One simple case to show. I using FIBO to do trades bcoz it offer a good risk reward. Besides, I didn't take on every retracement, I need price action to tell me what to do next.

DO not blame me for the chart, cause I was not with my mt4. I tried my best to explain jor.

Try post up the larger portion of your chart.

EDIT:
Juz saw your post.
For FIBO, we're not using the current trend to determine, but the previous trend. IF for your case, you should drag from the previous high to the low.

This post has been edited by mphpopular: Sep 19 2008, 01:02 PM


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I do it on this way.

DONT FOLLOW THE CHART BLINDLY, for learning purpose only.

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Added on September 19, 2008, 1:10 pmACtually profesion did tell us that in forex, always the price pattern, FIBO, EW and also those nontime lag tools is more effective in LONGER TF.

A good setup does takes years to form. I nvr go until monthly. THe most I went is into weekly. MOnthly is too far for me, my equity is not enough for it.

Usually for a small TP and SL, i using a 15m chart.
When I use it? During the time after a big UT or DT, then I'll finding out the retracement. BUt I wont trade for the retracement cause is danger to go against the trend. Unless it broke the 100.0 level. Then I'll take that no longer have any retracement, and I'll follow the trend to 127.2 or 161.8.

NOTE:
Must make sure you clear on the market major trend.

@kelvin
Today evening going to SEremban for a trip with frenz, guess only able to touch my mt4 by next week. Paiseh.

And need more profesion on FIBO to teach me also, I still in learning phase as well.

This post has been edited by mphpopular: Sep 19 2008, 01:10 PM


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Try use urself, onnly yourself know what you want. Test out OANDA, IBFX.com. Test this both and see what the difference.

@kelvin
This is the EU that you mention? The double top? IF it is true, we need to wait for a breakout of neckline.


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GJ floating with +190pips. So spiky move. Guess will close it soon.

Edit: Trade CLosed

This post has been edited by mphpopular: Sep 19 2008, 09:05 PM


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EJ might sound worse now. The major trendline juz broken. If by the end of today close, or the daily candle close, the breakout is more than 3%. Guess there's a posibility to held the bump and run case, an inverted one.

This is what I do by Fibo. Juz for learning purpose. I do this in rush, so dont take it into trade. I was in rush of time. But guess this spell out how i drag my FIBO. Wish this helps, normeck.

This is another person view on GJ by using quite number of FIBO count.
http://www.forexfactory.com/showpost.php?p...ostcount=116081

This post has been edited by mphpopular: Sep 20 2008, 08:52 AM


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H&S for both GU and EU.
EU broken the neckline while GU not yet.

Only posted 1 chart since both is similiar


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EU guess this is what small jeff mean.


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NFP day ma. the trading volume usually is like this one lor. I also sit here whole day jor. Then total get 2pips only after 7 trades. Haha. Makan sini sikit, rugi sana sikit. Baik I pergi tidur...

Very boring. So juz post some chart la... Market so quite

PS:
Kelvin you here? Oanda spread as we know is not fixed one, but sometime the spread goes higher than those mt4 broker such as GU EJ pair. GU can goes until 4pips spread while in mt4 only 3pips.

Comparing now and thinking apa broker is considered good...

This post has been edited by mphpopular: Oct 1 2008, 06:03 PM


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I guess I might need your explanation in the interest part, I did try the demo for oanda and still cant figure out what is the interest about.

This is what in my mind : Plz do correct me if I'm wrong

There is 2 interest in the oanda trading account.
1st interest type is calculate based on your equity you have, then you get interest every day. (Juz like saving acc)

2nd interest type is for every trade you do, you get interest, the longer you did, the more interest you have. (But I dont understand why there is this interest, what is it for)

Thanks kelvin, I understood already, it is much similiar to the SWAP rate in mostly mt4 broker.

@adam
Ya, very boring the market, the uncertainty making traders/investors no dare to put money in. Rather to hold the money on hand.

Edit:
news not yet out, but the Eur already down non stop? For wat reason. Loooking

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Added on October 1, 2008, 7:57 pmWow. it is too faz. The consolidation part broken. But not dare to take in any trade le, NFP still there waiting.....

80pips movement in a 2min

This post has been edited by mphpopular: Oct 1 2008, 07:59 PM


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I hate to trade nearby the news. On hold with EU short. SL adjusted to +1.
Will close the trade as soon as posible, moz importantly closed 3min b4 NFP.

Dangerous stuff coming out. Wear spec first, Zoom in ZOom in ZOOM IN, see properly what happen.....

This post has been edited by mphpopular: Oct 1 2008, 08:14 PM

OMG, wasted my pips.

I closed my EU short 3min b4 news come out. Now opened a short again.

Syok man... Although miss out some pips in middle, but still able to take the ride.

This post has been edited by mphpopular: Oct 1 2008, 08:30 PM

GJ move downward so ganas. CLosed out for 40pips too early... Its ok, always another day to go.

Haha, I can come slap you and slap myself as well.
Let me tell you what I've done.

I short it EU since 1.4078 from today morning. Holding and holding. But 2min before news come out, I closed it wif +1 at 1.4077.

Then after news come out, I short again 1.4048. But due to tight SL, the trade closed at +1 again.

BUt then I open 2 short again at 1.4026 and 1.4035. And this time not so easy to ask me close it again.

EDIT:
GJ lagi teruk, short at 188.66, I use the expert advisor (EA) to closed 0.01lot at 188.26. But mana tau, it closed all my position at there. Siao eh. If not, now I already laughing but not typing here.

Guess everyone will have this kind of experience. THis is so called "anxiety", we keep on worry the trades and so on and that y we always closed it earlier. Now I act abit pandai, I place my trade, set all stuff on, then I go see my anime "bleach". Easy, win then win, lose then lose, I must learn to trust my self.

This post has been edited by mphpopular: Oct 1 2008, 09:19 PM

Bro, the two short you take is the most precise place to short le.... OMG.... I really can scold u jor... NVrmind la... Forex always here.

BUt my EU I will hold and test for 1.3850.

The EA is use to manage your trade.

For example, I open a trade wif 2lot, it will close my 1lot at 30pips, then move my SL to +1, and close the 2nd lot at 60pips.

Named as managetpv... But the EA author havent finish settle the bug inside, that what happen to me juz now. BAD BUG

Haha, ya... News is dangerous. ISM coming in 30m, it might able to turn the thing around. I will closed half of my EU short soon. And keep another for long term shorting until 1.385. See how it goes.

EDIT:
Take a knife and kill me for using that stupid EA to manage my trade. PROFIT ah...... MONEY ah.... Running jor.... Ahh.. Money dont run.

This post has been edited by mphpopular: Oct 1 2008, 09:35 PM

I have the mq4 file. I can sent to you and have a look if you want. Can show you the thread as well (With the condition I manage to find it lor.)