Hi Cue Ball.
My previous reply was written before I saw yours!
I would gladly take a 3-5 pip profit with 100% success rate!
Mine is about 60-70% at the moment.
I find it difficult to follow all the trades though, especially watching 2 charts (EUR/USD & GBP/USD), so I end up picking the losing trades quite often!
The 10 pips is including the spread.
I don’t even have the zig-zag indicators, so just doing it by eye and a trend line marker.
And a question for everyone:
Anybody experimented with a trailing S/L?
Maybe 5 pips?
Hi Blizard,
This is my trade from this morning, hope I’m still on the right track as I haven’t got the luxury of self painting Swing ZZ so I’ve had to improvised.
Hi WayneG,
Q. If you’re doing it by eye are you drawing the Fib lines like how Blizard recommended?
Lol i missed that one, sods law you go get a cup of tea and miss thr best action!!
Thought it was just me - I went for a bike ride! lol
Hi Cue Ball.
I’ve always used pivot points on my charts, so I didn’t feel the need to have more S/R lines on my chart.
Hi WayneG,
If you look at post 283, you will see i use both Fib and Pivots, the Red is the fib (drawn from the previous days H/L) and the Black line is the Pivot. I also use green for “00”. I’ve notice price interacts with both. hope this helps
Hi Cuey.
Nice one!
I see you enter on the candle which breaks through the line, even if it’s not by much.
I feel this is a bit dangerous as the line could be a resistance level.
I prefer to see a whole candle break through or at least past 5 or 6 pips before entering.
Hey Wayne,
As per the paragraph taken from first post by Blizard “The system uses only one indicator along with fibs and 100 levels to show higher support or resistance places to maybe avoid. You connect the the last 2 confirmed dots, and (wait for a candle to break below or above and enter the trade.) Place your stop loss and the last dot of the opposite color. Its that simple. In order for the dot to be confirmed and not repaint, please wait for the opposite color dot to appear before drawing the trend-line.”
I was trading away from both the Daily PP, Fib and price support level so I was happy to enter any trade going short! I also had indicator convergence, if there was divergence then id of leave the trade. Hope this helps.
Oh btw the price got rejected by both the pp and fib level. It found support at “50” level so I I was happy to see it got broken so I entered. as you can see the price got rejected again by the "Red"Fib level before taking a nose dive.
This was my rational behind taking this trade.
BLIZARD feel free to put me right if anything I’ve said, that doesn’t agree with your strategy.
Thanks CB
Hi Cue Ball.
It wasn’t a criticism re. entry. Just the way I do it.
I guess you are using the system as the rules are laid out, which sounds like it is working well.
I’m struggling to see the advantage of fibs though. For instance, the latest ones are about 20 pips apart. There is bound to be some reaction which you can attribute to lines that are that close together. Or maybe it’s 'cos I’m not used to them?
Added to that pivot points, 50 & 100 levels and you have more lines than BT!
Everything else makes sense.
Anyway, I’m battling on with this system, which is working ok at the moment.
Cheers,
Wayne.
Hi Wayne,
I knew you wasn’t criticising. I enter on the break because I’ve back tested it and saw worked on the initial break most times ad other times it bounce and break the next time it test again like today’s trade.
I was like you mate, I didn’t see the point about fib lines and was just using purely Pivots. Some days the price would interact with pivots and other days it wouldn’t. I recently started using fib and straight away my accuracy improved. I use the fib, pivot, 100levels/price action to determine S/R levels and take profit. I was amazed to see how price really interacts with the fib lines.
The point about fib lines being 20pips apart sometimes is a bonus in my opinion as this is a scalping strategy and not a position strategy.
Cheers CB
as you said in your post *When there is a down trend (the trend-line slopes downwards), you are looking for the breakout up only. And when there is an uptrend (the trend-line slopes upwards), you are looking for the break down only.
but what to do in following condition
***When there is a down trend (the trend-line slopes downwards), we got the breakout up only. And when there is an uptrend (the trend-line slopes upwards), you got breakout down only.
please reply
thanks
Great trading Cue Ball. Thanks for posting your setups! I think you are right on the money.
Blizard Im waiting for your reply
If you go through the previous post Christina you’d see that Blizard posted that he trades 2am-6am EST and 8am-12pm EST,
FYI I trade 7am-12pm (London session)GMT-0 and 1pm-4pm (US session)GMT-0. Hope this answer you question.
Blizard just want to say thank again, made some serious pips from since 7am-11am GMT (till just not). Made well over 50pips using both EURUSD and GBPUSD. Am finished for the day.