KissFan's Trading Journal

Playing with Snag-it. Disregard.

K.I.S.S.

K.I.S.S.Fan's Fibonacci Strike Trading

Here are some opinions/observations that I have formed after trading for some time. All of these are based on personal experience. I will be adding notes here as time moves forward in order to more clearly explain/improve the trading experience of the "Fibonacci Strike Technique". Most of my personal experience has been guided by the great posters on Forex Factory. When I say "Great" posters I mean the ones who have started threads that stand the test of time here. Many thanks to all of you.
1. Support and resistance are the best areas to look for price action.
2. Support and resistance change slightly over time as price breaches/violates/tests/penetrates these areas and causes them to become less reliable/detectable.
3. It is more advantageous to trade bar formations at swings that end at support or resistance areas.
4. It is even more advantageous to trade these at the break of said bar formations. (confirmation)
5. The 23.6 level on the Fibonacci tool has not been as useful a guide to me as the 0.0,38.2,50.0,61.8 or 100.0.
6. It seems mor advantageous to look for long trades once we have closed above the weekly pivot and shorts below the weely pivot. This means to observe price on your chosen time frame and only
trade whn price gives you a signal that you ae comfortable with. Ex. Pin bar, BUOB, BEOB and so forth. Many examples will be forthcoming in the form of posted charts.
7. More to come........
THE JIST OF WHAT I AM DOING HERE-K.I.S.S.Fan's Fibonacci Srike Technique

I am a price action trader and frequent theJames16 thread. They are my "other" family. My trading is based on the principles taught in that thread and on the Private Forum. I am not sharing this information on the J16 thread out of respect for the beginners and veteran traders there. This type of discussion (if anyone cares to join in) would clutter Jim's thread and possibly make it confusing to beginners. I owe that man so much that I'd never want to be responsible for taking any value from his work. I trade the hourly, 4hr and daily charts. I have evidence that support and resistance is best plotted by using the fib levels I will mention below. Fibonacci Strike is a slightly different way of looking at plotting support and resistance than I used to do. All of the "major" levels of support and resistance are updated weekly for my trading. Fibonacci Strike provides me with a refreshed lens or scope to look at the currency crosses each week. The concept of Fibonacci Strike resonates with my personality well in the sense that I am more likely to stay on the right side of the market by using the fib pivot in conjunction with good equity management and clear price action signals. I used to open a chart and then painstakenly plot lines on S/R and PPZ areas. I am not saying that to plot S/R or PPZ's the way I was taught was wrong. I am saying that it does not seem to be necessary in the method I am discussing here. The trader can be the ultimate judge. One other thing that is important for me to convey to anyone who might happen upon this material. I am developing this for my personal trading. The material here is all borrowed. I have taken segments of material from many great traders and produced a method that works for me. There is no holy grail here. My objective is to trade consistantly profitable and pass along any helpful insight that might assist someone else in that endeavor. Again, thank you to all who have helped me over the years. You know who you are.

I am going to get started here:

FIB TOOL- I use these settings on my fib tool. -38.2, 0.0, 38.2, 50.0, 61.8, 100.0, 138.2
CHARTS USED for plotting S/R- Monthly, weekly, daily
TIMEFRAME TRADED-Hourly, 4HR, Daily
On a monthly chart I plot my fibs with the levels mentioned above from thelow to high or high to low of the last closed candle. On a weekly chart, I plot my fibs with the levels mentioned above from the low to high or high to low of the last closed candle. On a daily chart. I plot my fibs with the levels mentioned above from the low to high or high to low of the last closed candle. I use different colors and line widths for each time frame plotted. I do not plot daily fib levels for friday or sunday. I plot only mon, tues, wed, thurs. If you are following along, go back andlook at the S/R andPPZ's that you would have plotted. What do you see?

My entry methods:
Trend-I am looking for reversal set-ups . I will only enter a trade between Midnight Central time and Noon central time on Monday through Thursday for the 4HR and 1HR timeframes. I do not trade the Asain session. I trade really well formed daily TF set ups as well. The only reason why I will miss out on some good daily TF trades is that I will take more conservative entries. I take more conservative entries on daily set ups so that I can sleep peacefully at night. I will leave a trade open during the Asian session as long as it has not met my criteria to close. On any timeframe that I trade, buy signals will show themselves as price action above the weekly pivot. The best buy signals will correspond with a fib level plotted on the monthly or weekly TF. A sell signal is evident with price action below th weekly pivot. The best sell signals will correspond with a fib level plotted on the monthly or weekly TF. I am looking fo PA just like I have been taught on the J16 chart thread. The difference is that I will plot S/R with fibs and use the fib levels plotted as my take profit levels. This is the essence of "Fibonacci Strike".
Counter Trend- Same criteria applies as trend with a more conservative approach. I will use bar formations for entry. However, I will be more picky about my bar formations and look for divergence on RSI
or MACD to trade.
Exit- I scale out or take all profit at the fib levels plotted on monthy or weekly fib levels. I will post every one of my Fibonacci Strike Trades here. I do not take all entry opportunities. I have some preferences that I will explain as time provides.

Short at the break of the IB here with trend. Take some profit at the weekly low.

K.I.S.S.

Edit: Stopped out. I will look for shorts a th pivot levels now.

Long at the break of the IB here with trend. Take some profit at the weekly high.


K.I.S.S.

Stopped out. I will look for longs down at the pivot levels now.

Long at the break of the IB at the monthly high. I will likely be adding to this one once we break 1.5200 convincingly. This is all depending on if I do not get stopped (red rectangle) first.

K.I.S.S.

Edit: Just closed this trade for a small loss. I am still looking for longs.

I have a small pin off the pivot for entry. Stops at the break of the nose of the pin.

K.I.S.S.

EDIT: Pin just broke to the downside trade cancelled.

Same situation as above.

K.I.S.S.

EDIT: Pin just broke to the upside trade cancelled.

At first glance this looks like a high probability set up. On further review I see some problems that keep me out of this trade. It may run long anyway but I do not like thelooks of it for the reasons posted on the chart.

K.I.S.S.

I stumbled across your journal today and really like it, I'm literally reading from page 1 on!

Glad to see you made it live full time, that's my goal.

That's very kind of you to say Bleek. I just made some changes today to post #1. Please take them into account. Let me know if I can be of help to you.

K.I.S.S.

I just saw the edit, how apt I found your thread today.

You seem to have a similar style (although I use 15m, 30m, 1h, 4h as well as daily) to me so it's great to see you profiting and going 'pro'!

I'm only at page ~20 so I've some way to go yet.

Short at the break of the 4hr pin. Great location.

K.I.S.S.

Long at the break of the 4hr pin. Great location.

K.I.S.S.

Hello, I have been browsing through your journal and just wanted to congratulate you on your success. I came across your thread via the J16 thread, which I follow religiously. I am inspired by your story and the approach you have taken with your new business. I have been trading Forex for a little over a year now with demo and a mini account, with mixed success. Trading support and resistance has finally brought it all together for me. I have spent the last couple of months taking a step back and really getting serious about this as a future business for me. I look forward to following your thread as I work on solidifying my own method.

Jacob

It is very nice to meet you Jacob. Feel free to ask me anything concerning trading and I'll give you an honest answer. I wish you the very best of luck in your effort to learn PA trading.

K.I.S.S.

Hey KissFan,

Came across your thread via J16. Glad to hear you've found success, and grateful that you're gracious enough to share your experience & knowledge.

Thanks,
Mike

I hope that you get some helpful information here Mike. Hang in there and best of luck to you bro!

K.I.S.S.

Now is a good time to follow up on GBPCHF. Yesterday printed a substantial 4 hr bar at the low fib on the short side of the market. Looks like the trade long would have been good for about 18 pips. Not enough RR for me to bother with. As it turns out, price was rejected there at the bar lows mentioned. Always keep the overwhlming trend in mind when trading as well.

K.I.S.S.

I have held on to this trade because of the Higher TF data.

K.I.S.S.

Mr Kiss I never did ask, or read in your thread, why you changed from candles to bars?

I myself made the change at the start of this year because I find they give me an objective picture, candle shapes seem to sway me too much.