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Simple Fibonacci Trading

  • #41
  • Mar 21, 2012 3:59am Mar 21, 2012 3:59am
Quoting Hugh Briss
Why? You could have left them there?
Oh, didn't want to mess your thread with my stuff...never mind, maybe another time.
Biggest joker
  • #42
  • Mar 21, 2012 4:00am Mar 21, 2012 4:00am
Quoting baron193
Oh, didn't want to mess your thread with my stuff...never mind, maybe another time.
No worries, more posts the merrier. I'm guessing a lot of people need help drawing fibs!
  • #43
  • Mar 21, 2012 4:39am Mar 21, 2012 4:39am
Quoting Hugh Briss
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...
CASE STUDY. My earlier AU trade would have succeeded with the profit taking method here and EU would have had 1st target hit and the 2nd at BE.

I didn't let my AU and EU run to stops, but closed early for a cumulative BE -2.

I think that as it is only a slight modification to my method I shall incorporate it. I will report, but I am trying not to post too much as I usually end up saying something really stupid.

Thanks to you, Hugh.
  • #44
  • Mar 21, 2012 7:04am Mar 21, 2012 7:04am
Great idea Hugh, I'm loving the simplicity! It also seems like a fairly safe way of trading to me, assuming that the market is trending of course

I might look for some set-ups with this integrated into my system this week and see if I can post any here.

Cheers and good luck!
Understanding yourself is synonymous with understanding the markets.
  • #45
  • Mar 21, 2012 7:24am Mar 21, 2012 7:24am
Quoting Hugh Briss
... Also if the price goes beyond the 61.8% retracement level and just carries on then this invalidates the trade and so just remove the pending orders.
Ok, beyond the 61.8% we cancel the pending ... What if the price doesn't retrace to 50% ? How long do you allow the price to reach the 50% in order to set the pending ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #46
  • Mar 21, 2012 8:50am Mar 21, 2012 8:50am
Quoting Hugh Briss
Here's a nice and easy fibonacci trading system that works really well to capture moves on any pair in any timeframe. ....
Hello Hugh,
I gave up on fibs after many fruitless hours trying to decipher the cryptic Skunny thread. Although Bobokus and Simone Guy threads were more straightforward, was not very successful in adapting to real trades.
Congratulations on the simple clear and concise instructions.
I suppose the time spent on the earlier threads was well spent as it is now easier to understand.
Look forward to giving it a test run.
Thanks for revealing the simplicity of fibs,
EP
  • #47
  • Mar 21, 2012 9:06am Mar 21, 2012 9:06am
Quoting Chulmleigh
CASE STUDY. My earlier AU trade would have succeeded with the profit taking method here and EU would have had 1st target hit and the 2nd at BE.

I didn't let my AU and EU run to stops, but closed early for a cumulative BE -2.

I think that as it is only a slight modification to my method I shall incorporate it. I will report, but I am trying not to post too much as I usually end up saying something really stupid.

Thanks to you, Hugh.
Got to find a way to protect what you've made!
  • #48
  • Mar 21, 2012 9:08am Mar 21, 2012 9:08am
Quoting mjrsaunders
Great idea Hugh, I'm loving the simplicity! It also seems like a fairly safe way of trading to me, assuming that the market is trending of course

I might look for some set-ups with this integrated into my system this week and see if I can post any here.

Cheers and good luck!
I think buying at random in an uptrend would make you money most of the time so we've only got to identify the trends. This is just another method of getting into a trend. I like using it because you have defined entries and exits. Please post whatever you find, looking forward to it.
  • #49
  • Mar 21, 2012 9:10am Mar 21, 2012 9:10am
Quoting FerruFx
Ok, beyond the 61.8% we cancel the pending ... What if the price doesn't retrace to 50% ? How long do you allow the price to reach the 50% in order to set the pending ?
Good question and one I don't have a clear answer to. A good pullback will move fairly smoothly, if you get too much chopping about then think about leaving the trade alone, there will be plenty of others.
  • #50
  • Mar 21, 2012 9:11am Mar 21, 2012 9:11am
Quoting EaglePip
Hello Hugh,
I gave up on fibs after many fruitless hours trying to decipher the cryptic Skunny thread. Although Bobokus and Simone Guy threads were more straightforward, was not very successful in adapting to real trades.
Congratulations on the simple clear and concise instructions.
I suppose the time spent on the earlier threads was well spent as it is now easier to understand.
Look forward to giving it a test run.
Thanks for revealing the simplicity of fibs,
EP
No worries, it's nothing if not simple although some of it is open to interpretation I don't believe that interpretation will be difficult to learn. I wish I had more time to be watching for entries, I've been a bit busy the last few days. If anyone finds an entry please post it!
  • #51
  • Mar 21, 2012 11:39am Mar 21, 2012 11:39am
If this is something that you are interested in, attached is a small EA I've just coded to manage this Fibo setup.

1/ Set and apply the EA on the chart you want to trade

2/ Apply the Fibo where you want it to be managed

3/ When the fibo is at the right place, then and only then, name it BUY (for a Long setup) or SELL (for a short setup)

Once all in place, the EA will :

1/ Open the pending when price retrace to the 50 level

2/ Place the TP at the 382 level extension (less spread and 1 pip)

3/ Place the SL at the 618 level (plus spread and 1 pip)

4/ Partial close your position (X percent) at the 0 level (less spread and 1 pip)

5/ Move SL to BE when partial close is done

6/ Start trailing when Partial close is done

7/ If price move through 618 level, pending is canceled and Fibo removed

8/ When the position is definitively closed (TP/SL), the Fibo is removed

Then you will have to reapply the Fibo when the next setup is coming.

Hope that will help ...

PS: it was done very quickly (I am super busy!) so please forgive me if there's something wrong. Let me know and I will try to look at it when I will have some time.
Attached File(s)
File Type: ex4 FibonacciTradeManager.ex4   12 KB | 1,532 downloads
MT4/MT5 EAs/Indicators/Alerts coder
  • #52
  • Mar 21, 2012 12:20pm Mar 21, 2012 12:20pm
Quoting FerruFx
If this is something that you are interested in, attached is a small EA I've just coded to manage this Fibo setup.

1/ Set and apply the EA on the chart you want to trade

2/ Apply the Fibo where you want it to be managed

3/ When the fibo is at the right place, then and only then, name it BUY (for a Long setup) or SELL (for a short setup)

Once all in place, the EA will :

1/ Open the pending when price retrace to the 50 level

2/ Place the TP at the 382 level extension (less spread and 1 pip)

3/ Place the SL at the 618 level...
Any chance of having a look at the code behind it .
  • #53
  • Mar 21, 2012 12:26pm Mar 21, 2012 12:26pm
Quoting southportuk
Any chance of having a look at the code behind it .
Sorry ... No
MT4/MT5 EAs/Indicators/Alerts coder
  • #54
  • Mar 21, 2012 12:26pm Mar 21, 2012 12:26pm
Thanks for sharing this idea it seems to work



Still going and not out yet
Attached Image(s) (click to enlarge)
Click to Enlarge Name: fib-16.38-21-03-2012.png Size: 213 KB
Click to Enlarge Name: fib-17.15-21-03-2012.png Size: 216 KB
  • #55
  • Mar 21, 2012 12:28pm Mar 21, 2012 12:28pm
Quoting FerruFx
If this is something that you are interested in, attached is a small EA I've just coded to manage this Fibo setup.

1/ Set and apply the EA on the chart you want to trade

2/ Apply the Fibo where you want it to be managed

3/ When the fibo is at the right place, then and only then, name it BUY (for a Long setup) or SELL (for a short setup)

Once all in place, the EA will :

1/ Open the pending when price retrace to the 50 level

2/ Place the TP at the 382 level extension (less spread and 1 pip)

3/ Place the SL at the 618 level (plus...
How do you just knock up something so complicated?! Really nice, thanks very much for that, I will try it out asap.
  • #56
  • Mar 21, 2012 12:29pm Mar 21, 2012 12:29pm
Quoting FerruFx
Sorry ... No
Its ok thanks
  • #57
  • Mar 21, 2012 12:29pm Mar 21, 2012 12:29pm
Quoting southportuk
Thanks for sharing this idea it seems to work



Still going and not out yet
All you've done is sell at the 50% fib level, that's not in the rules, I suggest you read them again.
  • #58
  • Mar 21, 2012 12:32pm Mar 21, 2012 12:32pm
Quoting Hugh Briss
How do you just knock up something so complicated?! Really nice, thanks very much for that, I will try it out asap.
You're welcome. You deserve it.

Not complicated for me ... This is my job !!!

What is the most complicated is to come up with a great strategy ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #59
  • Mar 21, 2012 12:32pm Mar 21, 2012 12:32pm
Quoting Hugh Briss
All you've done is sell at the 50% fib level, that's not in the rules, I suggest you read them again.
Thanks I will :-)
  • #60
  • Mar 21, 2012 12:36pm Mar 21, 2012 12:36pm
This is my auto fib
Attached File(s)
File Type: ex4 fib - auto.ex4   5 KB | 1,975 downloads
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