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Simple & Consistent Fibbing Method

  • #61
  • Mar 4, 2010 10:43am Mar 4, 2010 10:43am
Stop at BE on GBP/USD short trade.
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  • #62
  • Mar 4, 2010 10:53am Mar 4, 2010 10:53am
Second entry on GBP trade at 1.5038. Went in a little later at 1.5023.
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  • #63
  • Edited 1:02pm Mar 4, 2010 11:11am | Edited 1:02pm
Will add a third position below 1.5010...next breach level, once there is a close below this price.
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  • #64
  • Edited 11:47am Mar 4, 2010 11:16am | Edited 11:47am
I have fibbed the high of 1.5136 to the low of 1.4885 to determine the next 50% level at 1.5010. This level is now support.
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  • #65
  • Mar 4, 2010 3:54pm Mar 4, 2010 3:54pm
GBP/USD SHORT

Position #1 locked +18pips
Position #2 locked -18pips

TP still at 1.4970
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  • #66
  • Edited 7:29pm Mar 4, 2010 7:04pm | Edited 7:29pm
Re-entered at 1.5037, trade still valid. TP extended to 1.4950. Please see chart below. All breakeven...critical area!!!

http://img704.imageshack.us/img704/3659/gbpshort.jpg

Other Considerations

http://img39.imageshack.us/img39/820...rtingchart.jpg
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  • #67
  • Mar 4, 2010 8:01pm Mar 4, 2010 8:01pm
Stopped out BE, long both EUR and GBP/USD. "Time" makes a difference with your strategy. Cannot hold long positions with this method after 11:00am EST. So, if we are not able to take 3:00AM EST setups, we will take our 50-70pips profit.
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  • #68
  • Mar 5, 2010 2:29am Mar 5, 2010 2:29am
Good day Simoneg,
Thank you for the pictures, they have made it easier for me .
Hopefully I can provide some feedback in the future and help in the sharing.

Bless
  • #69
  • Mar 5, 2010 3:48am Mar 5, 2010 3:48am
Hello SimoneG
there is something I wish to share, not sure how you can/will apply in post/thread, but as originator you can vet then decide. Respectfullyyours.

Bless
  • #70
  • Mar 5, 2010 4:15am Mar 5, 2010 4:15am
Nice method. I to am a s/r trader. I am going to practice it next week on a demo account. Where do I find the Bobokus thread so I can get a full understanding and see how to input the levels into my fibs?
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  • #71
  • Mar 5, 2010 4:34am Mar 5, 2010 4:34am
Just enter Bobokus' name in the members search above left. It will bring you to his two threads.
  • #72
  • Mar 5, 2010 4:56am Mar 5, 2010 4:56am
Quoting pathumracled
Good day Simoneg,
Thank you for the pictures, they have made it easier for me .
Hopefully I can provide some feedback in the future and help in the sharing.

Bless
Thanks pathumracled! I look forward to and welcome your feedback.
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  • #73
  • Mar 5, 2010 4:58am Mar 5, 2010 4:58am
Quoting aswilled
Nice method. I to am a s/r trader. I am going to practice it next week on a demo account. Where do I find the Bobokus thread so I can get a full understanding and see how to input the levels into my fibs?
Thanks aswilled! I will look forward to contributions that will help to improve the method. Here is the link to Bobokus' Thread http://www.forexfactory.com/showthread.php?t=50767
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  • #74
  • Mar 5, 2010 7:16am Mar 5, 2010 7:16am
Nice little buys on GBP and EUR/USD last night for +55pips.
I will be updating my charts this weekend.
Have a good weekend all!
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  • #75
  • Mar 5, 2010 7:35am Mar 5, 2010 7:35am
For those trading today's wild market. Watch 1.5038 level, critical support since yesterday. You may get nice short off here to 1.4960-1.4930. Watch candle close.

Enjoy!
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  • #76
  • Mar 5, 2010 8:17am Mar 5, 2010 8:17am
Stop @ BE and leaving. Take care!
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  • #77
  • Edited 9:24am Mar 6, 2010 8:12am | Edited 9:24am
GBP/USD H1 CHART

On Friday, Market tested the week's high.

http://img94.imageshack.us/img94/803/wemar5.jpg
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  • #78
  • Edited 10:03am Mar 6, 2010 9:05am | Edited 10:03am
http://img36.imageshack.us/img36/660/frimar5.jpg

Watch also the 19.1% support level.
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  • #79
  • Mar 6, 2010 9:50am Mar 6, 2010 9:50am
http://img144.imageshack.us/img144/9131/15mother.jpg
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  • #80
  • Mar 6, 2010 2:18pm Mar 6, 2010 2:18pm
Quoting simoneg
Thanks aswilled! I will look forward to contributions that will help to improve the method. Here is the link to Bobokus' Thread http://www.forexfactory.com/showthread.php?t=50767
Thanks. I found his info on FF, YouTube, and his site. I seen how to set up the fibs and how he used them. The only confusion is which fibs to use at what times. Like the Daily fib is to be drawn on the daily chart largest swing. Then there is the fibs for up or down trends. I don't understand how to set/use the range fib. and the intraday and its zones. I think we wait for price to enter the entry zone (38.2 - 61.8) and wait for it to break in any direction, targeting the target zones of the intraday? And do you move the intraday up and down the highs and lows as they are made? :nerd:
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