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Simple Fibonacci Trading

  • #541
  • Apr 16, 2012 4:31am Apr 16, 2012 4:31am
i enter buy position in AU...
in NU, there is a buy stop, and i think there is a sell opportunity in GU...

AU

http://i982.photobucket.com/albums/a...nezic/AU-3.png

NU

http://i982.photobucket.com/albums/a...nezic/NU-9.png

GU

http://i982.photobucket.com/albums/a...nezic/GU-2.png

thanks for the EA to ferru...
now i know how to use it...
what make me glad more is the money management....
usually, i calculate it by myself with my excel template....
now i dont have to do it again... quite simple and easy... thanks...
  • #542
  • Apr 16, 2012 7:57am Apr 16, 2012 7:57am
might be another good trade set up...

GBP/JPY

http://i982.photobucket.com/albums/a...nezic/GJ-1.png

EUR/USD

http://i982.photobucket.com/albums/a...nezic/EU-4.png
  • #543
  • Apr 16, 2012 8:30am Apr 16, 2012 8:30am
Quoting fathonezic
might be another good trade set up...
All looks good. Shame we didn't get more out of the eurusd trade but tp1 hit so no complaints.
  • #544
  • Apr 16, 2012 8:44am Apr 16, 2012 8:44am
Quoting Hugh Briss
All looks good. Shame we didn't get more out of the eurusd trade but tp1 hit so no complaints.
We might have a new setup (Short) on EU H4 in few hours ... (new high/low at 3211/2994)
MT4/MT5 EAs/Indicators/Alerts coder
  • #545
  • Apr 16, 2012 8:53am Apr 16, 2012 8:53am
Quoting Hugh Briss
All looks good. Shame we didn't get more out of the eurusd trade but tp1 hit so no complaints.
never mind hugh... we will get another opportunity soon i think....
hmm, my long term analysis for AUD/USD should be bullish power...
but the price seems to go down....
  • #546
  • Apr 16, 2012 9:38am Apr 16, 2012 9:38am
Quoting fathonezic
never mind hugh... we will get another opportunity soon i think....
hmm, my long term analysis for AUD/USD should be bullish power...
but the price seems to go down....
Audusd tough to call at the moment, go careful.

I agree with Ferru about the eurusd. Pulling back nicely.
  • #547
  • Apr 16, 2012 9:39am Apr 16, 2012 9:39am
500+ postings on this thread in less than a month!
I think its popularity speaks for itself - it is in essence a great sharing thread that I am sure we are all learning from.
A big thanks to Hugh is in order.

Following up on my last post re GBPJPY on Friday.
I entered (short) on the 4Hr chart only to get stopped out just above the 61.8 Fibo. Life is easy in hindsight and although there are 'rules' in this strategy it pays to look a little closer sometimes. The stop was in place (I think correctly) but I should have given it a little more 'wiggle' room due to the fact it 'nearly' breached the 75% level AND there was a prior high I did not take into consideration.
On the positive side my overall assesment was correct - hey ho bitter sweet.
We live and learn and continue to trade another day - risk is always there and should be embraced.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY 4hr.png Size: 45 KB
Click to Enlarge Name: GBPJPY 4hr - follow up.png Size: 46 KB
  • #548
  • Apr 16, 2012 9:44am Apr 16, 2012 9:44am
Quoting Raggs
500+ postings on this thread in less than a month!
I think its popularity speaks for itself - it is in essence a great sharing thread that I am sure we are all learning from.
A big thanks to Hugh is in order.

Following up on my last post re GBPJPY on Friday.
I entered (short) on the 4Hr chart only to get stopped out just above the 61.8 Fibo. Life is easy in hindsight and although there are 'rules' in this strategy it pays to look a little closer sometimes. The stop was in place (I think correctly) but I should have given it a little more 'wiggle'...
That's really hard luck, must have stopped you out by a few pips. That's the thing with having rigid stop losses, they're not always going to work. Nothing wrong with extending it a little if the situation warrants I think.
  • #549
  • Apr 16, 2012 9:45am Apr 16, 2012 9:45am
Quoting Raggs
The stop was in place (I think correctly) but I should have given it a little more 'wiggle' room due to the fact it 'nearly' breached the 75% level AND there was a prior high I did not take into consideration
Yes. Originally both cancel and SL levels were the same at 61.8. Now putting the cancel at 75, we are allowing a new resistance (high) to set above the SL ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #550
  • Apr 16, 2012 9:54am Apr 16, 2012 9:54am
hugh,

want to ask you...
why dont you place the PO in 50% after the price touch 61.8% ??
maybe the opportunity will not be as many as our current rule...
but i think that the risk and reward ratio will be much better...
  • #551
  • Apr 16, 2012 9:57am Apr 16, 2012 9:57am
And here's the sweet side EURUSD 4hr.
Using TradeStation I don't have the luxury of having my stop move down automatically at b/e (although I'm working on it).
The great thing about the 4hr charts is you have the luxury of time to manage them manually if you can't have the trade manage itself.

So now we have an interesting trade - we have taken profits at target 1. B/E is near the 75% fibo on the current down leg after re-drawing to the latest low.
2 choices
1) let the trade run its course
2) enter again if we get the set up conditions re-occurring

What would you do?? How about a survey on this?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD 4hr short.png Size: 37 KB
Click to Enlarge Name: EURUSD 4hr short dilemma.png Size: 45 KB
  • #552
  • Apr 16, 2012 10:09am Apr 16, 2012 10:09am
Quoting fathonezic
hugh,

want to ask you...
why dont you place the PO in 50% after the price touch 61.8% ??
maybe the opportunity will not be as many as our current rule...
but i think that the risk and reward ratio will be much better...
The price can chop around the 50 and 61.8 levels while the immediate trend is in it's transition phase. I think keeping the entry at 38.2 would be safer.
  • #553
  • Apr 16, 2012 10:12am Apr 16, 2012 10:12am
Quoting Raggs
2 choices
1) let the trade run its course
2) enter again if we get the set up conditions re-occurring
In my opinion, a reentry would be a good choice as the 1st trade is definitively at profit (2nd half at BE).
MT4/MT5 EAs/Indicators/Alerts coder
  • #554
  • Apr 16, 2012 10:23am Apr 16, 2012 10:23am
Quoting Hugh Briss
The price can chop around the 50 and 61.8 levels while the immediate trend is in it's transition phase. I think keeping the entry at 38.2 would be safer.
Thx...
just did some manual backtest... and i think you are right...
will stick with our rule...
  • #555
  • Apr 16, 2012 10:42am Apr 16, 2012 10:42am
watch out on EU and GU guys... i think both pairs will touch 50% soon...
haha
  • #556
  • Apr 16, 2012 1:14pm Apr 16, 2012 1:14pm
Quoting fathonezic
watch out on EU and GU guys... i think both pairs will touch 50% soon...
haha
Most euro pairs are pulling back nicely now.
  • #557
  • Apr 16, 2012 3:50pm Apr 16, 2012 3:50pm
Quoting Raggs
And here's the sweet side EURUSD 4hr.
Using TradeStation I don't have the luxury of having my stop move down automatically at b/e (although I'm working on it).
The great thing about the 4hr charts is you have the luxury of time to manage them manually if you can't have the trade manage itself.

So now we have an interesting trade - we have taken profits at target 1. B/E is near the 75% fibo on the current down leg after re-drawing to the latest low.
2 choices
1) let the trade run its course
2) enter again if we get the set up conditions re-occurring

What...
I wasn't here to see this this morning but shrink your chart a little and always look left this is big demand zone so you could have expected a bounce so its best to protect your pips.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 32 KB
  • #558
  • Apr 16, 2012 4:36pm Apr 16, 2012 4:36pm
Nice setup on the EUR/AUD

http://i112.photobucket.com/albums/n...ml/euraud1.jpg
  • #559
  • Apr 16, 2012 4:57pm Apr 16, 2012 4:57pm
Quoting adz189
Nice setup on the EUR/AUD

http://i112.photobucket.com/albums/n...ml/euraud1.jpg
well I'm seeing it a little different bigger TF though so both could work.
Attached Image (click to enlarge)
Click to Enlarge Name: eaud.gif Size: 27 KB
  • #560
  • Apr 16, 2012 10:18pm Apr 16, 2012 10:18pm
Quoting turboguru
well I'm seeing it a little different bigger TF though so both could work.
hmmm... my set up is a sell set up... in H4....

http://i982.photobucket.com/albums/a...zic/EURAUD.png
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