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Simple Fibonacci Trading

  • #281
  • Apr 2, 2012 4:06am Apr 2, 2012 4:06am
Quoting turboguru
EU finished with profit. UCAD still going.
My eurusd 4 hour trade didn't quite reach tp1 yet and pulling back now but should make it eventually. I had a few smaller eurusd trades on the 30 min chart and took some nice small profits at tp1 but they stopped out the second half at not much more than breakeven. I have no other trades at the moment, most were invalidated because of the gaps. Gbpusd may pullback for a buy setup. See what the week brings.
  • #282
  • Apr 2, 2012 7:30am Apr 2, 2012 7:30am
Another eurusd buy opportunity on 1 hour.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 1 hour 2nd apr 2012 13.30.gif Size: 24 KB
  • #283
  • Apr 2, 2012 8:14am Apr 2, 2012 8:14am
Hugh - EURUSD now invalidated?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_60min (2).jpg Size: 184 KB
  • #284
  • Apr 2, 2012 8:21am Apr 2, 2012 8:21am
Short AUSUSD but a little worried about the gap up.
Gap has now almost filled. If reverses would u get out early?
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_4H.jpg Size: 189 KB
  • #285
  • Apr 2, 2012 8:27am Apr 2, 2012 8:27am
Quoting Raggs
Hugh - EURUSD now invalidated?
Yes, invalidated.
  • #286
  • Apr 2, 2012 8:27am Apr 2, 2012 8:27am
Quoting Raggs
Short AUSUSD but a little worried about the gap up.
Gap has now almost filled. If reverses would u get out early?
Yep, be careful for today, there will be more clearer setups through the week.
  • #287
  • Apr 2, 2012 8:32am Apr 2, 2012 8:32am
Hello Hugh Briss

I seldom use Fibo but I do like your simple Fibo trading system.
Is there a particular Fibo number you pay more attention to?
Maybe 50?
Trade As A Sniper
  • #288
  • Apr 2, 2012 8:57am Apr 2, 2012 8:57am
Can you discuss your stoploss in a bit more detail? If I understand correctly, in an uptrend you wait for a 50% retracement, then set a buy stop order at the 38.2% fib level, so the price must start going up again with the trend and thru the 38.2% level to trigger the buy order. I think your stoploss is set below the 61.8% level, so the distance from your entry to your stoploss is from around the 38.2 level to around the 61.8 level. This seems like a pretty big stop to me. I had always heard that one of the advantages of Fib trading was the ability to use tighter stops. Why are you using such a big stop?
  • #289
  • Apr 2, 2012 9:25am Apr 2, 2012 9:25am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting MarcIlgen
... This seems like a pretty big stop to me ...
You must give room to the move. If you look, the SL is pretty fine according to the timeframe you are trading. Of course the SL is bigger on the higher TFs but the profit is also bigger ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #290
  • Apr 2, 2012 9:33am Apr 2, 2012 9:33am
Ferru, can you please incorporate money management into the EA? I mean that we can set percent risk into the EA properties and it would calculate proper position size depending on the parameters set in EA and Fibo?

Thanks,

Lost

Quoting FerruFx
You must give room to the move. If you look, the SL is pretty fine according to the timeframe you are trading. Of course the SL is bigger on the higher TFs but the profit is also bigger ...
"All good things come to those who wait..."
  • #291
  • Apr 2, 2012 9:38am Apr 2, 2012 9:38am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting lostfx
Ferru, can you please incorporate money management into the EA? I mean that we can set percent risk into the EA properties and it would calculate proper position size depending on the parameters set in EA and Fibo?
So the EA will calculate the Lot size based on the calculated SL and the risk ... right ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #292
  • Apr 2, 2012 9:54am Apr 2, 2012 9:54am
Quoting MarcIlgen
Can you discuss your stoploss in a bit more detail? If I understand correctly, in an uptrend you wait for a 50% retracement, then set a buy stop order at the 38.2% fib level, so the price must start going up again with the trend and thru the 38.2% level to trigger the buy order. I think your stoploss is set below the 61.8% level, so the distance from your entry to your stoploss is from around the 38.2 level to around the 61.8 level. This seems like a pretty big stop to me. I had always heard that one of the advantages of Fib trading was the ability...
As Ferru said - the higher the time frame the larger the stop is going to be by the very fact that the swing points used are further apart. This strategy seems (at the moment) to work better on higher time frames 4H / 1H and 30 mins and therefore your RISK has to be calculated according to which time frame you find a set up on. If you want tighter stops then you should be looking at a lower time frame - but even then the trade has to 'breathe'.
  • #293
  • Apr 2, 2012 9:56am Apr 2, 2012 9:56am
Quoting FerruFx
So the EA will calculate the Lot size based on the calculated SL and the risk ... right ?
That is correct., also it can close position partially as it is reaching TPs accordingly.

Thanks,

DD
"All good things come to those who wait..."
  • #294
  • Apr 2, 2012 10:32am Apr 2, 2012 10:32am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting lostfx
That is correct., also it can close position partially as it is reaching TPs accordingly.
Will look at this asap.
MT4/MT5 EAs/Indicators/Alerts coder
  • #295
  • Apr 2, 2012 11:19am Apr 2, 2012 11:19am
Quoting pama.fx
Hello Hugh Briss

I seldom use Fibo but I do like your simple Fibo trading system.
Is there a particular Fibo number you pay more attention to?
Maybe 50?
Yes, if you read the rules I wait for a 50% retrace and then place my trade.
  • #296
  • Apr 2, 2012 11:20am Apr 2, 2012 11:20am
Thanks a lot, Ferru. You are the man!!!

Also would it be possible to put some light grey lines to see where those entry, stop, TPs are? Also when the Entry gets executed, the line would become green or something as well as the other lines as they get validated or not? I mean something visual that would give us an idea.

Just a thought. Thanks a lot,

Lost
"All good things come to those who wait..."
  • #297
  • Apr 2, 2012 11:21am Apr 2, 2012 11:21am
Quoting MarcIlgen
Can you discuss your stoploss in a bit more detail? If I understand correctly, in an uptrend you wait for a 50% retracement, then set a buy stop order at the 38.2% fib level, so the price must start going up again with the trend and thru the 38.2% level to trigger the buy order. I think your stoploss is set below the 61.8% level, so the distance from your entry to your stoploss is from around the 38.2 level to around the 61.8 level. This seems like a pretty big stop to me. I had always heard that one of the advantages of Fib trading was the ability...
Doesn't seem that big to me. I trade a lot of daily charts and a 200 pip stop loss is normal. Even on a 4 hour chart the stop loss on the fib trades is only 70 or so pips.
  • #298
  • Apr 2, 2012 11:22am Apr 2, 2012 11:22am
Quoting FerruFx
You must give room to the move. If you look, the SL is pretty fine according to the timeframe you are trading. Of course the SL is bigger on the higher TFs but the profit is also bigger ...
Agreed, it's risk/reward.
  • #299
  • Apr 2, 2012 11:24am Apr 2, 2012 11:24am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting lostfx
Also would it be possible to put some light grey lines to see where those entry, stop, TPs are? Also when the Entry gets executed, the line would become green or something as well as the other lines as they get validated or not? I mean something visual that would give us an idea.
When the pending is placed, you have all the lines plotted by the platform (entry price, TP #2 and SL). The TP #1 (partial close) is the fibo line you defined in the inputs.
MT4/MT5 EAs/Indicators/Alerts coder
  • #300
  • Apr 2, 2012 12:05pm Apr 2, 2012 12:05pm
Quoting FerruFx
When the pending is placed, you have all the lines plotted by the platform (entry price, TP #2 and SL). The TP #1 (partial close) is the fibo line you defined in the inputs.
Ok, when is the pending placed then? As soon as price goes past the 50% level ? Because if that's the case, I do not see any pending lines on my chart.

Lost
"All good things come to those who wait..."
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