Sell trade triggered within the hour of London Open. I again set my SL @ 38.2 Macfibo level (1:1) because I would be on my iPad and I don’t know how to set auto exit when 5x8 buy happen. Plus… there were plenty of economic news later that day so I just set @ 38.2.
There was a bullish ‘spike’ that almost hit my SL. Just for the record, there will be days when your SL got hit almost as if just to piss you off!.. and continue hitting your pre-determined target… well without you in a trade ofcourse.
Fortunately, my SL didn’t hit and price continued like a waterfall and hit my TP. That’s only half of my favorite part… the other is… look how price bounced as soon it hits 1.618! Seeing that price action, you know you have maximized your profit as soon as price broke 20sma. I harvested 37 pips in this trade.
Happy trading!
MACFIBO 2012 STATISTICS (Update 22/2/2012)
Avg Loss : 26.2
Avg Win : 36.2
Net Pips : 786
Win Percentage : 66.6%
I’ve traded Macfibo (old and new) with EURJPY, GBPJPY, USDJPY, EURNZD and EURUSD.
I have traded plenty of other methods (some developed by others, and some by myself) but not as much as Macfibo. I can say 90% of my trades are Macfibo. Macfibo is my favorite and one I deemed as more ‘reliable’. Other methods are for different type of trades such as for my ‘scalping’ needs and ‘long term’ needs. Macfibo is for my ‘daily pip’ fix.
**I do take note the bearish engulfing candle at PT A, I am anticipating a reversal as well in which I will take as soon as 5 cross 20sma to the downside. But, I can’t predict the price action. The R:R is good so I will take the trade… mechanically.
I enter the same as u, it is right at the Daily Pivot & 1.272 is right before the Weekly R1. I just put the pivot & S/R indi on for monitoring purpose, as your rules did not take that into consideration, but u did mentioned it is info worth to consider.
Hi there, there are times when things such as pivot will block the way and sometimes Macfibo will just break it. It does help if Macfibo triggers as the pivot is out of the way but it is not always necessary. You can tweak and modify the trading rules all you want buddy. If you don’t feel comfortable trading/TP at 161.8 because pivots is on the way, just TP at these S/R levels. It’s all about testing it and obtain statistics.
After looking at infinipips chart and where he puts his PT A, makes me question my PT A. Is it the bearish candle or after that. Then I made a little investigation. PT A (the crossover) is infact at the bearish candle. 5ema is above 20sma. So infinipips, I think you should consider to change your PT A (up to you if you wanna hehehe… any losses cause from this, I can’t hold responsible… )
I calculated the daily pivot for today. Price is trading above it right now. I just thought Id share this to all of you guys. In a +ve pips now, testing 127.2 now (m15 forming a double top). Just stick to your stops. Relax. Watch a movie or something. Off to watch Goodfellas.
Is there any way we can post our charts in better resolution, so if anybody needs to download and zoom??
or we can start skype chat for traders here following your system, I am sure it will help
Let me digest that suggestion okay brother hehe… Im in the car now driving… I will reply properly once im in the comfort of my trading desk… Which i wish i coukd call my home office… Someday… Someday.
Based on my quick visual analysis, there seems a head and shoulder pattern forming… It would be an interesting price action in the upcoming hours. Waiting for another signal. Happy trading.
hope to do it today again.
news not good.