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Simple Fibonacci Trading

  • #461
  • Apr 11, 2012 7:57am Apr 11, 2012 7:57am
Quoting evilmeatball
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?
BUYSTOP is triggered by Ask price
SELLSTOP is triggered by Bid price

So this is normal to see the BUYSTOP to be triggered before the chart price reach the pending ... because the Ask is above by the spread.
MT4/MT5 EAs/Indicators/Alerts coder
  • #462
  • Apr 11, 2012 7:58am Apr 11, 2012 7:58am
Quoting FerruFx
BUYSTOP is triggered by Ask price
SELLSTOP is triggered by Bid price

So this is normal to see the BUYSTOP to be triggered before the chart price reach the pending ... because the Ask is above by the spread.
thank you. then i know how to work this
  • #463
  • Apr 11, 2012 8:02am Apr 11, 2012 8:02am
Phew, I'm glad I came in towards the end of all this.

What you are trying to do is enter the trade at the 50% level once it has been breached so if the price reverses there then you're in the trade early. I don't see the point. Half the time the price will continue on and invalidate the trade, or in your case cause a loss because you'd be in the trade. The point of entering once the price starts going back in the direction of the trend again is so that you are trading with the momentum.

Ok, this is my recommendation and you do what you like but I recommend you to stick to the plan which is wait til price retraces to the 50% level. Then let the ea place the pending order the other side of the 38.2 and the stop loss the other side of the 61.8. Invalidate the trade at 75% and take profit at 0.0 or close half and let the other half run to the 38.2 extension. Simple.
  • #464
  • Apr 11, 2012 8:50am Apr 11, 2012 8:50am
Quoting Hugh Briss
Phew, I'm glad I came in towards the end of all this.

What you are trying to do is enter the trade at the 50% level once it has been breached so if the price reverses there then you're in the trade early. I don't see the point. Half the time the price will continue on and invalidate the trade, or in your case cause a loss because you'd be in the trade. The point of entering once the price starts going back in the direction of the trend again is so that you are trading with the momentum.

Ok, this is my recommendation and you do what you like...
Simple yes ... All is very well explained in post #1 ! All is set as default in the EA ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #465
  • Apr 11, 2012 8:55am Apr 11, 2012 8:55am
im sorry, i dont want to be rude. it is just that when i see something good i like to give my thoughts on it so that it can be even better. i'm just like that sorry. in some weird way thats me saying i like this stuff.

one thing that i always thought about with fibbos is that the "best" way to use them is to enter at the 50 level. that is an idea i've had in my head for a long time. even though this might not be possible/viable.. it is something that i believed in.
  • #466
  • Apr 11, 2012 9:42am Apr 11, 2012 9:42am
this is my 1st trade for today - UC 15min tf

entered manually as EA didnt trigger as i entered after 38.2 is hit.
can i ask some question, for this case, do i jus put a buy limit at the tp levels if i want to take partial profit ? regarding the EA, is the spread alr factored into at the different levels or do i need to do some manual adjustment?

Attached Image (click to enlarge)
Click to Enlarge Name: uc11.4.2.png Size: 103 KB


most importantly, what are your views on this? isit trending ?
  • #467
  • Apr 11, 2012 9:49am Apr 11, 2012 9:49am
Quoting kor
this is my 1st trade for today - UC 15min tf

entered manually as EA didnt trigger as i entered after 38.2 is hit.
can i ask some question, for this case, do i jus put a buy limit at the tp levels if i want to take partial profit ? regarding the EA, is the spread alr factored into at the different levels or do i need to do some manual adjustment?

most importantly, what are your views on this? isit trending ?
The spread is factored in and the ea automatically takes half profit at the 0.0% level (the last swing low).

Looks like a good trade, usdcad is pulling back from a resistance level on the daily so could well work out.
  • #468
  • Apr 11, 2012 10:39am Apr 11, 2012 10:39am
[quote=kor;5561089]this is my 1st trade for today - UC 15min tf

entered manually as EA didnt trigger as i entered after 38.2 is hit.
can i ask some question, for this case, do i jus put a buy limit at the tp levels if i want to take partial profit ? regarding the EA, is the spread alr factored into at the different levels or do i need to do some manual adjustment?

Attached Image (click to enlarge)
Click to Enlarge Name: uc11.4.2.png Size: 103 KB



HI hugh, thanks for the reply, 15min tf stop loss should have been hit in this demo account, although im not out.. any comments on this following chart? hope i didnt over-evaluate again :x

pls advise if its a valid setup in the 1h chart.. and if the 1h tf is considered trending, i've got some problem with identifying trending movement ..

grey fibo=1h
brown fibo= 15min

for this case, if 1h is valid, should i set my sl for 15min tf to ~61.8?

thanks once again.. pls pm me if im flooding your thread..


Attached Image (click to enlarge)
Click to Enlarge Name: uc11.4.1h.png Size: 81 KB
  • #469
  • Apr 11, 2012 3:39pm Apr 11, 2012 3:39pm
[quote=Hugh Briss;5558486]No worries but personally I see 38.2% extension respected more than any other. Closing the full trade at 0.0% would normally give a little over 1:1 r/r. Closing at 38.2% but trailing the stop from the beginning may be a better solution? As you say it's a tough decision but I am starting to see what you mean about scaling out. I'll have to give it some thought.

I don´t want to mess with the original plan...but just had this idea.
If we consider 0,786 to be the deepest the market could go...then how about reversing there, which is the equivalent of 0,382 on the opposite side...
Basically the whole swing is a full bar of a higher time frame, and we are placing inside trades, sooner or later it will break in either direction....and of course, it could (and will) chop around those levels sometimes...
I will give it a try...I trade mostly EURUSD 1 min, and on some situations I reverse, most times I at least recover the previous loss..
Basically you look at a swing, no matter which time frame, and the big question is: which side will be broken first? answer that "often" correctly , and you should be rich soon..
just a thought....
  • #470
  • Apr 11, 2012 6:23pm Apr 11, 2012 6:23pm
why is there an entry by EA here, i changed the sl_cancel to 75. the rest remains..


Attached Image (click to enlarge)
Click to Enlarge Name: Untitled1.png Size: 129 KB
  • #471
  • Apr 11, 2012 6:30pm Apr 11, 2012 6:30pm
No high TF setups so going aggressive with lower TF on EU and CHF.
GU manual entry H4 looked good see what we get.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 28 KB
Click to Enlarge Name: chf.gif Size: 20 KB
Click to Enlarge Name: gu.gif Size: 23 KB
  • #472
  • Apr 11, 2012 8:59pm Apr 11, 2012 8:59pm
Quoting kor
why is there an entry by EA here, i changed the sl_cancel to 75. the rest remains..
I am quite sure that you re-applied the EA on this current bar where the 2nd pending was placed.

The price is above retrace but below the cancel level.
MT4/MT5 EAs/Indicators/Alerts coder
  • #473
  • Apr 12, 2012 2:08am Apr 12, 2012 2:08am
Yen pairs setting up nicely at the moment, possibly audjpy looks best? I'm also watching eurusd. Nzdcad looks nice for a long.
  • #474
  • Apr 12, 2012 3:23am Apr 12, 2012 3:23am
Quoting turboguru
No high TF setups so going aggressive with lower TF on EU and CHF.
GU manual entry H4 looked good see what we get.
EU and GU still kicking CHF stopped,
pushing to make something happen,little to aggressive.
  • #475
  • Apr 12, 2012 6:25am Apr 12, 2012 6:25am
Quoting FerruFx
I am quite sure that you re-applied the EA on this current bar where the 2nd pending was placed.

The price is above retrace but below the cancel level.

i see the problem now, yes i applied it below the cancel point. thanks!
  • #476
  • Apr 12, 2012 9:12am Apr 12, 2012 9:12am
Quoting Hugh Briss
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...
Hugh,

I couldn't agree more - there is always going to be anomolies in any market when looking at different time frames. I've cut back to some quite basic views on this which is to look at the daily's of ALL those pairs you trade regularly. I make notes each day (yeh I know a ball ache) of the main trend then go to the 4hr and 1 hr charts to see if there are any suitable set ups. If not on the higher time frames then drill down to a lower one again. I write them down and review them throughout the day - which reinforces my original trading thoughts. I really want to see 2 higher time frames doing the same thing.
Examples attached - this kind of trending on two higher time frames gives me confidence that at least I'm going in the right direction - and if the trade goes against me I know there is nothing better I could have done.
On the example attached GBPJPY are in downtrends on the 4Hr and 60 min but could be setting up for a bounce on the daily - the truth is we just don't know. All we can do is trade the system and with some knowledge of the markets know that our system gives us an edge - a higher probability that the direction we have chosen for our trade is correct.
As it happens I have a pending order for GBPJPY short entry below the 128.74 level - but someone else may be looking at the daily and thinking to go long.
To recap - all i'm saying is I look at the higher time frames every day and have a plan from there - I like this system and with the help of simple trendlines to determine direction it helps me to make decisions based on what I see.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Trendlines 4HR.png Size: 39 KB
Click to Enlarge Name: Trendlines 60min.png Size: 48 KB
Click to Enlarge Name: Trendlines Daily.png Size: 40 KB
  • #477
  • Apr 12, 2012 9:30am Apr 12, 2012 9:30am
Quoting Raggs
Hugh,

I couldn't agree more - there is always going to be anomolies in any market when looking at different time frames. I've cut back to some quite basic views on this which is to look at the daily's of ALL those pairs you trade regularly. I make notes each day (yeh I know a ball ache) of the main trend then go to the 4hr and 1 hr charts to see if there are any suitable set ups. If not on the higher time frames then drill down to a lower one again. I write them down and review them throughout the day - which reinforces my original trading...
Great post. Thanks.
MT4/MT5 EAs/Indicators/Alerts coder
  • #478
  • Apr 12, 2012 9:44am Apr 12, 2012 9:44am
Quoting Raggs
Hugh,

I couldn't agree more - there is always going to be anomolies in any market when looking at different time frames. I've cut back to some quite basic views on this which is to look at the daily's of ALL those pairs you trade regularly. I make notes each day (yeh I know a ball ache) of the main trend then go to the 4hr and 1 hr charts to see if there are any suitable set ups. If not on the higher time frames then drill down to a lower one again. I write them down and review them throughout the day - which reinforces my original trading...
Yes, that makes sense. If a higher timeframe gives a signal for a short then anticipating a downtrend on a lower timeframe does make sense. Whether that downtrend does unfold or is actually tradeable, ie giving smooth signals, is another thing but at least then you are in the right place at the right time when everything does go to plan. I think you should have minimal losses trying to trade short in this way and when you do hit a good trend you can squeeze it for all it's worth. Definitely something I'm looking into. Thanks for the post and the charts.
  • #479
  • Apr 12, 2012 6:11pm Apr 12, 2012 6:11pm
Quoting turboguru
No high TF setups so going aggressive with lower TF on EU and CHF.
GU manual entry H4 looked good see what we get.
EU both tp1 and tp2 hit. GU closed 1 early moved stops to +1.
  • #480
  • Apr 12, 2012 6:12pm Apr 12, 2012 6:12pm
Sure would be nice to see some others post charts with some trades on them.
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