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Simple Fibonacci Trading

  • #201
  • Mar 29, 2012 6:13am Mar 29, 2012 6:13am
Quoting Raggs
Looking at a potential set up on USDJPY 1H - your take on this guys??
Any comments?
I'm short usdjpy already but yes, it could work.
  • #202
  • Mar 29, 2012 6:14am Mar 29, 2012 6:14am
Quoting Raggs
Must have missed that one :-)
No worries, I'll update the first post over the weekend with more a more coherent trading plan.
  • #203
  • Mar 29, 2012 6:17am Mar 29, 2012 6:17am
Eurusd 4 hour has set up.
  • #204
  • Mar 29, 2012 7:59am Mar 29, 2012 7:59am
FerruFx, looking at the audusd trade I think it actually closed half dead on the 0% level. I think it is safer to do this 1 pip + spread above that level. Which way is the ea coded, is it my imagination?
  • #205
  • Mar 29, 2012 8:20am Mar 29, 2012 8:20am
Quoting Hugh Briss
FerruFx, looking at the audusd trade I think it actually closed half dead on the 0% level. I think it is safer to do this 1 pip + spread above that level. Which way is the ea coded, is it my imagination?
As per your rules in post #1, BUY TP1 is below level 0 less spread less 1 pip

"Let's assume for this example we are in an uptrend. The first order goes 1 pip + spread above the 38.2 level. The stop loss is 1 pip + spread below the 61.8 level and the take profit goes 1 pip + spread below the 0 level"
MT4/MT5 EAs/Indicators/Alerts coder
  • #206
  • Mar 29, 2012 8:28am Mar 29, 2012 8:28am
Quoting FerruFx
As per your rules in post #1, BUY TP1 is below level 0 less spread less 1 pip

"Let's assume for this example we are in an uptrend. The first order goes 1 pip + spread above the 38.2 level. The stop loss is 1 pip + spread below the 61.8 level and the take profit goes 1 pip + spread below the 0 level"
I think that is for long trade as Hugh talks about swing high
  • #207
  • Mar 29, 2012 8:36am Mar 29, 2012 8:36am
AudUsd was short?
  • #208
  • Mar 29, 2012 10:23am Mar 29, 2012 10:23am
Quoting FerruFx
As per your rules in post #1, BUY TP1 is below level 0 less spread less 1 pip

"Let's assume for this example we are in an uptrend. The first order goes 1 pip + spread above the 38.2 level. The stop loss is 1 pip + spread below the 61.8 level and the take profit goes 1 pip + spread below the 0 level"
As Raggs has pointed out above that is for a buy trade, the audusd trade was a short so the level should be above the 0% level by 1 pip plus the spread BUT you have already coded a solution into the ea by putting the tp level at 1 or 2% instead of 0 so the ea will take half profit just before the price reaches the 0% level in either direction. Ingenious
  • #209
  • Mar 29, 2012 10:28am Mar 29, 2012 10:28am
Quoting Hugh Briss
... the audusd trade was a short so the level should be above the 0% level by 1 pip plus the spread ...
This is exactly how it is coded in the EA.
MT4/MT5 EAs/Indicators/Alerts coder
  • #210
  • Mar 29, 2012 11:10am Mar 29, 2012 11:10am
Quoting FerruFx
This is exactly how it is coded in the EA.
Ok, I must have been mistaken about the point it took profit. Thanks again for an excellent tool.
  • #211
  • Mar 29, 2012 11:52am Mar 29, 2012 11:52am
Quoting Hugh Briss
Ok, I must have been mistaken about the point it took profit. Thanks again for an excellent tool.
Some times you may have slippage and requote involved ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #212
  • Mar 29, 2012 12:04pm Mar 29, 2012 12:04pm
Quoting FerruFx
Some times you may have slippage and requote involved ...
Yes. I don't think the market was moving very fast. Works a treat anyway, such a relaxing way to trade!
  • #213
  • Mar 29, 2012 12:16pm Mar 29, 2012 12:16pm
Not sure about the rules they have changed a little but tried GU went well.
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  • #214
  • Mar 29, 2012 12:27pm Mar 29, 2012 12:27pm
Quoting turboguru
Not sure about the rules they have changed a little but tried GU went well.
You are right, the rules need redefining a bit. Generally you want to trade with the trend/momentum and gbpusd has a bit of upwards momentum at the moment so not a bad trade to take. I'm tending to use the higher timeframes. My eurusd long on the 4 hour has triggered.
  • #215
  • Mar 29, 2012 12:34pm Mar 29, 2012 12:34pm
Quoting Hugh Briss
You are right, the rules need redefining a bit. Generally you want to trade with the trend/momentum and gbpusd has a bit of upwards momentum at the moment so not a bad trade to take. I'm tending to use the higher timeframes. My eurusd long on the 4 hour has triggered.
I have a sell fib pulled but it wont trigger till 1.3315ish. I drew it off H1
  • #216
  • Mar 29, 2012 1:47pm Mar 29, 2012 1:47pm
Quoting Hugh Briss
You are right, the rules need redefining a bit. Generally you want to trade with the trend/momentum and gbpusd has a bit of upwards momentum at the moment so not a bad trade to take. I'm tending to use the higher timeframes. My eurusd long on the 4 hour has triggered.
Dear Hugh Briss please read the following article that may help redefine the rules for more successive positions.(It is based on support & resistance levels located on 3 important fibo levels 0.386,0.5,0.618)
http://www.dukascopy.com/fxcomm/fx-a...gy-Part&id=629
  • #217
  • Mar 29, 2012 3:42pm Mar 29, 2012 3:42pm
Can one of the coders in here tell me how to make the dotted line change colors. I can put the code in just don't know how to find it. Thanks
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  • #218
  • Mar 29, 2012 4:22pm Mar 29, 2012 4:22pm
Quoting Hugh Briss
Here's gbpusd just set up.
Nice but in this example just before your example you would have 2 losses !
  • #219
  • Mar 29, 2012 5:39pm Mar 29, 2012 5:39pm
nu to north??
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Peace Yo!
  • #220
  • Mar 29, 2012 5:46pm Mar 29, 2012 5:46pm
gu.. miss out to check in the plane....
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Peace Yo!
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