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Simple & Consistent Fibbing Method

  • #1,261
  • Jun 8, 2010 6:31am Jun 8, 2010 6:31am
Quoting Jazznos
Hi guys,

Ive started incorporating the SFM over the last few weeks, starting to get the hang, got 40 pips on demo last night which was my biggest trade ever :-) Hope i did it right, still figuring out the 50% breach and market direction...

Re the bot, i gather this only works on MetaTrader platforms? I use IG Markets, which looks to be based on IT-Finance. I take it thats tough luck for me? Does anyone know what the deal is here, or can help? Or should i change platforms?
IMHO, never change broker just to run an untested, no offensive intended to Steve, EA. Even if you end up using it, or any other EA, learning to trade manually will always be prerequisite in order to properly evaluate and tweak the EA.
  • #1,262
  • Jun 8, 2010 6:18pm Jun 8, 2010 6:18pm
I had to look up what EA meant... :-) Ive been learning to trade for 2 years, all manual, mostly all indicator-based, but with no real success until I started using the Bobokus fibs and Simones strategies; now Im getting some traction at last.

To Simone - thankyou so much for this system and your (and everyone elses) support on here - Im continually amazed by seeing the market hit the Fib targets time after time! Its really quite uncanny.

What is peoples experience with automated trading systems? FXCM posts results that look to good to be true - surely if they were that good everyone would be using them. Id almost feel I was cheating after putting in so much time into learning how to do this! But hey, if it works...???
  • #1,263
  • Jun 9, 2010 12:01am Jun 9, 2010 12:01am
Quoting Jazznos
I had to look up what EA meant... :-) Ive been learning to trade for 2 years, all manual, mostly all indicator-based, but with no real success until I started using the Bobokus fibs and Simones strategies; now Im getting some traction at last.

To Simone - thankyou so much for this system and your (and everyone elses) support on here - Im continually amazed by seeing the market hit the Fib targets time after time! Its really quite uncanny.

What is peoples experience with automated trading systems? FXCM posts results that look to good to be...
The money makers in every trading arena trades off of s/r, news, chart formations, and candle sticks. That's why lagging indicators, etc don't work. Stick to these four leading indicators and you be a successful trader.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,264
  • Jun 9, 2010 12:19am Jun 9, 2010 12:19am
Thanks Aswilled, i appreciate all your guidance on this thread.

We have been taught to use MacD and RSI as important overbought/sold indicators and entry guides... I still have them on my charts for some extra training wheels, but based on my experience, and the more I read here and FF generally is that most others dont bother with them, and the market will as often as not do whatever it likes regardless of what theyre showing!

Id often think "but theyre just showing what HAS happened - anything can happen now...!"...

Chart patterns I had been taught but sidelined for a while until I got the rest of the system, but now Im getting back into them, but I really see the S/R points as one of the most crucial, as well as studying news and trading analyses.

Aswilled - are you trying the Simone bot?
  • #1,265
  • Jun 9, 2010 10:48am Jun 9, 2010 10:48am
Hello aswilled.

Thanks so much for your readiness to assist.

Can you pls throw more light into how to set the 10 DMA or SMA on the different TF (I use 15min TF most of the time) and how to use it to trade with Fib.

Thanks.

Quoting aswilled
I am glad at our participation in this post. Glad to see we all are prospering and helping others to prosper. Blessed to be a blessing!!! If anyone is new to forex, or haven't gotten a well rounded education in forex, they can pm me and tell me what knowledge they are lacking and I will be glad to assist you on get the info you need to understand all the concepts and methods to forex and trading. @simon: how is the pdf coming along? :nerd:
  • #1,266
  • Jun 10, 2010 12:23am Jun 10, 2010 12:23am
Hi Simone

Firstly thanks so much for your sharing and all your hard work on this thread.

Please could you assist me with 2 questions that I have, and please excuse if they seem simple or have already been explained.

I have attached a chart which shows the below:

1) when identify high and low between 12am and 3am EST, and no fractal high or fractal low appears between these times. i.e the trend followed through these times. Do we use the next low or high after and the previous low or high before these times?

2) if it is a downtrend which then retraces after 3am, back up to the 50 fib and continues down, I understand. But what happens in the situation where the trend is down and continues down after 3am. Then retraces back to fib 50 and continues up. Where do we place the fibs for the new trend up.

Both questions are displayed in the attachment.

Thanks Simone
Attached Image (click to enlarge)
Click to Enlarge Name: fib ques.jpg Size: 47 KB
  • #1,267
  • Jun 10, 2010 6:23am Jun 10, 2010 6:23am
I must thank Simone for the eye opener to fib trading. God bless you real good. My thanks also goes to every contributors for their selfless time and efforts to explain, help and assist people like us that are just coming up.

If simone and the moderator will not mind, I come across this site which also simplify and explain fib trading:

http://www.forexfibonacci.com/

If website link is not allowed, pls kindly delete the link.

Thank you.
Austin
  • #1,268
  • Jun 10, 2010 11:47am Jun 10, 2010 11:47am
Hi,

I have been studying for about 2 months now, and have read through this thread and have read the thread about the EA for this system.

Now I have a question about something I have been wondering about:

Is it possible to use metatrader with a(ny) broker? If so, how?

If not possible, how can you incorporate the EA for this system in a broker's trading platform?

I hope to receive an answer.

Many thanks

(Excuse my english)
  • #1,269
  • Jun 10, 2010 3:30pm Jun 10, 2010 3:30pm
Quoting mvdkem
Hi,
I have been studying for about 2 months now, and have read through this thread and have read the thread about the EA for this system.
Now I have a question about something I have been wondering about:
Is it possible to use metatrader with a(ny) broker? If so, how?
If not possible, how can you incorporate the EA for this system in a broker's trading platform?
I hope to receive an answer.
Many thanks
(Excuse my english)
Yes, any broker MT4 should do the job.
Well this is not the EA thread, you can post your EA questions on this method at
http://www.forexfactory.com/showthre...=236819&page=4
Hope this helps.
  • #1,270
  • Jun 10, 2010 4:09pm Jun 10, 2010 4:09pm
Quoting Jazznos
Thanks Aswilled, i appreciate all your guidance on this thread.

We have been taught to use MacD and RSI as important overbought/sold indicators and entry guides... I still have them on my charts for some extra training wheels, but based on my experience, and the more I read here and FF generally is that most others dont bother with them, and the market will as often as not do whatever it likes regardless of what theyre showing!

Id often think "but theyre just showing what HAS happened - anything can happen now...!"...

Chart patterns I...
No. It don't work for vt. besides, I like living on the edge. And I only want to trade like the billionaires that take the little guy money. :nerd:
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,271
  • Jun 10, 2010 4:14pm Jun 10, 2010 4:14pm
Quoting austine65
Hello aswilled.

Thanks so much for your readiness to assist.

Can you pls throw more light into how to set the 10 DMA or SMA on the different TF (I use 15min TF most of the time) and how to use it to trade with Fib.

Thanks.
Its on this thread how to set it on all time frames. 10:daily, 60:4hr, 120:2hr, 240:1hr, 480:30m, 960:15m, 2880:5m, 14400:1m, respectively.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,272
  • Jun 10, 2010 4:23pm Jun 10, 2010 4:23pm
Hello aswilled,
Thanks a lot for your tireless efforts in explaining this method and of course to simoneg for a great method. Both of you have done a wonderful job.
Are you still trading regularly with this method? I want to join and trade with anyone of you two if you are trading live with some group to perfect this method. I have read the whole thread in last 2 days and and learned a lot, but if possible want to follow you trading live. Thanks.
  • #1,273
  • Jun 11, 2010 6:45am Jun 11, 2010 6:45am
Thank you and God bless.

Nice weekend.

Austin.

Quoting aswilled
Its on this thread how to set it on all time frames. 10:daily, 60:4hr, 120:2hr, 240:1hr, 480:30m, 960:15m, 2880:5m, 14400:1m, respectively.
  • #1,274
  • Jun 11, 2010 2:49pm Jun 11, 2010 2:49pm
Quoting desi
Hello aswilled,
Thanks a lot for your tireless efforts in explaining this method and of course to simoneg for a great method. Both of you have done a wonderful job.
Are you still trading regularly with this method? I want to join and trade with anyone of you two if you are trading live with some group to perfect this method. I have read the whole thread in last 2 days and and learned a lot, but if possible want to follow you trading live. Thanks.
Yes I am. When I am trading I does log on to this thread. So when you see my name at the bottom, pm me.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,275
  • Jun 12, 2010 3:16am Jun 12, 2010 3:16am
Quoting aswilled
Yes I am. When I am trading I does log on to this thread. So when you see my name at the bottom, pm me.
Great, I am looking forward to it.
Thanks again and God bless!
  • #1,276
  • Jun 12, 2010 12:27pm Jun 12, 2010 12:27pm
Just subscribing, thanks Simone for all your great work and generosity!
  • #1,277
  • Jun 13, 2010 10:03am Jun 13, 2010 10:03am
Hi Simone
Just joining what looks to be a very promising thread.
Thanks for sharing your knowledge and work.

Jdub
  • #1,278
  • Jun 14, 2010 6:31pm Jun 14, 2010 6:31pm
Please could I ask any one of the experienced and very helpful people on this thread to assist me. I have read through thread and the pdf a few times and also watched the videos and need to make sure that I understand it correctly.

I have attached a chart for the 9th June 2010 and have the following questions: (please note that the chart is in my local time zone but I have drawn vertical lines to show the 12:00am and 3:am EST times).

1) For the intraday FIB as I understand it I need to fib from the High to the
Low that forms between the times 12:00am EST to 3am EST. I have fibbed
between A - 1.4486 and C -1.4393.

2) For the 50% breach fib as I understand it I need to fib between the High
formed between the times 12:00am EST to 3am EST and the
previous Low. I have fibbed between the high A - 1.4486 and the
previous Low B - 1.4443.

3) To enter wait for 50% breach which occurred at 20:00 to go short. Use
the intraday fib to confirm short entry. This did not occur as price did not
close below the 38.2 intraday fib which would have been confirmation of
short.

4) The price then reversed and breached the 50% again at 21:00 to go long.
Use intraday fib to confirm long entry. This occurred at 21:00 where a
strong bull candle closed above the 61.8 intraday fib.

Is my understanding of placing the fibs correct as well as my understanding of the breach and confirmation using the intraday fib.

Thanks for your help it is really appreciated.
Attached Image (click to enlarge)
Click to Enlarge Name: simple fib ques.jpg Size: 59 KB
  • #1,279
  • Jun 14, 2010 9:25pm Jun 14, 2010 9:25pm
Here we see a Bullish pound fulfilling 61.8% bounce from the large AB swing of 1.4344 to 1.4766. Long term destinations being 1.5010 to 1.5420.

Going into tomorrow, continued bullish momentum toward 1.4900-4920 can be expected should we continue to hold above today's long level and current 50% breach level at 1.4728.

Considerations should be given to resistance at 1.4758 which is last week's high and 1.4780 which is the 50% of last month's fib, as well as the unfilled gap that may drag price down to 1.4526.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp15m.jpg Size: 408 KB
Hero Traders Live to see their Accounts Die!
  • #1,280
  • Edited 9:48pm Jun 14, 2010 9:32pm | Edited 9:48pm
Quoting mbtjsmit
Please could I ask any one of the experienced and very helpful people on this thread to assist me. I have read through thread and the pdf a few times and also watched the videos and need to make sure that I understand it correctly.

I have attached a chart for the 9th June 2010 and have the following questions: (please note that the chart is in my local time zone but I have drawn vertical lines to show the 12:00am and 3:am EST times).

1) For the intraday FIB as I understand it I need to fib from the High to the...
Hi mbtjsmit,

1). Your intraday fib is drawn from the high to the low of the day as at the time that you are at your computer, and not necessarily at 3:00am EST. The 3am is only relevant for persons looking for setups at and after that time.

2). The 50% breach fib is drawn from any high to the previous low to that high, or from any low to the previous high to that low.

3) The breach can occur at any time and is your entry point. Meaning it could be confirmed as a long trade with a close above the 50% and a retrace to it, or a bounce above the 50% breach. Or it could be confirmed as a short trade with a close below the 50% or a bounce below the 50% breach.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gueg1.jpg Size: 323 KB
Click to Enlarge Name: gueg2.jpg Size: 288 KB
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