Gp's simple daily fibonacci-based system

Good Luck. Remember Rome wasn't built in a day and neither will your trading. Just keep at it practicing practicing and practiing. If you're not I would suggest a demo account for practicing. and for sure post your trades here.
Gp

I have a pending long on the 1 hour GBPUSD. Green is entry, red is stop, orange trailing stop and gold is profit targets

I have a pending long on the 1 hour USDCAD. Green is entry, red is stop, orange trailing stop. Be careful with this one. If you're going to take it. Remember tomorrow is Friday, and both currencies have announcements shortly after NY open. My plan is to keep the stop loss tight and get out at the first sign of any profit.

Updated Fibonacci Rules.

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 for the time frame you’re trading.
2. Identify the trend, up or down.
3. Apply the fib retrace tool if market is up drag the fib tool from swing low to a swing high or if market is down from swing high to swing low
4. Place a pending order between the 50 and 61.8% levels with a stop loss at the 75% retrace level.
5. At the 38.2% Level change fixed stop to a trailing stop for half the pips from your entry to the 38.2% level.
6. At the 23.6% retrace change trailing stop for half pips from the 38.2% to the 23.6% levels.
7. At the 0% retrace change trailing stop for half the pips from the O% retrace level to from 23.6% level.
8. From the 0% Level on, adjust trailing stop to 30% of total pip gain.

Finished Product

I have a pending short on the GBPUSD 1 hour time frame. Green is entry, Red is the Stop Loss, Orange trailing stop, Gold profit targets.

I have a pending long on GBPUSD 1 hour time frame. Red Stop, Green Entry, Orange trailing stop and gold profit targets

Hi GP
I am following your operations. Because it made the latter if the trend is negative?
Excuse me my English is not my native language.

I have a pending short on AUDCAD, Red is stop, Green is entry, Orange trailing stop and Gold is profit.

I have a pending long on USDCAD 1 hour time frame. Green is entry target, Red line is Stop, Orange is trailing stop and Gold is profit targets.

I have a pending long on GBPUSD. 1 hour time frame. Green entry, Red stop loss, Orange trailing stop and gold profit areas.
See post#64 Rules 4-8

Hi GP, I like the simplicity if your system. Can you tell me your expected win/loss ratio? Understand if you dont wish to share.

Cheers

Glenn

Hi Glenn
Easy question not so easy answer. The win loss ratio not something I Consider in my important at this point so you if you want to know the answer you to that you have to do your own work. I'm a full time retail trader and my outlook is different than someone who has a job and they trade because they think they can get a better return on their investments. My trading doesn't depend on one trade, one session or strategy, it's risk in relation to account balance. Same thing in relation to win; I'm interested on ROI to account balance.
Hope that helps
Gp

Here's a video I modeled my fib strategy. In my opinion the best one out there. Now have to interest in the presenter, the company or site directly or indirectly as well as any strategy, service or product they are directly or indirectly selling. Just a great explanation on basic Fibonacci tool and how to apply it

I'm short on AUDUSD. Green is entry, Red is stop, Orange is trailing stop and gold is profit targets. I'm waiting for price to bounce off the 62% level I will use a pending entry but I want to see price bounce first

I have a pending long on AUDUSD. Green is Entry area, Red is Stop, Orange is Trailing Stop area and Gold is Profit area

I have a pending short on AUDUSD. Green is Entry, Red is fixed Stop, Orange is Trailing Stop and Gold is profit targets.

your strategy look really nice

i will watch the video and try it

Glad you like it. Hope it helps.
Gp

I have a pending long on USDCAD. Green is entry area, Red is fixed stop, Orange is trailing stop and Gold is profit target areas.

do i understand it right ?

you enter in the 61.8 and 50 zone

but how did you draw your fibbs? i dont see the rules

can u please discribe a bit more. please

Yes enter between the 50% and 61.8% levels. If it's after the NY close, Use the High and Low of whatever time frame you're using from the previous day. If you're trading before the NY close use the current day's high low.
Example if you want to enter a trade now, you would use today's high and low 50 and 61.8 % retrace levels. If you want to trade sometime tomorrow, you would use todays previous high low. I think this picture should clear it up. Now keep in mind, this is how I do it. Other fib traders may use different rules (first page) than I do. Everyone thinks their way is the best. The thing to remember is whatever your rules are for drawing your fib; be consistent. If you need to make changes make changes. For me this is the simplest way. Let me know if it's still not clear. Hope this helps
Gp