I thought I would share my thoughts with you traders and see what you think.
Taking pull backs into trends using fibs is a great system to use and one can make a lot of pips with this method. The million dollar questions is what fib level will price make the turn at. If we all knew that answer we could all use a tighter stop loss and are r/r would be great all the time. Now when we are in a trade and some of us use a trailing stop, that works great for those that can not sit in front of a trade all day watching so that they can get the most pips out of that trade. So I was thinking what if we had a Fib EA that would trail are entry orders. When price hit the 50 a order would be placed on the 38. If price keeps going and then hits the 61 the order would be changed from the 38 to the 50 or the EA could just place another order at the 50 to add to the one at the 38 if a trader would like to have that. If price was to hit the 78, 88 or even the 100 for double tops or bottoms we would aways have the EA putting orders along the way for the best entry. Now at some point we would need to have a cancel us out of are order line and we have that in this EA that we are using now. I know we somtimes get some chop on the fib levels but becasue we are using a trailing entry order for a better entry I would think we would be in a better postion to ride out the chops. I have tried this a few times by putting the orders in by hand and it has worked out great. When I did do this the pair was in a nice trend so maybe that is why it worked. I know nothing about EA's so I don't even know if one could be made. Like I said just posting my thoughts and seeing what you traders thought.
Taking pull backs into trends using fibs is a great system to use and one can make a lot of pips with this method. The million dollar questions is what fib level will price make the turn at. If we all knew that answer we could all use a tighter stop loss and are r/r would be great all the time. Now when we are in a trade and some of us use a trailing stop, that works great for those that can not sit in front of a trade all day watching so that they can get the most pips out of that trade. So I was thinking what if we had a Fib EA that would trail are entry orders. When price hit the 50 a order would be placed on the 38. If price keeps going and then hits the 61 the order would be changed from the 38 to the 50 or the EA could just place another order at the 50 to add to the one at the 38 if a trader would like to have that. If price was to hit the 78, 88 or even the 100 for double tops or bottoms we would aways have the EA putting orders along the way for the best entry. Now at some point we would need to have a cancel us out of are order line and we have that in this EA that we are using now. I know we somtimes get some chop on the fib levels but becasue we are using a trailing entry order for a better entry I would think we would be in a better postion to ride out the chops. I have tried this a few times by putting the orders in by hand and it has worked out great. When I did do this the pair was in a nice trend so maybe that is why it worked. I know nothing about EA's so I don't even know if one could be made. Like I said just posting my thoughts and seeing what you traders thought.
nice day dude
