My Fibonacci trading system

i am new to forex, what do u guys think about eurgbp today.Now i am still fighting +20 pips.(lost a lot today though)

wjq, thx for each chart example. your charts are very helpful to learn this system, even better than new words, since we now have many previous replies explaining the system. This is a consistent and profitable fibo retracement system.

I've been using the 4H trend if it's clear. If not, Daily. It's pretty simple that way. 4H candles will often indicate a coming change in trend, before the lagging indicators, especially opposing shadows and "engulflings" (Engulflings are trading elves whose job it is to show the way).

If anyone new wishes to learn, pls read the entire thread, especially the first few pages. Everything is there. Again, this is a good one.

this is what it looks like in m15 chart

Thank you for your positive comment.Need it to master this technique.As you said, actually if we draw a trend line at the 4h chart, the candle already exceeded the line and showing a bullish pattern.

I entered eurgbp as this is the only chart that i can apply the fib technique and just cant read the other pairs chart.target 50 pips, now + 29 pips.

wish me luck^^

MailSeven,

In regards to this fibo strategy, it looks like a setup to me with the larger wave fibo retracement at 38.2%. The smaller wave's fibo retracement levels broke down, so there is no confluence of fibonacci levels in your chart.

But I think this is a good signal from 5 or 6 hours ago. It's already moved on you. You'll just have to size your trade correctly so that you can risk only 1% of your capital while leaving your stop loss up above that 61.8% fibo level. But that's just coming from me... not the OP who started this thread on this strategy.

I'm still trying to make sure I have the setups correct.

I hope my USDJPY can be confirmed by others using this strategy.

Hello Allz,

Why this thread is becoming so sleepy, plz all members keep posting your charts and trades updtes, it will helpfull for all of us.

Thanx

Well then, with deference to Pip26, here's what I'm looking at right now for a CAD short. Daily is also showing a strong bearish engulfing.

Well I'm still short USDJPY from yesterday's resistance to the 90.80-90 area, which is an area of confluence for 2 trends' 38.2 and 61.8 fibo retracements. So far it's been okay. It's taking a while and I've already closed half my position at these levels (+40 pips). It seems USDJPY has tested the area of confluence (90.80-90) three times since last Friday.

Should I just jump out now or wait for the 88.55 price target.. first FE 61.8. The daily charts show this may not necessarily be in a downtrend anymore (to my untrained eye) with the higher high made on Jan 6 @ 93.77. But the 4hr charts still look like a downtrend. This may be more applicable to my usual TF or 1hr and 15m charts, but I could just be biased.

Anyway, I thought this was a high-conviction trade due to the 38.2 and 61.8 retracement levels holding three times the past couple of days.. even after some great USD GDP numbers.

What does anyone think?

Looks like a good set up... are you in it? Looks like one's execution would have to be really quick to catch those little pokes at the first 38.2 fibo level. And I think those types of little pokes are the best setup!

today gbp/usd

Using pivot points now? I need to catch up on this thread...

Have one very good fibo indicator

Gives out entry and target values

need EA coder help me set up a simple EA with stop loss /tp /trailing

need only to follow entry and target give out by the indicator

PM me if keen to help out

Hi WJQBlog,

I'm a rookie in Forex. I'm interested to try your system but having problem inserting the G7_USD.ex4 into my trading platform. Can you help me on this?

Any good Samaritans can help enlighten me on this?

Many thanks in advance!

copy the indicator .ex4 file to :

drive C: programmes > your broker folder > experts > indicator

restart your broker MT4

attached (right click) the indicator to any chart

then put in the code number for this indicator you see on thread one.

afternoon


now

everybody

target 2 get?

can you see?

Hi wjqblog,

Thanks for sharing this thread and also thanks to your master.Could you please, to post the attachments more clearly , for better understanding?

Thanks,

Folio

Hello Allz,

It is good to see some movement in this thread Thanx all.

Here is my GU & AU charts.
GU short at 61.8 + Resistence level.
AU waiting for confluence 38.2+61.8 area but also holding small short towards strong support level.

pips26

i think my chart is very clear

can you explan english for me?

3 chart.

please.

tkx

Same result by drawing major and minor fibos on same chart (1H in this case) to find blue resistance/retracement/entry "box":
(Are we having fun yet?)