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Simple & Consistent Fibbing Method

  • #821
  • Edited 7:20pm Apr 7, 2010 7:05pm | Edited 7:20pm
Quoting ahks
That's strange. My Metatrader platform shows 3 AM EST at a later close.

Are we looking at GU or EU ahks? The chart you are showing here is a EU H1 chart. Maybe we will have to clear it all up in the Morning.
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  • #822
  • Edited 10:17pm Apr 7, 2010 8:29pm | Edited 10:17pm
Quoting simoneg
Are we looking at GU or EU ahks? The chart you are showing here is a EU H1 chart. Maybe we will have to clear it all up in the Morning.
The chart that was posted is GU 15 min. TF, even though file name shows EU. Looks like your chart is one hour ahead of mine. It might be something to do with daylight savings.

My main concern is actually Trade Setup #2, posting 820. Shouldn't the new breach fib be pulled higher, after the 1st entry up to 80.9 resistance? I see a 2nd entry at 6 AM, 1.4852. Then take a loss, as it dropped back to 19.1 intraday fib.

When it retraced back to 19.1 support at 9:15 AM, a new breach fib is to be drawn from 1.4824-1.4885, then pulled higher until bull target #1 is reached?
  • #823
  • Apr 8, 2010 2:42am Apr 8, 2010 2:42am
1. 240 Mins - Monthly Targets.

2. 15 Mins Chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURGBP - 8th March - 240 Mins.jpg Size: 99 KB
Click to Enlarge Name: EURGBP - 8th March - 15 Mins.jpg Size: 106 KB
AFTAB Time Will Tell & Price Will Show
  • #824
  • Apr 8, 2010 2:55am Apr 8, 2010 2:55am
Simone has requested that I share how the Gartley and the Butterfly are drawn. I trade them in conjunction with Simone's method to reduce my risk.

I am in no way an expert but instead before I share, I want to give all credit of my knowledge about the Gartlies and Butterflies to my mentor Larry Pesavento - commonly know as the Godfather of Fibonacci but more importantly a fantastic person.


I also want to thank Simone for this thread which has allowed me to further refine my trade entries, risk management (by taking on selective Gartlies & Butterflies) and exit points.

Will post some examples shortly.
AFTAB Time Will Tell & Price Will Show
  • #825
  • Apr 8, 2010 5:54am Apr 8, 2010 5:54am
Quoting ahks
The chart that was posted is GU 15 min. TF, even though file name shows EU....
Good Morning Aftab,

I did not get the chance to get to that point as I was awaiting your response. Also used chart #2 to show the two entries in setup #2. Lets draw the next breach fib after entry one now and see...
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  • #826
  • Apr 8, 2010 5:55am Apr 8, 2010 5:55am
Quoting aftab
Simone has requested that I share how the Gartley and the Butterfly are drawn. I trade them in conjunction with Simone's method to reduce my risk....
Good Morning aftab,

Looking forward to your posts.
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  • #827
  • Apr 8, 2010 6:11am Apr 8, 2010 6:11am
Hi again Aftab,

Below is the third trade setup on GU on March 26th. Still no loss! Although this method is not perfect. On the mentioned date. There is no loss to this point. As per the rules, our stop loss for long trades is placed below the 38.2 or 19.1%.
Attached Image (click to enlarge)
Click to Enlarge Name: trade3.jpg Size: 448 KB
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  • #828
  • Edited 2:07pm Apr 8, 2010 7:57am | Edited 2:07pm
This is a butterfly. Convergence at 1.5280, our next bull target area. Awaiting confirmation.
Attached Image (click to enlarge)
Click to Enlarge Name: gugartley.jpg Size: 509 KB
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  • #829
  • Apr 8, 2010 9:30am Apr 8, 2010 9:30am
This pattern completes at today's Bull Targets.
Attached Image (click to enlarge)
Click to Enlarge Name: gubfly2.jpg Size: 532 KB
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  • #830
  • Apr 8, 2010 9:36am Apr 8, 2010 9:36am
1.5226 is the next breach level on GU fibbing from 1.5285 to 1.5167. We wait for candle close above this level to confirm entry. Next Bull Target 1.5267 to 88
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  • #831
  • Apr 8, 2010 10:23am Apr 8, 2010 10:23am
Next Breach level on GU 1.5242. Fibbing 1.5317(April 5th 10am high) to 1.5167.
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  • #832
  • Apr 8, 2010 10:42am Apr 8, 2010 10:42am
Safe TP on EU 1.3400-15(Intraday Targets). GU 1.5280(Intraday Target) but may extend to 1.5350 (Today's Bull Target).
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  • #833
  • Apr 8, 2010 2:07pm Apr 8, 2010 2:07pm
Quoting simoneg
This is a butterfly. Convergence at 1.5280, our next bull target area. Awaiting confirmation.
TP #1 hit on our GU Long Trade~!
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  • #834
  • Apr 8, 2010 4:03pm Apr 8, 2010 4:03pm
Fantastic training session today! Thank you very much!

Looking at my trades today I have learned another thing: first of all, follow your own rules! I had 3 losing trades and 2 winning, one is still going on on EU. But on 2 of my losing trades the entry point was correct, my initial SL was 30-40 pips, but then I moved it up to 15-20 pips and got stopped out, and later in the day all my targets were hit, so when I setup the trade according to risk/reward ratio, I did everything right, and if I let the trades run, they would be in green. Conclusion? If you did your due dilligence when opening the trades, let them run - take emotions out of the trade. I am very satisfied with today's experience. I just wanted to post this as a reminder for myself and to share with everybody.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2nd_long_on_EU_4-8-10.jpg Size: 179 KB
Click to Enlarge Name: 2_long_on_GU_4-8-10.jpg Size: 187 KB
  • #835
  • Apr 8, 2010 4:39pm Apr 8, 2010 4:39pm
Nice Bullish Gartley set up.

Before we go into the Gartley, let's look at the overall picture.

Chart #1 shows the upper and lower fractal that price is ranging between and is respecting.

Chart #2 shows the inner upper and inner lower fractal that price is ranging and is respecting.

Chart #3 - We plot our fibs and drive down to the fractals to enable spotting the ABCD.

Chart #4 - Trade Entry, Stop & Exit as per the system.

Chart #5 - The Bullish Gartley formation - also the high and low of our fibs.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP - 9th March - #1.jpg Size: 109 KB
Click to Enlarge Name: GBP - 9th March - #2.jpg Size: 126 KB
Click to Enlarge Name: GBP - 9th March - #3.jpg Size: 135 KB
Click to Enlarge Name: GBP - 9th March - #4.jpg Size: 127 KB
Click to Enlarge Name: GBP - 9th March - #5.jpg Size: 132 KB
AFTAB Time Will Tell & Price Will Show
  • #836
  • Apr 8, 2010 7:03pm Apr 8, 2010 7:03pm
Quoting Vark
Fantastic training session today! Thank you very much!

Looking at my trades today I have learned another thing: first of all, follow your own rules! I had 3 losing trades and 2 winning, one is still going on on EU. But on 2 of my losing trades the entry point was correct, my initial SL was 30-40 pips, but then I moved it up to 15-20 pips and got stopped out, and later in the day all my targets were hit, so when I setup the trade according to risk/reward ratio, I did everything right, and if I let the trades run, they would be in green. Conclusion?...
Yes, I agree. Simone was very helpful and patient. Thank you again, Simone!

I was in the same trades as you Vark. I'm still figuring out when is best to move our SL. If we move 1st entry to BE after 2nd entry according to the Breach Fib videos, sometimes, we would be stopped out, like today. If we left our SL at 19.1 with multiple entries, we would be risking more than 2% of our account balance, but our SL would not be hit.
  • #837
  • Apr 9, 2010 2:00am Apr 9, 2010 2:00am
im up 291 pips total with all positions added together.. if i broke them down individually it would be 500+ wooooooo
  • #838
  • Apr 9, 2010 2:10am Apr 9, 2010 2:10am
Quoting djhex
im up 291 pips total with all positions added together.. if i broke them down individually it would be 500+ wooooooo
Pipping is the name of the game! Good Stuff dj!
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  • #839
  • Apr 9, 2010 2:13am Apr 9, 2010 2:13am
thank you! not bad for 1 days worth of work. right now we are at major res. line on all gbp/xxx im staying out of any trades today good luck all see you next week
  • #840
  • Apr 9, 2010 2:16am Apr 9, 2010 2:16am
Quoting djhex
thank you! not bad for 1 days worth of work. right now we are at major res. line on all gbp/xxx im staying out of any trades today good luck all see you next week
Take care and have a good weekend!
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