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Gp's simple daily fibonacci-based system

  • #41
  • Mar 16, 2015 12:17am Mar 16, 2015 12:17am
GBPUSD is ranging on the 1 hour time frame. So I have entered two pending orders, which ever one gets triggered first the remaining pending order is closed. Entries are Green, Stops are Red, profit targets are gold.
Rules for Ranging

1. Check Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements up coming. Wait until all major announcements are posted for the current 24 hours On the default screen, add the 60 period Smooth Moving average.
2. Start by scanning currency pairs on the time frame you want to trade. Look for a pair that is ranging with at least a 20 pip spread between the high and the low of the range. If the spread is more than 40 pips, trade “apply the “Trading inside a range strategy”. Draw two horizontal lines one at the top of the range and the other at the bottom of the range.
3. Make 2 pending entries, one 5 pips above the top horizontal line and one 5 pips below the bottom horizontal line. Wait for price to break and close outside the upper or lower lines. What ever one is triggered first is your entry; immediately delete the other pending order.
4. Stop is placed at the half way point of the range. First take profit is double the stop loss in the direction you’re trading.
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Nobody ever went broke closing a trade in profit
  • #42
  • Mar 16, 2015 8:58am Mar 16, 2015 8:58am
Here's the continuation of last nights trade using a fib tool. Todays announcements finished nothing earth shadowing for tomorrow with this pair. Fib reading was done on 5,15 and 30 time frame. This is not a set and forget, it is a manage the trade, I don't want to give back any profit I made from the range trade. If your on the newer side wait for the pullback.
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Nobody ever went broke closing a trade in profit
  • #43
  • Mar 16, 2015 3:35pm Mar 16, 2015 3:35pm
Quoting gp00053
GBPUSD is ranging on the 1 hour time frame. So I have entered two pending orders, which ever one gets triggered first the remaining pending order is closed. Entries are Green, Stops are Red, profit targets are gold. Rules for Ranging 1. Check Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements up coming. Wait until all major announcements are posted for the current 24 hours On the default screen, add the 60 period Smooth Moving average. 2. Start by scanning currency...
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Thanks for this version on range trading. I appreciate it.
  • #44
  • Edited 10:31pm Mar 16, 2015 4:50pm | Edited 10:31pm
Quoting justlearning
{quote} Strategy what strategy this is a joke.
Quoting Landline
{quote} 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

You are in the free trading systems section of a free internet forum... The OP doesn't have to explain/defend himself to a couple of nubs looking to get rich quick...If you don't like the strategy then go develop your own, instead of insulting some random guy on an internet forum...grow up.
  • #45
  • Mar 16, 2015 7:26pm Mar 16, 2015 7:26pm
Its pretty incredible how some people can just destroy another mans thread and journal with ridiculous and insolent comments.
Forget em, not everyone can succeed at forex, the winners still need someone to make money off of

GP your on the right track, and as from one avid fib trader to the next, I wanna give you my opinion, ditch the simple moving average as a filter,
in order to take advantage of fibs potential you should filter your pairs based on movement, the more the better, and the quicker you know its moving the better,
and trade retraces off of that
  • #46
  • Mar 16, 2015 7:49pm Mar 16, 2015 7:49pm
Quoting Coolbudz223
Its pretty incredible how some people can just destroy another mans thread and journal with ridiculous and insolent comments. Forget em, not everyone can succeed at forex, the winners still need someone to make money off of GP your on the right track, and as from one avid fib trader to the next, I wanna give you my opinion, ditch the simple moving average as a filter, in order to take advantage of fibs potential you should filter your pairs based on movement, the more the better, and the quicker you know its moving the better, and trade retraces...
Thank you and you're absolutely right about the moving average. Definitely got to go. I was never a big fan of any moving average, but another trader and I were talking and he actually uses it in his fib trading. He said it gave a much better picture and confirmed his trade plan. He said give it some more time. I told him in my trading I'm finding in most cases it has not only not confirmed my trade plan, it gives the opposite signal. Like I said he's a good guy and a full time trader, but in this case I think you're right on money. So I'm going to blame my decision on you

Anyhow again thanks for the input. Best wishes and continued success
Gp
Nobody ever went broke closing a trade in profit
  • #47
  • Mar 16, 2015 8:48pm Mar 16, 2015 8:48pm
Quoting gp00053
{quote} Thank you and you're absolutely right about the moving average. Definitely got to go. I was never a big fan of any moving average, but another trader and I were talking and he actually uses it in his fib trading. He said it gave a much better picture and confirmed his trade plan. He said give it some more time. I told him in my trading I'm finding in most cases it has not only not confirmed my trade plan, it gives the opposite signal. Like I said he's a good guy and a full time trader, but in this case I think you're right on money. So I'm...
This is one of my favorite indis to sort which pairs are moving, you only wanna put your money in pairs that move, follow the big boys...
Attached File(s)
File Type: mq4 PairsPercentChange_mod_snowy.mq4   46 KB | 634 downloads
  • #48
  • Mar 16, 2015 11:57pm Mar 16, 2015 11:57pm
So the plan is to set up a pending range breakout trade which ever one gets triggered first we delete the opposite pending trade immediately. When price hits out take profit, we then apply the Fibonacci tool to at the 50% retrace.
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Nobody ever went broke closing a trade in profit
  • #49
  • Mar 17, 2015 4:30am Mar 17, 2015 4:30am
There is a lot of people that need to grow up and stop being so self righteous. What strategy is there here? Exactly what I said I don't see one.
  • #50
  • Mar 17, 2015 8:48am Mar 17, 2015 8:48am
Here is the 2nd part of the trade plan. The Fibonacci Tool, which was applied as soon as the take profit triggered from the original range trade. At this point Stop loss is trailing
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Nobody ever went broke closing a trade in profit
  • #51
  • Mar 18, 2015 9:00am Mar 18, 2015 9:00am
Hi GP. Any particular reason why you use HA candles?
  • #52
  • Mar 19, 2015 9:21am Mar 19, 2015 9:21am
Quoting diamonddbw
Hi GP. Any particular reason why you use HA candles?
Sorry for the delay in getting back to you Ive been away. Actually use both for different reasons. HA's are what I learned on and they both use the same info just show the end result different.
Gp
Nobody ever went broke closing a trade in profit
  • #53
  • Mar 19, 2015 11:49am Mar 19, 2015 11:49am
Informative.
  • #54
  • Mar 19, 2015 7:14pm Mar 19, 2015 7:14pm
I'm long on USJPY applied on 1 hour time frame. Green is entry, red is stop loss, orange is the trailing stop and gold is 1st take profit
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Nobody ever went broke closing a trade in profit
  • #55
  • Mar 22, 2015 8:20pm Mar 22, 2015 8:20pm
First trade of the week. Long on EURJPY Green is open trade area, Red is Stop loss, Orange trailing stop and Gold potential profit targets. I'm think of posting my trades this way rather than just the lines. I like to make sure that anyone who follows my trades understands that I don't try to pick tops or bottoms, but potential risk, entry and profit areas.
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Nobody ever went broke closing a trade in profit
  • #56
  • Mar 23, 2015 8:43pm Mar 23, 2015 8:43pm
I have a pending long on GBPUSD. Green is open trade area, Red is Stop loss, Orange trailing stop and Gold potential profit targets.
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Nobody ever went broke closing a trade in profit
  • #57
  • Mar 24, 2015 12:19am Mar 24, 2015 12:19am
  •  Ravelt
  • | Joined Feb 2013 | Status: The Closer You Look The Less You Se | 194 Posts
Hey gp00053,

i'm interested with how you trade but i'm a little bit confusing with "how you decided to enter a trade" is it on candle closed or whenever the price goes into area 50% retracement level and the 61.8 % retracement level ?? do you look on how price react or just simply enter a trade when the price going there ?

Thanks

Ravelt
  • #58
  • Mar 24, 2015 8:26am Mar 24, 2015 8:26am
Quoting Ravelt
Hey gp00053, i'm interested with how you trade but i'm a little bit confusing with "how you decided to enter a trade" is it on candle closed or whenever the price goes into area 50% retracement level and the 61.8 % retracement level ?? do you look on how price react or just simply enter a trade when the price going there ? Thanks Ravelt
I don't like the word always when referencing the forex market, so I will say almost always, I enter my trades with a pending order. So I use price as a trigger. If you want you could use candle closes or patterns once price gets into one of the target areas, but in my opinion do your analysis based on price and use a pending order. Hope that helps
Gp
Nobody ever went broke closing a trade in profit
  • #59
  • Mar 24, 2015 8:44pm Mar 24, 2015 8:44pm
I might have to change the heading in my thread from fibonacci to daily trade. Wow Rough day everything seems to be ranging. So if you want to trade this is what I'm doing. I used a camarilla pivot point I applied it on the 1 hour time frame, as usual green is entry area, red is stop, orange is trailing stop loss, gold is profit target. If price moves beyond the gold profit target area, I'm going to let it run with a trailing stop.
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Nobody ever went broke closing a trade in profit
  • #60
  • Mar 25, 2015 6:50am Mar 25, 2015 6:50am
  •  Ravelt
  • | Joined Feb 2013 | Status: The Closer You Look The Less You Se | 194 Posts
Quoting gp00053
{quote} I don't like the word always when referencing the forex market, so I will say almost always, I enter my trades with a pending order. So I use price as a trigger. If you want you could use candle closes or patterns once price gets into one of the target areas, but in my opinion do your analysis based on price and use a pending order. Hope that helps Gp
Okay i'll try and gonna post my trade hereThanksRavelt
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