Gp's simple daily fibonacci-based system
Hello everyone.
I have 4 very simple trading methods that I can apply: trending markets, swing markets, inside swing markets, and no-trade markets. I didn't invent any of them, the posts in this thread are just how I trade them. I will post my daily trades, trading rules, and any other information related to this topic. I hope you find it as helpful as I did.
But first, a little bit about me and why I’m starting this post. I am 64 years old and have been in business for over 40 years in a variety of industries, primarily financial services. Also, I've been playing physical poker for almost 50 years; online transactions are just over $6. Poker and Forex have a lot in common. To succeed, you must think long term, be disciplined, and be consistent
Like most people, when I got into the Forex market, I spent a lot of time learning indicators, strategies, watching YouTube videos and webinars. Technical analysis, fundamental analysis, volume spread analysis, scalping, intraday, swing and position trading. Three years later, I came up with a trading plan that included: 4 trading methods, 1 money management strategy, and application of the first two strategies with patience and discipline.
My approach, money management and mindset are based on these principles. 1. Your trading career does not depend on: one trade, one trading session, or one mistake. Decisions need to be based on the long term. 2 No one goes bankrupt because of profits. Don't try to pick tops and bottoms, pick profits. 3. People can have their own opinions, but not their own facts. Know the difference. 4. All decisions must be based on FOE-related facts and options, and then choose the smallest disadvantage.
Why discuss this topic? Simple. In my opinion, one of the most important things you can do is to be consistent and always try to learn something new. Actively engaging in my own topics helps me do this. Anyway, I hope you enjoyed this topic.
Fibonacci rules
1. Check the economic calendar for announcements in the next 24 hours to eliminate any currency pairs with upcoming non-farm wage or interest rate announcements. Wait for all major announcements in the current 24 hours within your trading time frame.
2. Identify the trend, up or down.
3. Apply the Fib Retracement Tool to the previous days' highs and lows if you trade after the New York daily close, or use the current day's highs and lows if you trade before the New York close for the day. Drag the Fibonacci tool from a swing low to a swing high if the market is rising, or if the market is falling from a swing high to a swing low
4. Place a pending order between the 50% and 61.8% levels with a stop loss at the 75% retracement level.
5. At the 38.2% level, change the fixed stop to a trailing stop, half way to where you entered the 38.2% level.
6. At the 23.6% retracement, change the trailing stop from 38.2% to a half-point to the 23.6% level.
7. At 0% retracement, change the trailing stop from the O% retracement level to one-half point of the 23.6% level.
8. Starting from the 0% level, adjust the trailing stop to 30% of the total pip gain.
I have 4 very simple trading methods that I can apply: trending markets, swing markets, inside swing markets, and no-trade markets. I didn't invent any of them, the posts in this thread are just how I trade them. I will post my daily trades, trading rules, and any other information related to this topic. I hope you find it as helpful as I did.
But first, a little bit about me and why I’m starting this post. I am 64 years old and have been in business for over 40 years in a variety of industries, primarily financial services. Also, I've been playing physical poker for almost 50 years; online transactions are just over $6. Poker and Forex have a lot in common. To succeed, you must think long term, be disciplined, and be consistent
Like most people, when I got into the Forex market, I spent a lot of time learning indicators, strategies, watching YouTube videos and webinars. Technical analysis, fundamental analysis, volume spread analysis, scalping, intraday, swing and position trading. Three years later, I came up with a trading plan that included: 4 trading methods, 1 money management strategy, and application of the first two strategies with patience and discipline.
My approach, money management and mindset are based on these principles. 1. Your trading career does not depend on: one trade, one trading session, or one mistake. Decisions need to be based on the long term. 2 No one goes bankrupt because of profits. Don't try to pick tops and bottoms, pick profits. 3. People can have their own opinions, but not their own facts. Know the difference. 4. All decisions must be based on FOE-related facts and options, and then choose the smallest disadvantage.
Why discuss this topic? Simple. In my opinion, one of the most important things you can do is to be consistent and always try to learn something new. Actively engaging in my own topics helps me do this. Anyway, I hope you enjoyed this topic.
Fibonacci rules
1. Check the economic calendar for announcements in the next 24 hours to eliminate any currency pairs with upcoming non-farm wage or interest rate announcements. Wait for all major announcements in the current 24 hours within your trading time frame.
2. Identify the trend, up or down.
3. Apply the Fib Retracement Tool to the previous days' highs and lows if you trade after the New York daily close, or use the current day's highs and lows if you trade before the New York close for the day. Drag the Fibonacci tool from a swing low to a swing high if the market is rising, or if the market is falling from a swing high to a swing low
4. Place a pending order between the 50% and 61.8% levels with a stop loss at the 75% retracement level.
5. At the 38.2% level, change the fixed stop to a trailing stop, half way to where you entered the 38.2% level.
6. At the 23.6% retracement, change the trailing stop from 38.2% to a half-point to the 23.6% level.
7. At 0% retracement, change the trailing stop from the O% retracement level to one-half point of the 23.6% level.
8. Starting from the 0% level, adjust the trailing stop to 30% of the total pip gain.
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