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Powerful Fib Based System - by DAZfx

  • #2,001
  • May 11, 2010 2:39am May 11, 2010 2:39am
I also took this mate but with very low risk
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  • #2,002
  • May 11, 2010 4:25am May 11, 2010 4:25am
Quoting Pip26
I also took this mate but with very low risk
Good one too.
  • #2,003
  • May 11, 2010 4:44am May 11, 2010 4:44am
Quoting Pip26
Usd/Jpy short
usd/Cad long
I took the long USD/CAD this morning at 1.0242
- stop at 1.0200 (low of last bars)
- target at 1.0340 (61.8 retracement of the rally)

Let's see how it goes.

How are you managing the trade so far? thx
  • #2,004
  • May 11, 2010 5:04am May 11, 2010 5:04am
Quoting NewbieFxFx
I took the long USD/CAD this morning at 1.0242
- stop at 1.0200 (low of last bars)
- target at 1.0340 (61.8 retracement of the rally)

Let's see how it goes.

How are you managing the trade so far? thx
I can be nice trade mate, price is also at lower trendline channel.... let see how much will it go up..

My UJ, EJ are going well.
  • #2,005
  • May 11, 2010 5:54am May 11, 2010 5:54am
GU - I missed it yesterday.
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  • #2,006
  • May 11, 2010 9:25am May 11, 2010 9:25am
UCad - SL hit at 1.0200
  • #2,007
  • May 11, 2010 12:05pm May 11, 2010 12:05pm
Hi All,
Yes got stopped on the USDCAD long. Let's try again

Took long on EU at 1.2720

- Price not far from 5 SMA
- Price bounced at 0.786 and breaching 0.618
- Bullish cross on stoch and bullish divergence

The 4H candle closes in 1 hour.

Stop at swing low: ~1.2650
Target: 1.2850
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  • #2,008
  • May 11, 2010 12:17pm May 11, 2010 12:17pm
Quoting NewbieFxFx
Hi All,
Yes got stopped on the USDCAD long. Let's try again

Took long on EU at 1.2720

- Price not far from 5 SMA
- Price bounced at 0.786 and breaching 0.618
- Bullish cross on stoch and bullish divergence

The 4H candle closes in 1 hour.

Stop at swing low: ~1.2650
Target: 1.2850
Hi and welcome to the thread. The trade may well work out well for you but if you are new to trading Daz setups it would be better to stay with the direction of the trend on the daily chart and avoid the more difficult counter trend setups, to increase the hit. Also notice that yesterdays daily candle is pretty bearish and the trigger candle on the 4h and pryor candle do not make a bullish pattern. The trigger candle touched the high of the previos candle but only managed to close half way up the body.

Taking a setup where the candle pattern looks strong in the direction of the trade also is a factor to consider and will help increase the hit rate.

p.s My candle chart pattern looks slightly different to yours, only just noticed, different broker.

VP
Nil desperandum
  • #2,009
  • May 11, 2010 5:46pm May 11, 2010 5:46pm
Quoting vincentprice
Hi and welcome to the thread.
VP
Hi VP,

Many thanks for your comments. I closed the trade at entry price after it reached 1.2750 and came back. I really did not like the price action on shorter time frame. The price is now 1.2630 so this is a bad entry I took.

I still have lots to learn so I better see the setups posted here and analyze them. Thank you.
  • #2,010
  • May 13, 2010 9:50am May 13, 2010 9:50am
All syatems are go, if the AU gives me a good entry point, which is looking more doubtful the way the latest 1h candle is shaping up! Here is the chart.
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Nil desperandum
  • #2,011
  • May 13, 2010 10:17am May 13, 2010 10:17am
Quoting vincentprice
All syatems are go, if the AU gives me a good entry point, which is looking more doubtful the way the latest 1h candle is shaping up! Here is the chart.
Nice VP Good Luck.....

I am still looking at H4 and quite good positions will post later...
  • #2,012
  • May 13, 2010 10:18am May 13, 2010 10:18am
Quoting vincentprice
All syatems are go, if the AU gives me a good entry point, which is looking more doubtful the way the latest 1h candle is shaping up! Here is the chart.
Good trade.
Heads up.
  • #2,013
  • May 13, 2010 2:31pm May 13, 2010 2:31pm
Quoting Pip26
Nice VP Good Luck.....

I am still looking at H4 and quite good positions will post later...

I am out of that move now, -20pips, looks like the 9000 level is holding ground for now!
Nil desperandum
  • #2,014
  • May 14, 2010 1:47am May 14, 2010 1:47am
Quoting vincentprice
I am out of that move now, -20pips, looks like the 9000 level is holding ground for now!
This whole week gave us only ranging and patience... mostly pairs is on ground now i think need something to to bring them back in air to take any direction.
  • #2,015
  • May 14, 2010 2:11am May 14, 2010 2:11am
My 2 positive trades.
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  • #2,016
  • May 14, 2010 2:39am May 14, 2010 2:39am
Here is a nice tool (indicator) that draws the fibo levels with prices.
After you decide by yourself if the major trend is Long or Short, you change the trend in the indicator to show the pattern to TRUE and the opposite to FALSE.

I.e: if the trend is LONG, you change the SHORT option to FALSE.
"Draw SHORT pattern" = FALSE

TRUE is the default.

You also need to decide what is the minimum "range" of the move which you are looking to be retraced.
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File Type: ex4 Fibonacci drawings.ex4   7 KB | 761 downloads
  • #2,017
  • May 14, 2010 2:53am May 14, 2010 2:53am
Quoting smilee89
Here is a nice tool (indicator) that draws the fibo levels with prices.
After you decide by yourself if the major trend is Long or Short, you change the trend in the indicator to show the pattern to TRUE and the opposite to FALSE.

I.e: if the trend is LONG, you change the SHORT option to FALSE.
"Draw SHORT pattern" = FALSE

TRUE is the default.

You also need to decide what is the minimum "range" of the move which you are looking to be retraced.

I will give it a try mate. thnx
  • #2,018
  • May 14, 2010 3:17am May 14, 2010 3:17am
I don't understand why the problem with the Fibo drawing. If you draw from top to bottom the 100 is at the top, whereas if you draw from bottom to top the zero is at the top. In other words you start from the 100.

hope it helps

herty
  • #2,019
  • May 14, 2010 3:20am May 14, 2010 3:20am
I am not sure I understood you.

Anyway, this indicator finds by itself everytime there is a new pattern that has the minimum range and then draws the fibo levels.
  • #2,020
  • May 14, 2010 9:03am May 14, 2010 9:03am
Yen pair alert, GPY/JPY, EUR/JPY and CHF,JPY all could need a good Dazing!
Nil desperandum
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