Hi there,
I have recently been reading about this trading method and am going to try it out.
I have set up my template and just added the Vegas indicator.
The indicator however has all the lines bunched up at the lower area of the chart.
The copy of the template is attached.
can someone tell me if this is correct, as the other uploaded images show a range of fib lines across the chart.
Hi Rob, it's likely due to the vegas file being from the 4 decimal point era. For MT4 5 digits you'll need the newer versions. google "therealvegas" and go to his forum which in turn will direct you to his blog where he has the files for 5 digits. Hope this helps.
strada.
Hi there,
I have recently been reading about this trading method and am going to try it out.
I have set up my template and just added the Vegas indicator.
The indicator however has all the lines bunched up at the lower area of the chart.
The copy of the template is attached.
can someone tell me if this is correct, as the other uploaded images show a range of fib lines across the chart.
Morning Anthm, have attached chart below showing the example with the BB's and fibs. (with thanks to Bella Vista for this insight)
After you have a decent move up or down then watch teh price in relation to the BB's. When price reverses if it touches the opposite outer band and then reverses again to touch the other opposite outer band and then reverses again through the middle band then draw your Fibs using the hi/lo of that sequence.
You then wait for a break of the 123.6 or -23.6 fib. This will indicate that the market is considering a move, but not necessarily in the direction of the fib break. That will more than likely be a test of the strength of the opposition and also allows them to scoop up lots of cheap stops sitting above/below the previous hi/lo's.
This morning was an exception for me, the 7am bar was a strong bar which closed on the the previous lo's. I got in 2.5 pips below and made 80pips from that one move. As I say that was an exception because it was the 7am opening bar, I would do similar off the 8am bar.
But generally, the idea is don't trade while price is within the fibs, wait for a break of the 123.6 or -23.6.
I use this chart just for the BB's and Fibs only but revert to the normal bago chart for trading so I just keep them sise by side
Thanks Strada, I feel like I am back home here now.
I see you got yourself a couple of extra vouchers, In my opinion you deserve more.
May I ask what your exact enrtry and exit times where? Did you use several TPs?
Regards
Anthm
Ignored
Entry was almost immediate on the opening of the 7.01 bar and I used 3 exits, TP1&2 both for 10 on next bar. Closed TP3 just before news at 7.44, know it was only yellow but any excuse to finish for the day!!
strada.
May I kindly ask why you did not draw a Fibs form the low at 6.02 (8.02) extending up to the high of 6.15 (8.15)
cheers
anthm
Ignored
Good question and my answer will almost certainly be proved wrong at some stage.
The reversal after 8.02 would be mostly profit taking prior to the market setlling down into its congestion range.
So that area between the 8.02 low and the Fib 00.00 low I treat as fresh air and don't include it in the fibs.
On the other hand if the lows following the low of the previous move are close together then I'll use the lowest low. But when there isquite a big difference like today then I'll exclude that area from the fibs because it may give a false impression of the bottom of the range we are actually using for breakout purposes.
Hope this makes sense.
sytrada.
pS yes the charts are on GMT +1 I think, doing this on the other pc. I ought to update the MT4 and get aUK time like the other ones.
Good question and my answer will almost certainly be proved wrong at some stage.
The reversal after 8.02 would be mostly profit taking prior to the market setlling down into its congestion range.
So that area between the 8.02 low and the Fib 00.00 low I treat as fresh air and don't include it in the fibs.
On the other hand if the lows following the low of the previous move are close together then I'll use the lowest low. But when there isquite a big difference like today then I'll exclude that area from the fibs because it may give a false impression...
Ignored
Thanks Strada I just found another lovely example of how you used this technique before, POST number 388 PG26 of BV,s thread. Lovely.
Cheers
When you're in the land of HOPE, you're done, get out of there, WALK AWAY
Yes Interesesting I am sitting watching it also
According to my fib placement it hit the 123.6 then basically imediatly reversed to the -23.6
Still in progress obviously
Attached Image (click to enlarge)
When you're in the land of HOPE, you're done, get out of there, WALK AWAY
Morning Anthm, looked like the german news may have been leaked a few minutes early. Anyway strong move down and little chance of getting in on the bago signal just before 7am. I took a side trade (BV) which I've now closed.
strada.
Morning Anthm, looked like the german news may have been leaked a few minutes early. Anyway strong move down and little chance of getting in on the bago signal just before 7am. I took a side trade (BV) which I've now closed.
strada.
Ignored
Morning may i ask what you mean by a side trade? (BV) ??
When you're in the land of HOPE, you're done, get out of there, WALK AWAY
