i dont get it. a chart example would help.
thanks
happy weekend yall!
i set pending buy order 2 pips above candle 6 (didn't wait for it to close.)
- #122
- Apr 8, 2012 5:11am Apr 8, 2012 5:11am
- | Joined Jun 2010 | Status: The Villain | 2,565 Posts
happy weekend yall!
i set pending buy order 2 pips above candle 6 (didn't wait for it to close.)
before candle 6, candle 5 would have been the trend extreme bar. so would you not have entered pending order at the high of candle 5 ?
also why you say fibo 38.2 and why not 23.6 ?
by the time you took the trade after candle 6, the move would have been over 120 pips. would that still be a valid setup ?
what is the maximum number of pips we can allow it to go above the 81 pips, and the max number of candles we can wait ?
before candle 6, candle 5 would have been the trend extreme bar. so would you not have entered pending order at the high of candle 5 ?
also why you say fibo 38.2 and why not 23.6 ?
by the time you took the trade after candle 6, the move would have been over 120 pips. would that still be a valid setup ?
what is the maximum number of pips we can allow it to go above the 81 pips, and the max number of candles we can wait ?
yes you could have, but you wouldv deleted that order, and continued waiting, as soon as candle 5 became too large to stay within the SL requirements.
"...why fibo 38.2 and not 23.6?"
the 38 fibo is our marker for whethor or not the retracement pips have already happenned or not. Although we don't use the 23 fibo for entry in this system, the 23 functions better as an entry level rather than a takeprofit level.
"what is the max number of pips we can allow it to go above 81...?"
"...and the max number of candles we can wait?"
there is no maximum pips, only a minimum.
there is no min or max number candles, on H4, that we can wait.
if only one H4 candle is larger than 81, then that is the valid move, as long as the retracement to the 38 hasn't already happenned - we can trade it.
lets say the sum of the last 3 h4 candles is 60 pips, and then the 4th candle back is 70 pips long, we can use the last 4 candles on h4 as the move, and it would be a 130 pip move. a valid move is the most recent move as seen on an h4 chart, that is the least amount of candles, that is a minimum of 81 pips. -and we need to be sure that the retracement to the 38 hasn't already happenned... no double dipping!
more live examples coming this week.....
feel free to post your examples, lets standardize the way we post
motherfibber trades....
try to:
post one H4 pic with a fibo and/or trendline showing the move.
post one M30 pic showing the trend extreme bar etc.
- #131
- Apr 9, 2012 7:18pm Apr 9, 2012 7:18pm
- | Joined Jun 2010 | Status: The Villain | 2,565 Posts
beautiful MotherFibbin trade!
by the way, i don't recommend late entries (do as i say, not as i do
the red bar u highlighted as trend extreme is incorrect. according to the rules, the green long bar before it should be the trend extreme bar. and as this bar was too long, we see it as a no trade and wait for the next 81 pips move.
- #133
- Edited 5:44pm Apr 10, 2012 7:20am | Edited 5:44pm
hi all here sleep?
just i take this trade?
nice system
thank you
good night
Nice quick retrace up (off support) +10pips. I have to work on using trailing stop for these, this trade could easily have given more profit.
cheers scalpz
9hrs later, got some sleep & some charts together.
I got to this 40 min late, didnt have my alerts set, but it still worked out good. 16pip extended bar plus 10 gave 26SL.
1.30786 high of extended bar plus 2 plus 2.3spread (bloody crim) for pending buy stop.
Used 10 for TP as wasn't sure about much more as this was the 2nd >81 swing within 24 hours.
TP hit. Hindsight is great, trailing would have given more, but +10 is good.
Noticed another (3rd!) >81 move. Marked by blue trend line, just on 1 H4 bar. Occured while sleepin, but didnt have any workable m30 bars.
No loss, no trade. Next please.
cheers scalpz
Target 2 : Stoploss in the green
Missed that retrace down, but was around for the next retrace up after the next >81 leg down.
Nice quick retrace up (off support) +10pips. I have to work on using trailing stop for these, this trade could easily have given more profit.
cheers scalpz
9hrs later, got some sleep & some charts together.
I got to this 40 min late, didnt have my alerts set, but it still worked out good. 16pip extended bar plus 10 gave 26SL.
1.30786 high of extended bar plus 2 plus 2.3spread (bloody crim) for pending buy stop.
Used 10 for TP as wasn't...
- #139
- Edited 7:29am Apr 11, 2012 6:26am | Edited 7:29am
sell signal on m30 level 13135. eu.
anyone in on it, or disagree ?
11Apr12 ibfx +0 gmt times
00:30 low 1.30655
10:00 high 1.31561 plus 10 = 1.31661 SL
10:30 extended bar 1.31366 low makes 19.5 pips
-2 = 1.31346 for sell stop. minus 10 = 1.31246 TP
10:34 Triggered
Didn't make any allowance for 2.2 spread ??
I have had too previously when using buy stops.
Nice charts infinipipz.
cheers scalpz
Target 2 : Stoploss in the green