Fib Retracement Trading...

[daedalus]

Yup i got in too early... still in the trade, but it looks like the swing is respecting the next biggest grid out that you highlighted... I was a bit worried that that would be the case. So we'll have to see if the stop holds. Either way the biggest problem with this trade was just that my entry price is relativly crap...

Oh well... I got a EURJPY short trade that has finally went to 38% and it looking good so far... If it continues it would easily offset the worst case scenario on this USDCAD trade.

[Sweet Pip]

I'm so excited!

After opening a new demo account, this time with a 1:100 ratio, I made my first three trades with this Fib system and it worked out!

However, looking for a good entry point really plays with your mind. You look at all the indicators and hope you're reading them correctly even after all the back/forward testing that indicates it should be. You open the New Order window but then doubt yourself and then back out just to wait and see what the next candle does.

Finally I recall your comment several posts back about just trusting the indicators and realizing this is just a demo so just do it!

So I placed the trades, 2 lots each, closed my laptop and went to work (broke out of my conservative comfort zone a litte ).

When I got home, I wanted to rush over to my laptop to check the results but held back dreading the worst. When I did finally open it up, opening 1 eye at a time too, I found 1 order still going. I had put a trailing stop loss of 15 pips each and it was at 75.00. The other order stopped out at 20.00. So I had a $90 day so far, or 45 pips! That's right on with my daily pip goal.

I know not to get too carried away as this could just be beginner luck, but with a bit more practise with this Fibs system, who knows....but I like it

[tonymand]

Originally Posted by tonymand

Sorry mate I got confused with the tick chart. Was looking at the trade immediately before. We are now coming into another retrace area although far too early to be trading this pair

Yes, nice opportunity on GY and EY this morning to get back into the dominant flows

[tonymand]

Originally Posted by Sweet Pip

I'm so excited!

After opening a new demo account, this time with a 1:100 ratio, I made my first three trades with this Fib system and it worked out!

However, looking for a good entry point really plays with your mind. You look at all the indicators and hope you're reading them correctly even after all the back/forward testing that indicates it should be. You open the New Order window but then doubt yourself and then back out just to wait and see what the next candle does.

Finally I recall your comment several posts back about just trusting the indicators and realizing this is just a demo so just do it!

So I placed the trades, 2 lots each, closed my laptop and went to work (broke out of my conservative comfort zone a litte ).

When I got home, I wanted to rush over to my laptop to check the results but held back dreading the worst. When I did finally open it up, opening 1 eye at a time too, I found 1 order still going. I had put a trailing stop loss of 15 pips each and it was at 75.00. The other order stopped out at 20.00. So I had a $90 day so far, or 45 pips! That's right on with my daily pip goal.

I know not to get too carried away as this could just be beginner luck, but with a bit more practise with this Fibs system, who knows....but I like it

Good for you Sweetpip!

[daedalus]

trade update... well... its been a painful experience thus far. I am playing the wrong grid, but as we can see thus far its come down to what would stop me out, but with my stop placed at the swing low i'm still in the trade because price action did what I described. Came low enough to take out the 87%, but the next bar established back up inside the grid so i'm still hanging on for it.

I've got limit orders staged at the 23.6% level and my stop still at the swing low. But to be honest I don't know that I've got my OCO set correctly (Never actually managed using an actual OCO in this platform before) and with no tech support available at these hours I guess there is only one way to find out! Should be a binary outcome by the time I wake up. I'll either be happy or sad in about 9 hours... wait and see!

Cheers folks!

[tonymand]

I will keep my fingers crossed for you Daedalus but I suspect this is whats getting in the way. May be setting up for a continuation of the downtrend

[daedalus]

Well it worked! I set my limit order went to bed and woke up to see it had been hit (admitidly not by much). I try and front run the values by a pip or two and was actually using the bigger grid (image 2) for the correct value because thats what the charts were respecting. The system worked... it was a painful a drawn out trade to hold, but it did what was the most probable thing for it to do, and thats all I can ask for!

My OCO screwed up and re-entered me after my exit... I need to call EFX and see how to do it correctly... had to give back about 5 pips... nothing big, but i would've rather kept that + the commissions in my account.

Cheers!

[kagein]

Hey guys, i really wanna make it as a discretionary trader, i've learnt loads from the currency markets in such a short period. i do like to trade, i like it even better when the trades go my way. i was wondering whether it would be advisable setting up a higher risk account with the aim of using it soley with 'robotic' system, to offset 'me' if you will, and give me something to look at when i havent got any fib setups.

[tonymand]

Originally Posted by kagein

Hey guys, i really wanna make it as a discretionary trader, i've learnt loads from the currency markets in such a short period. i do like to trade, i like it even better when the trades go my way. i was wondering whether it would be advisable setting up a higher risk account with the aim of using it soley with 'robotic' system, to offset 'me' if you will, and give me something to look at when i havent got any fib setups.

I have no faith in robotic systems of any sort. Even if they work for awhile they cant for long for obvious reasons if you think about it. The market will adjust to any large scale intervention (look at the news traders and their autoclickers). Most especially if you are in a losing streak do you really have the mentality to let a prpgramme enter your trades (most dont). Finally you learn nothing from such a process. Rather like Lleyton Hewitt putting his serve machine on auto and walking away - whats the point. Your job is to learn how to be a trader and once you have achieved that the world is your oyster no matter what the market is up to

[kagein]

Originally Posted by tonymand

I have no faith in robotic systems of any sort. Even if they work for awhile they cant for long for obvious reasons if you think about it. The market will adjust to any large scale intervention (look at the news traders and their autoclickers). Most especially if you are in a losing streak do you really have the mentality to let a prpgramme enter your trades (most dont). Finally you learn nothing from such a process. Rather like Lleyton Hewitt putting his serve machine on auto and walking away - whats the point. Your job is to learn how to be a trader and once you have achieved that the world is your oyster no matter what the market is up to

yeah your right, focusing on learning the market's ups and downs is the best route to success i think.

A few profitable trades today, my broker's screen(oanda) froze today not once, not twice but three times, each time i was in a trade...i put it down to a technical glitch. (my account is to small to warrant any attention i think). Or is it??????