Fib Retracement Trading...

[daydreamer65]

Originally Posted by kagein

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??????

You can change the Java runtime parametres which may help.

Go to control panel > find the Java icon > double click > brings up
Java control panel > open Java tab (3rd one along between update
& security) > click "view" in Java Applet runtime settings > in Java
runtime parameteres (end column) double click the column then
type -Xmx256m

Also in general > temporary internet files > "settings" > delete files.
This deletes the temporary internet files which are stored on your
computer.

Try this & see if it helps.

[kagein]

morning guys, (well its morning over here ) isn't uncanny the way the market responds to fib' lines, they don't always hold, but so far i would say a good number of the trades I've made 80% or so, have retraced on a fib line as opposed to psychological support or resistance. Given that the major players in the market aren't looking to make profit but rather stable their economies, price should pay no attention to the fib' lines. Or am i wrong, do speculators control the day to day happenings of the market whilst central banks step in sporadically correct price when needed?

[kagein]

Originally Posted by daydreamer65

You can change the Java runtime parametres which may help.

Go to control panel > find the Java icon > double click > brings up
Java control panel > open Java tab (3rd one along between update
& security) > click "view" in Java Applet runtime settings > in Java
runtime parameteres (end column) double click the column then
type -Xmx256m

Also in general > temporary internet files > "settings" > delete files.
This deletes the temporary internet files which are stored on your
computer.

Try this & see if it helps.

oh and thanks for that....lets hope it stops the problem

[daedalus]

Originally Posted by kagein

morning guys, (well its morning over here ) isn't uncanny the way the market responds to fib' lines, they don't always hold, but so far i would say a good number of the trades I've made 80% or so, have retraced on a fib line as opposed to psychological support or resistance. Given that the major players in the market aren't looking to make profit but rather stable their economies, price should pay no attention to the fib' lines. Or am i wrong, do speculators control the day to day happenings of the market whilst central banks step in sporadically correct price when needed?

Glad to see you're having some success with them! Well, major players in the markets, and various banks do use Fibonacci analysis the same as we do. There is a reason that buying and selling power steps in at these key areas. As far as speculators controlling the movements, I know in the S&P500 futures, big money moved the market and retail traders just got on for the ride 9 times out of 10. I can comment on the FX markets, though I suspect it would be the same.

Cheers!

[daedalus]

Kaigen - meant to ask you earlier. What time frames are you using? Which ones are working for you the best?

[kagein]

i used the 1 hour time before but i used to get bored waiting around (figured it didnt suit my personality much). Ive been trying the 15min chart out now for three days now, with 20 pips as my profit target for most pairs ..i'm having more success and trading more, win win. yesterday was my best day ever i won 6 out of 7 trades, my account grew by 21% and today hasnt been bad either 2 out of 3.

[didjerdu]

Originally Posted by kagein

i used the 1 hour time before but i used to get bored waiting around (figured it didnt suit my personality much). Ive been trying the 15min chart out now for three days now, with 20 pips as my profit target for most pairs ..i'm having more success and trading more, win win. yesterday was my best day ever i won 6 out of 7 trades, my account grew by 21% and today hasnt been bad either 2 out of 3.

How can anyone with that icon of that baby be so bad? I laugh out loud every time I see that....killer!! Good luck to you.

[kagein]

ok im gonna run through a few of the trades i took this week, most were off fibs, the rest i used fibs and trend lines. This is gonna take a while my software doesn't have the fancy arrows or writing tools so excuse the poor illustrations

ok.

image 1. this was the usdcad....i saw this just after i work up. i placed a limit order right above the 38% fib line, closed once i hit 20 pips.

Image 2. didnt use fib lines at all. placed a limit order above the first line of resistance level. placed the second resistance line as guide as where to close if the market ran away with it self. price action respected that resistance line.

image 3. i was waiting for a retrace to the 61% level, but once i saw a hammer forming i placed an order just above the previous candles closing price.


had to use fxcm demo charts, they're clearer than mine are.

[tonymand]

I have posted a more detailed description of this trade on the alternative templates thread. Although the settings are slightly different to Daedalus the intent is the same. We are in a major 4H downtrend, we get a 78.6 + retrace on the 1H which comes within 5 pips of the 100% line. Entry anywhere in this area with exit at the 38.2 gives a trade with a potentially huge R

[kagein]

edited my post above...shows the kinda of trades i make....will post more