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Project Spio Trading system & Journal -Deadly accurate
Project Spio Trading system & Journal -Deadly accurate
Nasdin94
Singapore, Jurong West
Posts: 128 since Oct 2011
Thanks Given: 11
Thanks Received: 114
Waiting for that buy signal..no trades yet.
Seems like the price missed my sell entry.
Could have made 300 pips though
261.8 is round the corner to indicate the the bearish cycle will end and reverse back to my entry.
Currently price is at the 200th level and we can see that it is retracing.
Hoping to re-enter into a sell after this retracement.
TP and reenter into a buy at the 261.8 level and tp back up to the entry point.(1.42663)
Can you help answer these questions from other members on NexusFi?
Journalling: I have since moved to OANDA Fxtrade due to nice execution speeds.
However this means that I have to remove the Multiwaves.
But that's Okay, I can always measure the fibonacci myself and that I'm already used to trading Price action.
I have been putting the indicators into metatrader4 and i found i quite good. Had some minor succes.
Now i find it a pitty that you do not trade within metatrader4 with the same setup.
I'm also find it better to trade price action but some indications where the price wants to go , is helpful.
I also saw that you trade on the 4 hour charts.
Could you tell me abit more about your new approach, because i can not determine it from you charts?
Thanks in advance
Nasdin94
Singapore, Jurong West
Posts: 128 since Oct 2011
Thanks Given: 11
Thanks Received: 114
The system is still the same even when I'm not using metatrader 4.
Even though I'm not using the Multiwaves, I do still calculate out the fibonacci manually using the method and am still entering at the wick, without price action
I am also using the EMAS of 362,162,200,262,62 and the 6 EMA.
I trade off these EMA's as dynamic support/resistance when they are converging and combining to become a thin line.
I also watch when the price cross overs the converged lines and the retraces back to the 6EMA and/or 62 EMA
I would then place my trades at a fibonacci level of that area when price moved back.
As for the 4 hour charts, I'm trading it now cause I'm busy these few weeks and cannot come to the computer.
I would look for the EMA signals based on the 4 hour charts but I would draw the fibonacci method on the 1 hour charts because it is easier to see as there are more candlesticks
Nasdin94
Singapore, Jurong West
Posts: 128 since Oct 2011
Thanks Given: 11
Thanks Received: 114
Here is an example.
On an eur usd trade I recently made.
Yes, I did not post it in my journal.
I've been making a lot of trades recently and I'm afraid that this would flood the thread with posts of my trades since I'm watching over 20 pairs at the same time.
This strategy is good because it allows you to find trades just by glancing at charts, useful if you have a lot of trades/charts to look at when you're busy
However, if you have the time to draw out fibonacci for each and every pair(the project spio system), then it will be more accurate.
zhaozilong
SPain
Posts: 16 since Apr 2011
Thanks Given: 17
Thanks Received: 7
Hello Nasdin,
is it possible to post your template .tpl which you used in MT4 both for your shorter term trading which uses fibopivot and longer term trading which uses fibopivot2?
thanks.
Nasdin94
Singapore, Jurong West
Posts: 128 since Oct 2011
Thanks Given: 11
Thanks Received: 114
LT- longer term trading usage of fibopivots 2. For H1 and above.
ST- 5 Mins and above but not so reliable in the long term.