Thanks for the quick reply. So just to make sure, which levels do you use for the extensions ? I see that you leave out the 0 and 100 and basically just use the 38.2, 50.0 and 61.8 as " inside fibs ". As extensions there have been so many different fib recommendations in courses that it makes me dizzy…lol.
Maybe 1.382, then 1.61.8 or even higher, like 4.236 ? I do see that they seem to be quite exact targets on your charts.
Please continue, great charts and later today I`ll set up my charts exactly like yours and I can post always with chart examples.
Everyone have a good start in the week.
michael
Epi, shine the history lessons.
Let’s see you put this in action. Get a fresh pair, and use current only.
That’s where the rubber meets the road.
Some pitfalls I see is using a ZigZag. They tend to repaint, rendering your latest swing high/low useless.
Fibs do the same thing, especially if you are trying to use them while the candles are still forming.
My advice is to stop using “hindsight” charts, and get up to date, and check your theories against current price action. Nothing less will give them validity. This game is played in the “now”. The best place to practice is “now”, and the ONLY place to make money is “now”. Chasing price on an old chart never paid me a dime;)
Good job so far. Regardless of how it turns out, you’ve shown you’re willing to put in the effort for yourself. That’s where it’s got to start to succeed at this.
Cheers!
Yes I should start with the “now”. Guesss I just needed to make myself feel confident in this method before doing so. I only class the zig zag trend line as accepted once the next dot has appeared. So the two dots being used cannot repaint.
Just use 38.2, 50, 62.8, 138.2, 150 , 162.8. Fibs can extend forever… I find these work well.
I beleive its better to use the 1hr TF instead of the 4hr, but set the zigzap tool setting to 4 instead of 2. They way you get a very similar zigzag to the 4hr but with more candles to get a better entry.
I will search the pairs tonight and look for some good setups. Will take one on demo trade and see how it goes. Will post Screen shots.
I cant quite get myself confident with this system mainly because i’m making it myself. Which zigzag settings to use. Which Tf, where to place SL etc etc etc…
I stumbled acrossa VSA thread here on Babypips and think it might be a better way to go for me. Volume, SnR and Fibs.
We will see.
The turn off for this method I have posted is that the setups only come along on reversals… with a higher Tf you can literally wait a hell of a long time for the trend line to be crossed.
Perhaps good for only scalping like Blizards thread on “free systems”
I’ve added this to a system I was using before and its been working wonders in the past week. Obviously this isn’t an indication of a good system but for the week I’ve had it, its been doing very well. I’ve been using it on the 1hr and 4 hr charts so just saying that its been working for me.
