Simple Fibonacci Trading | Page 17 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

I need an EA for my simple "Mother Candle Fibonacci System" 63 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies

Gp's simple daily fibonacci-based system 120 replies

Simple Fibonacci with candlesticks... 2 replies

Attachments: Simple Fibonacci Trading
Exit Attachments

Simple Fibonacci Trading

  • #321
  • Apr 3, 2012 7:10am Apr 3, 2012 7:10am
Quoting turboguru
AU sell
I'm in the audusd sell now and closed the eurusd long for 15 pips. Only had it open since last Thursday! It's been messing about so much. It's actually just closed below the trendline on my 4 hour chart which is not a good sign so closed it. I'm still long euraud though, looks good.
  • #322
  • Apr 3, 2012 7:12am Apr 3, 2012 7:12am
Quoting Raggs
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.
How is that a scalp? I do enter on smaller timeframes in the direction of the overall trend but just use the same stop loss and profit criteria.
  • #323
  • Apr 3, 2012 7:27am Apr 3, 2012 7:27am
Quoting Hugh Briss
How is that a scalp? I do enter on smaller timeframes in the direction of the overall trend but just use the same stop loss and profit criteria.
Scalp as in I have taken a smaller swing on the Fibo's (and I should have shown it on the 15min chart).
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF_2.jpg Size: 209 KB
  • #324
  • Apr 3, 2012 7:30am Apr 3, 2012 7:30am
But now USDCHF setting up on hourly?
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF_1Hr.jpg Size: 187 KB
  • #325
  • Apr 3, 2012 8:21am Apr 3, 2012 8:21am
Quoting Raggs
But now USDCHF setting up on hourly?
I don't watch usdchf anymore as more or less just mirrors eurusd. I'm looking to short eurusd after the trendline break but that's another system... Usdchf probably going higher with it but it could work, wouldn't want to put you off.
  • #326
  • Apr 3, 2012 8:22am Apr 3, 2012 8:22am
Possible usdjpy 4 hour short forming. Chart to follow if it sets up.
  • #327
  • Apr 3, 2012 10:40am Apr 3, 2012 10:40am
Still in AU closed half as its at this 23 level o long and moved to BE still a nice trade to 23 lets see whr it goes.
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 28 KB
  • #328
  • Apr 3, 2012 10:56am Apr 3, 2012 10:56am
Quoting turboguru
Still in AU closed half as its at this 23 level o long and moved to BE still a nice trade to 23 lets see whr it goes.
Turbo - I note you are taking P1 earlier? Have you found more success with it?
  • #329
  • Apr 3, 2012 11:23am Apr 3, 2012 11:23am
what does you guys think about of this gbpusd 1 hour
Attached Image (click to enlarge)
Click to Enlarge Name: gbu.gif Size: 29 KB
  • #330
  • Apr 3, 2012 11:30am Apr 3, 2012 11:30am
Quoting Tiwa
what does you guys think about of this gbpusd 1 hour
I've got it on 4 hour. Looks ok but concerned about the general direction of xxxusd.
  • #331
  • Apr 3, 2012 11:32am Apr 3, 2012 11:32am
ok hugh briss
  • #332
  • Apr 3, 2012 12:21pm Apr 3, 2012 12:21pm
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...
thanks yout share!FibonacciTradeManager_v3.ex4 i put in Crogram FilesGBF MetaTrader 4expertslibraries but can use .this how to use?thanks
  • #333
  • Apr 3, 2012 12:52pm Apr 3, 2012 12:52pm
Quoting leirenlei
thanks yout share!FibonacciTradeManager_v3.ex4 i put in Crogram FilesGBF MetaTrader 4expertslibraries but can use .this how to use?thanks
Put it in the experts folder, not library folder
"All good things come to those who wait..."
  • #334
  • Apr 3, 2012 1:03pm Apr 3, 2012 1:03pm
Usdjpy just set up, gbpusd also but both may well invalidate themselves yet. Here's usdjpy.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy 4 hour 3rd march 19.01.gif Size: 20 KB
  • #335
  • Apr 3, 2012 1:42pm Apr 3, 2012 1:42pm
Well, that was pretty wild! Consider everything invalidated. My only proper fib trade open now is audusd which has hit tp1 and is now trailing. I'm in eurusd short but just from a trendline break, not a system trade by these rules. I closed euraud with profit after everything started going crazy.

I've banked some pips over the last few days despite not many trades reaching their full profit target. I think it pays to use a bit of discretion in terms of when to hold a trade and when to take profit. I don't think this is easy to teach or to learn but just comes with experience. I would like to say that I always follow my own system and leave trades to either work out or not work out but in an ever changing environment like this it's difficult to do so and remain sane. I had eurusd long open from last Thursday and very nearly hit tp1 so many times but just didn't quite and if I'd let it run it would have stopped for a loss. I'm definitely going to keep using the fib method for entries and in normal market conditions (whatever they are!) I would look to let the trades do whatever they do but when extraordinary moves occur like this evening I'm definitely going to step in.

I'll let these two trades run for now and when we get back to quieter conditions I will look for some more trades.
  • #336
  • Apr 3, 2012 4:43pm Apr 3, 2012 4:43pm
Quoting Raggs
Turbo - I note you are taking P1 earlier? Have you found more success with it?
I only took it early cause of time the trade had been on for about 6 hrs in the same spot so decided to protect some.
  • #337
  • Apr 3, 2012 4:46pm Apr 3, 2012 4:46pm
I put this M15 swing setup after noon time US and got both tp1 and tp2. I love fibs but was never around for the good move thanks to Ferru's EA this is great and thanks Hugh for getting it started.
  • #338
  • Apr 3, 2012 4:48pm Apr 3, 2012 4:48pm
Sorry forgot chart
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 22 KB
  • #339
  • Apr 3, 2012 5:49pm Apr 3, 2012 5:49pm
Couple of pending orders EU and GU
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 28 KB
Click to Enlarge Name: gu.gif Size: 24 KB
  • #340
  • Apr 3, 2012 7:08pm Apr 3, 2012 7:08pm
AU trade still kicking.
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 28 KB
0 traders viewing now