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Powerful Fib Based System - by DAZfx

  • #2,201
  • Jul 12, 2010 2:42am Jul 12, 2010 2:42am
Quoting fguru
I found a great indicator for this method, dont know if the indicator was mentioned here before. I think it is very useful and that is why I wanted to share it.
Thanks for sharing the indicator. Are you trading with it? Can you explain it with a chart? I tried download it but can't figure it out. Thanks.
  • #2,202
  • Jul 12, 2010 9:40am Jul 12, 2010 9:40am
Here is a potential on the GU 4h, still a way to go and it may not setup. Remember wait for ALL criteria to be met! A strong bounce off the 50ma , LTA and 62% fib is what I will be looking for as conformation.
Attached Image (click to enlarge)
Click to Enlarge Name: GU.jpg Size: 103 KB
Nil desperandum
  • #2,203
  • Jul 12, 2010 9:51am Jul 12, 2010 9:51am
Quoting vincentprice
Here is a potential on the GU 4h, still a way to go and it may not setup. Remember wait for ALL criteria to be met! A strong bounce off the 50ma , LTA and 62% fib is what I will be looking for as conformation.
Hello VP & Allz,

VP here is my chart GU just broke the range area with low of 1.5080 also LTL of H4 up channel. now 61.8 of fib is also confluencing with LTL from below and low of recent range.

Atlast we got one pair back in trend direction........
Attached Image (click to enlarge)
Click to Enlarge Name: guh4.gif Size: 18 KB
  • #2,204
  • Jul 12, 2010 10:15am Jul 12, 2010 10:15am
Quoting Pip26
Hello VP & Allz,

VP here is my chart GU just broke the range area with low of 1.5080 also LTL of H4 up channel. now 61.8 of fib is also confluencing with LTL from below and low of recent range.

Atlast we got one pair back in trend direction........
Yep .. . I will be watching closely to see if and how it sets up. Could turn into a nice little earner. . . .
Nil desperandum
  • #2,205
  • Jul 12, 2010 10:23am Jul 12, 2010 10:23am
Quoting vincentprice
Yep .. . I will be watching closely to see if and how it sets up. Could turn into a nice little earner. . . .
But low of the range 1.5080 is really strong point now and GU is struggling with it........
  • #2,206
  • Jul 12, 2010 10:34am Jul 12, 2010 10:34am
Quoting Pip26
But low of the range 1.5080 is really strong point now and GU is struggling with it........

Yeah will be telling to see the price action around that area.

I also see strong support at 1.4886 which I expect price will bounce off if it gets there. . So any targets I have will be set above that level, the 62% fib will be above this level so looks a good target.

Still a way off a setup thow . . . .waiting . . . And I hope this does not turn into another pattern that drops way before a setup is reached, this has been happening a lot recently with bounces of the 38% retracement levels. . . .
Nil desperandum
  • #2,207
  • Jul 12, 2010 10:43am Jul 12, 2010 10:43am
Quoting vincentprice
Yeah will be telling to see the price action around that area.

I also see strong support at 1.4886 which I expect price will bounce off if it gets there. . So any targets I have will be set above that level, the 62% fib will be above this level so looks a good target.

Still a way off a setup thow . . . .waiting . . . And I hope this does not turn into another pattern that drops way before a setup is reached, this has been happening a lot recently with bounces of the 38% retracement levels. . . .
This downfall is a roller coaster so far 1.5050 weekly SR level holding as a good resistence so we can have one more chance after bouncing from 1.4900 to short again from 1.5050...... 1.4886 is also a weeekly SR and it should show some good bounce. let's see how price reacts there.
  • #2,208
  • Jul 15, 2010 11:59pm Jul 15, 2010 11:59pm
possible long

wait for bullish confirmation
wait for stoch to move out of over bought zone

confluences

1. trendline bounce
2. nice change in polarity(1hr TF) at 0.7200
3. possible divergence
Attached Image (click to enlarge)
Click to Enlarge Name: nu.gif Size: 18 KB
  • #2,209
  • Jul 18, 2010 9:55am Jul 18, 2010 9:55am
Hi,

Strategy is good as I used something like that. I was first against all harmonics before I got it. In fact harmonics if you try to translate them to price action you understand them. Here the ABCD moves are a perfect example. the rally take a breath & retrace about a 1/4 or 1/3, a health retracement, to reload more people in the rally & allow fast profit takers to exit & then resume the move. Some time CD may be even stronger that AB.

Also stop at C is offering a good risk reward so even with 50% success & if you let your trades work well you will grow your account.

Recommend too 1H as this time frame suffer less from brokers noise. Also you may take care for london opening that may offer a good jumping pole for many rally. Timing is important like patience.

Regards
13
Brokers are angels
  • #2,210
  • Jul 21, 2010 9:50am Jul 21, 2010 9:50am
I am having trouble understanding what constitutes an impulsive wave? I have been reading elliot wave, doing google searches etc, but still do not quite understand. From what i have seen, the application is for the most part, discretionary. Can somebody please explain in a little more detail exactly what an impulsive wave is?
  • #2,211
  • Jul 21, 2010 2:23pm Jul 21, 2010 2:23pm
Quote
I am having trouble understanding what constitutes an impulsive wave? I have been reading elliot wave, doing google searches etc, but still do not quite understand. From what i have seen, the application is for the most part, discretionary. Can somebody please explain in a little more detail exactly what an impulsive wave is?

simply put a swing hi and low that initiate(begins/starts) a trend
  • #2,212
  • Jul 21, 2010 6:07pm Jul 21, 2010 6:07pm
Hello every one
i have just joined this forum , as new member my acces is limited so this post may appear after time of delay
here is a valid setup on cable ( this post was submitted Jul 21, 2010 7:05 pm forum time )
Attached Image (click to enlarge)
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  • #2,213
  • Aug 9, 2010 3:40am Aug 9, 2010 3:40am
UJ 1 hour short setup.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-08-09_0137.png Size: 23 KB
  • #2,214
  • Aug 9, 2010 7:27pm Aug 9, 2010 7:27pm
Hi Cuong,

Thanks for the prompt for short trade. I was looking at euro and GBP crosses and didn't notice that U/J was a better setup. I am monitoring the 5 min chart for an entry point. Will probably wait for the 5min stochastic to become overbought too!
  • #2,215
  • Aug 26, 2010 11:36am Aug 26, 2010 11:36am
UJ 4 hour bearsish with divergence
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-08-26_0928.png Size: 79 KB
  • #2,216
  • Aug 26, 2010 4:19pm Aug 26, 2010 4:19pm
AU 4 hour bearish. Good setup for long term targets
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-08-26_1417.png Size: 80 KB
  • #2,217
  • Sep 7, 2010 2:21pm Sep 7, 2010 2:21pm
weekly: price is trapped in a triangle looking to go down.

4hr: price retraced to 61.8 of present swing after initial abcd completion

confluences
1. resistance level
2. trendline bounce
3. possible divergence


action

1. wait for CF
2. n stock to cross and hooked down away from over sold region
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ucad-weekly.gif Size: 19 KB
Click to Enlarge Name: ucad-4hr.gif Size: 22 KB
  • #2,218
  • Sep 7, 2010 3:23pm Sep 7, 2010 3:23pm
Hi Naijfx good to see your posts, yeah I am watching this too nice price action and support/resistance zone. Lets see what she does.
Nil desperandum
  • #2,219
  • Sep 8, 2010 8:47am Sep 8, 2010 8:47am
congrats for those who took ucad
Attached Image (click to enlarge)
Click to Enlarge Name: ucad.gif Size: 14 KB
  • #2,220
  • Sep 30, 2010 1:47pm Sep 30, 2010 1:47pm
Hi,

Did anyone ever tried to do EA of this method? If someone knows how to do that stuff, I would be willing to provide list of rules for it, based on this method.
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