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Fib 4Hour MTF Moving Average

  • #261
  • Jan 25, 2010 2:18am Jan 25, 2010 2:18am
Quoting robby2007
Hi, i trust fibs on almost any chart, well from 1H up, so i guess i does work on daily also
Hi Robby

I like this style of trading, very clean and simple. I am currently trading this on my live account with good success.
Attached Image (click to enlarge)
Click to Enlarge Name: Fib_trade.png Size: 89 KB
“A setback is a setup for a comeback.”
  • #262
  • Jan 25, 2010 4:30am Jan 25, 2010 4:30am
The attached chart is the 4 Hour EURGBP with pivots applied.

Observations

 

  1. The main trend was down
  2. The current trend was up – we used this current up trend to take a short off the Buy / Sell Fib at price 0.87923 as picture shows.
  3. A take profit level to bear in mind should be Daily Pivot or Weekly Pivot, as you can see in this case the market reversed taking away some of the profits, This should of been expected, only news in our favour would of continued the trade for now.
  4. So right from the start this was likely to be a small pip gain trade.
  5. If the Pivot points had been in confluence with the Buy / Sell Fib at price 0.87923 as picture shows then more chance of a longer trade with more green pips.

Attached Image (click to enlarge)
Click to Enlarge Name: fib_trade_with_pivot_points_001.png Size: 42 KB
“A setback is a setup for a comeback.”
  • #263
  • Jan 25, 2010 7:47am Jan 25, 2010 7:47am
Quoting marshy
The attached chart is the 4 Hour EURGBP with pivots applied....
Please post the indicator you are using that plots the swing high/low info on the fibs? Thanks!
  • #264
  • Jan 25, 2010 3:35pm Jan 25, 2010 3:35pm
Quoting pilotui
Please post the indicator you are using that plots the swing high/low info on the fibs? Thanks!
I don't think that's an indicator. You can do it within MT4's fib retracement tool by editing the descriptions

So for each fib level edit the description box and just write whatever you want to call it (e.g. swing low) followed by =%$ to show the price.
  • #265
  • Edited 4:06pm Jan 25, 2010 3:54pm | Edited 4:06pm
Quoting pilotui
Please post the indicator you are using that plots the swing high/low info on the fibs? Thanks!
The indicator is just the Meta Trader fib tool with the levels modified.

To help,I have attached is my trading template for EURGBP with the modified levels. Save the attached template to your template file in meta trader and load the template to EURGBP chart, then click on the fib and open up the fib levels , this will set up your metatrader fib tool with the same levels.

Done this way, I dont have worry about drawing the fibs the correct way up, the levels are the same either way.

Marshy.
Attached File(s)
File Type: tpl Fib template.tpl   6 KB | 402 downloads
“A setback is a setup for a comeback.”
  • #266
  • Jan 25, 2010 4:39pm Jan 25, 2010 4:39pm
Quoting marshy
The indicator is just the Meta Trader fib tool with the levels modified.

To help,I have attached is my trading template for EURGBP with the modified levels. Save the attached template to your template file in meta trader and load the template to EURGBP chart, then click on the fib and open up the fib levels , this will set up your metatrader fib tool with the same levels.

Done this way, I dont have worry about drawing the fibs the correct way up, the levels are the same either way.

Marshy.
Thank you for that...you are very kind
  • #267
  • Jan 26, 2010 9:23am Jan 26, 2010 9:23am
Hope this little indicator in the top left of my chart helps.........its an Average True Range indicator...change the multiplier to 1.0.

For 4h trades just set your trailing stop to its value.

Present readings:

Gj=108
Ej=85
Gu=68
Eu=53
Uj=50
Eg=18


Steve
Attached File(s)
File Type: ex4 ATR Pips.ex4   3 KB | 388 downloads
  • #268
  • Jan 26, 2010 1:46pm Jan 26, 2010 1:46pm
Quoting stevewide
Hope this little indicator in the top left of my chart helps.........its an Average True Range indicator...change the multiplier to 1.0.

For 4h trades just set your trailing stop to its value.

Present readings:

Gj=108
Ej=85
Gu=68
Eu=53
Uj=50
Eg=18


Steve
What do you have the periods set at?
  • #269
  • Jan 26, 2010 2:06pm Jan 26, 2010 2:06pm
I have left it at default 20; but 14 is popular too. If much lower than 9, it becomes very sensitive to length of last candles which I feel is a scalpers setting. With 4hour chart trading the 9+ setting makes more sense to me.

Great trading to you.

Steve
  • #270
  • Jan 26, 2010 3:09pm Jan 26, 2010 3:09pm
Quoting stevewide
I have left it at default 20; but 14 is popular too. If much lower than 9, it becomes very sensitive to length of last candles which I feel is a scalpers setting. With 4hour chart trading the 9+ setting makes more sense to me.

Great trading to you.

Steve
Thanks!
  • #271
  • Jan 26, 2010 4:14pm Jan 26, 2010 4:14pm
I found using the heiken ashi indicator with this method quite useful, it seems to make everything a little more clear.

I took this trade (short) but if my stop loss was just about 30 pips further away, then this would have been a good trade.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_h4.jpg Size: 102 KB
  • #272
  • Jan 26, 2010 8:24pm Jan 26, 2010 8:24pm
Hi. i've heard HA candles give late signals, exhanging pips for more reliable signals. Would this be your experience too?
  • #273
  • Jan 27, 2010 4:56am Jan 27, 2010 4:56am
I haven't really experienced that, ultimately it seems that the Fib levels are what you should rely on only.
  • #274
  • Jan 29, 2010 11:10am Jan 29, 2010 11:10am
I've been practicing a lot with this method, and so far I've been able to break even on my trades. Which is better than losing. But I'm getting better (I hope).

Here are my trades so far today (trading on micro lots).
Attached Image (click to enlarge)
Click to Enlarge Name: trades_1.jpg Size: 59 KB
  • #275
  • Jan 30, 2010 7:41pm Jan 30, 2010 7:41pm
Quoting kevman
I found using the heiken ashi indicator with this method quite useful, it seems to make everything a little more clear.

I took this trade (short) but if my stop loss was just about 30 pips further away, then this would have been a good trade.
Hi Kev, if you want to use HA candles, just draw your fibs on the 4H chart, and then go down to 1H or 30M, maybe even 15M, and watch for a bounce on a fib level followed by a confirmation of the HA candles to pull the trigger, just my 2 cents, cheers
  • #276
  • Jan 31, 2010 6:02am Jan 31, 2010 6:02am
Quoting robby2007
Hi Kev, if you want to use HA candles, just draw your fibs on the 4H chart, and then go down to 1H or 30M, maybe even 15M, and watch for a bounce on a fib level followed by a confirmation of the HA candles to pull the trigger, just my 2 cents, cheers
Thank you robby, I'll try that.
  • #277
  • Feb 4, 2010 11:02am Feb 4, 2010 11:02am
Robby:
Thank you for teaching us so much; here's several hundred pips, I got most of it closing it today on the Euro/Usd. Entry was anytime after the .318 fib was breached.

Steve
Attached Image (click to enlarge)
Click to Enlarge Name: robby eu trade.gif Size: 36 KB
  • #278
  • Feb 4, 2010 7:58pm Feb 4, 2010 7:58pm
Quoting stevewide
Robby:
Thank you for teaching us so much; here's several hundred pips, I got most of it closing it today on the Euro/Usd. Entry was anytime after the .318 fib was breached.

Steve
Great trade Steve, in deed the fibs work, like the original name of the thread, this is the only system that worked for me, now i combine them with my trend hunter (which is very different now), but i guess the fibs are the secret to success, keep up the good job
  • #279
  • Apr 7, 2010 5:10am Apr 7, 2010 5:10am
Hellooo robby,

where are all members of this thread gone?????
  • #280
  • Apr 18, 2010 3:17am Apr 18, 2010 3:17am
It is an interesting thread this one. Shame that it seems to have died a death

Robby - are you able to give us an update about how you are doing with this simple Fib method ?
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