DislikedHi Kiss,
Are you saying 28 of the trades never retraced to the 38.2? So instead of scaling in your positions at a 1/3 at break wouldn't it be better to open the full position at break?
PIgnored
K.I.S.S.
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DislikedHi Kiss,
Are you saying 28 of the trades never retraced to the 38.2? So instead of scaling in your positions at a 1/3 at break wouldn't it be better to open the full position at break?
PIgnored
DislikedHi KissFan,
I read your Journal and found your Fib Strike technique quite interesting. I am also in process of testing these on Daily, 4 Hour & Hourly. Based on my limited research I have observed that price retrace to atleast 38.2 Fib of Outside Bar quite often, before breaking the low or high of that bar. Unless the Outside Bar close is at the very bottom or top, which is then the bar doesnt retrace and keep going in same direction. Majority of the time the bar reach -38.2 extension.
Moreover, I ran some statistics based on trades taken at...Ignored
DislikedHi KissFan,
I read your Journal and found your Fib Strike technique quite interesting. I am also in process of testing these on Daily, 4 Hour & Hourly. Based on my limited research I have observed that price retrace to atleast 38.2 Fib of Outside Bar quite often, before breaking the low or high of that bar. Unless the Outside Bar close is at the very bottom or top, which is then the bar doesnt retrace and keep going in same direction. Majority of the time the bar reach -38.2 extension.
Moreover, I ran some statistics based on trades taken at...Ignored
DislikedStatistics:
(4 HR TF)EURUSD 01.01.2010-07.21.2010 BUOB/BEOB only using the above rules:
34 trades There were 31 wher price made the 1.382 ext TP Target.
There were 3 Technical Failures
Out of the 31 winners, 2 retraced to the 50% before going to profit and 1 retraced to the inner .618 before going to profit. This means that out of 34 trades 28 never retraced to the inner .382 before going to the TP target at
the 1.382 ext. On one of the failures I observed that the target would make a new low.
(4 HR TF)EURJPY 01.01.2008-12.31.2008......Ignored
DislikedI just noticed that you and I only live about 1.5hr away from each other. Pretty cool!
K.I.S.S.Ignored
DislikedRoger I don't know what pair you're trading for that backtest, but I have seen so many bars make that retracement for entry. Awesome stuff.
EDIT: just saw it's E/U
Good example from this week, price is about to hit the target I believe.
this is the first trade I have put on the live account with AUDCHF.Ignored
DislikedWe will get to 1.2722 (and possibly lower)before moving back above 1.2918.
K.I.S.S.Ignored