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Simple & Consistent Fibbing Method

  • #1,841
  • Aug 2, 2010 12:00pm Aug 2, 2010 12:00pm
Quoting kissaki
hi Simoneq, where can i find the link of SFM trading room ? please advice
Here:
http://www.forexfactory.com/showthread.php?t=247182

Dotmag
  • #1,842
  • Aug 4, 2010 7:07pm Aug 4, 2010 7:07pm
This is from a highly recommended series of podcasts that you can find at http://www.tradingmetro.com/mind-of-a-trader/
I have these as something I read before each session.

1 - Trade to trade GREAT (not to not trade poorly!)
2 - Love the challenge of the day – whatever it is.
3 - Get out of the results, Get into the process. The results will take care of themselves.
4 - Be confident and know that nothing will bother or upset you during the session (being
game ready) Youll be in a great state of mind for every trade. Keeps you at forefront of
focus, superstar of your team.
5 - Trade with the feeling that the outcome doesent matter (not that trade, that session
or even that month – it wont make you or break you)
6 - Believe in yourself 100%, believe you are a great trader, youll see things clearer and
let the charts talk to you, be committed to your strategy
7 - Visualise - where you want the trade to go - before executing, look at the charts and
see it happen before it happens.
8 - Be decisive, committed and crystal clear. No hesitating, make the trade.
9 - Be your own best friend, best coach, best fan, encourager
10 - Absolutely love your strategy, your charts, and love trading – have a passion for it,
and you’ll take on a whole new energy
  • #1,843
  • Aug 20, 2010 3:16am Aug 20, 2010 3:16am
Hey Simone,

With the swing fib - im concerned about making sure Im doing it "right" though i know there isnt really such thing...

One question - I assume it woudl need to encompass (ie contain between 0 and 100) the moves that come after it...or not?

See image, let me know if this is right or what we should look for - this is on EUR.

Sorry note that the high i chose i didnt get in the shot, its to the left obviously...

thanks :-)
Attached Image (click to enlarge)
Click to Enlarge Name: SWING FIB.jpg Size: 199 KB
  • #1,844
  • Aug 21, 2010 6:02pm Aug 21, 2010 6:02pm
Quoting Jazznos
Hey Simone,

With the swing fib - im concerned about making sure Im doing it "right" though i know there isnt really such thing...

One question - I assume it woudl need to encompass (ie contain between 0 and 100) the moves that come after it...or not?

See image, let me know if this is right or what we should look for - this is on EUR.

Sorry note that the high i chose i didnt get in the shot, its to the left obviously...

thanks :-)
Hi Jazznos,

Sorry about the delayed response. Yes, that swing fib is correct. It doesnt always mean that the High will be broken when we buy support (19.1), however note that when the Hight of a swing fib is broken, the ultimate destination is usually the 272.2%.
Hero Traders Live to see their Accounts Die!
  • #1,845
  • Aug 21, 2010 11:00pm Aug 21, 2010 11:00pm
Quoting lljazz
Thank you, simoneg.

I got a scenario. If the intraday targets are hit, let's say T1, and we see the price moves down. I adjust the Fib for the 50% breach to enter and suddenly the 50% is touched but is being rejected and closes above it.

What now?

My mind is set for short, since T1 was hit, but now it was just a retracement and moves back up. If the price would close a few pips below the hole situtation changes. To make this decision in a range of 10-20 pips is difficult.

So if the market is bullish, I just trade the retrace?

And...
If T1/T2 is hit, don't antisipate. Because the market may continue, retrace, or retrace then continue. Your job is to watch what it does and trade what its telling you. What are the rules to T1/T2 being met? Expect them but be flexible to the opposite taking effect. The market only have two directions: up and down. And it can't do both at the same time. So don't panic. Trade what you see. If its wrong, you've learned something. The 50% breach fib is only for entries. So it doesn't really apply in this situation. If you enter and trade for 20 pips, you did good. Exit and reverse your position. Always be ready to exit and reverse your position. You are braking/busting your brain because you don't understand trading. This method is simple, but trading is hard. And trading becomes easy when you know the secret. (S/R). If you can't trade congestions just watch and see what the market does, and learn. If you got less than two years trading experience your stress is common. You can not; will not be a pro trader over night. My suggestion: stop trading for some months to a year or so and come back refreshed. You can't trade successfully in your present mind state. :nerd:
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,846
  • Aug 21, 2010 11:12pm Aug 21, 2010 11:12pm
Quoting lljazz
The biggest problem about the entry is getting the whole big picture. Maybe a checklist for the big picture would be nice. Like:

-Check yearly fib
-Check Monthly fib
-Check weekly fib
-Check daily fib
-Check ABCD patterns and trend lines (on all TF?)

Where are we? Where are we going?

For me the entry is the most difficult part of this method. I am a rational person and I need a also a rational explanation for the entries.
I'm going to think about a checklist and post it to help all the others.

If you guys got an idea what else get...
Simone explained clearly how to trade your sinario and exit. I will show you how to enter on skype. My skype is aswilled1. Keep checking skype/ff to see when I'm online to teach.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,847
  • Aug 22, 2010 12:19am Aug 22, 2010 12:19am
Hi, I'm setting up my charts for the coming week.

What are the general rules for the swing fib. You fib the high to low of the last major move.

Do you have to find a move that has 100% and/or 0% that is higher /lower than the current price?

So the swing fib encompasses the position of the current price? i.e. within 100% - 0% ?

Thanks
  • #1,848
  • Edited 9:56pm Aug 22, 2010 9:08pm | Edited 9:56pm
Quoting robster
Hi, I'm setting up my charts for the coming week.

What are the general rules for the swing fib. You fib the high to low of the last major move.

Do you have to find a move that has 100% and/or 0% that is higher /lower than the current price?

So the swing fib encompasses the position of the current price? i.e. within 100% - 0% ?

Thanks
Fib the high to the low of the last swing. Then look for price to retrace to the support (19.1) or resistance (80.9), low (0) or high (100), short (38.2) or long (61.8). And this swing is the last trend the market was in. And this is found on the hourly chart, 4hr chart, or daily chart. :nerd:
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,849
  • Aug 22, 2010 9:36pm Aug 22, 2010 9:36pm
Is the pdf in first page up to date? That's all I need to read to understand how this fibbing work?
  • #1,850
  • Aug 22, 2010 9:41pm Aug 22, 2010 9:41pm
Quoting c2v4l
Is the pdf in first page up to date? That's all I need to read to understand how this fibbing work?
Up to date? This method is like god, the same yesterday, today and forever. 100 years from now it will still be "up to date".
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,851
  • Aug 22, 2010 10:03pm Aug 22, 2010 10:03pm
Good Morning and Night all....


iqyu
not euphoria follower
  • #1,852
  • Aug 24, 2010 6:33am Aug 24, 2010 6:33am
Quoting aswilled
Up to date? This method is like god, the same yesterday, today and forever. 100 years from now it will still be "up to date".

love this quote. Hebrews 13:8


Once the pairs have reached there weekly targets what does one do? As the current situation stands, it feels extremly dangerous to take reversal trades in such a strong downtrend and when the market has so much bear sentiment...
  • #1,853
  • Aug 24, 2010 11:57am Aug 24, 2010 11:57am
Quoting gotpips92
love this quote. Hebrews 13:8


Once the pairs have reached there weekly targets what does one do? As the current situation stands, it feels extremly dangerous to take reversal trades in such a strong downtrend and when the market has so much bear sentiment...
Move the weekly fib high/low to that high/low. And you sit and wait for the market to tell you what its going to do next by looking at you daily and intraday and swing fibs and see what they are telling you. And checking your breach fib on the 15 min and 5 min charts to see what that is telling you. :nerd:
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,854
  • Aug 29, 2010 6:17am Aug 29, 2010 6:17am
Simoneg.
I have been going through your threads during the last week , I have been studying Bobokus thread for a while which was great but I had some problems with the entry and stop, I never understood if his entreries were from the break or rejection of intraday fibs or the swing fibs and the other problem was the stop (as Bobokus called it mental stop) was a bit subjective and exposed the account to occasional bigger losses.
You seem to have solved these 2 problems for me as you entries are from swing fib (Fib B) and your stop is very objective with low risk .
The other thing which reduces the risk is the fact that you wait for the retrace to the %50 breach fib .
The only question I have is the targets , Do you always wait for the intraday targets to be reached or do you have any targets based on Fib B before the intraday targets are achieved .
How do you generally choose to take profits.
Would appreciate your reply.
  • #1,855
  • Aug 29, 2010 3:28pm Aug 29, 2010 3:28pm
Quoting alex12
Simoneg.
I have been going through your threads during the last week , I have been studying Bobokus thread for a while which was great but I had some problems with the entry and stop, I never understood if his entreries were from the break or rejection of intraday fibs or the swing fibs and the other problem was the stop (as Bobokus called it mental stop) was a bit subjective and exposed the account to occasional bigger losses.
You seem to have solved these 2 problems for me as you entries are from swing fib (Fib B) and your stop is very objective...
Hi alex12,

For targets I pay attention to the swing fib resistance (80.9) and support (19.1) levels first, using the Intraday for interim take profit primarily if they coincide with any of these two levels. Once beyond those levels, Take profit is moved to Daily Fib Targets and extended Intraday Targets. Fib B is your breach fib so only the 50% level is really watched on that fib. I hope I have answered your question.

Best Regards.
Hero Traders Live to see their Accounts Die!
  • #1,856
  • Aug 29, 2010 5:43pm Aug 29, 2010 5:43pm
Quoting simoneg
Hi alex12,

For targets I pay attention to the swing fib resistance (80.9) and support (19.1) levels first, using the Intraday for interim take profit primarily if they coincide with any of these two levels. Once beyond those levels, Take profit is moved to Daily Fib Targets and extended Intraday Targets. Fib B is your breach fib so only the 50% level is really watched on that fib. I hope I have answered your question.

Best Regards.
Hi Simoneg,
Thanks for your reply,I think I have started to undestand your profit targets, I suppose with swing fib you mean Fib C and with Daily fibs targets you mean intraday targets, would you please explain more if that is not the case.
I will probably start to understand more as I am going through your thread.
  • #1,857
  • Aug 29, 2010 5:48pm Aug 29, 2010 5:48pm
Quoting alex12
Hi Simoneg,
Thanks for your reply,I think I have started to undestand your profit targets, I suppose with swing fib you mean Fib C and with Daily fibs targets you mean intraday targets, would you please explain more if that is not the case.
I will probably start to understand more as I am going through your thread.
Hi alex12, yes Fib C is the swing fib. The daily fib is the fibbed on the high to low of the previous day. The Intraday fib, is the fib that is adjusted as the day progresses.
Hero Traders Live to see their Accounts Die!
  • #1,858
  • Aug 29, 2010 6:15pm Aug 29, 2010 6:15pm
Quoting simoneg
Hi alex12, yes Fib C is the swing fib. The daily fib is the fibbed on the high to low of the previous day. The Intraday fib, is the fib that is adjusted as the day progresses.
Thank you very much Simoneg , you made it very clear for me now.
  • #1,859
  • Aug 29, 2010 6:32pm Aug 29, 2010 6:32pm
Quoting alex12
Thank you very much Simoneg , you made it very clear for me now.
Great! You are welcome alex12!
Hero Traders Live to see their Accounts Die!
  • #1,860
  • Aug 29, 2010 7:21pm Aug 29, 2010 7:21pm
Quoting simoneg
Hi alex12, yes Fib C is the swing fib. The daily fib is the fibbed on the high to low of the previous day. The Intraday fib, is the fib that is adjusted as the day progresses.

No disrespect or malice intended ..... but do you honestly believe that you are imparting the right way as to how to pull the fib ?
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