Simple Fibonacci Trading

GBPCAD. Another pair without any retracement from it's last runup. If it is coming back down, expect the red area to hold for a runup to 2.x

AUDCAD big question here in this pair. would be nice to see the 161.8 but the question you might have is from where???
My suggestion is to wait for it, wait for hammers for example from fib levels.

Follow up on AUDCAD. Shorter term. I expect sellers to be still there in the 9980 area. for a run down to 9630 area. So if you're just a short term trader you can give it a shot to short from there with some tight stops and go for it, but be aware that I would be buying into those dips if we really get down to test those levels.

AUDJPY at very interesting point. If it goes from around this area it would make an EPIC move to the upside. Wait for confirmations before entering such trades.

AUDJPY - USDHUF comparisson.

So it would be nice to see this in AUDJPY :-D Wishfull thinking of course as usual

Hi Atilafx,
Nice thread and system I wonder why everyone stopped posting. Anyway if your still up for helping others I would really appreciate if you could tell me how to access unreachable levels on my chart when fibs plot an extention there. I guess only a fib expert can help me with this thats why I am asking you. I use MT4 platform. thanks

hi lhTD:
If it is possible, could you modify this fib tool so that the text labels are aligned to the right side of the chart.
Second wish would be if user can turn off the Text labels (SWING HIGH/LO TP1..., BUY/SELL...) and choice to turn off the prices.
So just the fib levels flushed to the right edge of the chart would make the chart visually cleaner.
Thanks you,
pax

hi fibo experts please i need one help.. i want some words to add in in this indicator i am attaching screen shot. where to place short long TP -1 TP -2 TP -3 and SL .. ACTUALLY I DONT KNOW AT WHAT LEVEL TO PUT THIS WORDS AND WHERE IN THAT LINES.. KINDLY SUGGEST ME

Awesome i recently came with the idea of making this one but you just saved me alot of work so thank you very very much. One thing, do you think it's possible to code a scanner to keep track of the fib's on all the charts? I know i know it's too much to ask but a great idea!

I am back.
Stronger and wiser.

So I had a few accounts blowing up. But there is something I have learned from it.
Drawing Fibs is one thing but I had to figure out the best of the best way when exactly to enter.
Entering blindly on exact retracement levels with high leverage is failure over the long term. The reason is because the market does not always stop at exactly 38,50 or 61. it can go deeper against you.

So here is what I have found the best way to do it with keeping your loss at minimum but your profit up to 10x R:R.
You see, Chickening out a trade is guaranteed failure over the long term. if you have 3 trades out of 10 with a risk reward ratio of risking 1 to gain 3, then you will be a winner. But I found the risk still to much. So, believe it or not, I go back to 1 minute chart from the 1 hour to spot reversal. Sounds crazy I know but this is because I waned to limit the risk as low as possible. I rather lose 10 pips to gain 100 instead of risking 33 to gain 100.

So, let me explain.

You draw your fib. Always wait for a higher high higher low.
Once you have drawn your fibs, go back to sleep and wait for price to come back to the levels. Once they reach the 61,50,38 you switch back to the 1 minute.
And her comes the real deal. It is really simple. you know, just wait till price starts to make higher high higer low and draw a trendline. at the 3 hit, wait for a hammer from your trendline and enter the trade all the way up to the 1.618.
stop can be put 8 to 12 pips below the trendline.

If you missed the move, don't enter now anymore, cause you can expect a pullback.
Remember, limit risk as low as possible. Don't go the same path I did before. Patience. Price will ALWAYS I repeat ALWAYS pull back.



And the live trade.

As I said, don't ever chase price again. You will fail. fail hard as I did so many many times.

So let's wait this this pair. If we are lucky we get another pullback and even lower.
If not, then other pairs are around. Now I will post from here on whenever I enter a trade.

Here another example why to use trendlines.
Fib + trendline must be winner.
To bad I had to leave and couldn't hold on to it while monitoring. Anyway still good.



And the live trade.

Here is one I watch very closely

Just look at it. If it drifts away from this level then this has a high percentage of becoming a good winner.



Can you imagine how your account would look like if you would have chased the price as I did in the past? That would have been a recipe for disaster.
They say, buy low sell high right? Is this a buy or a sell area? The best would be if it ran away to the upside and then pull back again into the fib levels 1 more time and then go for the target.

USDJPY poised to go for the stops. Stop chasing the price. Never make same mistakes that I did in the past. Also, never hold trades over the weekend.



What I expect to happen.



Never ever, ever EVER hold trades over the weekend. Recipe for disaster. Just close it out and enter it when market opens again.

No brainer.
Seriously. People chasing price. WHOW New Zeeland cut rates? Sell sell sell Chasing price will cost you a shitload of learning money. Never ever ever ever chase price.

So this really would have been impossible to trade.
Anyway, any daredevils that would like to chase the price further up to the 261% from here? Be my guest and good luck, I'll rather wait for price come back and show some clear direction. Buy low sell high.

The great British Pound Great again??
We'll find out soon :-) I don't think so.

Hi

I trade fib this way; I use the 1 hr chart to identify a fib move ie the gold chart attached where AB=CD once I am sure we have a valid retracement and new impulse(yellow circle) I will switch to the 5 to take longs, pyramiding sometimes and using fib tool to identify retracements for entry on the smaller TF. I'm sure this works on other TFs but I use these. keeps me out of bad trades keeps me inline with the trend with a solid profit target