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Powerful Fib Based System - by DAZfx

  • #1,801
  • Jan 31, 2010 8:50pm Jan 31, 2010 8:50pm
good job Ubergoober,

Your 1 hour trade on the EU was great. by the way, 1 minute is too fast for you to trade though. I wouldn't trade the 1 min tf.

Quoting ubergoober
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...
  • #1,802
  • Feb 1, 2010 6:14am Feb 1, 2010 6:14am
Oh, I agree. I was just playing around with the 1m. It's too volatile. I wouldn't really consider anything less than 15m.

Although.. I may keep an eye on 5 min for the possibility of quick scalping. But I don't see it as being safe either. At least not with more chart time to investigate.

But I will say, All you need to make in a day can be EASILY accomplished on the 1 hour charts (and even 4 hour, just less setups).
  • #1,803
  • Feb 1, 2010 7:14am Feb 1, 2010 7:14am
Quoting JhonMonsalve
Btw, one last thing, check the divergence too, Stoch daily charts:

Attachment
So far so good, I hope you're catching some nice pips here, take some off the table!

Attached Image (click to enlarge)
Click to Enlarge Name: gcaddaily.gif Size: 24 KB


If price remains below 1.70, next parade is 1.67

This is a great tool, thanks Daz!
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #1,804
  • Edited 1:56pm Feb 6, 2010 12:52pm | Edited 1:56pm
The chart below shows a potential setup forming, any thoughts? I am thinking I may just wtch this if it sets up as I do not like to take a setup that has formed over a weekend period.

CHFJPY.jpg

Also the EURJPY showing the same setup developing as these pairs are very similar.

VP
Attached Image (click to enlarge)
Click to Enlarge Name: CHFJPY.jpg Size: 75 KB
Nil desperandum
  • #1,805
  • Feb 7, 2010 4:47pm Feb 7, 2010 4:47pm
You are right Vincent. The setup is forming, however, I would be cautious about this trade because we are anticipating a correction in the current down trend, therefore, trend could be reversed for a period of time.

good catch though.

Quoting vincentprice
The chart below shows a potential setup forming, any thoughts? I am thinking I may just wtch this if it sets up as I do not like to take a setup that has formed over a weekend period.

CHFJPY.jpg

Also the EURJPY showing the same setup developing as these pairs are very similar.

VP
  • #1,806
  • Feb 8, 2010 10:15am Feb 8, 2010 10:15am
Hey Cuong thanks for the reply, yes the trend is looking weaker and there is some divergence on the stochastic too, I left this one which is good because price is currently rising and the trade would have stopped out.

Here is another forming on the EUR.GBP, price has broke above last weeks range and pulled back to support on 0.8750. Recently the 4 hour chart put in a higher swing low and currently price has been rising on the daily chart.

Anyone else looking at this one?
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP.jpg Size: 86 KB
Nil desperandum
  • #1,807
  • Feb 9, 2010 11:03am Feb 9, 2010 11:03am
All three targets were hit on the above trade, and the last limit order was filled just past 8am.
Nil desperandum
  • #1,808
  • Feb 9, 2010 1:25pm Feb 9, 2010 1:25pm
awesome Vincent,
I wasnt around to catch this. I will try to post my chart for dazfx setup in the future.
thanks

Quoting vincentprice
All three targets were hit on the above trade, and the last limit order was filled just past 8am.
  • #1,809
  • Feb 9, 2010 3:18pm Feb 9, 2010 3:18pm
possible setup on 4 hr tf on EU. However, fundamental news might cause the trend to reverse which remains to be seen.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 14 KB
  • #1,810
  • Feb 9, 2010 3:57pm Feb 9, 2010 3:57pm
Quote
All three targets were hit on the above trade, and the last limit order was filled just past 8am.

http://cdn.forexfactory.com/images/buttons/quote.gif


seems we got another nice daz trader
  • #1,811
  • Feb 9, 2010 4:33pm Feb 9, 2010 4:33pm
Hey guys hope the trading is going well

Yes I have been patiently waiting for Daz trades to develop, great method.

I have been keeping my eye on the EURCAD 4h chart since yesterday. Although what looked to be a good Daz setup I think is a little risky to trsade now. The daily is in a nice downleg price has bounced off the 50ma and given a signal on the 4h right about now, however I dont like the way price has broken a nice trendline on the 4h and the retrace as a result saw the breakout candle close above 78 fib retracement.

Any thoughts on this?

VP
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD.jpg Size: 84 KB
Nil desperandum
  • #1,812
  • Edited 1:26pm Feb 10, 2010 12:50pm | Edited 1:26pm
The EURCAD trade rapidly gained momentum after giving a signal and reached all three fib extension targets.

I did not take the trade as the initial retracement was a little to far, probably caused by a grouping of buy orders placed above the trendline being triggered. This faslse break in the downtrend messed up the setup.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD.jpg Size: 104 KB
Nil desperandum
  • #1,813
  • Feb 10, 2010 12:58pm Feb 10, 2010 12:58pm
Today I have noticed to potentials forming on 1h charts. First is the AUDUSD, could be a textbook Daz setup!

Second is the EUR/JPY although the risk reward may not be good enough if this does signel.

Cuong I saw the EURUSD trade you posted and it is moving well,nice amount of pips in that trade!
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.jpg Size: 106 KB
Nil desperandum
  • #1,814
  • Feb 10, 2010 2:59pm Feb 10, 2010 2:59pm
Vincent, the AU is actually moving down on this trade, but the fib retracement on my chart is overshot over 78.6%, almost close to 100%. I didn't take this trade though.

Quoting vincentprice
Today I have noticed to potentials forming on 1h charts. First is the AUDUSD, could be a textbook Daz setup!

Second is the EUR/JPY although the risk reward may not be good enough if this does signel.

Cuong I saw the EURUSD trade you posted and it is moving well,nice amount of pips in that trade!
  • #1,815
  • Feb 11, 2010 7:53am Feb 11, 2010 7:53am
Quoting JhonMonsalve
So far so good, I hope you're catching some nice pips here, take some off the table!

Attachment

If price remains below 1.70, next parade is 1.67

This is a great tool, thanks Daz!
1.67 done, let's see a double bottom @1.63,

Attached Image (click to enlarge)
Click to Enlarge Name: gcad.gif Size: 28 KB
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #1,816
  • Feb 11, 2010 11:11am Feb 11, 2010 11:11am
Quoting Cuong
Vincent, the AU is actually moving down on this trade, but the fib retracement on my chart is overshot over 78.6%, almost close to 100%. I didn't take this trade though.
I never took this trade either as the risk reward was not good enough, good job as it would have stopped out. I traded the EURJPY 1h (very similar setup at almost the same time) and was stopped out there instead lol.

The fib retracement on both the setups showed a candle spike above the 78% fib and price close between the 61.8 and 78 levels. Would this be considered as too much of a retrace for an ABC wave? Would a close below or very close to the 61.8% level for the signal candle represent a safer setup and a candle spike that does not penetrate further than the 78% level a more secure setup?

VP
Nil desperandum
  • #1,817
  • Feb 11, 2010 7:59pm Feb 11, 2010 7:59pm
I believe this is a valid entry on the EURUSD following the advanced rules, with hidden bearish divergence. I entered after the signal candle below the 5sma as the risk reward was good. Even my Dog can see the daily is in a strong downtrend!

Am I right in seeing this as a valid entry?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.jpg Size: 131 KB
Nil desperandum
  • #1,818
  • Feb 11, 2010 11:05pm Feb 11, 2010 11:05pm
Vincent, sorry about the EJ got stopped out.

For this EU, it looks like prices stalled at 50% and looks like an advanced setup, however at this hour and price seems to clump together at 1.3670. If it had a nice move, it should be down already with the amount of candles of CD move roughly equal to amount of candles of AB. There are about 11 candles in the AB move, and there are around 9 candles of CD now, but prices stalled there, I would get out .

Quoting vincentprice
I believe this is a valid entry on the EURUSD following the advanced rules, with hidden bearish divergence. I entered after the signal candle below the 5sma as the risk reward was good. Even my Dog can see the daily is in a strong downtrend!

Am I right in seeing this as a valid entry?
  • #1,819
  • Feb 12, 2010 10:15am Feb 12, 2010 10:15am
Quoting Cuong
Vincent, sorry about the EJ got stopped out.

For this EU, it looks like prices stalled at 50% and looks like an advanced setup, however at this hour and price seems to clump together at 1.3670. If it had a nice move, it should be down already with the amount of candles of CD move roughly equal to amount of candles of AB. There are about 11 candles in the AB move, and there are around 9 candles of CD now, but prices stalled there, I would get out .

Hey Cuong

Yes I agree that price flatened out at the 50% level and did not give an ideal candle pattern with 8 candles in the BC wave. Also the signal candle was the midnight hourly candle whish is far from ideal. I took the trade as everything else ticked the boxes and fortunately for me all the targets were hit.. It was a trade a little too risky in retrospect!

Cheers

vP
Nil desperandum
  • #1,820
  • Feb 16, 2010 12:04pm Feb 16, 2010 12:04pm
UJ short signal forming on the 4 hour , also there is a declining channel on the daily with a resistance at 90.60
Attached Image(s) (click to enlarge)
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