  • Jun 23, 2009 7:47am Jun 23, 2009 7:47am
Hi All,

Has anyone seen this setup on the ej.

Do we have to wait for the red candle to close before taking the trade and where sould the take profits be?

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 23.06.09.gif Size: 35 KB
  • #1,624
  • Jun 23, 2009 8:00am Jun 23, 2009 8:00am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting hutchy
Hi All,

Has anyone seen this setup on the ej.

Do we have to wait for the red candle to close before taking the trade and where sould the take profits be?

I do believe that is the 1 hr EJ.Wait for the the candle to close to confirm the formation of BE.Once you reached your target, then you move your SL to Break even.
Attached here is the 4hr TF on EJ.Hope we ride the waves as there are potential setup in the Aussie and yen pairs.

Hutchy, hows the laguerie for the trend indicator?
Attached Image
  • #1,625
  • Jun 23, 2009 8:01am Jun 23, 2009 8:01am
Well, not waiting for candle close would not be exactly by the book, right? But with three minutes left I would say it's valit setup now. Price is near sma5. It's just that it's much longer then recommended 4-10 candles (as it is on 4H timeframe), but it's your call I am tempted to jump into it too.
  • #1,626
  • Jun 23, 2009 8:09am Jun 23, 2009 8:09am
Heh, looks like I missed the train while writing the reply Price has moved to far from sma5 in the meantime. Will jump in if it retraces a little bit back to 61.8.
  • #1,627
  • Jun 23, 2009 9:00am Jun 23, 2009 9:00am
Quoting Pipsy108
Heh, looks like I missed the train while writing the reply Price has moved to far from sma5 in the meantime. Will jump in if it retraces a little bit back to 61.8.
So Pipsy,

Have you jumped back in again?
  • #1,628
  • Jun 23, 2009 9:20am Jun 23, 2009 9:20am
Quoting hutchy
So Pipsy,

Have you jumped back in again?
Yeah, I am in. Now I can see a reason why shorter setups should be prefered. Looks like it's going to test 78.6 again, which is more likely with longer waves then with shorter ones. Let's see if my stops will hold. Anyway either I will make money, or pay for a good lesson One learns something new every day.
  • #1,629
  • Jun 23, 2009 11:07am Jun 23, 2009 11:07am
for me its a H4 setup, so i will wait.

it looks like stopfishing, i cant believe that the last high will hold.

1. it dont hold and go north, i only looked from the sideline.
2. it will fish the stops and go straight south, im in.
3. it go south without test the high, im also in.

we will see
  • #1,630
  • Jun 23, 2009 11:36am Jun 23, 2009 11:36am
icant post here all day and its too late, but AUD/CAD was a nice setup today
Attached Image (click to enlarge)
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  • #1,631
  • Jun 23, 2009 11:25pm Jun 23, 2009 11:25pm
Good morning all.

baggermatsch you were right, it should have been H4 setup.
  • #1,632
  • Jun 24, 2009 12:41am Jun 24, 2009 12:41am
Mike, I have to agree with you, this thread is alive again! =)

Btw, I am still active on this forums, started my own trading journal - Damion's Tribute in the journals section, but I am trading mainly Dra's ABCD1234 method only.

Hutchy, you shld wait for the candle close and profits can be taken based on the fib expansion tool.
  • #1,633
  • Jun 24, 2009 1:24am Jun 24, 2009 1:24am
Soyabean, take a look at USDCAD H4. It may also be valid daz setup on daily.

Reliability of this entry depends on what direction CAD chooses for next days, see CADLFX daily graph. It has been dropping like a stone against other major currencies, but it has hit a support yesterday, so wee will see how it develops.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 29 KB
Click to Enlarge Name: cadlfx.gif Size: 21 KB
  • #1,634
  • Jun 24, 2009 2:20am Jun 24, 2009 2:20am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting soyabean

Btw, I am still active on this forums, started my own trading journal - Damion's Tribute in the journals section, but I am trading mainly Dra's ABCD1234 method only.
Glad to hear from you bean.I ll be visiting your journal soon.I m hook the Dra's method ever since form you guys.Sure glad you are posting a journal based solely on that method.

  • #1,635
  • Jun 24, 2009 2:22am Jun 24, 2009 2:22am
Good day guyz.

here is wot am looking at in aussie
the trend is bullish on larger time frame but this pair
has been doing a LL and LH consistently and its healthy

I am looking for short

reasons:
Healthy price action
possible support turning resistance
big psychological number 8000 as resistance


I might go in early when i get MS on 1hr TF
But mark the red line in my chart. that's why am gonna possibly close out

Hope its clear
Attached Image (click to enlarge)
Click to Enlarge Name: aussie.gif Size: 26 KB
  • #1,636
  • Jun 24, 2009 2:51am Jun 24, 2009 2:51am
I am watching this one too and I agree about getting out early, because it's still more consolidation then real downtrend, though weekly candles are signaling attempts to go down.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 23 KB
  • #1,637
  • Jun 24, 2009 3:06am Jun 24, 2009 3:06am
There is similar setup in making on GBPJPY - head and shoulders followed by potential daz setup, so there is a good chance it will go well.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 24 KB
  • #1,638
  • Jun 24, 2009 5:19am Jun 24, 2009 5:19am
Quoting Pipsy108
Soyabean, take a look at USDCAD H4. It may also be valid daz setup on daily.

Reliability of this entry depends on what direction CAD chooses for next days, see CADLFX daily graph. It has been dropping like a stone against other major currencies, but it has hit a support yesterday, so wee will see how it develops.
Hi,

I think UCad is very grey in my opinion. On my weekly chart, price movement is trapped between the monthly downtrendline and the weekly uptrendline. I would prefer to stay away from this pair.

However, if you observe the daily charts, we see price reacting beautifully to the downtrendline, and there is a short opportunity here, but it would be aggressive and I would suggest to take profits early, or move sl to be early on in the trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uc.gif Size: 17 KB
Click to Enlarge Name: ucdw.gif Size: 13 KB
Click to Enlarge Name: ucd.gif Size: 13 KB
  • #1,639
  • Jun 24, 2009 6:07am Jun 24, 2009 6:07am
Quoting baggermatsch
AUD/CAD was a nice setup today
target reached

eurjpy H4 looks good, at 4pm i will decide
  • #1,640
  • Jun 24, 2009 9:19am Jun 24, 2009 9:19am
ok, its time to say "go in" on H4 EJ
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