dirtydan

Re: DirtyDan's journal

Thanks for the reply...right now I'm trying to get used to using your method on the GBPUSD and EURUSD to try to get to know these pairs...I am currently in a trade setup on both pairs...will let you guys know how it turns out!

 

DirtyDan, you said previously you use stochastics / OANFXTimer to try to confirm a good bounce. Can you please tell us exactly what indicator and setting you're currently using and what the indicator/s need to be showing to take the trade (assuming a good fibo setup has already occurred).

 

It's just that I've been using your system with success and then I hit a bump and lose pips...therefore would like to know what you use to confirm please.

 

Thanks \m/

I am trying to think of a way to show how I decide not to take a trade. I was able to trade 100% last month and made quite a few pips but I only took 4 trades even though I didnt take a few trades that would have been profitable. I tried using a bunch of different indicators through out my journey but they only make me doubt trades when I am using them. I'm not going to post any lesson today because I'm just relaxing and trying to get better for the weekend but I will think of something to teach next thursday about when to get into a trade and when to stay out.

Re: DirtyDan's journal

Is this because the GBPUSD swings more?

Just wanted to find out if you also use your system to trade the GBPUSD only or for all pairs where the setup forms.

I trade all pairs with the method I have shown on this forum for the simple reason that it works in all markets. Fibonacci is the greatest thing to happen to me and has helped me make a lot of money without looking for a trend or use of lagging indicators. :-bd

Re: DirtyDan's journal

Miss this one too Bro DirtyDan ... :">

 

http://img690.imageshack.us/img690/6/56192239.gif

 

BUT your system is ROCK Bro ... \m/ :-bd

 

=D>

Kuekhatsu thanx for the comments :shand: and I am glad to see that its working for you. The trade you posted is PERFECT and yes I missed it also I havent been feeling to good but now I am feeling a little bit better. I will scan the charts and post if I see anything worth getting into.

Re: DirtyDan's journal

Did anyone get into this trade? Have a good weekend everybody!!!!!!! :geek:

http://img682.imageshack.us/img682/7903/yenl.gif

Re: DirtyDan's journal

Ok guys, this is what I did with the GBPUSD:

 

When price broke 0% on my first set of fibs (yellow), I refibbed using the new high (red fibs) and put LONG orders at 23.6, 38.2, 50 and 61.8%.

 

Only retraced to 23.6 but this trade went right on to over 200. Took profit at 161.8.

 

http://www.imgshack.info/images/jy65n9xd8kiz67bhfd.gif

 

DirtyDan, not sure if you would have taken this trade...is it better most times to wait for a retrace to 50 or 61.8 before placing orders?

Give yourself a pat on the back. :shand: THAT IS SO COOL. Your fibs worked even though they werent the same as mine and you actually new where it was going on your chart before I knew it was going on mine. Your right I wouldnt have taken this trade because it didnt give me the retrace I wanted but that is just me. The great thing about what I am teaching is that if you already have a system you could just use what I have taught as conformation. So what if you fibbed the swing and it broke through the 0% and YOUR system tells you to go long. You just have done 2 things 1. you put my lessons to use with what you already know and 2. you are still trading the way you are comfortable trading but know you have a conformation of whats going on and it makes it that much easier to get into a trade. =D>

Re: DirtyDan's journal

Sorry, here is pic of my chart:

 

 

http://www.imgshack.info/images/dqgu7lbw1olsgti5jydg.gif

Here is the way I see it but please keep your fib and see if it works out maybe you will teach me something. I always doubt myself when I fib but it always seems to workout especially when either side is pierced. :)>-

http://img21.imageshack.us/img21/1043/yeno.gif

Re: DirtyDan's journal

Thanks for the previos chart DirtyDan

 

So if your daily/weekly chart shows (for example) an UPWARD move, then you take only positions where the 2nd set of fibs break UP through the 1st set of fibs 0% line, THEN wait for a retrace to 50%, 61.8 or 76.4 and enter LONG positions as these hit?

 

Please correct me if i got it wrong...

You got it exactly right thanx for the input. Have you had any success or failures using this method? Please feel free to post a chart we are all here to learn and I will answer questions as they are asked. :)

Re: DirtyDan's journal

DirtyDan I am really enjoying your system and trying to use it on my charts with success. Kuekhatsu, thank you so much for posting your charts as well...they're really helping me to understand the system visually.

 

DirtyDan, can I please ask how you know where to start the initial fibs...is it just a visual thing on the chart that grabs you or do you have some sort of prior setup you're waiting for.

 

Also, can you please tell us how you use the daily/weekly fibs on the weekend for setups in the week ahead.

 

Thanks for taking the time to help!

Look at the chart below I am trying to show the previous swing which is more than a week just to see what positions look more profitable as well as likely. I dont really want to say I am trying to follow a trend but I am trying to show that we are headed up because of the higher lows. This is the reason I was able to trade 100% last month but at the same time I only took 4 trades because they were headed in the same direction in the daily as well as in the weekly. On the other hand I didn't take 10 or more trades that actually would have worked out. I didn't mean to take so long on posting a chart that I use to analyze during the weekend but it is hard to show without being able to zoom in and out as I please. In reality this is how my chart looks when I am looking for set ups during the weekend. I hope this helps [-O<

http://img121.imageshack.us/img121/8118/yen.gif

Re: DirtyDan's journal

Congratulations for your journal. =D>

I have one question:

In fibo you have one percentage 76,40% but normaly the percentage is 78,60.

Is there one error?

Best regards,

C@sh

The reason I use the 76.4 instead of the 78.6 is becasue I want to make sure I get in at this level no matter what so I use a number a bit lower than 78.6 to ensure I will get in especially with setting orders I can set them to get in exactly at the 76.4 and it usually wont matter with the spread. :-bd

Re: DirtyDan's journal

This trade is pretty much over and it happened just like we thought it would. I could wait until the the 161.8 gets hit for my last position but I feel no need to I mean 530 pips for one trade is pretty good in my book. Pictures say more than words so check it out. :D

http://img40.imageshack.us/img40/4218/yenh.gif

Re: DirtyDan's journal

Thank You Bro Dirty dan =D>

 

Btw, if the EUR/GBP Setup above is right, Are the EUR/USD is a correct setup too ?

 

http://img134.imageshack.us/img134/6963/81402580.gif

 

 

:)

I like what I see. And people think fibonacci is hard ha ha no way. So how is the gbp/usd trade going for you Kuekhatsu? :shand:

http://img41.imageshack.us/img41/4218/yenh.gif

Re: DirtyDan's journal

I saw this setup in EUR/GBP :

 

http://img265.imageshack.us/img265/9282/14637285.gif

 

Is this a correct setup too Bro Dirtydan ?

 

Thanks before :shand:

Congratulations Kuekhatsu you are getting the hang of it. The first swing is fibbed perfectly but is not needed since we are focusing on the next two all you need to do is fib the latest swing and you got a nice setup. Look how close your chart is to mine. =D>

http://img24.imageshack.us/img24/6065/yenv.gif

Re: DirtyDan's journal

Hello Kuekhatsu I am glad you are seeing the big picture you will see it pay off big time especially when you can just look at a chart and be able to see a good trade set up. Thanx for updating everyone on how the trade is going. So how does it feel to trade without any indicators or having to worry about which way the trend is going? Even in a downtrend price moves up so how do we really know what the trend is and how do we know when its going to stop. I figure trading has enough stress why worry about all the other things when you don't have to. Kuekhatsu would it be better for me to post some shots of weekly fibs and daily fibs or should I show them sperately? I forgot to mention to make sure you put your first 2 positions stop loss at positive 10-15 pips and your last one at least 20 pips so at least if it retraces at least you still got 45-50 pips. Never let a winning trade turn into a loser plus if it retraces you can always enter again and you will still be in profit.\m/

Re: DirtyDan's journal

@DirtyDan;

 

Can i put the Sell Limit Order at the Yellow Fib Retrachement 50%; 61.8%, 78.6% with SL at th Swing High 100% Dark Slate grey Fib & Take Profit at Yellow 138.2% & 1.618% ?

 

http://img252.imageshack.us/img252/7419/24461600.gif

 

:-/

You must first fib the daily and then you will be able to fib the hourly. Notice that the white fib 0% was penetrated and so thats when to start another fib. Kuekhatsu you are learning very quickly and have the basic idea of it you will pick it up and see why the trend does not matter and when the pips add up you will be very pleased. If you have any questions post and I will try to clarify as much as possible. You rock dude \m/

Here is how I fibbed it and yes I took this trade

http://img20.imageshack.us/img20/5201/chartv.gif

Re: DirtyDan's journal

AWESOME Bro ... :-bd

One more thing Bro, Did you use a Bigger Timeframe such weekly, daily, H4 to determine the Longer term Trend , so you have confidence the movement in H1 for this trade only open BUY or SELL Only ?

If Yes how did you determine the longer term trend, Are you use such EMA 20 in Daily or SMA 10 in Weekly, etc ?

or you do not use them just only simple breakout of the white fibs as your clue, where the market will be heading on .

Need your advice Bro; ...

Thanks Bro Dirtydan;

:shand:

I usually fib the daily over the weekend to see set ups for the up coming week. I fib the daily and enter on the hourly. I have never been able to trade with ma's or stuff like that. I like fibs because of the accuracy and because stop loss and take profit levels are pre determined and there is no guessing needed and I usually get the most pips possible from my trades. The only drawback is that sometimes you only get 1 to 3 trades a week but the amount of pips make up for it. For example I had only 4 trades last month but I was able to take 723 pips without having to check on it every 5 minutes. I will look for one of my setups and I will post it (if I find one) just to give an example and show how long it takes. :-bd

Re: DirtyDan's journal

@ Dirtydan;

 

So The Take Profit level we used the white or red Fibs 1.382% & 1.618% ?

 

Thanks before :shand:

 

 

:-bd

I always use the fibs from the new swing. The red ones would be correct but its really up to you. Has anyone tried this method and if so what do you think? I always here people say the trend is your friend but how do you know when a trend starts or ends I think this method you make money either way.

Re: DirtyDan's journal

Hi DirtyDan

 

Thank you for posting your system. Forgive my ignorance but can you please explain how and WHEN you placed your trades below... that is, after you replotted the 2nd (RED) fibo lines, do you wait for the price to hit the 50 then the 61.8 on the way down and place the trades or wait for price to head up again.

 

Also, where do you place your stoploss?

 

 

http://img683.imageshack.us/img683/8118/yen.gif

 

Thanks again \m/

No problem my friend and to answer your first question yes I will only enter a trade when the white fib 0% or 100% is pierced so that I can fib again with the red fibs and I will either put orders at these three areas or I will get in as they are hit so in this case as price started to drop. I place my stoploss at the 100% of the white fib.

Re: DirtyDan's journal

Here is a trade that I got into and was able to exit this week for a profit of $2500 with all three positions combined. October was a very good month I was able to trade 100% for the month of October. This sounds amaxing but for the whole month I only took 4 trades and was able to profit without any indicator only price action. I hope this method helps now only if I could find a nice scalping system lol. \m/

http://img687.imageshack.us/img687/6065/yenv.gif

Re: DirtyDan's journal

What I just presented to you guys is a way to trade without indicators and to make a lot of pips but sometimes we dont even get a retrace and price goes straight to the 138.2% here are some examples

http://img11.imageshack.us/img11/7573/yens.gif

http://img687.imageshack.us/img687/8118/yen.gif

Here is a nice trade that worked out perfect

http://img683.imageshack.us/img683/8118/yen.gif

Re: DirtyDan's journal

Ok guys its time for another lesson and this time I am going to show you how I use fibs to make a whole lot of pips.

Please make sure that your fibs are set up like mine it should have -161.8%, -138.2%, 0%, 23.6%, 38.2%, 50%, 61.8%, 76.4%, 100%, 138.2% and lastly 161.8%

Look at the chart below and look at how I placed my fib from low to high but it really doesnt matter because the fibs will tell us where the price will go and the reason I say it doesnt matter is because once we fib a swing we are looking for a break of either the 0% or 100% only after this will we get into a trade because we will know where it is going to go. We know that when 0% or 100% is breached that it always at least hits the 138.2%

http://img26.imageshack.us/img26/5351/yeng.gif

So now that we know the price is headed up we must fib that swing from low to high. Sometimes we dont get a retrace and as soon as price pierces the 0% or 100% it will go straight to our target 1.382% fib but I only take trades that give a retrace. There are 2 reasons for that. 1. It feels safer and gives me more confidence and 2. I make a lot more money because I open 3 postions one at the 50% another at the 61.8% and the final at the 76.4%. My target for the first 2 are the 138.2% fib and the 161.8% for my last. But in the example we only got to open 2 positions 1 at the 50% and the other at the 61.8%

http://img696.imageshack.us/img696/8118/yen.gif

Re: DirtyDan's journal

Thank you Dan. May I ask. How long would the Gann reaction lines be valid for? When do we need to make another one of those diamonds? And lastly how do we exactly trade it because im thinking its impossible to trade with so many s.r lines clustered together.

Please educate. Thanks bro \m/

Hey Cashflow The way my wife trades this as I understand is when a line is penetrated by at least 4 pips she will get in right then and there and she will take profit at 20 pips no matter what and she will place her stoploss on the 2nd bar from where she got in. The cool thing about this is that you always know what your stop loss is because it is the same all the time it just depends on how big you draw your grid. Think about it each diamond doesn't change its a grid each line is pretty much the same for example on the charts I posted from 1 line to another is 14 pips so I know 2 bars from where I got in will be 28 pips so I know that my stoploss will always be 28 pips and if I chose to stay in this trade until the next line wasn't penetrated that the risk to reward ratio was never bad and if I wanted to make the diamonds bigger so that each line could net me more pips all I would have to do is go from one low to a higher low or even grid at higher time frame. :-bd Let me know how this works out for you guys and I will get into more about fibs in my next post so until then guys have a good weekend \m/

Re: DirtyDan's journal

Okay guys here is my first lesson on fibs and how I was taught to use them I am going to start from scratch for those that say they dont know how to fib or that just want something new to help they're present system. We might even find more relevance in the methos I am going to post. I don't really use this method to often but my wife is able to make 20 pips on a daily basis with it.

1. Open any chart on the hourly and on mt4 go to insert>gann>gann grid then draw it from a low to a higher low

http://img689.imageshack.us/img689/9761/chart1.gif

2. Cut all the diamonds in half using the horizontal line your chart should look like the following

http://img62.imageshack.us/img62/9761/chart1.gif

3. Now delete the gann grid but leave the lines there and notice how the price reacts to the lines. When the line is pierced by 4 pips or more price usually finds its wayto the next line and so on

http://img42.imageshack.us/img42/411/chart1y.gif

Re: DirtyDan's journal

Thanx everyone for the kind comments I have been absent from posting here for a while. My trading has taken off significantly I have been into trading so much that I haven't had time but that will change I am going to present how I trade and even reasons to be confident in your trade just by using fibs. I wont be able to post until thursday becasue I have a lot to put up and I am sure you guys have questions :-bd