Yeah I’m sitting on the sidelines right now. Don’t want to risk it. So how are you doing using fibs. kagein? Last week was a killer for me, this week hasn’t been so nice. I’m thinking about tackling the gbp/jpy monster. Not sure yet, still on the fence. It moves ALOT! Which can be good and bad.
I’m still working with different timeframes as well. Using the 5 and 30min. and the 15 and 1hr. Hope next week goes better.
I’m in a gbp/jpy trade at the moment, been in it since yesterday. Traded off the 4hr chart, still waiting for it to hit my 23% level target which it hasn’t quite managed to do yet. Will close the position at the end of the day though regardless.
Kagein is right on the nose. We want to ideally see that move make a lower low or a higher high (break the 100% level) before we’ll measure the other way. But make sure your MA bias agrees with the grids at all times!
Its very common with EMA’s that the move might break a smaller grid and appear to make a lower low, when really its just aligning to a bigger grid that is still respecting the trend. So make sure you don’t get caught on the wrong side of it!
I personally had a great week of trading. I grew my long term swing trade account by 18.5% this week on two winning trades and one small loser.
My other daytrade account grew by a smaller 6% but I was unable to trade two days this week due to some personal issues that required attention away from the screens. Either way, i’ll take it, it was a successful week!
Just wondering if anyone’s tried using the ADX indicator with the fibs. I too have not been finding a solid “point of entry” because as daedalus commented, everything is going up,down,up,down instead of up up and away so to speak!
So it seems there’s a lot of ranging going on and it seems logical that the ADX will help identify the “trend within the range”…if there is such a thing? I haven’t had any time to find if there is a correlation yet since I just read up on the ADX but if anyone else has a chance or knowledge, then it would be interesting to find out.
Thanks 
I haven’t had a bad week either grew my account by account 11.6%(including the trade I’m still in.) i had one loser though. These days i tend not to look at anything below the 1hr chart. I’ve come full circle
On a different note, i was wondering if you wait for your indicator to show overbought or oversold conditions before you use the shallow pull back method. This week a number of trades I’ve been looking at tested the the 38% level and then went on to hit the -10 PT but weren’t showing as overbought or oversold.
I’ve noticed that the % of winners increases if you wait for the overbought/oversold area when it comes into that 38-50% channel. So I agree with you on the shallow pullback thing. Its not an everytime thing, but i think its a safer setup if the stochastics would be showing those conditions.
Now Ive been really interested in tick charts since daedalus pointed out their benefits, unfortunately the software that i currently use (proquote) does not allow the period of the tick charts to be altered. I stumbled across sierra charts, which give you access to tick carts and at a low price. There’s a 15 day trial and subscription starts at $10 per month. The software isn’t that user friendly but I’m getting the hang of it. Its great if like me you already pay a platform subscription and can’t shelve out extra money for tradestation. Check it out
I was wondering what tick chart periods equate to 15min, 30min, 1hr and 4hr time charts.
15min is around a 144t, 30min is close to a 233t, 1hr = 512t, 4hr = 1220t…
Thanks for the heads up on Sierra Charts. I’ve heard good things, and 10 bucks a month is a steal! (I pay 100.00/month) You better be making more than that using this method! 
Do the indicators react differently when your using tick charts? Looking at the tick charts i get more overbought/oversold areas.
Yes, you’re going to get different indicator signals on the tick charts, but its all relative to the time and price patterns. I personally feel that the tick charts give a much more accurate representation of actual price action than I time chart ever can.
Hey daedalus, which pairs do you trade during the asain session?
Could you explain this. I have never used the ADX, but I know others that use the ADX with fibs. so there has to be something there.
Everyone should like the ADX being that J Welles Wilder developed it! 
Still haven’t had much chance to look into it yet as I’d hoped to, but I wondered if it might give more of a clue as to whether :
a fibo pullback (retrace) might be a deep one (strong trend), or a shallow one (weak trend), or
if we are in a range and should start using range indicators instead of fibs, or just stay out for the time being.
If one hasn’t gone and looked it up yet, here’s a partial definition of what this indicator does as taken from Stockcharts.com and you can also look it up in MT4’s help for more info on it:
J. Welles Wilder developed the Average Directional Index (ADX) to evaluate the strength of a current trend, be it up or down. It’s important to determine whether the market is trending or trading (moving sideways), because certain indicators give more useful results depending on the market doing one or the other.
The ADX is derived from two other indicators, also developed by Wilder, called the Positive Directional Indicator (sometimes written +DI) and the Negative Directional Indicator (-DI).
It gave me an eye opener :eek: when trying to understand why sometimes the stochs went into overbought/oversold territories, and the price kept on going up/dn for awhile…it could be due to the ADX value being higher along with the corresponding DI value.
I also found a website called ADX-cellence devoted just to this indicator…course you have to pay to find out how they use it :(. Cute website though with some catchy titles 
Is there a good way of telling which grid price action is respecting?
I keep the bigger timeframe in mind. But it doesn’t always go the way I want it to either. Wish I could tell you for sure. Not sure if there is a way to tell exactly.
If you find out let me know.
Good trading to you!
You see i was thinking if a pair is trending and hits a major S/R line and reverses chances are it will respect the higher time grid
Heres a shallow pullback I took yesterday, held overnight, and covered this morning for +76 pips at the -10% level. If you are having trouble with the shallow pullbacks here are two tips:
Cheers!
Well today was a good day! A positive 59 pips! Still liking this system. Looking forward to more days with it to gain more experience.
I had a good eur/usd trade today, had i been looking at my time chart the stochastic wouldn’t have told me the pair was oversold. The tick chart however was showing oversold levels on the pull back. Why the difference?