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- Dazfx replied Mar 31, 2008
Those who went short on Cable (daily) will be smiling their way to the bank. Remember, 61.8 retrace. The cable is playing out the ABCD move on the daily, so I will take every setup I get on the hourly.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
Chowclown, yes stick to your own analysis. I also thought, the Yen pairs were selling off. This could be a mini retrace, in which case, still has room to go up.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
Yes Effilang is right. The short setup on EJ on the 4hr is still playing out.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
Yes, you can just have one target at FE 78.6 (remember, the Entry/ Exit rules are what I follow, you can make your own rules). EDIT: We might have the pullback on Cable (61.8[daily pivot] or 78.6 level).
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
Hi Effi, Good to see you here. Yes fibs are an excellent tool. Hope to see you here often, and good luck with the trades.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
Usually 5:00am GMT+1, but on Sundays I usually stay up all night (not trading though, unless I see a setup). Btw, a very nice EURGBP trade that I might have forgotten to mention.
Powerful Fib Based System - by DAZfxDon't have all my monitors (in a hotel), so I might miss some ...
- Dazfx replied Mar 31, 2008
Hi AT, Yes, you have got the hang of it. Remember, when looking to short, either you enter on the 5SMA or even better, enter slightly higher (as the higher it goes, the tighter the stop loss gets). I was watching the 5-15mins charts on the entry ...
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
No, I am suggesting only to move to a larger timeframe when the waves are too big. (ie, an AB wave with 20 candles on the hourly, will only be a wave with 5 candles on the 4Hr chart, and hence, you look for the entry signal on the 4hr.) This is ...
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
I thought you were referring to USDJPY. But you have on display the USDCHF chart. This is how I drew the fibs on the USDCHF pair. image If you are just starting out, I wouldn't recommend this trade, because the Stoch hook occurred earlier.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
Hi PID, My weekend was great, how about yours? And I am still in Central London, won't be home till Wednesday. I am in USDCHF and GBPUSD trades, but they are both about to hit my last target.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
Sorry mate, but I can't see the chart. I see the wave is too large, if it was me, I would use the 4Hr timeframe for an entry. An ideal setup should consist 4-10 candles. The lower, the better.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
GJ has already done its retrace. Your Entry should have been the 2:00am GMT+1 candle. If you miss a move, its best to wait for the next setup, because the risk/reward gets worser as the price goes in your direction.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 31, 2008
Good Morning, Cable headed towards 1.9980, then tanked down. 61.8 retrace.
Powerful Fib Based System - by DAZfx
- Dazfx replied Mar 30, 2008
I think GU might test 2.0000 level before heading down. IMHO
Cable Update (GBPUSD)
- Dazfx replied Mar 28, 2008
Made some scalps based on this system. Thanks a lot to Phil Nel and Golfer (for the specific rules).
5Min Intraday System
- Dazfx replied Mar 28, 2008
Hi Doji Star (nice name btw), About the GU Daily chart, if you have a bullish bias on GU you can target the FE 78.6 region (2.05 level). But this is my take on the GU Daily. image Next week will be very important.
Powerful Fib Based System - by DAZfx