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Powerful Fib Based System - by DAZfx

  • #2,021
  • Edited 10:23am May 14, 2010 9:47am | Edited 10:23am
Anyone else get onto one of these pairs, there was not much opportunity to gain an entry as they dropped fast?

I dazed the GJ and it has hit the 78% and is on its way down, I hope.

Nice Daz pattern on the 1h, almost perfect.
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Nil desperandum
  • #2,022
  • May 14, 2010 11:38am May 14, 2010 11:38am
Nice work VP, i was just waiting today to close my shorts on some pairs only had small time frame trades today. But i must say due to this daz method once again i m gonna enjoy this weekend.

I closed these trades as i dont wanna keep them over this weekend.

Just holding my UJ short and UC long.

Good Luck Allz

Happy Weekend
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  • #2,023
  • May 14, 2010 11:42am May 14, 2010 11:42am
Quoting Pip26
Nice work VP, i was just waiting today to close my shorts on some pairs only had small time frame trades today. But i must say due to this daz method once again i m gonna enjoy this weekend.

I closed these trades as i dont wanna keep them over this weekend.

Just holding my UJ short and UC long.

Good Luck Allz

Happy Weekend

Greatwork pipster, some very nice trades there, yep I am finised for the week now and am up, so happy with that.

Have a good one and see you next week.
Nil desperandum
  • #2,024
  • May 14, 2010 11:55am May 14, 2010 11:55am
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.

Hello,

i tried your indicator today, i think it is better for fixed range targets only. it draws correctly but can forget small swing waves. Manually is good. Maybe it is working for you so keep it up mate.

And please keep posting your charts... worth a lot.

cya
  • #2,025
  • May 14, 2010 11:57am May 14, 2010 11:57am
Quoting vincentprice
Greatwork pipster, some very nice trades there, yep I am finised for the week now and am up, so happy with that.

Have a good one and see you next week.
VP my great work appreciate you for guiding me this method.

Thanx a lot

see you next week.
  • #2,026
  • May 15, 2010 5:18am May 15, 2010 5:18am
Hello VP,

I have one question please clarify me.

I attached 2 charts of aud/usd h4...

Look it is a retracement of 61.8 level and if u see the first green candle in blue highlighted area is just closed little bit above 61.8 and the next bearish candle made a high of 0.9025 but 78.6 is at 0.9037 which is 12 pips above, so in that case when 61.8 is rejected by very small pip maybe 1-2 pip and next candle give us entry signal below 5 SMA, should we take this entry or wait for 78.6.

And if we take 78.6 how many pips we can avoid. i think it should be 5-7 pips but it is a gap of 12 pips.
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  • #2,027
  • May 15, 2010 10:37am May 15, 2010 10:37am
Quoting Pip26
Hello VP,

I have one question please clarify me.

I attached 2 charts of aud/usd h4...

Look it is a retracement of 61.8 level and if u see the first green candle in blue highlighted area is just closed little bit above 61.8 and the next bearish candle made a high of 0.9025 but 78.6 is at 0.9037 which is 12 pips above, so in that case when 61.8 is rejected by very small pip maybe 1-2 pip and next candle give us entry signal below 5 SMA, should we take this entry or wait for 78.6.

And if we take 78.6 how many pips we can avoid. i think...
I am not VP but I will give my 2 cents.

You have 2 options:

a. Enter after the close of the first red bar (confirmation bar) and put your SL just above it. If your SL is hit, enter again after the next red bar.
b. Enter after the first red bar or even after the green bar (1 bar prior the red bar), and put your SL at the 78.6 fibo level.
  • #2,028
  • May 15, 2010 10:40am May 15, 2010 10:40am
By the way, the AUD-USD's major trend is up and not down.
  • #2,029
  • May 15, 2010 12:04pm May 15, 2010 12:04pm
Quoting smilee89
By the way, the AUD-USD's major trend is up and not down.
I would say range market with high volatility, it can go either way(as always)
  • #2,030
  • May 17, 2010 1:36pm May 17, 2010 1:36pm
Hi,

We have EURUSD 1 hour in the making.
Main trend is down.
Retrace to 76.4 of last swing low.
Except stoch is not hooking down.

I would be careful on this one though, since there is pin bar forming on the daily timeframe, indicating we might get a bullish move up to 1.25000 (estimate Tuesday or Wednesday this week if price brakes 1.2425 tomorrow)

Take care.
Attached Image (click to enlarge)
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  • #2,031
  • May 17, 2010 1:40pm May 17, 2010 1:40pm
Pretty much the same thing on EURJPY...
except we would see it go to 116.000 if price brakes 115.000 tomorrow.

Again, be careful if shorting on hourly. Adjust your position size accordingly.
Attached Image (click to enlarge)
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  • #2,032
  • May 17, 2010 3:34pm May 17, 2010 3:34pm
AUD/USD , , NZD,USD , , , potential sell alert, lets see how the hour candle finishes:nerd:. Will post charts in a while if the setups look good.
Nil desperandum
  • #2,033
  • May 17, 2010 3:45pm May 17, 2010 3:45pm
AUDUSD looks clearer in this case. Better definable long term trend to start with...
  • #2,034
  • May 17, 2010 5:07pm May 17, 2010 5:07pm
Momentum slowed, time of day, these are not looking so great to me now but I think they still have potential. Am keeping a watch on them to see what they do.
Nil desperandum
  • #2,035
  • May 17, 2010 8:04pm May 17, 2010 8:04pm
Well, I took a position in both the pairs. I waited to see the 4h close and following that wanted to see where the midnight (witching) 1h candle was going to, I trade a lot through midnight GMT (due to my time zone) and find the 1st 1h candle of the day can make or break one hour setups!! So I entered with a slightly worse RR than usual but am more confident seeing where the witching candle was going. Anyway enough of superstition here are the charts.

VP
Attached Image (click to enlarge)
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Nil desperandum
  • #2,036
  • May 18, 2010 7:41am May 18, 2010 7:41am
AU hit the 50% fib then the rest of the position was stopped out at even, the NU was more stubborn and did not really move after entry before taking out the stop. Good job I split my postion between both!
Nil desperandum
  • #2,037
  • May 18, 2010 11:52am May 18, 2010 11:52am
Anyone have a view as to potential trades on the USD/CAD and CHF/JPY 4h charts, buy and sell respectively?
Nil desperandum
  • #2,038
  • May 18, 2010 12:32pm May 18, 2010 12:32pm
Here is mine VP
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  • #2,039
  • May 18, 2010 12:48pm May 18, 2010 12:48pm
Quoting Pip26
Here is mine VP
Hey Pip, here are my charts, I am fully loaded onto these two positions (i.e 2% per trade ) , and if the first four hour candle is anything to go by momentum looks decent on both. The price targets maybe a little ambitious so I will be trailing the stop depending on the price action.

What do you think?
Attached Image(s) (click to enlarge)
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Nil desperandum
  • #2,040
  • May 18, 2010 12:59pm May 18, 2010 12:59pm
Quoting vincentprice
Hey Pip, here are my charts, I am fully loaded onto these two positions (i.e 2% per trade ) , and if the first four hour candle is anything to go by momentum looks decent on both. The price targets maybe a little ambitious so I will be trailing the stop depending on the price action.

What do you think?
USd/Cad is in good form bouncing from lower trend line. for both I think we should keep moving our stop loss with each average big candle tail it is better.

But i think our stop loss risk is not that much bigger...... Good Potential entries.

GooD LuCk
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