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Simple Fibonacci Trading

  • #641
  • Apr 20, 2012 10:41am Apr 20, 2012 10:41am
Quoting FerruFx
What a great statement
Thanks only possible with your EA. Some people will say that you could have still set pending orders but still not the same. Thanks very much for the work.Also to Hugh
  • #642
  • Apr 20, 2012 10:44am Apr 20, 2012 10:44am
Quoting turboguru
EAUD and EJ going good.
CAD fixing to trigger short.
AJ still negative by just a few pips.
Closed EJ and EAUD got some things I'm seeing and want to keepas many pips as possible.CAD and AJ will let ride.
  • #643
  • Apr 20, 2012 11:31am Apr 20, 2012 11:31am
Quoting turboguru
Thanks only possible with your EA. Some people will say that you could have still set pending orders but still not the same. Thanks very much for the work.Also to Hugh
really, great statement. Thx, turboguru
  • #644
  • Apr 20, 2012 5:15pm Apr 20, 2012 5:15pm
Ok, today was a great day. +143 pips. I've added more pairs, total of 10. This is my third day of trading this strategy and it is almost perfect. Hope it will continue like this in future
  • #645
  • Apr 20, 2012 5:43pm Apr 20, 2012 5:43pm
Quoting marijan993
Ok, today was a great day. +143 pips. I've added more pairs, total of 10. This is my third day of trading this strategy and it is almost perfect. Hope it will continue like this in future
Nice trading, well done.
  • #646
  • Apr 20, 2012 8:08pm Apr 20, 2012 8:08pm
Quoting marijan993
really, great statement. Thx, turboguru
Thanks and sounds like you are picking some god ones yourself keep it up.
  • #647
  • Apr 21, 2012 1:57am Apr 21, 2012 1:57am
Since TP2 is set at the -38.2 fib level, but often seems difficult to reach, I will be trading TP2 at the lower -23.6 fib level this coming week. Hopefully this smaller TP level will be overall more profitable than the longer reach to the -38.2 level.

Any thoughts?
  • #648
  • Apr 21, 2012 4:21am Apr 21, 2012 4:21am
Quoting Bobcat2
Since TP2 is set at the -38.2 fib level, but often seems difficult to reach, I will be trading TP2 at the lower -23.6 fib level this coming week. Hopefully this smaller TP level will be overall more profitable than the longer reach to the -38.2 level.

Any thoughts?
I'm thinking about taking full profits at tp1, the 0.0% level. Higher probability maybe? I also think that moving to break even earlier would make sense, looking into it trading live so will take a while to see the effect.
  • #649
  • Apr 21, 2012 6:50am Apr 21, 2012 6:50am
hi, at what level did you all place you cancel-trade ?
  • #650
  • Apr 21, 2012 7:17am Apr 21, 2012 7:17am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting kor
hi, at what level did you all place you cancel-trade ?
The original rules cancel the pending at the 61.8% ... but Hugh uses now the 75% with better success ... if I am right ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #651
  • Apr 21, 2012 8:40am Apr 21, 2012 8:40am
Quoting Hugh Briss
I'm thinking about taking full profits at tp1, the 0.0% level. Higher probability maybe? I also think that moving to break even earlier would make sense, looking into it trading live so will take a while to see the effect.
Hi, in my three days of trading I always took 0,0% level for taking profits. It seems to be ok. I also did manual trading, I haven't used EA yet. Is anyone trading this live? Is this strategy ready to be taken live?
Thanks.
  • #652
  • Apr 21, 2012 8:47am Apr 21, 2012 8:47am
Quoting FerruFx
The original rules cancel the pending at the 61.8% ... but Hugh uses now the 75% with better success ... if I am right ...

seems to miss some trade at 61.8, but its less risky also, thank for the ea..
  • #653
  • Apr 21, 2012 9:01am Apr 21, 2012 9:01am
Quoting FerruFx
The original rules cancel the pending at the 61.8% ... but Hugh uses now the 75% with better success ... if I am right ...
Yes, you are right.
  • #654
  • Apr 21, 2012 9:04am Apr 21, 2012 9:04am
Quoting marijan993
Hi, in my three days of trading I always took 0,0% level for taking profits. It seems to be ok. I also did manual trading, I haven't used EA yet. Is anyone trading this live? Is this strategy ready to be taken live?
Thanks.
I always trade live for small positions until I am more comfortable with the strategy and then build the positions up slowly. Before I go in with full positions I would like to get a bit more time to feel completely comfortable with the system. There is still a bit of doubt about how we find the trades, there seems to be a little bit too much guesswork involved at the moment even though most of the time it works out. I would love to find a method to make the selection of the swings and direction more mechanical. We'll see.
  • #655
  • Apr 21, 2012 9:50am Apr 21, 2012 9:50am
Quoting Hugh Briss
I always trade live for small positions until I am more comfortable with the strategy and then build the positions up slowly. Before I go in with full positions I would like to get a bit more time to feel completely comfortable with the system. There is still a bit of doubt about how we find the trades, there seems to be a little bit too much guesswork involved at the moment even though most of the time it works out. I would love to find a method to make the selection of the swings and direction more mechanical. We'll see.
Yes, I agree, there is too much guesswork. I found this thread this morning and I think it could be helpful. Take a look everyone:
http://www.forexfactory.com/showthread.php?t=308230
  • #656
  • Apr 21, 2012 10:21am Apr 21, 2012 10:21am
Hi Hugh, good thread, fibs and trends, can't go too far wrong!

I know a really nice bottom and top forming fib structure... maybe something you could add...

Have a look on your charts at the end of strong trending moves...

So you could trade it long with the trend and then look for this structure to trade the counter move...
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tradewith60
  • #657
  • Apr 21, 2012 10:21am Apr 21, 2012 10:21am
Quoting marijan993
Yes, I agree, there is too much guesswork. I found this thread this morning and I think it could be helpful. Take a look everyone:
http://www.forexfactory.com/showthread.php?t=308230
Yes, looks interesting. Of course we could just do the leg work ourselves and draw our own support and resistance levels and trend analysis before taking a trade.
  • #658
  • Apr 21, 2012 10:24am Apr 21, 2012 10:24am
Quoting 60minuteman
Hi Hugh, good thread, fibs and trends, can't go too far wrong!

I know a really nice bottom and top forming fib structure... maybe something you could add...

Have a look on your charts at the end of strong trending moves...

So you could trade it long with the trend and then look for this structure to trade the counter move...
Hi 60, yes, looks interesting too. I think trendline breaks that signify the end of a trend can be useful for pointing the direction too. All the ideas are there, just got to see if we can figure out if we can put into words what we are looking for to take a trade! Thanks for posting.
  • #659
  • Apr 21, 2012 10:35am Apr 21, 2012 10:35am
Quoting Hugh Briss
Yes, looks interesting. Of course we could just do the leg work ourselves and draw our own support and resistance levels and trend analysis before taking a trade.
Yes, we could, and we do. But that does not exclude guesswork... Hmm... maybe we could even employ Elliot waves, the three cardinal rules? But that also does not make the system mechanical... Hugh, I think you are on to something big with this and I'll do my best to help you and other traders make this a long term success.

Thanks.
  • #660
  • Apr 21, 2012 12:47pm Apr 21, 2012 12:47pm
Quoting marijan993
I'll do my best to help you and other traders make this a long term success.
Thanks, that's what this thread is all about.
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