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Simple Fibonacci Trading

  • #21
  • Mar 21, 2012 2:09am Mar 21, 2012 2:09am
bump
Attached Image (click to enlarge)
Click to Enlarge Name: fiboeu.jpg Size: 119 KB
  • #22
  • Mar 21, 2012 2:20am Mar 21, 2012 2:20am
Quoting Hugh Briss
Euraud trade validated.
Gone too far the other way so no setup. One will happen soon.
  • #23
  • Mar 21, 2012 2:21am Mar 21, 2012 2:21am
Quoting hutrader
bump
I'm not seeing what you're seeing there. It's not particularly trending and there's no obvious impulse wave?
  • #24
  • Mar 21, 2012 2:51am Mar 21, 2012 2:51am
it's 4H time frame
sorry I can't send graphics
the orders have start this night at 68,5
I'm looking the trade, now it's positive
thank you Hugh

Pascal
  • #25
  • Mar 21, 2012 3:01am Mar 21, 2012 3:01am
Great and simple setup here
MT4/MT5 EAs/Indicators/Alerts coder
  • #26
  • Mar 21, 2012 3:06am Mar 21, 2012 3:06am
Quoting FerruFx
Great and simple setup here
Thanks. It surely can't get much more simple than this? Just got to wait for a clear setup.
  • #27
  • Mar 21, 2012 3:10am Mar 21, 2012 3:10am
Quoting Hugh Briss
I'm not seeing what you're seeing there. It's not particularly trending and there's no obvious impulse wave?
Just check how EU in the 3244~20 area will react for a run up towards 3366.
I draw my fibs a bit different.
  • #28
  • Mar 21, 2012 3:10am Mar 21, 2012 3:10am
Possible EU M15?
  • #29
  • Mar 21, 2012 3:11am Mar 21, 2012 3:11am
Oh, Good Mornin' by the way.
  • #30
  • Mar 21, 2012 3:16am Mar 21, 2012 3:16am
Quoting hutrader
I draw my fibs a bit different.
you certainly do! If it works for you, no problem.
  • #31
  • Mar 21, 2012 3:18am Mar 21, 2012 3:18am
Quoting Chulmleigh
Possible EU M15?
Good morning! Yes, eu set up while I was somewhere else . I did post it earlier, just missed the entry. Keep an eye on that one, the first target would have been 1.32796 to get to a break even on the second trade. Let's see what happens. Second target is 1.33055.
  • #32
  • Mar 21, 2012 3:26am Mar 21, 2012 3:26am
Quoting Hugh Briss
Good morning! Yes, eu set up while I was somewhere else . I did post it earlier, just missed the entry. Keep an eye on that one, the first target would have been 1.32796 to get to a break even on the second trade. Let's see what happens. Second target is 1.33055.
Yeah, I'm in. Actually I was interested to have a look here as I already use a similar method. I draw in on the swings and pay attention to the 50%, 38% and 23%. I won't get in too heavily as it is another method. But I look for touches of the 21 ema or 55 ema and then target 161% or 138%.

AU shown here. The 38% lined up with the 1.0500 and bounced so I am in.

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: aud trade.gif Size: 35 KB
  • #33
  • Mar 21, 2012 3:32am Mar 21, 2012 3:32am
Quoting Chulmleigh
Yeah, I'm in. Actually I was interested to have a look here as I already use a similar method. I draw in on the swings and pay attention to the 50%, 38% and 23%. I won't get in too heavily as it is another method. But I look for touches of the 21 ema or 55 ema and then target 161% or 138%.

AU shown here. The 38% lined up with the 1.0500 and bounced so I am in.

Cheers.
Nice one, glad you caught it.
  • #34
  • Mar 21, 2012 3:33am Mar 21, 2012 3:33am
1.3250 was an obvious level to watch for a bounce anyway though surely?
  • #35
  • Mar 21, 2012 3:35am Mar 21, 2012 3:35am
First target hit and second trade to break even.
  • #36
  • Mar 21, 2012 3:42am Mar 21, 2012 3:42am
Quoting Hugh Briss
1.3250 was an obvious level to watch for a bounce anyway though surely?
Sorry. I ended up discussing the AUD/USD trade. I'm in on the EU too, but as the method is different I didn't want to get it all jumbled up on here. I am interested though as I have been pondering orders and trails so I will get my mind into the premise and try it out.

Something to protect pips I think.

Cheers.
James.
  • #37
  • Mar 21, 2012 3:48am Mar 21, 2012 3:48am
Quoting baron193
here's a sequence of waves the way i see it, it may seem messy because i zoomed out to fit everything.
Makes sense to me, thanks for posting those.
  • #38
  • Mar 21, 2012 3:51am Mar 21, 2012 3:51am
Quoting Chulmleigh
Sorry. I ended up discussing the AUD/USD trade. I'm in on the EU too, but as the method is different I didn't want to get it all jumbled up on here. I am interested though as I have been pondering orders and trails so I will get my mind into the premise and try it out.

Something to protect pips I think.

Cheers.
James.
It's a probability thing. If the price retraces to the 50% fib and then trades back above the 38.2% level then you have a good probability of it reaching the swing high point. The risk with these trades is that you are risking two trades with high probability on the first one. The move to the 38.2 extension level is slightly lower probability so when you take a loss you take a loss on two trades but the high probability is only to the swing high. I've been testing it for a while and I see it as profitable because of the strike rate for the first trade and when you do hit the second trade target the risk reward can be very high.
  • #39
  • Mar 21, 2012 3:52am Mar 21, 2012 3:52am
Quoting Hugh Briss
Makes sense to me, thanks for posting those.
no probs, time to remove them all from your thread..
Biggest joker
  • #40
  • Mar 21, 2012 3:58am Mar 21, 2012 3:58am
Quoting baron193
no probs, time to remove them all from your thread..
Why? You could have left them there?
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