SimpleFib Trading
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thread: SimpleFib Trading

  1. #1
    Junior Member McKenzie's Avatar
    12

    SimpleFib Trading

    Hi,

    This Really is just an Expansion of This Simple and Consistent Fibbing Method Thread. Taking trades utilizing that System.

    I trade H4 and Daily charts and mainly the GBPJPY, EURJPY and NZDJPY. Basic principles might be grasped from ribbon.

    Fib Settings being used:

    100 percent - High
    0% - Low
    80.9% - Resistance
    19.1% - Support
    38% - Short Grade
    62 percent - Extended Level
    50 percent - Pivot
    1.34% - Bull Goal #1
    1.55% - Bull Goal #2
    2.27% - Extended Bull Goal #1
    2.68% - Extended Bull Goal #2
    -0.34% - Bear Goal #1
    -0.55% - Bear Goal #2
    -1.27% - Extended Bear Goal #1
    -1.68% - Extended Bear Goal #2

    Some Essential Principles and Guidelines:
    1. Retracement to the 19.1/80.9 on a swing mainly heads for elongated target #1
    2. If a daily bar closes bearish, price will most likely retrace to the short level of that bar and continue to its targets. Occasionally retracement may deepen to long/resistance amounts. Vice versa for bullish closing bars.
    3. If price reaches a target and neglects to shut beyond, this could indie the end of the move and the beginning of a reversal or retracement.
    4. If price shuts past objectives, this could imply targets will be used for support/resistance for continuation.
    5. The places on the fib will be the support and resistance levels.
    6. Most times when price reaches an elongated target the market reverses or gives a strong retrace.
    7. Consistently fib the swing that began the current move and also the major price bar (if any) in the bottom/top of the move to get a good estimate of where price is headed. Example below...

    Figure A - shows that the swing on which price purchased
    Figure B - shows that the major price bar in the base of the move. How tightly the price targets converge? Look at price reaction.


  2. #2
    Junior Member McKenzie's Avatar
    12
    Hey everyone,

    Interesting picture on USDCAD which just attained bear goal #1 on market off swing and elongated bear goal #1 of major price bar near the peak of this move. These targets are attained at a key level of service around 1.0900, and may imply cad pair may go upwards and dollar pairs will probably be down down from here.

  3. #3
    Junior Member KuKoBcN's Avatar
    2
    Hello everyone, attempting to take profit on ej and gj transactions shortly. Gj also buying up into daily swing resistance and major price bar extended bull target #2 so major short setup could rest in this area. picture
    Beautiful transactions. I believe you are carrying most trades on daily now. I also experienced that 4H is better than 1H. So may be one day I will also shift from 4H to daily.

  4. #4
    Junior Member KuKoBcN's Avatar
    2
    Buy limit order for USDCHF @0.88339 SL:0.88050 TP: 0.89150

  5. #5
    Junior Member McKenzie's Avatar
    12
    quote Beautiful trades. I believe you're carrying most trades on daily now. I experienced that 4H is far better than 1H. So may be one day I'll also change from 4H to daily.
    Thanks 786! Yes the larger time frames make the picture a lot clearer especially for bigger moves.

  6. #6
    Junior Member Isoxel2207's Avatar
    2
    We miss you, hope you're doing great.

  7. #7
    Junior Member McKenzie's Avatar
    12
    We miss you, hope you are doing good.
    Hello Ab4x, Thank you for checking . I'm doing well, thank you. Taking fewer transactions mainly on daily as I get the opportunity and posting.

  8. #8
    Junior Member McKenzie's Avatar
    12
    NZDUSD currently in daily minor swing resistance. . .shorts from here could head to minor swing service (80.9) as far as long bear target #1 (227)

  9. #9
    Junior Member McKenzie's Avatar
    12
    NZDJPY in H4 swing resistance (19.1). Shorts probably targeting swing extended bear target #1 and major price bar bear target #2 in 87.50 area.

  10. #10
    Junior Member McKenzie's Avatar
    12
    GBPJPY struggling below short level of major price bar, also from current picture, is targeting the service amount of this daily major swing (80.9). Awaiting confirmation on H4 before shorting as price is right over the major swing extended.

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