Fib Retracement Trading...

[daedalus]

Yup... The EURUSD and the USDCHF typically form the same setups at the same time as well.

I take both personally. There is an argument both ways here, that your exposing yourself to the risk 2x's and that the better thing would be to only take one of them, etc.

My personal view is that while the same setup forms, they may perform differently.

I can't tell you how many times the same setup forms, I take both, one stops out at par and the other gets the target. So I take both. Each market, while they can show the same setups still move independently of one another and its not a "sure thing" that there will be 1:1 correlation between like markets EVER so I typically will take any trade, on any market, that shows up to be valid.

Another great question BTW!

[Dahlia]

Thanks!

By the way, nice job silencing the troll in the other thread

[daedalus]

Originally Posted by Dahlia

Thanks!

By the way, nice job silencing the troll in the other thread

Lol... Thanks

[Dahlia]

Hey Daedalus,

Haven't seen any new trades on your blog... Have you decided to take off from trading for a while, or have there simply been no set ups?

Dahlia

[daedalus]

Lol...

I've been working on something. I'm getting back into trading the S&P Futures e-mini... so i've cleaned out my FX accounts to put into my futures account for the time being which means no FX trades for me.

I've been trading relatively small size in the FX markets for sometime and frankly i'm getting sick of making relatively small amounts of money. So i'm gonna go back to where I started all of this madness and give the S&P one last shot and try and make some real coin.

Its a really big deal for me because I know I can make GOOD money but I just feel like i've been spinning my wheels for months playing around with mini lots. So i'm just gonna put it all on the line, give it a shot and see what i'm made of.

I plan on putting an update to the blog today or tomorrow. I'm prepping in sim for my live expedition through the end of the month and will be placing the first trade on January 2nd of '09.

Sim from the past month had profits of over 7k/contract, or about 120% on the initial deposit. So i'm gonna try and replicate that with some real dollars and get on with living life how I want.

Cheers!

[Dahlia]

Good luck Daedalus, and in case it means that you won't be showing up on the Forex forums anymore: thanks for the difference you've made in my trading and we'll miss you

[quicksilver03]

Good luck from me, too. It's thanks to this thread of yours that I've started learning how price moves and how fibs help me put numbers into it.

[maczek]

my experience with Fib levels , is that they are very randomly accurate , so i devised a different set of levels , prime numbers : 13 , 17 , 27 , 33 , 47 , 51 , (66 this is a very important number ) 77 , 83 , 91 , 01
This numbers very often are extreme numbers , and price changes occur .

[Wik]

I used to use Marc Mcrea Fib Surefire system, biggest problem is that when the "trend" is formed, it reversed 70% of the time. I had 20% success with Fib, not my game.

[Sweet Pip]

Originally Posted by Wik

I used to use Marc Mcrea Fib Surefire system, biggest problem is that when the "trend" is formed, it reversed 70% of the time. I had 20% success with Fib, not my game.

I really like fibs but didn't have much success with them either until I started trading fib patterns which signal and trades at the end of a trend. Maybe you'd like to give them a try, because as you said, trends seem to reverse 70% of the time, and that's their success rate. We have a thread dedicated to them...

30 Pips A day Keeps the your money at bay