...bump... anyone still using this method? up 600+ pips on one trade.
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Simple & Consistent Fibbing Method
- #1,892
- Jan 1, 2011 5:11pm Jan 1, 2011 5:11pm
- | Joined May 2009 | Status: Sucessful Praying FxTrader2Investor | 343 Posts
I was exposed to this method about one week now. Firstly, I want to convey my deepest appreciation to Simone due to your kindness in sharing and initiating such phenomenal posts.
When I read through the posts from the very beginning, I also saw a committed person who has been contributing consistently since the beginning, aswilled.
One particular post captured my attention when you mentioned about loving to trade the ranging market as 70% of the time the market tends to go sideways.
Just a little question here whether we can use the SCFM to...
10% Break-out
30% Trending
60% Ranging, Bracketing, Sideways or Consolidation
Of these, the trickiest is consolidation as it depends on the range over which the bracketing is established, that will allow to to participate profitably, but whatever the case, one needs enough movement to allow (a) Spotting the opportunity (b) Preparing the trade (c) taking the trade (d) managing the trade to overcome, charges Commissions, Spread, move into profit (e) Have a disciplined Exit.
If the raging does not support this, in line with your money management it would be best to stand aside (this too is a legitimate position to take along with either a decision to buy or sell)
The only way profits are realized is if the market agrees with you and you have the discipline to leave when it is time to do so, as the ride will not last. Harmonic pattern recognition can assist with operations within the time when the market is not trending, in anticipation of the next Fundie or announcement.
There are stages/Phases to the market's Cycle:
Consolidation
Break-Out
Trending
Consolidation
Depending on the pairs, T/F there are several permutations to the forgoing but in the main these cycles are repeated at infintum (or at least while there is a market)
Absolutely no system can deal perfectly with all the nuances of these four stages and the disciplined trade with enough experience (said to be had after 3 years live and $30K invested, for some :-P) to know what to apply when and then there is no certainty then either. That is where the insurance of a judiciously placed, market-determined Stop Loss and Take profit come in { All of which are inherent in the SFM,I might add}.
Strictly speaking, the SFM is a “trend following/breakout system” and therefore operates in such situation where there are sustained trends particularly on the M15 T/F, for the intraday perspective. Outside this the required Stops may necessitate Deposits outside the resources of the majority of day traders.
If the ranging is narrow then opportunities will be few and far between, via SFM. This must be understood and the system applied under the conditions for which it is best suited. But, as with most systems one has to be blessed with copious amounts of patience, decline and the will to educate oneself, in the art of trading. A successful trader often has to employ aspects of several systems over the phases of his/her trade to steer it to optimum profits.
Blessings all, Simoneg, Aswilled; iqyu5an and all the other members of the SFM & FF family... I do hope the forum adage “Member are quietest when making the most” is true in you cases. Nevertheless!! To you and yours: the best you wish and more as It will be a happy new year
Bless!
- #1,894
- Jan 9, 2011 9:06pm Jan 9, 2011 9:06pm
Blessings all, Simoneg, Aswilled; iqyu5an and all the other members of the SFM & FF family... I do hope the forum adage “Member are quietest when making the most” is true in you cases. Nevertheless!! To you and yours: the best you wish and more as It will be a happy new year [/font][/color]
Bless!
- #1,895
- Feb 9, 2011 10:33am Feb 9, 2011 10:33am
Thanks pathum, same to you and all SFM peeps. Were still around, I indend to fund my account properly soon, and start earning. Good luck and may this be our best year ever!
Making money is easy- Just dont take losing trades
