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My Fibonacci trading system

  • #881
  • Jul 6, 2010 12:27am Jul 6, 2010 12:27am
Put in the G7 indicator to your 15 minute chart and additionally use fractals which is in metatrader indicators itself to identify 15 minute swings so that you can draw the fibs from the last fractal. Use stockastics with 5,3,3 to identify start of momentum from 38.2, 61.8 etc.
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  • #882
  • Jul 6, 2010 12:30am Jul 6, 2010 12:30am
I use this strategy on low spread pairs like eur/jpy, gbp/usd, eur/usd, usd/chf and aud/jpy and so far do not have a single loss.
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  • #883
  • Jul 6, 2010 12:41am Jul 6, 2010 12:41am
Dear traders,

For those who still have difficulty in loading the indicators, please use this template. download anywhere to your computer. close and open metatrader, right click on the chart and select template, load template and browse to the destination where you have downloaded the tpl file and attach template.

Regards
Attached File(s)
File Type: tpl wjq.tpl   3 KB | 627 downloads
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  • #884
  • Jul 6, 2010 1:27am Jul 6, 2010 1:27am
Hi stringfx,

thanks a lot for your template. The G7 indicator works perfectly on my IBFX account however it does not work on my Forex.com account. I tried everything but there is just an empty window.
Anybody else experienced this? On IBFX it works fine.

I have seen that the Fib lines are drawn automatically. Is this correct?
  • #885
  • Jul 6, 2010 1:42am Jul 6, 2010 1:42am
The fib has to be manually drawn from the fractal swing of 15 minutes chart once g7 indicator gives a signal. I have just given an example on the template. please double click on the fib line and delete it.

Basically when you see a pair touching -1 level or +1 level. you draw a vertical line as the high or low of that swing. Then draw the fib to the last swing high or low of 15 minutes fractal. TP1 is fib extension 123.6 (in my case) TP2 is 138.2 and tp3 is 161.8. wait for stockastics to retrace to fib 38.2 or 61.8 levels before entry. The moment you see stockastics has gone down and starts the uptrend, enter to TP levels. Good luck.. actually no luck involved.. pure and simple technical trading to profits!!!
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  • #886
  • Jul 6, 2010 2:26am Jul 6, 2010 2:26am
Quoting wjqblog
today gbp/usd

Attachment
good I like that system,

so Any Expert Advisor for it ?

Does your indicator are MTF or multi-currency ?

Dominique
  • #887
  • Jul 6, 2010 7:41am Jul 6, 2010 7:41am
Quoting stringfx
The fib has to be manually drawn from the fractal swing of 15 minutes chart once g7 indicator gives a signal. I have just given an example on the template. please double click on the fib line ...!!
Hi Stringfx ,
If you buy at 38.2, and price continues to 61.8, do you get stopped out and re-enter at 61.8. What is your stop lost in pips? Do you take moving average as our resistance? The swing high and low of the fractal needs to be at least 70 pips? If the G7 indicator does not setup, do you still trade? Thank you in advance.

Chris
  • #888
  • Jul 6, 2010 1:14pm Jul 6, 2010 1:14pm
Quoting stringfx
WJQ,

What a great strategy!!! Thanks a million for sharing it. I read it last week and have demo-ed it and the results are too good to be true. It works like a charm. The G7 indicator is superb and combined with fibs it's what i would define as a holy grail for those targetting 30-50 pips per trade. The best part is the multiple set ups you can have with any pairs. So far i dont have a single loss and have made a ton of pips. Thank you and god bless!!!!

For those who have not understood the strategy, please refer to post 66 on page 5 by feihong....

I'd like to see some charts of all these winners.
At least, it would be great to see you post the date and time of entry.

I haven't found it profitable, at all.
After a breakout of the +1/-1 occurs, waiting for a retrace wastes the momentum of the move.
Usually, when a retrace finally happens, the move is over.

On long extended moves, many times there are no tradable retraces.

G7 appears to be a decent currency strength indicator. It's as good as any I've seen. I just don't think this method is the way to use it.
  • #889
  • Jul 6, 2010 11:38pm Jul 6, 2010 11:38pm
Hi Bill,

Here is the latest setup on eurjpy, in fact cadjpy,chfjpy and audjpy has the same setup.. try it. The down fractal has not yet come. the stocks are down. wait for the stocks to go up and when you see the fib ratios reach 38.2 up, sell 1 or your mm lot. if stocks has not turned down, wait for 61.8 sell again. wait for stocks to turn. normally if it goes above 61.8, i put in SL at 5 pips above 100 percent. which obviously means a trend change.

Hope i am clear. still dont have a single loss so far.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 164 KB
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  • #890
  • Jul 6, 2010 11:46pm Jul 6, 2010 11:46pm
Here is the setup for audjpy as of now. My TP is minimum 30 pips and max of 60-70. i do not wait for a 70 pip trend. 50 is good enuf for me. fractals are a great help.

So far i've checked FF for a good strategy in the last 3 years,and this seems the best (at least for me).

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy.jpg Size: 175 KB
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  • #891
  • Jul 7, 2010 1:20am Jul 7, 2010 1:20am
Hi Bill,

alternatively you can check the daily trend with auslanco's momentum strategy of mom 1,10 and 14. in which 1 is the most powerful for the day. you can conservatively trade in the direction of the daily trend as well along with this setup which is 15 minute G7,fib and stocks. I have to admit this is just a 30-50 pips profit setup, but i am very happy with the results so far. I am sure t have a loss sooner or later but i suppose i can live with that..

I am not a long time trader. I get at least 2-3 setups in a day with this strategy plus i scalp 10-15 pips with counter trend as well. 100-120 pips is all i need in a day. if you are looking for more then this is not your setup.

Happy trading.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy1.jpg Size: 112 KB
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  • #892
  • Jul 7, 2010 4:18am Jul 7, 2010 4:18am
Bill, here are the trades which hit TP from the chart which i posted first.
Hope this is a proof enough to point out what a jackpot this method is. Kudos to the person who found this out. I am pretty happy with these results. Now waiting for the next setup.
Attached Image (click to enlarge)
Click to Enlarge Name: profits.jpg Size: 231 KB
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  • #893
  • Jul 7, 2010 4:35am Jul 7, 2010 4:35am
Dear traders,

Check eur/chf.G7 indicator has been confirmed sell and weekly pivot has been breached. Now waiting for stocks to turn up and reaching fib levels for a sell. check the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.jpg Size: 169 KB
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  • #894
  • Jul 7, 2010 4:53am Jul 7, 2010 4:53am
Traders, check usdcad as well. although the up fractal has not come yet. It looks like a potential setup as well. stocks have turned down and G7 has confirmed as well. I think i will buy from 50% and 61.8 fib. We have more than 60 pips on the uptrend.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 241 KB
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  • #895
  • Jul 7, 2010 5:13am Jul 7, 2010 5:13am
sold gbpusd 1.5101 SL 1.5146 1st tp1 1.5073 TP2 1.5063 tp3 1.5053 all tps are fib levels of 1.236,1.382 & 1.618 + spread
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  • #896
  • Jul 7, 2010 5:54am Jul 7, 2010 5:54am
Quoting stringfx
sold gbpusd 1.5101 SL 1.5146 1st tp1 1.5073 TP2 1.5063 tp3 1.5053 all tps are fib levels of 1.236,1.382 & 1.618 + spread
Do you have skype id? can we add you?
  • #897
  • Jul 7, 2010 7:00am Jul 7, 2010 7:00am
finally it happened. first loss on gbpusd. hit my SL +1 .
and went down. well it was to happen sooner or later.

Chris, sorry i dont have skype .
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  • #898
  • Jul 7, 2010 7:05am Jul 7, 2010 7:05am
Quoting stringfx
finally it happened. first loss on gbpusd. hit my SL +1 .
and went down. well it was to happen sooner or later.

Chris, sorry i dont have skype .
This GU shoots up to 78.6 before heading back down. If you would have put the stoploss at 100%, you should be in good shape, but that is too much risk. I think the G7_USD not setup at that point of time you entered may be the reason??? Or you sold too early?
  • #899
  • Jul 7, 2010 7:08am Jul 7, 2010 7:08am
Quoting stringfx
Hi Bill,

Here is the latest setup on eurjpy, in fact cadjpy,chfjpy and audjpy has the same setup.. try it. The down fractal has not yet come. the stocks are down. wait for the stocks to go up and when you see the fib ratios reach 38.2 up, sell 1 or your mm lot. if stocks has not turned down, wait for 61.8 sell again. wait for stocks to turn. normally if it goes above 61.8, i put in SL at 5 pips above 100 percent. which obviously means a trend change.

Hope i am clear. still dont have a single loss so far.
What you posted is not a set-up according to this method.

The EUR is not weak enough. It's supposed to be under the -1 line. It hasn't been there all night.

I don't know what you're doing but it probably needs to be in another thread of it's own.
  • #900
  • Jul 7, 2010 7:12am Jul 7, 2010 7:12am
usd cad hit 61.8 so bought from there. 1.0570 sl 1.0535 (just below weekly pivot). TP1 - 1.0619 tp2- 1.0627.

from g7 indicator, aud,usd,gbp,eur and yen looks like there will be a breakout anytime now.
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