That MAC looks awesome! i dont like trading Fibs as i can never decide where to place them, i see dailyfx use a Fib they put on after a major downturn on EUR/USD in 2009??
Anyway, i trade naked, straight chart patterns but that leaves me quite indecisive and i get into trades halfway through - missing many pips.
Can you tell me what numbers you used for the moving average crossover?
Hello guys! Sorry for no updates, posts, holla, trade reviews etc etc… I am very busy… and still am at the moment. Just want to quickly say : Market is thin! Very thin… market is waiting for the NFP. I notice there is a buy signal early Asian session. If you are still in a trade… put fixed SL incase NFP data goes against your trade. Good luck!..
MACFIBO Edition 1.1 will be released not later than 9th April 2012, Monday. I am sorry for the delay due to unforeseen circumstances, I have to delay the release by a day (supposed to be released latest tomorrow afternoon). I am very sorry.
If you noticed I haven’t been able to comment anything since yesterday, for that I am very sorry. I will try to answer/comment anything that needs to be answered/commented as much as I can today. Thanks for the understanding guys!
Whilst oscillators, bands and such are good tools when used correctly, but I think I should remind the majority of Macfibo traders here especially those are just starting out, to keep everything simple, objective and basic. I must admit I include price action analysis in my Macfibo trading but it still remain ‘objective’ such as picking “Significant S/R Lines” in which I will publish in Macfibo 1.1 this monday. Adding the “third indicator” for Macfibo is not wrong but more often than not, will give ‘mixed’ signals and eventually will confuse new traders, and that’s the last thing you want to be in “Paralysis” caused by confusion.
I’ve touched every man-made indicators you can think off and I have my own reason I don’t use things like bands and oscillators specifically for my Macfibo trading. But it doesn’t mean it can’t work with Macfibo. I perhaps haven’t identify any pattern from say Stochastics, clear enough to be my trading edge. Bands are good indicator, I admit I’ve used it extensively when I first started trading.
What I am trying to say, if you just started trading (not more than a year), keep things simple as possible and if you choose to trade Macfibo in your ‘introductory’ year in forex trading than it is best to keep it at utmost basic and don’t adding more indicators unless you are more than sure what you are doing with the readings came from the indicator. Should you want to add a ‘third indicator’, do make sure you backtest it extensively (my own standard in backtesting ‘extensively’ will be covered in Macfibo 1.1… but obtaining data from 100 trades is NOT ENOUGH) and see if the results is acceptable to your trading objective. Obtain statistics from it so you can analyse it’s peformance. I am very interested to hear about it.
I’ve backtested and paper traded using “solely” on M15. The smaller the timeframe, the noisier it’s going to be. I never trade it live using solely in M15. As I stated in the guide, I never trade it less than H1. I strongly reccomend NOT to trade it lower than H1. Why? I never like the performance result of basic Macfibo under H1 TF.
You place a limit order at the 161.8% fib level as soon as the trade enters, so you will exit the moment that price hits the 161.8 level (and thereby also hitting your limit order).
If 161.8 is never hit and price moves sideways, the 5x8 will eventually happen and then you exit manually.
I saw many times that the price goes beyond @161.8% level. How will I take advantage of this situation If I take profit at
that level? Should I reenter? and another thought: Is it possible to use something like trailing stop?
Objectives are as important as stop loss! When you give yourself an objective (161.8), you should respect it! Having AND respecting a trading plan is THE way to be succesful, keep it in mind =)
Entering a late trade is NEVER a good idea, as you are NOT joining with a re-entry signal, but just trying to “follow the wave” - never do it mate: it always leads to problems!
How to take advantage of that situation? Many ways.
You can split up your position, taking profit with 70% of it at that level, and letting the remainig part run till next fibo level
You can move up the stop"loss" till BE or even a bit higher to save up some profit and letting it run
When should you consider such an option? The answer is surely [I]not [/I]in MACFIBO signals. You should analyze market structure and mkt flow, looking for confirmation on higher TF’s. Check price action, indicators (as very last thing!) etc etc
[I]Pls avoid what stated above if you are new to trading[/I]
Let’s start saying, in order to not get misunderstood, that I use very very few indicators (2? And never together), only to look for a confirmation of what already in my mind throught different indications such as correlations and price action mainly.
Correlations and divergences in my opinion are really a HUGE weapon, economy in general is full of it and avoiding them seems an error to me. More than to paralyse the trade, in my opinion gives a deeper understanding of the market moment.
Keep in mind I don’t use all the “tools” listed in past post: I simply have different weapons to use against different enemies (situations) , I do agree that looking for too many confirmations lead to paralyse, but is not what I’m doing.
What I’m trying to do is to do a wider analysis and to betetr understand the market behaviour, not only linked to the previous 2 hours or the mechanical signals
