Powerful Fib Based System - by DAZfx

Ok, you know bro, I trade mostly based on candlestick patterns, but I trade based on daz system too, on EU I see a Bearish Engulfing on daily charts, one of the most reliable candlestick patterns, next parade for fibber is 144 IMHO.

Daily:



Jhon

Possible daz setup for euro 1hr
nice support turning resistance at 1.4917 if
the present retracement works

Nice trade on cable



Jhon

Hi traders!

Possible Daz setup on Geppy!



J

Here we go!

First target FE @148



I'm lock in profits now, free trade!

J

Some trades take time

Thanks bro! I hope you're doing good too

from the deepest bottom of my health comes New year wishes for everybody

Great thread Dazfx
U surprised me, I am using the same method exactly for couple of years, except the 5sma.
It is profitable way, congratulation I shorted it @6145

Great post. I hope to try Fibonacci in my trading but need to learn the basics yet.

looking for sell set-up

Thanks for sharing.

I'm subscribing

Looking for short here
though this might take a longtime before
we see a signal

Does this one look good too?

Hi dear traders!

I'm in this trade, be careful, if you're a scalper or something don't dare to trade this, very volatile pair*, btw, I see a nice short opportunity for a hundred pips, R:R = 1:2 min



Besides this, I see an inverted cup with handle [Bearish Pattern] too, check:



Happy pipping!

Jhon

Btw, one last thing, check the divergence too, Stoch daily charts:

I'd like to start by thanking Daz and by saying that I've been a long time lurker, but this has caused me to feel like posting.

I would like to share a few of my trades with this strategy from the last couple of days since I found this thread. I've done 5 trades total using this strategy and lost one (because I didn't follow the rules.. whoops )

1) These were all live trades (on demo, using live data). Not backtest
2) I follow rules to a 'T', except for one which failed and hit my stop. I learned from that one
3) all trades were 1 std lot (aka $10/per pip)

Since this was a demo account, I thought I would also venture to see if this worked on lower TFs, as long as I follow the rules. All I can say is WOW.

I took 5 trades.

The 1st trade) Was on the hourly chart, which I lost big time on. I opened the trade a little early. I opened before Stoch "Hooked". The blue crossed the red, but it hadn't hooked yet, hitting my stop at about 25 pips back. 25 pips was within the 1.5:1 R/R, but at 3 lots, that hurts. I learned from that one. Oh, and it was with the trend, so I didn't play against the trend. Price just wasn't ready to go my way yet. A few candles later, it did. But I wasn't around to catch it that time.

The 2nd & 3rd trade) I couldn't find any setups at the moment to play with, so I opted to see if this would work on lower time frames. I tried on the 1m, using 15m as my trend guide. Following the rules closer this time (aka waiting for the "hook"), I got in and got out. I hit all 3 targets and pulled 1 lot per. Now mind you it was only about 6 pips under 10 minutes, but @ 1std lot @ 10$/p using the 3 lot to start.. I believe it was just over 100$ trade. Not bad for 10 minutes work. Both 1m trades were like this and totaled about 250$ work in trading. I attached one of the 1m trades. I didn't document the other.

The 4th trade) went back on the 1h chart. Played it perfect. With trend, hooked stoch, within the 61/78, etc. But I got scared. I didn't set my break even at the first target, but instead set it to about +2 pip when it was about half way to the first target. What happened? BOOM, hit my stop (not at a loss, but still). The trade ended up going all the way to target 3. Boy do I feel the fool. And it came NO WHERE near my original stop. It didn't even cross over my opening price. I wouldn't even have ever had to sweat this if I'd just kept my finger off the "freak out" trigger. See attached 1h chart for this blubber.

The 5th trade) I opted to find a happy medium while learning this strategy. 1m charts you have to be QUICK on. 1h -4h charts you have to have plenty of time to just mull over the charts to wait for the setups. So I looked at 30m charts using 4h as trend (2 TFs up). And NICE. Although I had to leave my desk to tend to the family, I just set my TP at the first target. I figured that's the bulk of the win, so I'd be happy. I check it later to see what it did, and it went all the way! See attached 30m chart.

All in all, these 5 trades gained about $4000 in 2 days, even with the loss of about 750$ (which shouldn't have happened if I'd been diligent), and considering I'm not adding any "what could have beens", for example my one trade I freaked out on and moved to BE early. Both of those losers could have been winners if I played by the rules, and then I would have had a REALLY good week.

I think I could live with that. ........ **ponders where my compounding spreadsheet is****

Hope someone can use these examples for some good.

I went back and documented my losing trade from my last post. I know lots of people like to see losing trades, but almost no one ever posts them.

I noted on the pic (and in last post) the boo-boo I did that caused this to fail. My own fault, not the strategy. I fig at 10$/p, this was right at 2100$ profitable trade (had I done it right ).