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Simple & Consistent Fibbing Method

  • #1,141
  • May 7, 2010 12:49am May 7, 2010 12:49am
Quoting pathumracled
Hello All,
just a quick Q! Had anyone experienced, their Stop Losses failing to Operatate today? May 6th 2010?

Can the maket move, being so fast, go well beyond designated stops, due to brokers' inability to fill Stop Orders?

Thanks for your thughts, and that tomorrow is just a day away.

Bless!


Absolutely, I had an order yesterday that took a couple attempts to close. Not sure if your platform allows you to specify a slippage, but if it does, I highly recommend using that feature.

The broker needs as much flexibility as possible from us when the markets are really moving; even then there's no guarantee but at least the odds are much better.
Attached Image (click to enlarge)
Click to Enlarge Name: 5-7-2010 12-34-40 AM.jpg Size: 237 KB
  • #1,142
  • May 7, 2010 11:14am May 7, 2010 11:14am
Quoting Vark
good day today. Had a losing trade in the morning, but after that rode the trend both on GU and EU for over 200 pips. Wish it was a live account, still working out the quirks on a demo. Oh well, practice makes perfect.
It's nice when it's trending like that - like taking a candy from a kid
Been quet around here, I guess everybody is bagging green pips, or like Aswilled says "printing money"
Well done. Now on to the next one and do it again.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,143
  • May 8, 2010 9:02am May 8, 2010 9:02am
Quoting aswilled
Well done. Now on to the next one and do it again.
will do. Need some analysis from you, BIG guys
  • #1,144
  • May 10, 2010 3:34pm May 10, 2010 3:34pm
Quoting Vark
will do. Need some analysis from you, BIG guys
Hi Vark,

The pressure is overwhelming, however I will post some analysis later this evening or early in the morning. How is it going?
Hero Traders Live to see their Accounts Die!
  • #1,145
  • May 10, 2010 6:44pm May 10, 2010 6:44pm
Quoting simoneg
Hi Vark,

The pressure is overwhelming, however I will post some analysis later this evening or early in the morning. How is it going?
trading...losing...winning...LEARNING
  • #1,146
  • May 11, 2010 2:03am May 11, 2010 2:03am
Quoting Vark
trading...losing...winning...LEARNING
Keep it going!!!
Hero Traders Live to see their Accounts Die!
  • #1,147
  • May 11, 2010 2:16am May 11, 2010 2:16am
The GU created a high of 1.5381 for the month of March 2010 and a low of 1.4781 for that month. The high was broken in April, however there was price rejection to the upside creating room for sellers to take price to the bear targets of 1.4575 to 1.4450. These targets were achieved last week and we are now anticipating much pullback.

http://img695.imageshack.us/img695/5408/gumonthts.jpg

Having realized the monthly bear targets, we will need to adjust the low of this monthly fib to the low achieved at 1.4472 on May 7th, and the high to the rejected level at 1.5520 to identify the targeted areas of this pullback. The typical behavior is for the market to return to the resistance (80.9) of the last major swing after selling. As shown below, we anticipate buying towards the 1.5320 area.
http://img709.imageshack.us/img709/4097/lastswing.jpg

Targets & Support and Resistance Levels for This Week

Fibbing the High to Low of Last week, we see our Bull and Bear Targets for the week as well as Support and Resistance Levels as shown below.

http://img687.imageshack.us/img687/3726/guweek.jpg
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  • #1,148
  • May 11, 2010 2:30am May 11, 2010 2:30am
Zooming down to the 15Min chart, we see where we achieved bull target number off fibbing Friday's High to Low. Adjusting our high to the achieved high, we anticipate pullback to support at 1.4585 before continued buying.

http://img265.imageshack.us/img265/1834/15mupswing.jpg

Today's Targets

http://img193.imageshack.us/img193/3973/2dayu.jpg
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  • #1,149
  • May 11, 2010 2:42am May 11, 2010 2:42am
We are currently making decision off today's 50% level at 1.4824. We are awaiting candle close and testing to confirm buying or selling off this level. Resistance at 1.4880 must be watched, going up, and support at 1.4760, going down.

http://img718.imageshack.us/img718/3720/nowz.jpg
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  • #1,150
  • May 11, 2010 2:54am May 11, 2010 2:54am
Extending the low of our 50% breach fib to the 8:15am low of May 7th 2010 at 1.4644, we see our next breach level at 1.4763.
Hero Traders Live to see their Accounts Die!
  • #1,151
  • Edited 5:37am May 11, 2010 4:49am | Edited 5:37am
Quoting simoneg
We are currently making decision off today's 50% level at 1.4824. We are awaiting candle close and testing to confirm buying or selling off this level. Resistance at 1.4880 must be watched, going up, and support at 1.4760, going down.

http://img718.imageshack.us/img718/3720/nowz.jpg
Attached Image (click to enlarge)
Click to Enlarge Name: setup.JPG Size: 105 KB



Hi Simoneg,

The next candle (at 5:45am est) was closed at 1.4798 which confirmed the selling. But, it was way below the 50% breached level at 1.4824. From my understanding, the general rule for entry is, we should wait until the price retrace back to this 50% level before entering short.. (but in this case the price never retraced back to this level and start going down all the way and hit the intraday TP).

How to avoid such a MISSING trade, your advice please..

Thanks!

regards,
d_narrow
  • #1,152
  • May 11, 2010 6:03am May 11, 2010 6:03am
Quoting d_narrow
Attachment


Hi Simoneg,

The next candle (at 5:45am est) was closed at 1.4798 which confirmed the selling. But, it was way below the 50% breached level at 1.4824. From my understanding, the general rule for entry is, we should wait until the price retrace back to this 50% level before entering short.. (but in this case the price never retraced back to this level and start going down all the way and hit the intraday TP).

How to avoid such a MISSING trade, your advice please..

Thanks!

regards,
d_narrow
Hi d_narrow,

The ideal setup is a solid close below or above the breach level, followed by a test for entry. However, there are times when price movement is aggressive and wont facilitate this. If you look at this morning's setup you will see that we were already selling off resistance and yesterday's short level (38.2) and then closed just on the 50% breach level. So at times watching price action is important to capitalize on setups like this one. Additionally, the entry 10 pips later at 6:00am would have been a good entry as well. Remember that you want always get a "to the pip" retrace to support and resistance.
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  • #1,153
  • May 11, 2010 6:18am May 11, 2010 6:18am
The GU has hit bear target #1 on the daily and intraday fib, allowing us to take profit.

Happy Trading!!!
Hero Traders Live to see their Accounts Die!
  • #1,154
  • May 11, 2010 6:39pm May 11, 2010 6:39pm
Has anyone tried to automate this yet?
The greatest force on earth is compound interest.
  • #1,155
  • May 12, 2010 3:42am May 12, 2010 3:42am
Quoting sebastionay
Has anyone tried to automate this yet?

No sebastionay! Want to give it a shot?
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  • #1,156
  • May 15, 2010 7:29pm May 15, 2010 7:29pm
Quoting simoneg
The GU created a high of 1.5381 for the month of March 2010 and a low of 1.4781 for that month. The high was broken in April, however there was price rejection to the upside creating room for sellers to take price to the bear targets of 1.4575 to 1.4450....
Based on your explanation above, does it mean that in early May before, we still maintain using the old set of Monthly fib (i.e. the same hi/lo of March without adjusting to a new high created in April) UNTIL the price realized to either bull/bear target of that Monthly fib set? Thereafter, only we adjust to a new set of monthly fib?

Same rule applied to Weekly and Daily fib as well? i.e. carry forward the same set of weekly/daily fib until the bull/bear target is achieved?

Thanks!

regards,
d_narrow
  • #1,157
  • May 17, 2010 5:18am May 17, 2010 5:18am
new version of VT Trader kinda worse than the previous - can't adjust and/or move fibs...anybody else?
  • #1,158
  • May 17, 2010 7:12am May 17, 2010 7:12am
Quoting Vark
new version of VT Trader kinda worse than the previous - can't adjust and/or move fibs...anybody else?
Hi Vark,

I can assure you, you are not alone! I wanted to post some analysis yesterday and got so frustrated with the inflexibility. I kinda think that the modifications are incomplete. I emailed them pointing out that I cant set the fib settings as default, cant flexible move the fibs, cant move horizontal and trend lines. So waiting to hear from them.
Hero Traders Live to see their Accounts Die!
  • #1,159
  • May 17, 2010 8:34am May 17, 2010 8:34am
I'll email them too, maybe if they get enough emails they would act faster?
  • #1,160
  • May 17, 2010 8:43am May 17, 2010 8:43am
Quoting Vark
I'll email them too, maybe if they get enough emails they would act faster?
Yes Vark, Gonna encourage my other friends to do that as well.
Hero Traders Live to see their Accounts Die!
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