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Simple Fibonacci Trading

  • #861
  • May 25, 2012 1:31am May 25, 2012 1:31am
I've moved my stop to 1.5741. Locked 50 pips. . . Tryin to stay awake.

Quoting cluster
So far So good. . I've moved my stop to 1.57666, just in case it turns back, I want to get out with at least 20 pips. . Target is at 1.55000 which W T-2 & D T-2 Fibs are at the same spot. . Post # 857 Day chart. .. Once Price hits W T-1 I'll move my stop lower to lock in about 50 pips. . I have a feeling Weekly Target 2 (W T-2) will be hit on Friday. Thats Pacific time for me. . but I always get surprised. . . I see no other Trades for this week. . Peace Out. .
  • #862
  • May 25, 2012 9:08am May 25, 2012 9:08am
I closed One position. Took a good 113 pips. Leaving the other open for Target 2 at 1.5500 and lowered stop to 1.5705 (Locked 88 pips) . . Hopefully Next week will be the same if not better. . . Looking forward to Hibernate this weekend. . Peace out. .
  • #863
  • May 28, 2012 2:45pm May 28, 2012 2:45pm
Seems My stop has been hit from last week. .
Soon I'll be posting charts on all of my Pair. Currently Updating the Fibs and writing my thoughts on each pair. . .
  • #864
  • May 28, 2012 3:05pm May 28, 2012 3:05pm
Since its a Holiday in the U.S. Price on all charts hasn't moved much. .
Has Potential. . 3 Charts. .

Seems that price is headed to Yearly Pivot which Monthly Target 2 (M-T2) is at.
Price has Closed below Weekly Short Fib.
Price has Closed below Day Short Fib.
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  • #865
  • May 28, 2012 3:06pm May 28, 2012 3:06pm
EUR/GBP
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  • #866
  • May 28, 2012 3:17pm May 28, 2012 3:17pm
3 Charts. . But. I don't like the Weekly chart. .
Seems price might be headed to Yearly Long Fib or back north to dashed green trend line.

Price is below Month and Week SHORT Fib.
Waiting for Price to Close below Day Short Fib.
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  • #867
  • May 28, 2012 3:18pm May 28, 2012 3:18pm
NZD/USD
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  • #868
  • May 28, 2012 3:26pm May 28, 2012 3:26pm
I don't Like JPY for now. Price has been chilling around Yearly Low for long time and my chart has no record of past price range below that level or even if it exists. . so I'll just wait for price to give me some long signals, and thats gonna be for a while. not gonna waste my time on this.
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  • #869
  • May 28, 2012 3:39pm May 28, 2012 3:39pm
My Stop from last week has been hit. . I don't like the fact that price hasn't hit Weekly Target 2 (W T-2).. I wont get back in. Picture will explain better. .
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  • #870
  • May 28, 2012 3:40pm May 28, 2012 3:40pm
H 4
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  • #871
  • May 28, 2012 3:46pm May 28, 2012 3:46pm
I'm Expecting a retrace to Monthly and Weekly Pivot Fib area.. after that I'll watch for Long Signals
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  • #872
  • May 28, 2012 3:57pm May 28, 2012 3:57pm
Weekly chart Worries me. . Picture will explain better.

And the H4 chart : I'll wait for price close below Day short Fib. Small position on this one. .
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  • #873
  • May 29, 2012 12:25am May 29, 2012 12:25am
Quoting Hugh Briss
I'm glad someone is still finding this thread useful. I've been concentrating on other things for a while. So many system ideas and not enough time to test them all!
Hi

Love the name by the way... HughBriss... so funny.

Anyway
Years ago (about 10) I had a system similar to this, I can't remebber where I got it from but its so similar its uncanny. It worked really well for me for some time but I was new to FX and lost the plot and ditched it for some inexplicable reason. hey ho that's life in this game.

Anyhow couple of points I remember from the system are...
Use a daily chart with 14 period RSI. Trade the fibs on 5 min chart.
Only trade in the direction of daily RSI.
RSI above 50 level only trade long and below 50 only trade short

On the 5 min chart only place fibs where the minimum pip value of an impulse of corrective wave is greater than 40pip.

I hope I haven't infringed anyone's system.. and apologies for not remembering where the original came from.

Interesting thread and great EA from FerruFX. thank you.

CW.
  • #874
  • May 29, 2012 2:39am May 29, 2012 2:39am
Quoting courtneywild
Interesting thread and great EA from FerruFX. thank you.
You're welcome. Great if the EA gives some help for you.
MT4/MT5 EAs/Indicators/Alerts coder
  • #875
  • Jun 4, 2012 4:59pm Jun 4, 2012 4:59pm
Nice thread, simple and effective ! Thanks !

Just to resume :
- Draw a fib last high/low (based on ZigZag or your eyes only)
- Wait for price to retrace to 50% level
- Set a buy stop at the 38.2 + 1pip + spread if 100MA is below price
- Set a buy stop at the 61.8 + 1pip + spread if 100MA is below price
- SL is place 1pip below 76.4 (short) or 23.6 (long)
- TP is at 100% (short) or 0% (long)

Something like that ?

Cheers,
LhDT
#### Follow me at @LioH_ on Twitter ... ####
  • #876
  • Jun 4, 2012 5:08pm Jun 4, 2012 5:08pm
Quoting lhDT
Nice thread, simple and effective ! Thanks !

Just to resume :
- Draw a fib last high/low (based on ZigZag or your eyes only)
- Wait for price to retrace to 50% level
- Set a buy stop at the 38.2 + 1pip + spread if 100MA is below price
- Set a buy stop at the 61.8 + 1pip + spread if 100MA is below price
- SL is place 1pip below 76.4 (short) or 23.6 (long)
- TP is at 100% (short) or 0% (long)

Something like that ?

Cheers,
LhDT
That's the long and short of it. I haven't been actively trading this system for a while due to another project but I had very good results trading this way during the development. There is still some doubt about when to draw the fibs, etc but waiting for a trending situation seems a good idea. Good luck with your trading and please post charts here to help other traders following you here.
  • #877
  • Jun 4, 2012 5:10pm Jun 4, 2012 5:10pm
Quoting courtneywild
Hi

Love the name by the way... HughBriss... so funny.

Anyway
Years ago (about 10) I had a system similar to this, I can't remebber where I got it from but its so similar its uncanny. It worked really well for me for some time but I was new to FX and lost the plot and ditched it for some inexplicable reason. hey ho that's life in this game.

Anyhow couple of points I remember from the system are...
Use a daily chart with 14 period RSI. Trade the fibs on 5 min chart.
Only trade in the direction of daily RSI.
RSI above 50 level only trade long...
Sorry, was on holiday and missed your post. Seems like a good plan for lower timeframe traders, thanks for the input. Just an idea but couldn't you adapt that for trading hourly charts?
  • #878
  • Jun 7, 2012 7:25am Jun 7, 2012 7:25am
Hi Guys,

I coded an indicator for that method.
Everything is in. Sell/Buy lines, 50% treshold level & TP levels.

That indicator, based on ZigZag, will plot fib lines on the chart based on the last swing.
Sometimes it happens that current (uncomplete) swing have a higher range than the previous one so this indicator will handle this and automatically draw a new fib based on the current/previous swing with the highest range (you follow me ?)

Enjoy !
LhDT.

PS : As nothing is perfect, if you see some stuff to tune, feel free to yell at me !
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screen10 07-Jun 14.13.gif Size: 27 KB
Click to Enlarge Name: screen10 07-Jun 10.07.gif Size: 31 KB
Attached File(s)
File Type: ex4 LHDT_Fibo.ex4   19 KB | 1,306 downloads
#### Follow me at @LioH_ on Twitter ... ####
  • #879
  • Jun 7, 2012 7:34am Jun 7, 2012 7:34am
Quoting lhDT
Hi Guys,

I coded an indicator for that method.
Everything is in. Sell/Buy lines, 50% treshold level & TP levels.

That indicator, based on ZigZag, will plot fib lines on the chart based on the last swing.
Sometimes it happens that current (uncomplete) swing have a higher range than the previous one so this indicator will handle this and automatically draw a new fib based on the current/previous swing with the highest range (you follow me ?)

Enjoy !
LhDT.

PS : As nothing is perfect, if you see some stuff to tune, feel free to yell at me...
Nice one, thanks for that, I will give it a test run.
  • #880
  • Jun 7, 2012 10:42am Jun 7, 2012 10:42am
Quoting lhDT
Hi Guys,

I coded an indicator for that method.
Everything is in. Sell/Buy lines, 50% treshold level & TP levels.

That indicator, based on ZigZag, will plot fib lines on the chart based on the last swing.
Sometimes it happens that current (uncomplete) swing have a higher range than the previous one so this indicator will handle this and automatically draw a new fib based on the current/previous swing with the highest range (you follow me ?)

Enjoy !
LhDT.

PS : As nothing is perfect, if you see some stuff to tune, feel free to yell...
Your contribution is truly appreciated. Can you please share with us the mq4 source code please? All copyrights will be reserved and intact.
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