Just witnessed the funniest thing I've seen in ages. Lady with partner on beach. Very, very windy. Partner gives lady toggles for a massive kite. Lady dragged 200 metres along beach with partner running flat out behind. Why did lady not just let go? I am still holding my sides as on the way through she took out several picnicers and a group of walkers! I lost my bet as I thought she was going to properly take off. Ah well in the absence of the black and gold, you need to bet on something.

Have a great weekend team. I hope you all had a great week and managed plenty of pips.

Kite laughing rockie

FX,

If the 5min charts go away does that mean less time in front of the PC?
Can you elaborate, please?

Thanks,
Honest Bill

Hi, NekronFx

Good idea for you to post that.
I am also using something similar - from Oanda labs - like it because it is graphical.
Check it out:
Currency Correlation Table | OANDA FXTrade InfoCenter

Also, i think i saw somewhere MT4 indy that does that in chart window - so can someone post it here, thanx.

__________________
I have set-up a free Skype chat. It's called The Boiler Room. I will be there each day trading strategy from School Of Pimpology thread. Feel free to join in the fun.

Hi,

we have a lots of talk today in The Boiler Room about using Fibs when trading this strategy. In general we all think the same, just everybody use it differently .

I know that Mr. Pimp is using Fibs for TP but here is my opinion on that - my way of using it for safer 1-2-3 entries and good TP levels.

EURUSD example:

1. First we must check if pair is playing by strategy rules - where are MA's, are they stacked nicely, is there any pivot point on our way, gold and crude moving in the same direction, and is our pair in sync with gold and crude.

2. Break occurs - i missed that one on chart because it was early in the morning but you can also skip initial break and play it safer with 1-2-3 entry later.

3. Wait for price to bounce on something and start retracing (RED ellipse on chart) - and then draw your Fib from Top to Bottom because pair moved in that direction (and vice versa). You can confirm the retrace by watching CCI 7 crossing 00 line to +100 while CCI 63 remains under 00 line.

4. Price moves through various Fib levels plotted on your chart and bounces of 61.8 (GREEN ellipse) - this is a perfect Fib retracement (price can bounce on 23.6, 38.2 but 61.8 is ideal - google Fibonacci forex trading and read a bit).
If doesn't bounce of 61.8 but continues move up - leave this trade. Ok, back to our example - you can see that with bounce of 61.8 our CCI 7 start to turn down to 00 and within few pips you have your perfect 1-2-3 entry.

5. Now we need to determine our TP target (VIOLET ellipse) - as you all know we usually do it by looking next pivot, MA or trend line for price to bounce but it is very useful and also very accurate to look TP with our Fib tool - now that is called Fib expansion. Usually i look for 38.2 or even better 61.8 level but you always watch CCI's to confirm it.

In our example we have to the pip accurate Fib TP level for some 40-50 pips - perfect extension to Mr. Pimp's strategy.

Try this over the weekend and post here any thoughts on Pimp's strategy.

See you

Attached Images

pimp fib.gif (33.7 KB, 662 views)

__________________
I have set-up a free Skype chat. It's called The Boiler Room. I will be there each day trading strategy from School Of Pimpology thread. Feel free to join in the fun.

Cako,

Not taking anything away from anyone else's extremely valuable contributions - most notably FXPimp's - but that was one of the best posts I've seen on any thread on any forum on any planet.

Good stuff!

Splendid weekend to all, look forward to Monday already! Very keen to try out Fibo's on the lawn that needs mowing!!

Spitfire

My goodness, AudUsd just keep on going down. It just blew past all the near term resistance levels. Could have stayed longer, but oh well.........got only 150 pips from it this week.

As you maybe know Fibs in MT4 are a little bit different than on other trading platforms like ex. Oanda's where when you plot Fibs you get retracement levels together with expansion levels (or TP levels in our case).
MT4 has Fibs separated to Retracement and Expansion part.

In order to use Fibs like on any other normal platform i have modified it and you have the instructions on pic below.

First thing you need to do is to plot Fibs on any chart and after that simply follow these instructions.

Attached Images

Fib-settings.jpg (143.3 KB, 588 views)

__________________
I have set-up a free Skype chat. It's called The Boiler Room. I will be there each day trading strategy from School Of Pimpology thread. Feel free to join in the fun.

Thanks for that Cako............

Hi Rocwell,
Not seen much of you on the thread. Too busy spending your pips? Some good stuff on the strategy and fibonacchi. Personally, I have found it a useful tool but I only incorporate on my hourly and four hourly charts and something which is dependent on the instrument you trade. I would not use fib for instance when trading the black stuff! It's all personal prefs, as I like to get in and out based on watching my cci's on 5 min chart.

Have fun this week coming. It wouldbe interesting to see how people faired on the pip count using fib and not using fib? But not my pips to play with so I'll keep quiet.

Good luck trading this week. My holiday destination wet and still very windy.

Fibbing rockie

Found my answer....disregard