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My Fibonacci trading system

  • #381
  • Jan 13, 2010 12:33am Jan 13, 2010 12:33am
Quoting dennis681
Are these two fibos correct to find area of strong resistence?

wrong!!

38.2 61.8% near




or 38.2 38.2 near

or 61.8 61.8 near



strong resistence


look again my chart!
  • #382
  • Edited 1:31am Jan 13, 2010 1:20am | Edited 1:31am
60pips get

close half lots

live half lots........

retracement uptrend 38.2% or 61.8%

i will add lots..

nice.

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132.07??or 131.85??

hehe..let's how it goes


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  • #383
  • Jan 13, 2010 2:39am Jan 13, 2010 2:39am
Quoting wjqblog
60pips get

close half lots

live half lots........

retracement uptrend 38.2% or 61.8%

i will add lots..

nice.

Attachment



132.07??or 131.85??

hehe..let's how it goes


Attachment
same there, 50pips today. powerful fibo, recommended. nice job, wjg
  • #384
  • Jan 13, 2010 3:11am Jan 13, 2010 3:11am
132.02 add lots

get pips again....

yeah~~~

close half at 132.38

leave half.

hahahaha

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  • #385
  • Jan 13, 2010 3:19am Jan 13, 2010 3:19am
Incomprehensible...
  • #386
  • Jan 13, 2010 3:23am Jan 13, 2010 3:23am
take profit
132.74

close all lots

have rest.


play game....

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  • #387
  • Jan 13, 2010 3:24am Jan 13, 2010 3:24am
Hello eTrader,

I hope u will clarify this method .....
  • #388
  • Jan 13, 2010 3:50am Jan 13, 2010 3:50am
2 downtrend 38.2% near(blue paint)
uptrend target 3 near

so i close all lots....

and.....

sell......

stop loss put target3 +10pips..

let's see how it goes.....

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and feihong

if know my trade yesterday eur/jpy to now


please explan my entry long..stop loss ...add lots...close lots .....reason.


and ..my sell reason..


thank you .....my english bad..
  • #389
  • Jan 13, 2010 6:23am Jan 13, 2010 6:23am
Quoting Pip26
Hello eTrader,

I hope u will clarify this method .....
Fibonacci overlap area

Consider the fibonacci retracement level in a larger time frame.

When fibonacci retracement levels from different time frames overlap, the odds of a support or resistance at that price level is increased.

Look for Fibonacci retracement levels that overlap from multiple time frames.

MTF Fibonacci Retracements
Stephen Pierce's Fibonacci Secrets

The black charts with unreadable white text are not clear and very difficult to follow.

eTrader,
  • #390
  • Edited 6:39am Jan 13, 2010 6:27am | Edited 6:39am
because my first sell stop loss

but eur/jpy price breakout 133.30 near 1hours...

so i think it maybe failed.....

so .i sell again stop loss 20pips.

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and i want say..

because use fibonacci trade

risk:reward>1:3

i think i win 1.i can lost 3

and because i sell 2 at 61.8% retracement and 133.00(整数位怎么说来着。不会）

i think the strong resident.....

sorry my english..

i will test2.

money management very import!!!!



tip:


and another reason....

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eur usd .....now is downtrend 38.% resident..

1.4574

and swing high.is 1.4596

整数压力 1.4600


so i think eur will down......







and

if price down..

first target.

i set on

uptrend 38.2% retracement and close half lots

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  • #391
  • Jan 13, 2010 7:59am Jan 13, 2010 7:59am
EURUSD, Daily, 2010 January 13

38.2 is reached today now!

Next could be 61.8?
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  • #392
  • Jan 13, 2010 9:17am Jan 13, 2010 9:17am
wa haha

....ej i change stop loss to 133.30

so cool

and eur/usd

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  • #393
  • Jan 13, 2010 9:41am Jan 13, 2010 9:41am
i don't know today i get how much pips.

i forget...

but i only know


i only lost 25pips.

in first eur/jpy sell...

hehe..


this is my today trade history..


everybody look.......

yeah~~~~
  • #394
  • Jan 13, 2010 9:42am Jan 13, 2010 9:42am
Quoting Forexcube
EURUSD, Daily, 2010 January 13

38.2 is reached today now!

Next could be 61.8?

big trend is down..

small trend is up.....

so.....

sell it!!!!!!
  • #395
  • Jan 13, 2010 9:59am Jan 13, 2010 9:59am
Hello wjqblog!

Who could write a strategy for Fibо step by step? Now so far nothing is clear. By what criteria to draw Fib 1 and Fib 2? Why these max or min?

Sorry for my English - Gооgglе translаter

Zukkerro
  • #396
  • Jan 13, 2010 10:05am Jan 13, 2010 10:05am
because 61.8% downtrend ....

i test buy eur/usd stop loss 30pips

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let's
  • #397
  • Jan 13, 2010 11:03am Jan 13, 2010 11:03am
The more I study wjq charts and re-read intention of his words, the more i understand. Made very good pips today and thx to wjq .

Method appears to be strong and i will keep using it. Not so easy to quantify. Experience of trying different double fibs and/or past analysis will pay off.

wjq: your example charts are very helpful. They tell more than language.
Vita est simillimus forexum(Life is like forex)
  • #398
  • Jan 13, 2010 11:21am Jan 13, 2010 11:21am
Quoting Pip26
Hello eTrader,

I hope u will clarify this method .....
Advanced Fibonacci Trading

Look for an overlap of Fibonacci retracement levels on the price chart.
For example let’s say you have a large wave on the 15 minute timeframe, and you draw your Fibonacci onto it, and then there is a smaller wave that occurs after this first large one, if you apply a Fibonacci to this wave also, you may find that two of the retracement levels overlap, i.e. a 38.2% from the first large wave overlaps with a 61.8% retracement from the smaller wave, this could be considered a good confluence, and is a very powerful set up on its own.

Example:

The first Fibonacci is drawn in black and the second Fib in red to make them distinguishable.
The overlap does need to be as tight as possible, the tighter it looks on the chart the better quality that your set up is.
You can see that there is a clear confluence between the two Fibonacci retracement levels on the chart and more important is what happens as soon as the price hit this confluence.
This concept is extremely powerful so make sure that you are trading from a retracement level that contains a nice strong confluence of other factors (Pivot points, Fib retracement levels...)

These confluences are giving you your edge in the market.

eTrader,
Attached Image
  • #399
  • Edited 8:53pm Jan 13, 2010 11:31am | Edited 8:53pm
Quoting eTrader
Advanced Fibonacci Trading

Look for an overlap of Fibonacci retracement levels on the price chart.
For example let’s say you have a large wave on the 15 minute timeframe, and you draw your Fibonacci onto it, and then there is a smaller wave that occurs after this first large one, if you apply a Fibonacci to this wave also, you may find that two of the retracement levels overlap, i.e. a 38.2% from the first large wave overlaps with a 61.8% retracement from the smaller wave, this could be considered a good confluence, and is a very...

Thanx eTrader,

Your just one post clarify me a lot of words hats off to you.

Please tell me is it right fibs drawn?
What are major overlap level's pairs (38.2/38.2) (38.2/61.8) (61.8/61.8)?
What are rules to draw fib swings?
Should they be in same direction?
How many pips movement is good for drawing bigger swing / small swing?
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  • #400
  • Jan 13, 2010 12:06pm Jan 13, 2010 12:06pm
Quoting Pip26
Thanx eTrader,

Your just one post clarify me a lot of words hats off to you.

Please tell me is it right fibs drawn?
What are major overlap level's pairs (38.2/38.2) (38.2/61.8) (61.8/61.8)?

drop 50% retracemnt

only leave 38.2% and 61.8%
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