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Simple Fibonacci Trading

  • #301
  • Apr 2, 2012 12:21pm Apr 2, 2012 12:21pm
Quoting lostfx
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.
If the pending isn't placed when it touch or cross the "Level_retrace", you have certainly something wrong (EA or Fibo line).

Please refer to the EA instructions.
MT4/MT5 EAs/Indicators/Alerts coder
  • #302
  • Edited 1:47pm Apr 2, 2012 1:35pm | Edited 1:47pm
Quoting FerruFx
If the pending isn't placed when it touch or cross the "Level_retrace", you have certainly something wrong (EA or Fibo line).

Please refer to the EA instructions.
It is giving me these errors:

FibonacciTrademanager_v3,EURUSD,M15: invalid order price for OrderSend function
FibonacciTrademanager_v3,EURUSD,M15: Error opening SELLSTOP order: 4107

I'm with Oanda on MT4, who uses 5 digit numbers behind decimal point.

It works on FXCM MT4.
"All good things come to those who wait..."
  • #303
  • Apr 2, 2012 5:11pm Apr 2, 2012 5:11pm
Quoting Hugh Briss
I only started this thread a few weeks ago but already it has evolved into something better. The basic idea is the same, we're going to use fibonacci retracements to enable us to buy/sell into the trend when the momentum is moving back in the direction of the trend. We're also going to use the 38.2% fibonacci extension as a profit target.

When I started the thread I had the idea of using a 100 sma to define the trend and then only take trades in that direction but I found that this is too restrictive and a lot of profitable trades were being missed...

Hi there,

"Just place the fibs on the chart and rename it BUY or SELL"

Just a question, when you say Rename the Fibbo on your chart. Where and what are you renaming as I can not figure this out. Are you renaming the EA or the Fibbo Properties it self. I know it may seem simple to some but well, some of us still need to figure this out. I like the systerm as it also manages trades for you when it is invalidated.

Attached are screen shorts of what I need clarification on.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-04-02_23-02_FibonacciTradeManager_v.jpg Size: 47 KB
Attached Image
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  • #304
  • Apr 2, 2012 6:14pm Apr 2, 2012 6:14pm
Quoting sharemaster2
Hi there,

"Just place the fibs on the chart and rename it BUY or SELL"

Just a question, when you say Rename the Fibbo on your chart. Where and what are you renaming as I can not figure this out. Are you renaming the EA or the Fibbo Properties it self. I know it may seem simple to some but well, some of us still need to figure this out. I like the systerm as it also manages trades for you when it is invalidated.

Attached are screen shorts of what I need clarification on.

Thanks
You rename fibo properties exactly where you are pointing in your screen shot. Either with SELL or BUY.

Lost
"All good things come to those who wait..."
  • #305
  • Apr 2, 2012 6:56pm Apr 2, 2012 6:56pm
Well my UCAD trade that triggered friday stopped out but the good thing it went +21 before it stopped I usually set to BE if trades reach 15-20 if I'm around.

Ferru without keep asking for so much of your time after TP1 can you move stops to +1 so atleast trades that reach the 0 line that are good into profit can close the rest at +1 instead of a loss thanks.
  • #306
  • Apr 2, 2012 7:29pm Apr 2, 2012 7:29pm
Couple of trades I have pending. EU 15min swing and a CHF H4 swing
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 28 KB
Click to Enlarge Name: chf.gif Size: 22 KB
  • #307
  • Apr 2, 2012 9:24pm Apr 2, 2012 9:24pm
Quoting lostfx
It is giving me these errors:

FibonacciTrademanager_v3,EURUSD,M15: invalid order price for OrderSend function
FibonacciTrademanager_v3,EURUSD,M15: Error opening SELLSTOP order: 4107

I'm with Oanda on MT4, who uses 5 digit numbers behind decimal point.

It works on FXCM MT4.
All my codings are fully compatible 4-5digits brokers.
MT4/MT5 EAs/Indicators/Alerts coder
  • #308
  • Apr 2, 2012 9:26pm Apr 2, 2012 9:26pm
Quoting turboguru
Ferru without keep asking for so much of your time after TP1 can you move stops to +1 so atleast trades that reach the 0 line that are good into profit can close the rest at +1 instead of a loss thanks.
When price reach TP1, EA close partial lot then move SL of the remaining lot to entry price (BE). This is the current logic.
MT4/MT5 EAs/Indicators/Alerts coder
  • #309
  • Apr 2, 2012 9:31pm Apr 2, 2012 9:31pm
Here's the updated version with the option to calculate the Lot Size based on SL and risk percent.
Attached File(s)
File Type: ex4 FibonacciTradeManager_v4.ex4   16 KB | 723 downloads
MT4/MT5 EAs/Indicators/Alerts coder
  • #310
  • Apr 2, 2012 9:39pm Apr 2, 2012 9:39pm
Quoting sharemaster2
Hi there,

"Just place the fibs on the chart and rename it BUY or SELL"

Just a question, when you say Rename the Fibbo on your chart. Where and what are you renaming as I can not figure this out. Are you renaming the EA or the Fibbo Properties it self. I know it may seem simple to some but well, some of us still need to figure this out. I like the systerm as it also manages trades for you when it is invalidated.

Attached are screen shorts of what I need clarification on.

Thanks
As already answered, yes, you put either BUY or SELL into that box.
  • #311
  • Apr 2, 2012 9:41pm Apr 2, 2012 9:41pm
Quoting turboguru
Well my UCAD trade that triggered friday stopped out but the good thing it went +21 before it stopped I usually set to BE if trades reach 15-20 if I'm around.

Ferru without keep asking for so much of your time after TP1 can you move stops to +1 so atleast trades that reach the 0 line that are good into profit can close the rest at +1 instead of a loss thanks.
It's my understanding that when the ea closes the first half at the 0% line it should move the stop loss to break even on the second half of the trade AND start trailing the stop as it moves into profit. This is the original system and I believe that is what the ea does.
  • #312
  • Apr 2, 2012 9:42pm Apr 2, 2012 9:42pm
Quoting FerruFx
When price reach TP1, EA close partial lot then move SL of the remaining lot to entry price (BE). This is the current logic.
It also trails the stop on the second half as well though doesn't it or am I going mad?
  • #313
  • Apr 2, 2012 9:43pm Apr 2, 2012 9:43pm
Quoting FerruFx
Here's the updated version with the option to calculate the Lot Size based on SL and risk percent.
Awesome, thanks again, this is getting better and better as we go along. I'll update the first post.
  • #314
  • Apr 2, 2012 9:50pm Apr 2, 2012 9:50pm
Quoting Hugh Briss
It also trails the stop on the second half as well though doesn't it or am I going mad?
You're not going mad !
MT4/MT5 EAs/Indicators/Alerts coder
  • #315
  • Apr 3, 2012 12:52am Apr 3, 2012 12:52am
Quoting FerruFx
You're not going mad !
Glad to hear it.
  • #316
  • Apr 3, 2012 12:53am Apr 3, 2012 12:53am
I'm long euraud now.
  • #317
  • Apr 3, 2012 2:31am Apr 3, 2012 2:31am
Here's the chart, sorry couldn't post it at the time.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud 4 hour 3rd apr 2012 08.30.gif Size: 21 KB
  • #318
  • Apr 3, 2012 3:20am Apr 3, 2012 3:20am
Quoting FerruFx
When price reach TP1, EA close partial lot then move SL of the remaining lot to entry price (BE). This is the current logic.
OK sorry just adjusted the EA so it can tp1 and be able to move. Thanks
  • #319
  • Apr 3, 2012 3:23am Apr 3, 2012 3:23am
AU sell
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 28 KB
  • #320
  • Apr 3, 2012 5:47am Apr 3, 2012 5:47am
Hugh - as we have been talking it appears the longer time frames work better (so far) with this strategy.
How about looking at a 'scalp' on say 30 or 15 mins where the stop is set at 75% using much smaller swing points.
Obviously this means the R/R ratio will be much lower (which is usual with scalps anyway) but it should give the trade more 'wiggle' room.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF_scalp.jpg Size: 203 KB
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