KissFan's Trading Journal

Long 1.5021. TP 1.5060.

K.I.S.S.

Profit Taken @ 1.5060.

K.I.S.S.

I will take a short position at the break of this engulfing bar. I show on the hourly chart a confluence here of the 150ema/daily range and weekly range pivot. This one is due to move and run a little. SL 90.52 and TP 89.82

K.I.S.S.

I think that the price is headed back up to 9251 or 9300. I am long here at .9180. This is the second break of the daily pin which is a representation of price rejected off of the bottom of the weekly range. If price makes it to the top of the weekly range or to the 1.382 ext, I fully expect to see some good selling on AUDUSD.

K.I.S.S.

Hey Kiss, just checking back in, and wondering if you're still holding the EU position?

Jacob

I should have updated. Sorry. I took 1/3 profit at first trouble area and then was stopped at BE. The weekly bearish engulfing had me concerned with the long. That pin is still valid though. If we get back to 3623 area I will be heavily biased short and will probably even touch trade 1/3 of normal postion and add to as we head down to 1.3382.

K.I.S.S.

I don't trade the smaller TFs, but I do watch and study the smaller TFs on the EURO and had the 3630 - 3660 as a good short zone, if it ever gets back up there.

CHART.

I think that 3600 this week is a real possibility. Then down from there to 1.3100?

K.I.S.S.

Looks lik 9172 is in play again. One more high then a move down to 8600?

K.I.S.S.

EU is wound up tight after today's action. I'm long at 3450. What a crappy time of day for the 4hr IB to break (alpari feed)

K.I.S.S.

i don't know lol..... I'm long NU right now.... weekly i4b broke north - - that was a big surprise....

I cant rule out 7200 for NU and 9300 for AU. I was afraid to long NU because it opened below last weeks pivot. I did see the weekly IB though and had a sell there. Great trade bro!

K.I.S.S.

K.I.S.S.Fan's Fibonacci Strike Trading---Updated March 29,2010

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 when 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. I have observed that on th major pairs when price opens the week below the previous weeks pivot (50% of its range) the vast majority of time, the price will test the lows of the previous week.
8. I have observed that on th major pairs when price opens the week above the previous weeks pivot (50% of its range) the vast majority of time, the price will test the high of the previous week.
9. 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 and look
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 . One set up that I use effectively is identified by waiting for a 6-8 hour low or high to be reached. For a buy signal, you wait for a close above the low
bar and for a sell signal, you wait for a close below the high bar. These "signals" must be in conjunction with one of the fib levels plotted. Remember, I am taking the PA set-ups off of the fib
levels only. I'll 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- If I trade the 1hr charts, I will usually exit when I get three bar highs/lows counter to the direction of my trade before I close the trade. I am reluctant to say that this is a hard and
fast rule because there are times when I close earlier based on market conditions. I always have a "target". On the trades that I take on 4hr TF's, I will usually hold these until target is reached
. Usually the target is at the fib levels plotted on monthy or weekly TF's. 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.

.

Here is one I took this morning. The arrow bar pattern is simply a modified double inside formation and can be traded as a reversal or continuation. EU 15 min chart.

K.I.S.S.

K.I.S.S.Fan's Fibonacci Strike Trading---Updated June 14,2010

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 when 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. I have observed that on th major pairs when price opens the week below the previous weeks pivot (50% of its range) the vast majority of time, the price will test the lows of the previous week.
8. I have observed that on th major pairs when price opens the week above the previous weeks pivot (50% of its range) the vast majority of time, the price will test the high of the previous week.
9. Most of us invest our time on learning trade entries and do not give enough time studying exits. I hope to give some perpective on exits here and illustrate that small moves banked while
protecting capital with a scaling in approach can mean substantial profits.
10. 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
TIMEFRAME TRADED-Hourly, 4HR, Daily, Weekly

JUNE 14,2010 UPDATE: I have simplified my fib strike tecnique and am getting very good results of 2.5 to 3% per week on average. The following is a breakdown of what I look for on 1hr, 4hr, Daily or
weekly charts.

First, I plot my fib from the low to high or high to low of the last closed candle/bar. Now we need to be selective of our bars. My technique is based on high probability targets from high probability bars. Refer to the Daily bar printed on EURGBP last friday. Now remember, not all trades will go to profit. We are just increasing the probability with our trade selection and targets. I plot my fibs with the levels mentioned above from the low to high or high to low of the bar that I select. In the example below, I am trading a daily BUOB with room to run to .8422. My target is the 1.382 ext because we have about a 70% probability that price will hit the -.382 or the 1.382 ext with any bar.

My entry method:
Once I identify the bar I want to trade, it is important for me to accomplish two goals. The first is that I do not want to miss the move to my take profit target. The second is that I want to be able to psycologically endure any drawdown that might occur until then. Here is what works for me. In the example below on EURGBP I will scale in my position with 1/3 o a normal trade size at the buy/sell line or "break". Based on my trading, more often than not, we will get a pullback to at least the 38.2 level and get our second position elected before we go to take profit. My entries on this trade are at .8325, .8281 and then a third at .8253 or the 618 retracement level. SL is .8200 and tp is .8370.

.

.

K.I.S.S.

you have some fibtacularness going on at the highlight, last months low price, and last weeks -38.2 extension, both on a good previous support. no surprise if we get a good resistance bounce off that.

EURGBP DAILY CHART: