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Simple Fibonacci Trading

  • #161
  • Mar 28, 2012 1:04pm Mar 28, 2012 1:04pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
You're welcome.
MT4/MT5 EAs/Indicators/Alerts coder
  • #162
  • Mar 28, 2012 4:38pm Mar 28, 2012 4:38pm
Can someone tell me why this didn't take a trade thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: chf.gif Size: 19 KB
  • #163
  • Mar 28, 2012 7:47pm Mar 28, 2012 7:47pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting turboguru
Can someone tell me why this didn't take a trade thanks.
1/ What is the exact name of the Fibo on your chart ? (Fibo properties > Common > Name)

2/ When did you applied the EA on your chart ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #164
  • Mar 28, 2012 8:02pm Mar 28, 2012 8:02pm
Quoting FerruFx
1/ What is the exact name of the Fibo on your chart ? (Fibo properties > Common > Name)

2/ When did you applied the EA on your chart ?
Its the fibs in MT4 and the EA went on after the fib was placed.
Its says fib 34611
  • #165
  • Mar 28, 2012 8:21pm Mar 28, 2012 8:21pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Hugh Briss
... I set most of them to 15 but needed 30 on eurusd... I am concentrating on just a few pairs for now until I get the time to set up the rest...
Do you keep same settings for the ZZ on all timeframes you are looking ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #166
  • Mar 28, 2012 8:24pm Mar 28, 2012 8:24pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting turboguru
Its the fibs in MT4 and the EA went on after the fib was placed.
Its says fib 34611
Please refer to the instructions given in the post where the first EA version was uploaded.

You can't get any trade according to what you did.
MT4/MT5 EAs/Indicators/Alerts coder
  • #167
  • Mar 28, 2012 8:32pm Mar 28, 2012 8:32pm
Quoting FerruFx
Please refer to the instructions given in the post where the first EA version was uploaded.

You can't get any trade according to what you did.
K will go back through and look again.
  • #168
  • Mar 28, 2012 8:39pm Mar 28, 2012 8:39pm
Quoting FerruFx
Please refer to the instructions given in the post where the first EA version was uploaded.

You can't get any trade according to what you did.
Thanks again got it to work.
  • #169
  • Mar 28, 2012 8:56pm Mar 28, 2012 8:56pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Hugh,

How will you handle this situation on EU ?

M30 short setup
H1 long setup

(ZZ 24.12.6)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu_m30.gif Size: 13 KB
Click to Enlarge Name: eu_h1.gif Size: 15 KB
MT4/MT5 EAs/Indicators/Alerts coder
  • #170
  • Mar 28, 2012 11:24pm Mar 28, 2012 11:24pm
Quoting FerruFx
Do you keep same settings for the ZZ on all timeframes you are looking ?
Yes but I'm playing around with settings at the moment. I don't think it will always show you what you want at the same setting, sometimes the swing you are looking at will be larger or smaller and there are always swings within swings. Generally though if you are looking at a timeframe and you can see a bigger swing that looks more promising then just go up a timeframe. I've noticed I've tended towards 4 hour charts now as that seems to be the better, more tradeable swings.
  • #171
  • Mar 28, 2012 11:28pm Mar 28, 2012 11:28pm
Quoting FerruFx
Hugh,

How will you handle this situation on EU ?

M30 short setup
H1 long setup

(ZZ 24.12.6)
I'm short eurusd on a 30 min setup but waiting for a long on the 4 hour chart. I've opened two charts and changed the magic number of the second ea to achieve this. Took me a while to work out I had to do this!

A similar thing is happening on usdjpy where I am short on the 4 hour chart but looking to take a daily long trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd 30min 29th march 2012 05.26.gif Size: 18 KB
Click to Enlarge Name: eurusd 4hour 29th march 2012 05.26.gif Size: 19 KB
  • #172
  • Mar 28, 2012 11:31pm Mar 28, 2012 11:31pm
In terms of the hourly long, I'm not sure how you can really decide which direction to trade other than look at each timeframe and take a decision which looks better. I know I want to be long if it retraces a bit more on the 4 hour chart but I also think it is going to retrace and so I'm trading it down on the 30 min chart. I think there is definitely room for improvement in the rules but the best thing I can say at the moment is that the risk reward makes it viable to take these trades.
  • #173
  • Mar 28, 2012 11:45pm Mar 28, 2012 11:45pm
Just as an advice it is more important to stick to a timeframe where you see the setup better rather than flipping around which would cause confusion, to my experience you will trade wrong direction
  • #174
  • Mar 29, 2012 12:06am Mar 29, 2012 12:06am
Quoting Tiwa
Just as an advice it is more important to stick to a timeframe where you see the setup better rather than flipping around which would cause confusion, to my experience you will trade wrong direction
I agree to an extent but I think it depends on your overall view of the trend. I think eurusd will pull back so I am short but I also think in the overall trend I want to be long from a certain level. I could be wrong and am prepared to be so.
  • #175
  • Mar 29, 2012 1:23am Mar 29, 2012 1:23am
My 30 min eurusd short got taken out for a loss. I still think the 4 hour could retrace before a move higher so I'll keep that in place.

On the other trades I've got audusd still open and floating around 80 pips up. It very nearly reached it's first profit target overnight but missed by a few pips and went back up. I'll hold that open and see if it reaches tp1 during the day today. Usdjpy is pushing down nicely now after a slow start. Nothing else is setting up imminently but I'll keep an eye out and post if I like anything.
  • #176
  • Mar 29, 2012 1:50am Mar 29, 2012 1:50am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Hugh Briss
In terms of the hourly long, I'm not sure how you can really decide which direction to trade other than look at each timeframe and take a decision which looks better. I know I want to be long if it retraces a bit more on the 4 hour chart but I also think it is going to retrace and so I'm trading it down on the 30 min chart. I think there is definitely room for improvement in the rules but the best thing I can say at the moment is that the risk reward makes it viable to take these trades.
That makes sense.

Thank you.
MT4/MT5 EAs/Indicators/Alerts coder
  • #177
  • Mar 29, 2012 3:34am Mar 29, 2012 3:34am
Quoting FerruFx
That makes sense.

Thank you.
Hugh/FerruFX

I'm looking into seeing if there is any benefit in filtering the trade by determining if 2 time frames are going in the same direction. So as long as the 4hr and 1hr are in the same direction or the 1hr and the 30min but not the 4 hr I can take the trade on whichever looks best. If the directions are different then I can stand aside.

Just theory at this point!!
  • #178
  • Mar 29, 2012 3:42am Mar 29, 2012 3:42am
I've been looking for an EA like this for a while, however I'm unable to find it to download in this thread, has it been removed?
  • #179
  • Mar 29, 2012 3:57am Mar 29, 2012 3:57am
I have aboute 2 years since I started to inquire about Forex. At the moment I am very attached to it, I can afford a day that to see what is happening in the market... , in this 2 years I made some Forex Strategy with Fibbo atachement that I use at the moment, and, because I do not have time to write this strategy here you can see it on my blog just click
If you have some questions not hesitate to write, I will gladly answer.
  • #180
  • Mar 29, 2012 4:16am Mar 29, 2012 4:16am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Raggs
Hugh/FerruFX

I'm looking into seeing if there is any benefit in filtering the trade by determining if 2 time frames are going in the same direction. So as long as the 4hr and 1hr are in the same direction or the 1hr and the 30min but not the 4 hr I can take the trade on whichever looks best. If the directions are different then I can stand aside.

Just theory at this point!!
As Hugh said earlier, we can have swings inside swing ... so opportunities in opposite direction.

Example in a Long trend D1, you may have smaller H1 Short trends.
MT4/MT5 EAs/Indicators/Alerts coder
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