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08-11-2008, 10:40 PM
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Member
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Join Date: Dec 2007
Posts: 1,608
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EUR/JPY
Hey Guys,
There is a confluence of two different fibs coming in right at a trendline on this EUR/JPY chart. We could have an opportunity to go long if this support holds.
This is a weekly EUR/JPY chart.
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08-15-2008, 02:56 PM
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Member
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Join Date: Mar 2008
Posts: 10
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Quote:
Originally Posted by SKS
Hi Pebber and C Mellon,
I know you or anyone will trust me what I am saying but its a hard fact and a reality. I have done it and will continue doing it. Yes its extremely dangerous to trade with such high leverage and that too without SL.
I usualy trade in Forex but also do swing trading in commodities and CFDs globally. By using such high leverage, I can trade in large volume, use max 10% equity and balance equity is used for swing trading which are highly liquid. In Forex my target is 50 - 100pips. I always look for tops and go short, very very rarely I go long like last night. I am very happy with EUR/CAD trade which helped me with a net retun of 28% in 48 hours on total equity. I do very less but selective trading mostly based upon opinions from DailyFx experts. I then withdraw $500 min per week to protect my capital against any eventualities, which I am doing wef 10th June 2008
This strategy works for me but may not work for everyone as it needs a big heart to diggest temporary losses when position goes against you. I trade only when I am confident on any pair or just look for good opportunity.
Ok let me give you a simple fact. I started on 1 May 2008 with just $1018 and as per statement dated 5th August 2008 my account balance is $22,049.
Please feel free to ask questions but please note that I work F/T and trade for myself only in evenings. I am not an expert in any of these techniques but I have learned how to interpret and use them. Good Luck to all!!!!
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~JOKE,
do you do range trading @ the FIB levels? how do u decide which level to short @? do u use another indicator to help u decide like RSI or MACD?
curious me
thanks!!!
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08-15-2008, 03:55 PM
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Member
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Join Date: May 2005
Posts: 447
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SKS
Would you be good enough to one day post one of your entries and outline the criteria.
Obviously you have made the thing work well for you, I am wondering if you can share your setup.
Thanks
dave
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08-15-2008, 04:17 PM
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Member
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Join Date: Mar 2008
Posts: 10
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Quote:
Originally Posted by Blaiserboy
SKS
Would you be good enough to one day post one of your entries and outline the criteria.
Obviously you have made the thing work well for you, I am wondering if you can share your setup.
Thanks
dave
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+1 would love to see the setup |
08-15-2008, 04:50 PM
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Registered User
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Join Date: Jun 2008
Posts: 4
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50 % or 61.8 % retracement ?
to everybody
Which retracement level would you use to enter a new position with the trend, when I set the stop loss at 85 %.
Perhaps somebody already tried it out with Metratrader.
In other words is it worth to set an entry position at 61,8 % retracement and have less PIPS to loose but perhaps also less times to enter winning trades or is 50 % the better entry because it's touched more often.
Thanks for your answers
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08-15-2008, 04:58 PM
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Registered User
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Join Date: Jun 2008
Posts: 4
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50 % or 61.8 % retracement ?
to everybody
Which retracement level would you use to enter a new position with the trend, when I set the stop loss at 85 %.
Perhaps somebody already tried it out with Metratrader.
In other words is it worth to set an entry position at 61,8 % retracement and have less PIPS to loose but perhaps also less times to enter winning trades or is 50 % the better entry because it's touched more often.
Thanks for your answers
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08-18-2008, 05:21 AM
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Registered User
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Join Date: Jun 2008
Posts: 4
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Sorry for the double posting, was my first post
I've to correct my stop loss point. I'm setting my stops at more or less 70 % retracement (after having broken 61,8 % outside of news times the trend is broken in my opinion) not 85 %.
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08-18-2008, 11:23 AM
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Registered User
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Join Date: Jun 2008
Posts: 4
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stop loss at 70 %
Yes, I know the retracements. But I'm trying to put my stop loss as close as possible because 76.4 % is for my feelings too far using an entry of 50 % (85 % was just a tipping error). I'm trying to optimize risk/return ratio. All this is based on my trading history, which is not short but compared to other members' history nothing. Also I'm just beginning to put custom indicators in Metatrader 4.
thanks for some input from experienced traders, who've already tested this optimizing or are still looking for it.
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08-18-2008, 11:33 AM
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Member
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Join Date: May 2005
Posts: 447
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I have no experience using Fibs for stops.... what success would you have had using this method, I usually use a past bar for my stop.
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08-18-2008, 04:02 PM
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Member
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Join Date: May 2007
Posts: 23
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Gartley Material
Has anyone here read either "Trade What You See" or any of the Harmonic Trader books by Carney? If so, any opinions about which is better?
And, for that matter, any success vs. classical pattern analysis?
Thanks very much,
-thomask
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08-18-2008, 04:18 PM
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Member
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Join Date: May 2005
Posts: 447
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I think Scott Carney is excellent material.
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08-19-2008, 08:26 PM
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Member
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Join Date: May 2005
Posts: 447
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EURGBP monthly
This may indicate a downtrend about to occur. we will have to be patient until it starts
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08-19-2008, 08:29 PM
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Member
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Join Date: May 2005
Posts: 447
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USDCAD weekly
This may signify the end of the bullish move for now
Last edited by Blaiserboy; 08-19-2008 at 08:31 PM..
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08-19-2008, 08:33 PM
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Member
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Join Date: May 2005
Posts: 447
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GBPUSD weekly
Perhaps the end of the bearish move is near
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08-19-2008, 08:36 PM
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Member
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Join Date: May 2005
Posts: 447
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USDCHF daily
Perhaps the start of a bearish move
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