would you use limit orders with your trades?
You could if you want a more precise entry. Personally I just market order in as long as I can get in for a price anywhere under the 50% level on the retracement. Like always, its a double edged sword, you might get better fills on some trades, and others will blow away from you. I decided I rather be in on the action regardless of a couple pips discrepancy on entry.
Cheers!
daedalus,
I see you use tradestation for your charting, Iām very interested in the tick chart formations. You are right, they are very clean looking and are obviously more accurately depicting the market.
Does tradestation provide you with your data feed too or do you use a different source for that. I use ODL as my broker and I donāt think I can interface tradestation with them. I guess what Iām asking is, do I need to use a separate broker for trading and another for data feeds if Iām using Tradestation for charting? I see that Tradestation does provide FX but I think itās a little more expensive to use their FX platform.
Yea iām loving the tick charts. I just got rid of my 60 minute charts all together and am not trading those off a 512 tick chart.
Tradestation provides the data feed and the chart package all together for one price. If you use them as a broker you do X amount of trades a month and the platform is free. If you donāt, its 99 bucks a month for charts and various data (Forex data is free).
Currently iām just using TS for my data and charting and I use EFX as my Broker because I didnāt want to setup a 5k minimum account with TS.
Hope that answers your questions!
Cheers!
Stumbled onto this video that talks about Fib Retracements. A couple minutes, but well worth the watch. Talks about the basics of Fibs, where they come from, how to apply them in a couple examples.
A look at Fib Analysis:
Profiting with Forex (PFX) - Watch Forex Professionals Currency Trade
edit Found some more by the same guysā¦ good ideas in these videos.
Trading W/Fibs:
Profiting with Forex (PFX) - Watch Forex Professionals Currency Trade
Trading W/Fibs Pt. 2:
Profiting with Forex (PFX) - Watch Forex Professionals Currency Trade
Using Fibs to Set Stops:
Profiting with Forex (PFX) - Watch Forex Professionals Currency Trade
Cheers!
I had a look at the links you just posted and the other links on a different thread .They really have changed the way i view the markets and how i approach my trades. Thanks and keep em comingā¦:D:D
I should mention for anyone just reading this I have modified my chart settings a bitā¦ The changes are as follows: Everything else remains the same!
The only thing I have changed is I now am just using a 21 EMA and 34 EMA for trend bias on ANY TIMEFRAME, and i tweaked my 85% stop loss level to 87%. I also ditched the 60 minute charts for a 512 tick.
Do you hold positions over night, or do you exit every session?
Iāll hold 4 hour trades overnight and some of my 512tick/60min trades. Most of my others I typically exit prior to the session close so I donāt get hit with rollover costs (kind of pricey with EFX).
To be honest, its pretty rare that I have a trade that either hasnāt stopped out or hit a profit target by the end of session. If I do however, and my profit target is going to be greater than the cost incurred by rollover rates iāll hold. Or if the rollover rates are in my favor iāll defiantly hold.
Iām actually looking into using FX Options to take my 4 hour trades with to reduce my risk to increase my overall risk:reward ratios. I think it will be a much more efficient trading instrument than the spot market on these longer term swing trades.
Glad to hear youāve got questions, iām happy to answer them!
Cheers!
im looking to be good enough so i can trade full time when i finish university your posts have been a great help, thanks.
ok, i determine the trend and the likely retracement levels on my daily chart.
Do you set you stop losses off the daily chart or do you set a new Fibonacci levels on your hourly chart and set stops and take entries off that?
If your grid is on the daily chart, that is what determines your stop losses. If your looking on a 60 minute chart, you need to be using that grid to set your stop losses. Basically, whatever the grid is, regardless of time frame, is going to determine your stop loss (a pip or 2 outside of the 87% level).
Make sense?
Fibs arenāt nothing but lies.
Yeah it makes perfect sense
I happen to disagree, I read currency research from UBS and they use fib lines in their analysis. If the big money is using fibs, i suggest you take note of them.
Whether they actually work or not doesnāt bother me, the fact that the big money think they do is enough to merit their use by the individual trader.
Ok, I am sorry I apologize, But I just feel that a Fib will fit anywhere.
However, I do not have a serious bias, I was talking noise. I am new to the community and was really just saying hi.
I am an experienced trader and am set in my ways. But I have no real beef with the fibs.
I believe the mathematic undertones of the fibonacci concept is the stuff of Gods , to be quite frank.
And another thing Just because UBS uses them means absolutely nothing, you have to know where to enter, when to get out , their reason behind taking the trade, and their stop losses if there wrong. Not to mention knowing their targets.
You my friend seem inexperienced. Or far from winning at best and fast at Whining.
A fib may help you predict a bottom but predictions are the stuff of losers.
Now if you got a significant fib bottom (significant depending on your education) and say a MA cross, or a MACd cross or some kind of indicator help/ something to go with it, then you have what may one day be a solid trading plan for buying dips/taking profit from a short created from the use of a different strategy.
But not much else. 
Your quite right, i am new to the currency markets im going into 3rd week live trading, i am however making a healthy profit not from a large opening account mind you but a profit is a profit.
I think youāve misunderstood my last post, i never advocated that fibs alone should be used without taking into account other factors but i do believe they should at least be taken note of.
So many people believe they work, thats good enough.
I actually thought this was an intentional punā¦ 
Not saying its for everyone, but its my niche and i love em!
Cheers!
I find comments like this get under my skin.
They may or may not work, i donāt knowā¦i have never used them. But your conviction that they donāt is seemingly empty and unsupported.
Instead of blurting out useless statements like that which bring nothing to the discussion could you at least back your opinion with some evidence? That might be more helpful to those people considering adding Fibs to their arsenal.
Iāve found that they are just another way of looking at the market. My entries probably line up with some kind of macd cross, or some kind of moving average support, or maybe some type of RSI divergence, or maybe pivots, or trendlinesā¦
So what caused the market to move? Was it my analysis or yours? The truth of the matter is that it is the cumulation of all of the factors that makes the markets move in these predictable patterns. To each his own. They work and make me money everyday so I have nothing to complain about.
Saying they are lies is biased and unhelpful. If you donāt like my method I describe in this thread either provide helpful criticism or stay out and keep your opinions to yourself.
Sorry if i seem peeved, but I have put a lot of time and effort into meticulously explaining how I trade in this thread so others can benefit. If its not for you, fine, but donāt rag on my work iāve taken the time to produce for the good of the forum.
When using daedalusā method with a broder view of market sentiment has helped me make over 400pips trading the GBP/JPY over the past 2 days. Great thread