Fibonacci Trading

Fibonacci Trading

I would like to open a thread to discuss trading based on fibonacci, I know there

are alot of traders out there including myself who trade with nothing but Fibs and I would like to share, along with gain some knowledge with other Fib traders. I have tried numerous methods but about a year or so ago I started looking more and more at fibs and began to see the repetitive nature and how price reacted to them. I have become pretty successful with Fibs now and think I can give something back, because I remember how hard it was to get started trading Forex with no experience.Originally Fibs were very confusing so I simplified them to some degree and have had developed my own strategy with them. More or less a Fib breakout type strategy.If there are any of you interested here is a sample of what my strategy looks like within the chart and we can discuss more if there are any traders interested. For the most part I only trade GBP/USD, but I have been known to take on a few others.Ill post the actual strategy in the next

coming post as well as open the thread to any questions

*Current Videohttp://www.youtube.com/watch?v=Eo1rmbCH5-ohttp://www.youtube.com/watch?v=wZVL5QWG2jshttp://www.youtube.com/watch?v=tW4gqSaskjohttp://www.youtube.com/watch?v=2xSbxEabXHQ Setting up the fib toolhttp://www.youtube.com/watch?v=dsu_iiWO7bY GBP/Yen, S&R

price following exercise

Simple Trending System

sharing a simple trend following system for feedback and improvement. If the phrase "the trend is your friend (until it ends)" is an axiom, then why don't we "keep it short & simple" (KISS)? There are several complicated TA combinations that try to determine the "next trend or direction". Analysis of price action, even fundamentals analysis, is for the purpose of determining the "next trend or direction".If you were to observe virtually any given major currency pair over the last few years, even over the last 6 to 12 months, it would be obvious that the pair moved a few thousand pips in a given direction. Sometimes it would move a couple thousand pips up, then retrace a few thousand pips down. In hindsight it is very easy to spot the direction of a trend.This is the essesnce of the system I'm sharing:Base your entries on the daily charts, with the 4H as confirmation. If today's chart had a higher high and a higher low than yesterday's chart, then enter long. If today's chart had a lower high and a lower low than yesterday's chart, then enter short. Have a 1:2 risk:reward ratio. SL = 2 x daily ATR; TP = 4 x daily ATR. A smaller SL will be victimized by whipsaws. Beyond the visual viewing of the daily & 4H charts, use your discretion (i.e. wait for a pull-back) to determine the preferred entry point.Although this may seem very simplistic, it will give you the edge needed to be consistently profitable. As a matter of fact, even a 1:1 risk:reward ratio will be very profitable. Of course, proper MM is necessary with this system. No order s/b more than 3% - 5% of one's capital