Thanks for the great work, going over everything and testing it out and it seems to do well. Now I just need to ensure I'm drawing in the correct direction.
Going live with 10k: Advice/insights please! 16 replies
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DislikedGreat! Please remember those are tools only, what I mean by that, in itself Fibonacci will provide a mathematical framework an environment that you can operate in it puts everything in a clearer perspective. In order to make money you will need to create an edge in the markets. This edge can have many facets to it, you may be very good in how you cope with losses in other words have a high pain tolerance etc. or you might have an extremely broad and deep understanding of the market structure and all its parts including volume and order flow. etc....Ignored
Disliked{quote} ...But I am having problem with the indicator you built "MT4 S1/S5/S30/M10/H2/H3/H12 Bid/Ask Charts" ... I get an error message after this step: "Press 'OK' on DLL window - wait for EA to update and build your Custom TF Charts (watch text on top left-hand chart corner)" The error message is it cannot create mt4chartsettings.ini....Ignored
Disliked{quote} Hi forexleopard, I am really sorry to tell you, but since Metaquotes have updated MT4 it is no longer possible to build these special charts using this indicator/DLL; Sangmane had looked into this - and if he can't fix it, no one can! Sorry.Ignored
With regards to what I mentioned about trading off of price action, some easy approach ideas for you if I may:
Wait for a retrace, so lets say in an uptrend wait for a bearish candle formation then, thereafter for a confirmation of a bullish candle and trade off of that (you could add rules; for instance, that the market would have to go higher than this bullish candle within the next candle period and if not then no trade. etc.).
And for higher time frames (ie H1 or higher), you could trade direct off of a bearish candle long, in an uptrend, and off of a bullish candle short, in a down trend.
Just some ideas here.
Good trading everyone.
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DislikedJust a live example from today of what I am talking about; the moving average on the first trade setup is very far in reach, so no trade, long that is. And on the second trade setup (second up arrow) looking at the MA a short trade would've actually seemed more plausible given the strong down momentum. Nonetheless, for us it is long.. The theory behind this kind of approach is we would say that, as long as the market hasn't got the strength to trade below the 38.2 or 30.9 level that anything above that one should look to buy into dips/trade off...Ignored
DislikedHi Caleb hope you are very well and thank you for your comments. Fibonacci is best utilised as a reference map showing us if the market is in a bullish or rather in a bearish sentiment price cycle. All I had done was to apply some logic to the various cycles; in saying that, the more price is retracing and establishing itself into a current price swing the more or the greater the chance of an imminent price reversal, unless, price is once again able to 'make it' back into the shallower retracement areas and bouncing off of those once again, which...Ignored
Dislikedbtw, you can use this fib tool on all time frames from 15M up, however it's best to plot one fib on the higher time frame first, e.g. daily, weekly or monthly, then plot the same fib levels again (different colour if you prefer) on a lower time frame, e.g. 15M, 30M, or 1H If price isn't on a fib, don't trade it, simple. Assuming you know candles, the waves cycle of market and stay across other things you need to monitor, like the S&P and any co-dependent currency pairs for the one(s) you want to trade, fibs provide a higher degree of reliability...Ignored