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Simple Fibonacci Trading

  • #241
  • Mar 29, 2012 11:06pm Mar 29, 2012 11:06pm
Quoting FerruFx
Please (and this is valid for everybody), revert back to build 409. The new MT4 build is full of bugs and yet not fixed by Metaquotes.
I'm using the ea with build 418 and it is working fine but I will look into going back to 409?!
  • #242
  • Mar 29, 2012 11:07pm Mar 29, 2012 11:07pm
Quoting turboguru
Setting up UCAD
I don't like usdcad at the moment as it is a little bit choppy and not trending very smoothly at all but the setup looks ok, it might work.
  • #243
  • Mar 29, 2012 11:10pm Mar 29, 2012 11:10pm
Eurusd working out nicely, I'm thinking trendlines may well play a part in the revised rules. I took the rest of the profit on audusd when the long triggered on eurusd as I didn't want to be long one and short the other and I'm waiting for audusd to pullback some more before I sell it again. Hopefully eurusd will at least hit tp1 before the usd tide turns.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd 4hour 30th march 2012 04.50.gif Size: 23 KB
Click to Enlarge Name: audusd 4hour 30th march 2012 04.50.gif Size: 19 KB
  • #244
  • Mar 29, 2012 11:34pm Mar 29, 2012 11:34pm
Quoting Hugh Briss
Eurusd working out nicely, I'm thinking trendlines may well play a part in the revised rules. I took the rest of the profit on audusd when the long triggered on eurusd as I didn't want to be long one and short the other and I'm waiting for audusd to pullback some more before I sell it again. Hopefully eurusd will at least hit tp1 before the usd tide turns.
for au im expecting it will test upper TL...
reason... daily hav pin bar n H8 stoch just cross at oversold area...
Attached Image (click to enlarge)
Click to Enlarge Name: capture_20.png Size: 102 KB
Peace Yo!
  • #245
  • Mar 30, 2012 12:03am Mar 30, 2012 12:03am
Quoting mrluckystar
for au im expecting it will test upper TL...
reason... daily hav pin bar n H8 stoch just cross at oversold area...
H8?? You and your weird timeframes! I agree that xxxusd is going up in general at the moment so if eurusd goes up as far as the 38.2 extension level then by then audusd could be ready to fall in tandem with it from the upper trendline. This will provide a valid short setup on audusd. Nice.
  • #246
  • Mar 30, 2012 4:19am Mar 30, 2012 4:19am
Hugh

AUDUSD - 4H
Do you look at setting a trigger order for when the price reaches 50% retracement?
e.g. If price >= 1.0431 then activate the orders - this obviously means you can walk away and leave it to do its own thing. Do you leave initial entry order as DAY or GTC?

By the way I don't use MT4 so if the 'ea' you guys keep talking about takes care of this then fine - but I use TS platform.
  • #247
  • Mar 30, 2012 5:34am Mar 30, 2012 5:34am
Quoting Hugh Briss
Why buy eur and sell usdchf at the same time? They are so strongly correlated you are just doubling your risk, may as well just trade one.

Correlated but inversly and I felt good about where the fibs where.
  • #248
  • Mar 30, 2012 5:35am Mar 30, 2012 5:35am
Quoting Hugh Briss
Did you use a round number for the lot size? It has to be able to close half.
Yes .1 just as the EA was setup.
  • #249
  • Mar 30, 2012 6:24am Mar 30, 2012 6:24am
Hi all
I want to take the survey!
I use this system on H1 sometimes look to H4.

What timeframe are useing YOU???
  • #250
  • Mar 30, 2012 6:47am Mar 30, 2012 6:47am
Quoting Raggs
Hugh

AUDUSD - 4H
Do you look at setting a trigger order for when the price reaches 50% retracement?
e.g. If price >= 1.0431 then activate the orders - this obviously means you can walk away and leave it to do its own thing. Do you leave initial entry order as DAY or GTC?

By the way I don't use MT4 so if the 'ea' you guys keep talking about takes care of this then fine - but I use TS platform.
Instructions are in the first post.
  • #251
  • Mar 30, 2012 6:49am Mar 30, 2012 6:49am
Quoting turboguru
Yes .1 just as the EA was setup.
Your broker allows micro lots? 0.1 is 1 mini lot and if your broker doesn't allow micro lots it can't half it.
  • #252
  • Mar 30, 2012 6:49am Mar 30, 2012 6:49am
Quoting Cashx_
Hi all
I want to take the survey!
I use this system on H1 sometimes look to H4.

What timeframe are useing YOU???
I'm not restricting myself to any particular timeframe but it appears the 4 hour charts are nicest at the moment.
  • #253
  • Mar 30, 2012 6:49am Mar 30, 2012 6:49am
hi friend

You can use it at any time ... works at all.
  • #254
  • Mar 30, 2012 7:14am Mar 30, 2012 7:14am
Quoting Hugh Briss
Instructions are in the first post.
Hugh - I understand the first post OK. What I couldn't see is if you place an activation trigger BEFORE the price retraces to 50% (in other words do you do this allowing you to leave the screen for a few hours).

Obviously if in front of screen can see when price hits 50% and then place the pending orders anyway.

Does that make sense? Apologies if I'm not explaining myself well
  • #255
  • Mar 30, 2012 7:17am Mar 30, 2012 7:17am
Quoting Hugh Briss
I'm not restricting myself to any particular timeframe but it appears the 4 hour charts are nicest at the moment.
I agree - i've tried down to 15min and seems that there are lots of set ups but the volatility at this level is perhaps a little high for this strategy.

Keep up the good work Hugh - this is really going somewhere (I think).
  • #256
  • Mar 30, 2012 7:23am Mar 30, 2012 7:23am
Quoting Raggs
Hugh - I understand the first post OK. What I couldn't see is if you place an activation trigger BEFORE the price retraces to 50% (in other words do you do this allowing you to leave the screen for a few hours).

Obviously if in front of screen can see when price hits 50% and then place the pending orders anyway.

Does that make sense? Apologies if I'm not explaining myself well
I think I get you. I wait for the price to retrace past the 50% level and THEN place the orders above/below the 38.2 level. I cancel the orders if the retrace just carries on past the 75% level. The expert advisor does all this for you, put it on the chart and it will wait until the 50% level is touched and then manage the trade exactly for you, all you have to do is draw the fibs. Too bad you don't use mt4.
  • #257
  • Mar 30, 2012 7:45am Mar 30, 2012 7:45am
Quoting Hugh Briss
I think I get you. I wait for the price to retrace past the 50% level and THEN place the orders above/below the 38.2 level. I cancel the orders if the retrace just carries on past the 75% level. The expert advisor does all this for you, put it on the chart and it will wait until the 50% level is touched and then manage the trade exactly for you, all you have to do is draw the fibs. Too bad you don't use mt4.
I'd love too, but I use TS platform not MT4 so ea's no good to me. I can set up manual trigger orders in TradeStation when price action takes out the 50% level and that starts the ball rolling so to speak.
  • #258
  • Mar 30, 2012 7:49am Mar 30, 2012 7:49am
Hugh,

You're right about the 75% level for the pending cancelation. Looks great ... at least on H4.

Do you keep the SL to the 61.8% level ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #259
  • Mar 30, 2012 12:12pm Mar 30, 2012 12:12pm
Quoting Raggs
I'd love too, but I use TS platform not MT4 so ea's no good to me. I can set up manual trigger orders in TradeStation when price action takes out the 50% level and that starts the ball rolling so to speak.
So you can set something up so you don't have to keep watching the chart? That's good.
  • #260
  • Mar 30, 2012 12:22pm Mar 30, 2012 12:22pm
Quoting FerruFx
Hugh,

You're right about the 75% level for the pending cancelation. Looks great ... at least on H4.

Do you keep the SL to the 61.8% level ?
Yes, I think beyond 75% and the retrace is too large but before 75% seems ok. I do still keep the stop loss at 61.8% because if the trade has started going back with the trend and then reverses then I want to be out fairly quickly.
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