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Simple Fibonacci Trading

  • #441
  • Apr 11, 2012 12:16am Apr 11, 2012 12:16am
Quoting FerruFx
The EA doesn't look back. It must be on with the Fibo at the time of the retrace level touch/cross.
If you're actively trading the system then you will be in the right place at the right time anyway.
  • #442
  • Apr 11, 2012 1:04am Apr 11, 2012 1:04am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Hugh Briss
If you're actively trading the system then you will be in the right place at the right time anyway.
Maybe not if trading 20 pairs on the M1 chart !!!
MT4/MT5 EAs/Indicators/Alerts coder
  • #443
  • Apr 11, 2012 2:34am Apr 11, 2012 2:34am
Quoting FerruFx
Maybe not if trading 20 pairs on the M1 chart !!!
Lol, no, maybe not.
  • #444
  • Apr 11, 2012 2:41am Apr 11, 2012 2:41am
I think I have found a way to inform our trading decisions in a more intelligent manner. This may seem obvious but you can increase your probability by trading a lower timeframe chart in the direction of a higher timeframe trend. Maybe this kind of analysis would be useful for this system? If you look at the pairs that have been the easiest and best to trade recently such as audusd you will see that on the weekly chart the stochastics have been moving down smoothly. As a result more or less any trend following technique on the 4 hour chart would have made nice money. Now, I really like the fib entry method and the ea but the question I have had recently is how can we put ourselves in the right place at the right time to catch this sort of move. Maybe using stochastics on a weekly chart might be the answer or maybe there is something better? I'm going to give it some thought and do a lot of testing and if I find anything worth incorporating into the system I will update the first page. At the moment it seems the system is to trade pullbacks in trends but we're yet to properly outline what exactly is a trend and how to spot when a trend is possibly going to begin. If we could do that and then apply our fib method then our probability would go through the roof.
  • #445
  • Apr 11, 2012 2:58am Apr 11, 2012 2:58am
i use macd divergence to determine the continuation of the trend. to be frank, if the next wave is not stronger in the macd histogram i say it is no longer trending and a reversal is to be expected.

what do you guys think about this?
  • #446
  • Apr 11, 2012 3:27am Apr 11, 2012 3:27am
i have read the entire thread twice now. but there is something i do not understand with the EA. i have this fibbo on my chart and as i understand it the way i have it setup it should have filled an order for me + sold 50% of the position by now.

can anyone comment?

Close_Partial_At_TP1_Percent = 50
Slippage = 2
Level_retrace = 0.48
Level_pending = 0.5
Level_TP1 = 0.236
Level_TP2 = -0.618
Level_SL = 0.618
Level_cancel = 0.618

and yes the expert advisors button is green.
Attached Image (click to enlarge)
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  • #447
  • Apr 11, 2012 3:35am Apr 11, 2012 3:35am
Quoting evilmeatball
i have read the entire thread twice now. but there is something i do not understand with the EA. i have this fibbo on my chart and as i understand it the way i have it setup it should have filled an order for me + sold 50% of the position by now.

can anyone comment?

Close_Partial_At_TP1_Percent = 50
Slippage = 2
Level_retrace = 0.48
Level_pending = 0.5
Level_TP1 = 0.236
Level_TP2 = -0.618
Level_SL = 0.618
Level_cancel = 0.618

and yes the expert advisors button is green.
Your face is a frown you have to allow live trading in the inputs the face has to be smiley one to take trades.
edit: sorry just made the pic bigger I see that it is a smiley face not sure.
  • #448
  • Apr 11, 2012 3:39am Apr 11, 2012 3:39am
Quoting evilmeatball
i have read the entire thread twice now. but there is something i do not understand with the EA. i have this fibbo on my chart and as i understand it the way i have it setup it should have filled an order for me + sold 50% of the position by now.

can anyone comment?

Close_Partial_At_TP1_Percent = 50
Slippage = 2
Level_retrace = 0.48
Level_pending = 0.5
Level_TP1 = 0.236
Level_TP2 = -0.618
Level_SL = 0.618
Level_cancel = 0.618

and yes the expert advisors button is green.
Did you name the fib a buy ?
  • #449
  • Apr 11, 2012 3:46am Apr 11, 2012 3:46am
yes i just turned that off afterwards for the picture. i use another EA for another method of trading so i already know about the smileyface.

the fibbo was named BUY
  • #450
  • Apr 11, 2012 3:56am Apr 11, 2012 3:56am
Quoting evilmeatball
yes i just turned that off afterwards for the picture. i use another EA for another method of trading so i already know about the smileyface.

the fibbo was named BUY
Not sure then the trade looks valid.
  • #451
  • Apr 11, 2012 3:58am Apr 11, 2012 3:58am
Quoting turboguru
Not sure then the trade looks valid.
thank you anyway. we'll leave this to the big boys to sort out
  • #452
  • Apr 11, 2012 4:38am Apr 11, 2012 4:38am
Quoting evilmeatball
yes i just turned that off afterwards for the picture. i use another EA for another method of trading so i already know about the smileyface.

the fibbo was named BUY
You appear to have parameters in the fib box that are not on your chart display. This may be the problem.
  • #453
  • Apr 11, 2012 4:40am Apr 11, 2012 4:40am
Quoting specialfx
You appear to have parameters in the fib box that are not on your chart display. This may be the problem.
can you please explain further? do i need to add all the levels in my fibb so that they correspond to the EA?
  • #454
  • Edited 4:56am Apr 11, 2012 4:46am | Edited 4:56am
Quoting evilmeatball
can you please explain further? do i need to add all the levels in my fibb so that they correspond to the EA?

You have 0.48 set as the retrace level; and yes, the fib levels should probably match.
  • #455
  • Apr 11, 2012 5:55am Apr 11, 2012 5:55am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
You set retrace at the 48 level and the pending at 50. You are trading the wrong way.
MT4/MT5 EAs/Indicators/Alerts coder
  • #456
  • Apr 11, 2012 6:56am Apr 11, 2012 6:56am
ah i see now i get it.

i need to set the retrace level to 52 and enter at 50 and cancel at 61.8.

in my previous example i wanted to go long at 50 so im thinking once that level has been touched, 52 is close, then the fibbo enters me long at 50. and if price goes beyond 61.8 level before my order being executed the trade is invalidated. have i understood it correctly now?

can i also ask, was there a plan to add a "move to be on X amount of pips/level" to the EA? im thinking the 0 level would be good to use here.
  • #457
  • Apr 11, 2012 7:02am Apr 11, 2012 7:02am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting evilmeatball
i need to set the retrace level to 52 and enter at 50 and cancel at 61.8.
What is the purpose of setting the retrace and pending levels so close to each other ?

Quoting evilmeatball
can i also ask, was there a plan to add a "move to be on X amount of pips/level" to the EA? im thinking the 0 level would be good to use here.
???
MT4/MT5 EAs/Indicators/Alerts coder
  • #458
  • Apr 11, 2012 7:08am Apr 11, 2012 7:08am
the idea is to be able to enter at the 50 level. i dont know how close the activatorlevel needs to be, i just guessed there.

about the move to break even.. i might have missread something in the thread. im just thinking out loud sorry
  • #459
  • Apr 11, 2012 7:13am Apr 11, 2012 7:13am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting evilmeatball
the idea is to be able to enter at the 50 level. i dont know how close the activatorlevel needs to be, i just guessed there.
In any case, the retrace must be after the pending level (below for a buy and above for a sell).

The distance between these 2 levels must be at least the difference allowed by your broker between the pending order and the current price.
MT4/MT5 EAs/Indicators/Alerts coder
  • #460
  • Apr 11, 2012 7:53am Apr 11, 2012 7:53am
then i understand.

can i ask one more thing about the EA? is it true, yes or no, that once the pending level has been reached the order to go long/short in the market is put at the desired level regardless of the spread? meaning is the order placed there if it is to close because of spread, is the order still there? will price have to go away from the level once more in order for it to be activated or is the order not placed because it is to close?
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