fib. expansion and retrace in forex

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Quote from Carpet Cleaner:

Here is my first project for shop class.

Short the AUDNZD based on hourly divergence DT which is also divergent on the daily chart as well. Targets are shop based fib levels but I took the fib tool off to see better.
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Still short with Shop's "three drives to a top" now in place with super duper divergence.
 

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09-06-11 09:46 AM



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Quote from Carpet Cleaner:

Still short with Shop's "three drives to a top" now in place with super duper divergence.
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the trade was at the DB

a .76 retrace

double histo humps on the zero lag

diverged and crossed the zero line

higher highs and higher lows

where is the " second histo hump" on your setup.............???

...................................................

also was a trade to the left side of this same chart

4 to a bottom
double histo hump
it pops after the histo goes positive.

do you understand what is required in the setup.............?

s
 

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Quote from targus:

S

At the outset of a trade what size s/l do you use? At what point and how big do you start to use a trail, when it hits the money line?
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your stop is .5 to 1% of equity.

want it wider..........?
chop you position in half and double the stop distance away.

wider still.......?
chop position size again and place it 4 times the distance away.


my trailing is a custom algo. written into an exit door EA
it is dynamic

there are a bunch of guys in ET who have written stuff and posted it up.

pls search the other threads.

.................................................

i do not line up diff. time frame charts.

trade the chart for what it is

if you do not know the prevailing trend on your chart time frame , do not trade.

simple as that.........

s
 
S

Excellent answer on the stops, best I have heard by far.

Now time frames, tell me, if you have a frame, say, I dunno, the 5m t/f and the fibs are telling you long and on the 15m t/f they are telling you short, but the 1hr is saying long - are you saying that you will then go off what your macd (non lag) is showing? Is your macd the end point if you will and your s/l your saviour should either one fail?
 
Quote from shopster:

...
where is the " second histo hump" on your setup.............???
do you understand what is required in the setup.............?

s
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I checked the whole thread and there is no mention of a required "second histo hump," just divergence.

Here is a DT example you posted. Where is the second histo hump in your DT example?

http://www.elitetrader.com/vb/attachment.php?s=&postid=3291261

So are you saying my setup was wrong? Why? Seems to me that it was similar to what you have posted here in this thread, and it was simply a losing trade. I assume that this set up does produce losing trades from time to time, right?
 
C,

your link pic

price double topped
the histo bars are already pointing south on both legs

so you are with the trend
........short.

....................................


my very first post in this thread was a "cork under water histo" setup

the second leg down already had the zero lag positive

notice the bars do not move under the zero line on this leg

pull the second leg down" but the histo stays above water..."

you know you are with the trend if it does not drop under the zero line on leg 2.

.................................................

the trade was on the wrong side .

i will post more pics and mark them up to clearly define it

s
 
Quote from shopster:

the trade was on the wrong side .

i will post more pics and mark them up to clearly define it

s
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Thank you, I appreciate your response and look forward to learning from your examples.
 
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