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Complex trading system #5 (Fibonacci trading)



Submitted by Edward Revy on June 30, 2007 - 13:27.

Traders were asking to post some strategies that will work on smaller time frames.
Here is one very nice trading system that can be worth your attention.

When a trader chooses to use small time frames (like 10 min, 15 min, 30 min even 1 hour) risks to be wrong are always higher than with larger time frames.
Therefore, it is very important to have a really good Forex trading system that can advise on entries with high chances to win and what's more important it should be able to tell exactly where to exit without need to constantly monitor the price.


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Submitted by Edward Revy on November 12, 2009 - 12:33.

Hi Edwin,

4 hour trend - yes, day trend - not always, although if day + 4h trend agree, it only strengthens the point.

Best regards,
Edward

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Submitted by Edwin on November 14, 2009 - 10:18.

Dear Edward

You have been a great help. Is it possible for you to have a short video on using Fib strategy? so as to allow a new trader like me to further understand this strategy.

Thanks

Edwin

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Submitted by Edward Revy on December 7, 2009 - 14:39.

Hi Edwin,

I know it would be great, but at the moment I'm not ready to start with video tutorials, it's too much to take on. Try searching for Fib trading on Youtube, there should be a lot of video lessons to watch.

Kind regards,
Edward

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Submitted by Edwin on January 1, 2010 - 12:57.

Hi Edward

Happy New Year.

Thanks for the reply, i will check it out from youtube.

Regards

Edwin

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Submitted by Kristian on January 14, 2010 - 10:27.

Hi to all!

Just one question, I don't know it was answered before, but the question is : I'm using this strategy for a while and it is very good, I using it on 15 and 30minutes timeframe, so I wonder : If pair is on a downtrend (or uptrend) and I mark last swing high and swing low, and during the retracement does not touch 38.2 level , but the price few pips below 38.2 continues to fall and crosses 0 line, should i leave the high as it was before as a last swing high and just draw new swing low or should I delete the fibo and draw conpletely new one according to the last swing. I have studied a lot about Fibonacci for past three months and I stay only with fibs, 'cause they are very good.
Thanks for your answer!

Kristian

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Submitted by User on January 22, 2010 - 14:43.

can i use this strategy at the longer time frame?like 1day TF

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Submitted by Edward Revy on January 24, 2010 - 21:33.

Hi Kristian,

with this strategy, if, for example, in a downtrend 32.8 Fib level was missed by a few pips (or more), and the price resumed the downtrend, you have to re-draw Fibonacci levels according to new lows.

Longer time frames can be used as well, although you may re-consider 5 WMA to some 9 or 10 WMA.

Best regards,
Edward

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Submitted by Remlad on January 27, 2010 - 12:10.

Hallo Edward, I have been using this strategy - incorporating trendline analysis - with impressive results so far. I do currently use the 5WMA as filter and was wondering what is the reasoning behind the consideration for using 9 / 10 WMA on the longer time frames?

I thank you kindly in advance of yours.
Regards,
Remlad


  
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