Simple fibs confluence setups | Forex Factory

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Simple fibs confluence setups

  • #1
  • First Post: Mar 10, 2010 11:09pm Mar 10, 2010 11:09pm
For a short confluence at the yellow line of 38.2 and 50 fib levels:
Attached Image (click to enlarge)
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  • #2
  • Mar 10, 2010 11:16pm Mar 10, 2010 11:16pm
For a long confluence at the yellow line of 76.4 with 61.8 fib levels:
Attached Image (click to enlarge)
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  • #3
  • Mar 10, 2010 11:51pm Mar 10, 2010 11:51pm
I've tested this setup with 25 sl and 100 tp for a few weeks and these are the results:
chfjpy -25
gbpjpy -25
gbpaud -25
usdchf +100
gbpaud -25
gbpcad +100
eurusd +100
audcad -25
eurusd -25
eurusd -25
eurusd -25
audusd +100
audnzd +100
gbpchf -25
gbpchf +100
gbpchf +100
usdchf -25
cadjpy -25
usdcad +100
usdchf -25
gbpjpy -25
nzdjpy +100
audcad -25
audusd -25
audcad +100
audusd +100
usdcad -25
eurusd -25
eurusd -25
usdchf -25
usdchf -25
gbpchf +100
chfjpy +100
usdjpy -25
gbpusd -25
cadjpy -25
usdjpy -25
gbpcad -25
gbpcad +100
gbpaud +100
audusd -25
cadjpy -25
audnzd -25
nzdjpy -25
gbpjpy +100
audnzd-25
eurcad running
cadjpy running
usdchf running

30 losses of 750 pips
16 wins of 1600 pips
total profit:850 pips
  • #4
  • Mar 11, 2010 1:10am Mar 11, 2010 1:10am
It's not a perfect setup but looks all right:
Attached Image (click to enlarge)
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  • #5
  • Mar 11, 2010 1:16am Mar 11, 2010 1:16am
It's not perfect confluence but it looks like is heading there:
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy.png Size: 39 KB
  • #6
  • Mar 11, 2010 1:29am Mar 11, 2010 1:29am
See examples at this thread
See post number 438:
http://www.forexfactory.com/showthre...212301&page=30

eTrader,
  • #7
  • Mar 11, 2010 1:32am Mar 11, 2010 1:32am
This one looks like the art of perfection if the price ever comes up. Two fibs at a round number:
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  • #8
  • Mar 11, 2010 2:26am Mar 11, 2010 2:26am
Quoting eTrader
See examples at this thread
See post number 438:
http://www.forexfactory.com/showthre...212301&page=30

eTrader,
Thanks my friend,

Well, adding more resistance or pivots to the confluence it's good but it's not guarantee that with all this the price is not going to hit the sl. we both have similar fibs confluence setups , you are adding more confluence to your setup and i am adding a simple money management rule: tp100, sl 25. The reason for this is by consistently apply this rule i can observe and take notes as of what adds up to a set up to more often hit the tp target.

again, thank you.

Constin
  • #9
  • Mar 12, 2010 5:40pm Mar 12, 2010 5:40pm
Usdcad it's done well by hitting the tp target. The cadjpy and the nzdjpy missed the entries by a few pips and then hit the target (just a matter of bad luck). The gbpchf didn't hit the sl yet and is struggling to hit the tp. the other entries hit the sl.
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.png Size: 37 KB
  • #10
  • Edited 7:22pm Mar 12, 2010 6:23pm | Edited 7:22pm
You may find the following links entertaining:

Thread:
http://www.elitetrader.com/vb/showth...hreadid=192348
Journal:
http://www.elitetrader.com/vb/showth...hreadid=193086
  • #11
  • Mar 12, 2010 6:30pm Mar 12, 2010 6:30pm
Quoting lcfxtrader
You may find the following threads entertaining:

Thread:
http://http://www.elitetrader.com/vb/showthread.php?threadid=192348

Journal:
http://http://www.elitetrader.com/vb/showthread.php?s=&threadid=193086
Hey Lcfxtrader, thanks for the links but the links don't work.

Constin
  • #12
  • Mar 12, 2010 6:35pm Mar 12, 2010 6:35pm
what are all the yellow lines on ur charts? pivots/sr lines?
  • #13
  • Mar 12, 2010 6:40pm Mar 12, 2010 6:40pm
Quoting TheFutureAce
what are all the yellow lines on ur charts? pivots/sr lines?
I place yellow lines where the fibs confluence is.

Constin
  • #14
  • Mar 12, 2010 7:03pm Mar 12, 2010 7:03pm
Quoting constin
I place yellow lines where the fibs confluence is.

Constin
I meant the dotted yellow lines. Some of them dont have any confluence

thanks
  • #15
  • Mar 12, 2010 7:12pm Mar 12, 2010 7:12pm
Quoting TheFutureAce
I meant the dotted yellow lines. Some of them dont have any confluence

thanks
Do you mean the dotted green lines?
If so they are round numbers.

Constin
  • #16
  • Mar 12, 2010 7:18pm Mar 12, 2010 7:18pm
Quoting constin
Do you mean the dotted green lines?
If so they are round numbers.

Constin

yes the green ones...whats the purpose of those dotted green lines and what do u use it for?
  • #17
  • Mar 12, 2010 7:23pm Mar 12, 2010 7:23pm
Quoting constin
Hey Lcfxtrader, thanks for the links but the links don't work.

Constin
Should work know. Very simply approach in trading fibs.
  • #18
  • Mar 12, 2010 7:31pm Mar 12, 2010 7:31pm
Quoting TheFutureAce
yes the green ones...whats the purpose of those dotted green lines and what do u use it for?
The round numbers are considered psychological levels for traders. At the moment i just use them as orientation points. I like to have at least a 200 pips trend before placing the both fibs on and looking for confluence. In the same time i watch price action around those numbers. I kind of figured that if i have a RN before the fibs confluence it might work better.

Constin
  • #19
  • Mar 12, 2010 7:52pm Mar 12, 2010 7:52pm
Quoting TheFutureAce
yes the green ones...whats the purpose of those dotted green lines and what do u use it for?
Also notice for the cadjpy there is fibs confluence and just lower than that there is a 50 fib confluence with a round number which could have given traders the confidence to enter trades just before the fibs confluence:
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  • #20
  • Mar 14, 2010 7:51pm Mar 14, 2010 7:51pm
61.8 fib confluence with 000 RN. Below 2fibs confluence. Lower 38.2 fib close confluence with 0.75 RN. I placed the daily pivots on and the fibs confluence come on the same line with R1.
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