I hope EURUSD will hit TP first before 5x8
Wow! Well, I must say I’m pretty happy right now!
At the same time as entering my long EURUSD trade this morning (near London opening, 07:45ish London time) I saw a short signal USDCHF and a long on AUDUSD and entered into both. Really sorry that I can’t attach the charts, but I’m using charts on ipad, not sure how to upload yet…
Anyway, both have hit the TP! 27 pips AUDUSD and 22 USDCHF.
EURUSD, is 5 going to cross 8 soon? If so, the recommendation is to exit the trade, right? Looking at past indicators, price does sometimes continue in the direction you want, but I guess better safe than sorry?
hi sufian
great system for newbies. looks good! wonder how it will perform in ranging mkts, that’s what always kills me. got a few questions if u dont mind…
- how you manage trade if going to sleep? TP is set but how abt SL? 1:1 RR?
- how you do the MM? esp when we not sure of SL?
- what is e app u using on ur ipad that allows all these indicators?
- how long have u been live with this strategy? very simple but effective
appreciate your sharing. tks a lot!
Sufian,
I found your forum a week ago or so. I could not figure it out the fib at the time so I set it aside. I took another look yesterday and it was like a light turned on in my head. I also saw the 58% win rate and I said to myself no big deal. Then I recalculated and got 68%. Then I got more interested. Six trades later, 5 wins and one lost. 133 pips later. 3 out of 4 during london session and two out of two New York. Attached is one example. I’ve been trading for about 4 years with mixed success. Your method with the hour charts seems to be a sweet spot in the waves and cycles of Forex. I trade ear/aud, nzd/usd, aud/usd, gbp/usd, ear/usd. I don’t like the action with gbp/usd, but I really like it on the eur/aud. Clearly London is good, but
New York although volatile has potential. I usually trade the open of Asia into London so this fits with this I think.
I have tried and developed many strategies, and I think you have something that can be consistent with a 66% win rate and 1 to 1 risk reward or better. I did leave up my Donchian Channels as they give me a look at support and resistance and are good frame for setting targets and stops along with the Fibs.
Thanks,
Greg
It does continue even after a re-cross, but there are times it reverses totally. Though wasn’t the case last night, re-cross for exit happened but then continued towards 200.0 fibo. I made 11 pips loss instead of getting 30+ pips last night. I don’t regret it though, I was sticking to the rules and there was no way I could predict wether the recross is a fake recross (like last night).
Thanks for trying the system and glad that you like it. p/s : I don’t see an attached chart like you mentioned. 
-
I only put SL when I am already in a trade and there will be a high impact news (scheduled) later that day. This is an excellent question. How do I manage my trade on normal days especially when the trade hasn’t developed after midnight… I put an EA that will exit my trade when 5ema cross 8sma (providing it hasnt hit TP ofcourse). I will include the EA very soon.
-
3%-5%… 5% max. The beauty of backtesting, you will obtain statistics that gives you a picture how much losses you will get, how big, average losses etc etc… after 1000 trades… EU rarely hit 90 pips range when there is a loss… average loss are 34-38 pips… then my ‘imaginary’ SL would be 50 pips though I allow 5ema 8sma decides… its quite tricky to explain really.
-
I never post charts via iPad
-
4-5 years now.
I am very happy that you are harvesting solid pips.
MACFIBO UPDATE 16/3/2012
I entered the Buy trade and lost -11 pips. Nothing much else to say really. I’d accept 10-20 pips lost any day than risking 50-100 pips loss. I am not sure how many traders here are actually testing/traded the Macfibo buy yesterday, but those who used the fixed SL technique, would’ve been smiling today… harvested around 30+ pips. Those who exit the trade based on the original exit technique (5ema cross 8sma), then you can be proud that you just did how those pro traders trade… being mechanical, exit signal triggered, decided to cut the loss and exit the trade without emotion.
Incase you were wondering, why I insisted using 5x8 exit instead of the 1:1 RR SL? Because I haven’t obtain enough statistics on it…
hi sufian
tks for the reply. so i believe you do your MM based on an average of 50pips. anyway, i was about what app we can find on the ipad that allows us to set up the fibo not about you posting here via ipad
lastly, using singapore time, what time do you usually start watching for the breaks? 8am - 12pm is to early as its still sydney-asia session right?
sell activation forming???
Keeping an eye on it…
it has crossed…now???
I’m going to wait for the closing price of the crossover period.
Well, that hit quickly! Didn’t get on it though…
Nice system, I really like the simplicity of it. I have been testing this on some 5min and 15min charts. The TP are smaller but Iam seeing a lot of signals. I have one question though. I have read through these post and maybe I missed it. I understand the purpose of the 5 crossing the 20. what is the 8 for? thanks in advance.
I think the 5x8 cross is the exit signal !