Gp's simple daily fibonacci-based system | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

I need an EA for my simple "Mother Candle Fibonacci System" 63 replies

Fibonacci levels based on Daily Range indicator 49 replies

A simple EMA based trend following system 8 replies

Simple MACD system based on 2 channels 122 replies

A simple trading system - based on creativity 6 replies

Attachments: Gp's simple daily fibonacci-based system
Exit Attachments

Gp's simple daily fibonacci-based system

  • #21
  • Mar 12, 2015 10:52pm Mar 12, 2015 10:52pm
I have a pending short on EURAUD Green is the entry, red is stop loss, orange is trailing stop and gold is the 1st take profit.
Attached Image (click to enlarge)
Click to Enlarge Name: Today.png Size: 32 KB
Nobody ever went broke closing a trade in profit
  • #22
  • Mar 13, 2015 12:52am Mar 13, 2015 12:52am
Quoting gp00053
I have a pending short on EURAUD Green is the entry, red is stop loss, orange is trailing stop and gold is the 1st take profit. {image}
You were stopped out of that quite sharpish, oh well try again.

Where are you are located?
  • #23
  • Mar 13, 2015 10:09am Mar 13, 2015 10:09am
Quoting justlearning
If it was so easy we would all be millionaires. Looking forward to seeing these live trades, will this be via trade explorer.
I’m from Niagara Falls Canada. Exactly. The only way we make money as retail traders, is one someone on the opposite end of our trade makes a wrong decision and loses money. Concept is easy, however the other side in most cases as a lot of things going for them that tip the scales in their favor. I think that’s why money management and patience are so important.

Quoting FXyao
Gp, I like your simple strategy because I am a simple minded person and will see how good is your method, therefore subcribed.. look like you lost the au trade, but keep posting your trade so we can learn more. thx
Not always so in my case. When I first started, a trader I was listening to, said all trades have 5 parts: Trend. Momentum, Cycle (current price action leg), Resistance and Support areas. The way to success is by addressing these 5 areas. So with the help of indicators I tried to. Trend; I used a moving average cross; momentum; Macd; Cycle; Cycle Identifier, for Support and Resistance Zig Zag. You can imagine what my chart looked like. After blowing up many accounts.
I thought I must be missing something. So another trader told me the most important thing is Money Management, at the time I was using 10% of my account on each trade, with a leverage of 1:500. So after some research the prevailing winds said 1 or 2 percent of my account balance on all trades, and leverage of no more than 1:10 and don’t only learn tech analysis and fundamental analysis. Still blew up accounts maybe not as quickly but still too much. Then along came VSA, Supply, Demand, and Order Flow. Almost same results.
From all that I came away with this. Every trader is different, there is no one size fits all. But the key to success is a: trading method that on the balance of probabilities will give you a more positive result than negative over the long run, a money management strategy that will protect your account balance while adding to it over the long run and just like in poker and almost any other business to be successful you must be patient and disciplined while applying the first 2.
I took 5 trades this week using my fib strategy. 2 hit, 3 missed. My account balance still increased. Having said that, I’m done trading for this week, reviewing all my trades and notes, which means no work until Sunday night at the Sydney open where it starts all over.
I hope everyone has a Great Weekend
Gp
Nobody ever went broke closing a trade in profit
  • #24
  • Mar 13, 2015 10:41am Mar 13, 2015 10:41am
Quoting gp00053
{quote} Im from Niagara Falls Canada. Exactly. The only way we make money as retail traders, is one someone on the opposite end of our trade makes a wrong decision and loses money. Concept is easy, however the other side in most cases as a lot of things going for them that tip the scales in their favor. I think thats why money management and patience are so important. {quote} Not always so in my case. When I first started, a trader I was listening to, said all trades have 5 parts: Trend. Momentum, Cycle (current price action leg), Resistance and...
The proof of the pudding is in the eating as they say. Two trades made two trades lost so far for you. It's still too early to cast any judgement on your strategy to be fair, that means the jury is still out so far as I'm concerned. One obvious observation so far though is the lack of frequency of your trades.....do you think that is likely to increase? Although increasing the frequency of your trades is likely to increase your losses based purely on this weeks results.though.

Nevertheless, I'll continue to monitor to see if there's anything in your strategy
  • #25
  • Mar 13, 2015 6:32pm Mar 13, 2015 6:32pm
Quoting gp00053
{quote} Im from Niagara Falls Canada. Exactly. The only way we make money as retail traders, is one someone on the opposite end of our trade makes a wrong decision and loses money. Concept is easy, however the other side in most cases as a lot of things going for them that tip the scales in their favor. I think thats why money management and patience are so important. {quote} Not always so in my case. When I first started, a trader I was listening to, said all trades have 5 parts: Trend. Momentum, Cycle (current price action leg), Resistance and...
I am in UK. I read your post with chart 6:00 GMT when it had been up for nearly 2 hours. The local time on the graph you posted was also around 6:00 AM which indicates your current time zone is ahead of UK, i.e. eastern europe.
  • #26
  • Mar 13, 2015 6:37pm Mar 13, 2015 6:37pm
Quoting Landline
{quote} The proof of the pudding is in the eating as they say. Two trades made two trades lost so far for you. It's still too early to cast any judgement on your strategy to be fair, that means the jury is still out so far as I'm concerned. One obvious observation so far though is the lack of frequency of your trades.....do you think that is likely to increase? Although increasing the frequency of your trades is likely to increase your losses based purely on this weeks results.though. Nevertheless, I'll continue to monitor to see if there's...
Strategy what strategy this is a joke.
  • #27
  • Mar 13, 2015 6:54pm Mar 13, 2015 6:54pm
Quoting justlearning
{quote} Strategy what strategy this is a joke.
You could be right....we will know soon enough
  • #28
  • Mar 13, 2015 11:43pm Mar 13, 2015 11:43pm
Quoting justlearning
{quote} Strategy what strategy this is a joke.
Quoting Landline
{quote} The proof of the pudding is in the eating as they say. Two trades made two trades lost so far for you. It's still too early to cast any judgement on your strategy to be fair, that means the jury is still out so far as I'm concerned. One obvious observation so far though is the lack of frequency of your trades.....do you think that is likely to increase? Although increasing the frequency of your trades is likely to increase your losses based purely on this weeks results.though. Nevertheless, I'll continue to monitor to see if there's anything...
I would like to apologize to both of you. In my original post obviously I didn’t make it clear that this thread is not for either of you or anyone else. It’s for me.

Quoting gp00053
On to why this thread? Simple. In my opinion one of the most important things you can do is to be consistent and always try to learn something new. Being active in my own thread helps me to do that.
I don’t care what either of you think of how or what I trade. Save your judgement and your opinions. If you or anyone else wants to follow then follow if you don’t, then don’t. This thread is for how and when I trade. My trades are not meant to be signals or systems for you, anyone else or as proof of what or how I trade. Again so I’m clear, this is the way I use the Fibonacci tool. If you or anyone else wants to apply that way okay, if you or anyone else wants to change entry, stop or profit, or don't want to use it at all feel free. If you want to trade once a week, once a day or once a month makes no difference to me.
Again my apologies for not being more clearer in my original post. You have yourselves a great weekend and I wish you best of luck and continued success, as for me I’ll start back at it Sunday, Sidney open at my time which is Eastern Standard

Now on the other hand if anyone else has a question ask away. If anyone wants to discuss something about my posts in this thread feel free. I'm a full time retail trader in the Forex markets and Fibonacci is one tool in my trading method tool box. Again this thread is for me and if I can help anyone along the way I'll be glad to.
Gp
Nobody ever went broke closing a trade in profit
  • #29
  • Mar 14, 2015 5:16am Mar 14, 2015 5:16am
Quoting gp00053
{quote} {quote} I would like to apologize to both of you. In my original post obviously I didnt make it clear that this thread is not for either of you or anyone else. Its for me. {quote} I dont care what either of you think of how or what I trade. Save your judgement and your opinions. If you or anyone else wants to follow then follow if you dont, then dont. This thread is for how and when I trade. My trades are not meant to be signals or systems for you, anyone else or as proof of what or how I trade. Again so Im clear, this is the way I use the...
You have emphasised repeatedly that this thread is all about you and your self-indulgent attitude, with zero consideration towards anybody else.

So be it, but I have no intention of adding fuel to your indulgencies...I'm out of here...goodbye
  • #30
  • Mar 14, 2015 7:04am Mar 14, 2015 7:04am
gp you are either fantasist or scammer. Why the time on your chart 6:00am when you post at 3:52 am gmt. How does that work for Eastern us time zone.
  • #31
  • Mar 14, 2015 7:23am Mar 14, 2015 7:23am
Quoting Landline
{quote} The proof of the pudding is in the eating as they say. Two trades made two trades lost so far for you. It's still too early to cast any judgement on your strategy to be fair, that means the jury is still out so far as I'm concerned. One obvious observation so far though is the lack of frequency of your trades.....do you think that is likely to increase? Although increasing the frequency of your trades is likely to increase your losses based purely on this weeks results.though. Nevertheless, I'll continue to monitor to see if there's anything...
If you want "proof" of a strategy why don't you start with your homework -back/forward testing this and see if you can make this work for YOU...
GP posted two trades and you already complain about few trades ??...
GP00053: thanks for posting
  • #32
  • Mar 14, 2015 4:44pm Mar 14, 2015 4:44pm
Quoting Go5
{quote} If you want "proof" of a strategy why don't you start with your homework -back/forward testing this and see if you can make this work for YOU... GP posted two trades and you already complain about few trades ??... GP00053: thanks for posting
++++++++++++++++++++++++++++++++

I agree Go5. If someone does not see value in what GP is saying, there is NO need to cast dispersions. It's much easier to be on your way. In fact this attitude can often come from one's own lack of self esteem.

Best wishes to all...
  • #33
  • Edited 2:07am Mar 15, 2015 1:52am | Edited 2:07am
There is of you if you think he could be a con artist. GP has decided to put himself out there, to connect and build some sort of trust with strangers. Is he straight and honest in his in reasons? I don't know, but I do feel that something is not quite right and also feel I should warn others of my concerns.

So GP can you explain the issue over the time reference on your published chart at 6:00AM and time you posted at 3:52AM. From this it appears were not in USA when posting.
  • #34
  • Mar 15, 2015 9:41am Mar 15, 2015 9:41am
Hi GP. Questions regarding entry on EurAud from post #21:

• Can you explain the process by which you placed you Sell Stop?
I don’t understand why you waited so long to place your pending order? In other words, there were multiple earlier potential Sell Stop entries from 1.3802, that were not taken.

Thanks,
Darryl
  • #35
  • Mar 15, 2015 10:12am Mar 15, 2015 10:12am
Quoting justlearning
There is of you if you think he could be a con artist. GP has decided to put himself out there, to connect and build some sort of trust with strangers. Is he straight and honest in his in reasons? I don't know, but I do feel that something is not quite right and also feel I should warn others of my concerns. So GP can you explain the issue over the time reference on your published chart at 6:00AM and time you posted at 3:52AM. From this it appears were not in USA when posting.
I wasn't going to respond to posts like this because number 1 it's a waste of time. For people like above there is always something a: villain, scammer or con, mostly because they're to lazy to do their own work and believe anyone who does something they don't agree with and calls them out is a fanatic or delusional. When in reality it's them.

Example this guy called me a fanatic and delusional??? Why keep posting in the thread making a fool of himself after, spouting off about how he is reserving his judgement like anyone wants to succeed has to pass his judgement . However, let me try one more time and type slowly so you and people like you understand. I don't care what you think. You're are not the reason I'm doing this. The reason and only reason is for my benefit not yours. Being Active in a forum helps me in my trading. If my posts help someone else, or my personal experiences can help someone else, or my responses help, I'm glad to do it free of any direct or indirect charge.

Now read very carefully and try to let this sink in for the last time. I'm not selling anything or vouching for any person place or thing: not coaching, mentoring, indicators, software, strategies, holy grails and anything else. If my current list does not cover it. Let me know and I'll b e glad to add it to the list. I live in Canada; the broker I post with is in Australia. I complete most of my analysis throughout the day I check my facts before I enter a pending order at 1:00 am EST with the broker from Australia whose chart I use for my illustration. Again read above slowly a couple of times.

Now, I didn't just come to Forex trading with the winter weather. I've been around for a while. I post on several frames the same thing I post here. In addition I will be making some you tube video's as well as having my own website. Most of my posts are on baby pips if you think I'm up to something go their and read my prior posts as well as prior posts here. You will not find onet post in the last 3 years that is promoting directly or indirectly any of the above products or services, as a matter a fact if you did, you would find quite the opposite. I try not to use the words "always or never" in any of my posts, because I believe those to over used words do not reflect retail trading in the forex markets. maybe 2% of the time. The word that does 98% of the time is "depends"

I hope that will clear some things up for you, but if it doesn't here's more free advice. Start your own thread where you can pass judgement all yourself and be the legend you are in your own mind.

Anyone else who wants to follow I welcome you. Please don't allow the earlier posts in this thread dissuade you from following, asking questions or stating your opinion. I try to answer all questions put to me as well as respond with respect. I wish everyone Best Wishes and Continued Success
Gp
Nobody ever went broke closing a trade in profit
  • #36
  • Mar 15, 2015 10:50am Mar 15, 2015 10:50am
Hi GP. Questions regarding entry on EurCad trade, post #1:

It looks like your entry was between 38 & 50% fib. Using support/resistance, I would agree that this level (1.3557), would be a good level to consider taking a short. Is that your reason for entering there?

I also noticed that EurCad trade would have gone nicely to 1st, 2nd & 3rd TP’s, thereby covering your losses on other 2 charts you posted (Posts #’s 6 & 21).

In reading earlier posts (not from you) it appears that some are convinced that you have only posted "2" losing trades so far. Perhaps they were absent the day Math was taught at their schools.

Thanks,
Darryl
  • #37
  • Mar 15, 2015 10:52am Mar 15, 2015 10:52am
One more question:
I don’t recall reading how you manage the orange trailing stop?
  • #38
  • Mar 15, 2015 10:53am Mar 15, 2015 10:53am
Quoting diamonddbw
Hi GP. Questions regarding entry on EurAud from post #21: Can you explain the process by which you placed you Sell Stop? I dont understand why you waited so long to place your pending order? In other words, there were multiple earlier potential Sell Stop entries from 1.3802, that were not taken. Thanks, Darryl
You are right. If you read rules entry is in between 61.8 and 50%. I normally put an alert just before my trade is triggered and will make any modifications if needed, so in post 21 had I been in front of my computer, I would have entered earlier, but that was no possible in this case so I did a set and forget. But again you're right.

Not doing a set and forget if possible will make a huge difference in the ROI of a trade or trades. But I would suggest anyone who's on the newer side, don't try to adjust levels too much, but on the other hand, I do adjust my trades based on the most current information available
Gp
Nobody ever went broke closing a trade in profit
  • #39
  • Mar 15, 2015 11:35am Mar 15, 2015 11:35am
Quoting diamonddbw
Hi GP. Questions regarding entry on EurCad trade, post #1: It looks like your entry was between 38 & 50% fib. Using support/resistance, I would agree that this level (1.3557), would be a good level to consider taking a short. Is that your reason for entering there? I also noticed that EurCad trade would have gone nicely to 1st, 2nd & 3rd TPs, thereby covering your losses on other 2 charts you posted (Posts #s 6 & 21). In reading earlier posts (not from you) it appears that some are convinced that you have only posted "2" losing trades so far. Perhaps...
When I post a trade that entry, exit, stop loss, trailing stop (differs depending on information available at the time ) and take profit targets, that is how I may enter the trade. Once the trade is triggered I monitor and manage. I don't know maybe you're right maybe I missed math in school. Let's see how your math is.

You enter a trade at the 50% retrace level for now will skip the 61.8. You make your stop loss at the 75% never mind if you move it or place an order at the stop loss, we'll just to with the 75%. never mind figuring profit targets at the extension levels, lets just use the first profit level at the zero level of the retrace, o. My Math tells me that no matter what in most cases you're risk return potential is between 3 and 4 to 1. What's your math tell you?
Nobody ever went broke closing a trade in profit
  • #40
  • Mar 15, 2015 12:34pm Mar 15, 2015 12:34pm
Quoting gp00053
{quote} When I post a trade that entry, exit, stop loss, trailing stop (differs depending on information available at the time ) and take profit targets, that is how I may enter the trade. Once the trade is triggered I monitor and manage. I don't know maybe you're right maybe I missed math in school. Let's see how your math is. You enter a trade at the 50% retrace level for now will skip the 61.8. You make your stop loss at the 75% never mind if you move it or place an order at the stop loss, we'll just to with the 75%. never mind figuring profit...
++++++++++++++++++++++++++++++++
++++++++++++++++++++++++++++++++
hahahaha. I was not referring to your math. It is two other posters, that were lamenting about only seeing 2 trades which were both losers.

Regarding other your comments on post #39, I understand that having set (fixed in stone) parameters is rarely the most prudent way to trade, so continue on as you see fit. Thanks
0 traders viewing now