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Powerful Fib Based System - by DAZfx

  • #1,881
  • Apr 20, 2010 2:11am Apr 20, 2010 2:11am
hi forum frens, just wondering what if the news is within your trading time? say few hrs after my trade there is news with regards to tt currency, do we get out of the trade?
  • #1,882
  • Apr 20, 2010 9:44am Apr 20, 2010 9:44am
Quote
hi forum frens, just wondering what if the news is within your trading time? say few hrs after my trade there is news with regards to tt currency, do we get out of the trade?

Once u r in a trade before the news, u stay in and wait for either target or stoploss hit but dont get in any trade 30mins before the news. its in 2nd page of the thread
  • #1,883
  • Apr 20, 2010 10:39am Apr 20, 2010 10:39am
Possible setup forming on cable?

Polarity reversal as Mike calls them?
  • #1,884
  • Apr 20, 2010 11:13am Apr 20, 2010 11:13am
Quoting Gt3rs
Possible setup forming on cable?

Polarity reversal as Mike calls them?
Hey GT3rs, you looking at the pullback to the 61.8% fib on the 1h cable chart? I am watching that too. Like the way the gap was filled and the nice bounce of support at the 61.8% level. Going to see it gives a signal now.
Nil desperandum
  • #1,885
  • Apr 20, 2010 11:36am Apr 20, 2010 11:36am
Quoting vincentprice
Hey GT3rs, you looking at the pullback to the 61.8% fib on the 1h cable chart? I am watching that too. Like the way the gap was filled and the nice bounce of support at the 61.8% level. Going to see it gives a signal now.

Yup! That's the one!!

I took a cheeky early entry [demo acc.] on 15min chart, but shouldn't have done with hindsight.

I think 30min is a better bet for early entry if you want to go that route.

[It's Rob btw!!]
  • #1,886
  • Apr 21, 2010 2:10am Apr 21, 2010 2:10am
thanks! can you help me take a look at my setup here? i got stopped out, was wondering if i made a mistake ?
Attached Image (click to enlarge)
Click to Enlarge Name: fx1.jpg Size: 130 KB
  • #1,887
  • Apr 21, 2010 2:44am Apr 21, 2010 2:44am
Woke up to find I had avoided being stopped out by a couple of pips, and was 47 pips up!

JUST missed tp1.

And then it reversed - HARD, so I ditched it with 6 pips profit..................
  • #1,888
  • Apr 21, 2010 5:48am Apr 21, 2010 5:48am
Quoting Bethel
thanks! can you help me take a look at my setup here? i got stopped out, was wondering if i made a mistake ?
Did u look at H1 chart before entering? are u trend trader or counter trend?

Draw fibo on H1 chart to see where price bounce and go back? Draw two fibos on H1 to see on second one where price bounce? how much waves on H1 we have in up? answer to all these questions and u will get the right answer for u....

Never go against trend if u dont have 5years expirience in Forex trading..
Its not big deal. Keep it up, results will come.

Ps. Advice: always watch for trend on bigger timeframe, always try to go with trend and one more if u watch stoch and he is in overbought area and we have a up trend its not a signal for sell.... when we have up trend and have oversold area thats a signal for buy...
Good luck man
  • #1,889
  • Apr 21, 2010 11:38am Apr 21, 2010 11:38am
Quoting sucre666
Did u look at H1 chart before entering? are u trend trader or counter trend?

Draw fibo on H1 chart to see where price bounce and go back? Draw two fibos on H1 to see on second one where price bounce? how much waves on H1 we have in up? answer to all these questions and u will get the right answer for u....

Never go against trend if u dont have 5years expirience in Forex trading..
Its not big deal. Keep it up, results will come.

Ps. Advice: always watch for trend on bigger timeframe, always try to go with trend and one more if u watch stoch...
hi sucre666, thanks for the reply and tips, i checked the 1 hr, its in downtrend on the big picture, though it seems to be uptrend for the past few hours? will you enlighten me with regards to the trend watching? when i zoom out, its still in a down trend right?

thank you so much!
  • #1,890
  • Apr 21, 2010 2:41pm Apr 21, 2010 2:41pm
Quoting Bethel
hi sucre666, thanks for the reply and tips, i checked the 1 hr, its in downtrend on the big picture, though it seems to be uptrend for the past few hours? will you enlighten me with regards to the trend watching? when i zoom out, its still in a down trend right?

thank you so much!
ok...lets start... in one trend how many waves we have? and how many corective waves? do u put on your chart pivot points, res and support lines?
If u are not shure on h1 is it up or down move switch to bigger tf and watch that chart... always unzoom to have a better view of price action....as u can see when u go short, price is testing a daily pivot , and she didnt close below that level, so enter is wrong... try to not be Nostradamus on Forex, try to play as price play.... second if u are not expirience so much to feel the trend put one or two moving averege....for evry position u need confirmation.... its never too late for 10-20pips, u learn on this things, later when u have more expirience u can play extremly , then u dont need confirmation.... third for me its most important when ever u see good setup, do some more reaserch take a look on H1, H4... big players make money on us, thats why when we go short they go long... so start to think like one of them, like u have so much money that u can move market and u always get profit.... discipline is also important, when u see that price break out trend dont hurry , she must go back again to test that new resistance line, if she close below new resistance then go short.... on stoch and macd look for convergence and divergence u can avoid bad signals if u use them for that...
I hope so some of this advice can help u.... if u are not confortable to trade alone pm me with your msn so u can always ask me what i think.... its always better to consultate with one or more guys becouse psyhology of human is greed , so are brain evry stupid candle see as entry signal, thats why u need patience and discipline.... and like my teacher say to me before one year psyhology is 80% of succes rest is elliot and fibs....
  • #1,891
  • Apr 21, 2010 3:48pm Apr 21, 2010 3:48pm
Quote
ok...lets start... in one trend how many waves we have? and how many corective waves? do u put on your chart pivot points, res and support lines?
If u are not shure on h1 is it up or down move switch to bigger tf and watch that chart... always unzoom to have a better view of price action....as u can see when u go short, price is testing a daily pivot , and she didnt close below that level, so enter is wrong... try to not be Nostradamus on Forex, try to play as price play.... second if u are not expirience so much to feel the trend put one or two...

this is hard on the gentle guy!

we need a friendly and an encouraging statement.
  • #1,892
  • Apr 21, 2010 4:08pm Apr 21, 2010 4:08pm
[QUOTEthanks! can you help me take a look at my setup here? i got stopped out, was wondering if i made a mistake ?][/quote]

Man, u did try on this trade but for now UJ doesnt offer trading opportunity for intra-day level using this method and i will try as much as i can to explain this with the following charts.

Daily: UJ did form a nice head and shoulder pattern, broke the aggressive outer bearish TL, took out last high, formed a higher high and now retested the broken trendline at 50.0 fib confluence. my bias for this pair is bullish

4hrrice is forming a bullish flag immediately the bearish trendline is broken. we need to see price rally above 93.73 to make a higher and create a bullish impulsive wave and a 4hr medium term trade can be taken on retest of the trendline or support with confirmation from stoch.

for now, its stay aside on UJ until those criteria are met.

u can reach me at naijafx(@)yahoo.com if u need any assistance and i will be available to offer any help i can.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj.gif Size: 23 KB
Click to Enlarge Name: uj-4hr.gif Size: 20 KB
  • #1,893
  • Apr 21, 2010 4:52pm Apr 21, 2010 4:52pm
Man i just try to put his mind on right direction... i dont want to inslut no one and dont want to someone think im the smartest guy on earth.... i just want o be a litlle harsh becouse i was making a same mistakes, but i didnt have no one to put me on right direction.... im friendly guy, i told him to pm me for msn to can consult me about entry position..... And evrything i write in couple of words is a 18 months of study many methods and other shity things....
Big players are not stupid becouse they only use waves and fibo, actuallly we are stupid becouse we try to find a working system, only thing that works and have a logic is waves and fibo? why none of big players dont use any other indicator? what u think? they all dance as price dance, so they can give u a signal ant another minut they give u a false signal.... Learn price action and read elliot wave book pls guys.... pls
If anyone realy need suggestion feel free to pm me with your msn adress and i will add u...
  • #1,894
  • Apr 21, 2010 7:29pm Apr 21, 2010 7:29pm
thanks sucre and haj, thanks, im just taking the advice, wun add my own tone to it, haha, thanks guys!
  • #1,895
  • Apr 22, 2010 3:59pm Apr 22, 2010 3:59pm
Hi All

Here is a potential setup on the CHFJPY on the hourly chart that could trigger soon.



This 1h pattern falls on the tail end of a Daz setup that developed on the 4h chart on Tuesday. I took the 4h trade but closed out at the 50% first target as just below was some significant support at 86 ish, also the 50% level offered a risk reward of over 2 to 1, there was no need to get too greedy!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chf jpy2.jpg Size: 86 KB
Click to Enlarge Name: chf jpy.jpg Size: 106 KB
Nil desperandum
  • #1,896
  • Apr 22, 2010 4:31pm Apr 22, 2010 4:31pm
OK here is my analysis of the CHF JPY that led to the trade on the 4h chart, I am posting this hoping it is helpful to other people.

Weekly chart

Price had been moving in a sideways range breaking down out of the range on the 4th of Feb, after which a new low occured around the start of march. Then price put in a lower high on the 1st April.

Daily Chart

On the daily chart shown below this lower high happened at the top of an uptrend that lasted for a month through march. Then the daily made a lower high on the 15th of march and went on to break a lower trendline fitted to the uptrend.

4h Chart

As can be seen on the 4h chart I put in my previous post, price pulled back to the trendline and bounced off the 50sma and closed exactly on the 50% fib retracement. Also the CHFJPY and EUR JPY rallied far more weakly than the other yen currencies (Which were approaching the top of their recent trading ranges) in the final up move before the Daz trade triggered.

Happy trading people
Attached Image (click to enlarge)
Click to Enlarge Name: CHF JPY3.jpg Size: 117 KB
Nil desperandum
  • #1,897
  • Apr 22, 2010 6:27pm Apr 22, 2010 6:27pm
Quoting vincentprice
Hi All

Here is a potential setup on the CHFJPY on the hourly chart that could trigger soon.
Jurrasic Park!

50% target hit already and price is dropping like a lead ballon, long live Dazfx.
Attached Image (click to enlarge)
Click to Enlarge Name: CHFJPY4.jpg Size: 95 KB
Nil desperandum
  • #1,898
  • Apr 22, 2010 9:41pm Apr 22, 2010 9:41pm
thanks for sharing
  • #1,899
  • Apr 23, 2010 1:21pm Apr 23, 2010 1:21pm
Quoting vincentprice
Jurrasic Park!

50% target hit already and price is dropping like a lead ballon, long live Dazfx.
Hello Did your rest of it BE? or SL?

Thank You
Greetings, BeLikewater
  • #1,900
  • Apr 23, 2010 1:33pm Apr 23, 2010 1:33pm
Quoting BeLikeWater
Hello Did your rest of it BE? or SL?

Thank You
Hi, the 62% T2 target was hit (86.17 including the spread) and then Iwas out of the trade. I never had my normal full position size on this trade because after price triggered I opened one position but then price never touched the 5sma allowing me to open another 2 positions. So I just set the target for my single position at the 62% fib - the spread. Luckily it was hit with 2 pips to spare before the reversal!!
Nil desperandum
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