That is a TEXTBOOK beautiful setup quicksilver! Great trade!
Just wondering how people doing using this method, hope your sticking with it.
I am using a trading platform that doesnt have fibonacci, could any recommend a good trading platform with fibonacci that is available on demo.
You should be able to get MetaTrader4 which has Fibonacci through a demo with various FX brokers.
Download MetaTrader 4, MetaTrader 4 Mobile or MetaTrader 4 MultiTerminal
Metatrader 4 | Download Metatrader Software | Metatrader Forex | MT 4
Cheers!
Thanks, i had metatrader 4 ODL and that wasnt so good, the link youve given me to, works just fine.
Hey Mr. Fib. 
Do you trade Fib. Convergence or Gartley?
Daedalus, Great work with this thread, nicely put together, congratulations!!!
On the 60 min USDCHF charts, I took this trade today (on a demo account) and I would like to know if I did right. I shorted at 23.6%, stop loss at 45% and tp at -10% (shallow pulback).
Thanks for your help.
Why short at 23.6 and not at .50?
Just following Daedalus suggestion, āshallow pullbackā method.
May be you are right and one should choose the 50% retracement, reading this thread I am under the impression that the level you pick up for your entry is merely a matter of personal preference, on some of the charts posted you could see entries at 78%, and they worked ok!!
Iām not saying you should use the 50, but in that case I would rather enter @ 50 than entering at all. Guess you have your reasons behind your entry. That 23.6 is no longer a retracement after the pull back from 50 IMO.
Thats a nice setup Rod! That is textbook shallow pullback there. Like iāve said before I really donāt trade the shallow pullbacks too often anymore. They still work, donāt get me wrong, I just find that I have enough to keep me busy with the deep pullback setups on the 1HR and 4HR charts these days. The 4HR has been MONEY these past couple days in the markets. Lots of PERFECT setups.
I hope all of you are still finding sucess with this method. Please let me know if you have questions!
Cheers!
Well, I got burned on that trade.
Still cannot tell what caused that spike in the dollar during the Asian session, anyone?
Probably I should not have traded during a public holiday in the US and the UK, it is very likely equivalent to trading on weekends. Moreover, lots of early Tuesday morning news releases, should have been mindful of those. Things to consider for the next setup ā¦
Thank you Daedalus, I will switch to the 4 Hour timeframe, it looks worth a try. Have to be more patient though, less setups !!!
There were some WIERD undulations in the market this morning. Iām not quite sure what caused it either. Iām sure you werenāt the only one affected by it!
Daedalus - a big thanks to your good self for sharing your method, Iāve been applying it for a few weeks now and things seem to be working out - Iāll buy you a few pints of guinness if you ever come to Ireland! I was just wondering if you pay much mind to fundamentals? My approach is to incorporate fundamental analysis with the technical aspects of fib retracement - although it leads to even less trades being taken, I find it keeps me out of more bad trades.
Rod - the spike in that session could have been down to the German consumer confidence report (came out 7am my time, think 2am your time?) After consolidation and the long weekend, EURUSD was itching for direction -the poor Euro report gave USD a huge boost, spiking massively against EUR. USD was bought up across the board, making substantial gains against CHF, JPY, GBP for that hour. You could try adding a stoch? If you had a stoch on your charts, youād have seen that USDCHF was pretty much oversold when you went short on it, would have kept you out of a bad trade. Keep out of the bad trades people, the secret to forex success!!!
Hi Daedalus,
Several hourly setups forming across the board as I typeā¦I like your style of fib trading and will be forward testing in earnest from the latest batch of signals. I prefer to use the daily 5,3,3 stoch for trend (on hourly setups in paticular) but iām guessing it probably evens out in the end against other indiās/methods for determining trend for this strat, so no big deal.
Out of interest how has May been for you, using this?..iāve had a tough month.
ATB & good trading.
trout - i donāt personally use any type of fundamental analysis but there is no reason why you canāt. Iām sure it could help. I just find that it is one aspect I donāt want to incorporate into my method personally.
Cowaboi - There are some tasty 1H setupsā¦ iām waiting to pounce on them as well. Actually long the eurjpy as I type.
I was up 383 pips trading the 4HR chart only in the month of may. I missed a lot of signals (they went while I slept) and played it real conservative. Iāve been focusing on refining my e-mini futures trading so forex has taken a backseat. The stoch filter could help - iāll def. check it out. I typically just try and trade in the direction of the 4HR MA bias on the 1HR. Same idea i suppose!
Iāll post up more setups to give people a refresher of some setups this week.
Cheers folks!
I sincerely appreciate this advice. I placed the Stochs on my next setup (short EURUSD last nght), and it worked!!! My first 51 pips. Thank you to everyone who made a contribution to this excellent thread.
Just wanted to point out that I mentioned this back here: 301 Moved Permanently
lol. Sorryā¦ Just wanted to point that out. CONGRATS ON THE TRADE!!!
Cheers!
I would like to thank you all for helping me in the Fib retracement of the EUR/USD setup as I made over 60 pips.
Keep it up
Cowaboi - There are some tasty 1H setupsā¦ iām waiting to pounce on them as well. Actually long the eurjpy as I type.
I was up 383 pips trading the 4HR chart only in the month of may. I missed a lot of signals (they went while I slept) and played it real conservative. Iāve been focusing on refining my e-mini futures trading so forex has taken a backseat. The stoch filter could help - iāll def. check it out. I typically just try and trade in the direction of the 4HR MA bias on the 1HR. Same idea i suppose!
Iāll post up more setups to give people a refresher of some setups this week.
Cheers folks![/QUOTE]
Well done Rod, first of many I hope!