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TimRacette

Fibonacci Scalping Forex

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Do you trade the Eurodollar? I use a 233 tick chart alongside a 15-min. I enter at the first 233t setup at a 50% Fibonacci levels using an 8 pip stop. Does anyone else trade in similar fashion? It's always interesting comparing entry's as there's a million ways to skin a cat.

 

I attached a small photo below, long entry of 2934 (1 pip in front of the 50).

first-15-after-a-mirco-break.png.1f1d6d2b51f2f2cca1c861bdb38e8d9e.png

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So Tim,

 

You entered after the "Broke prior high andpierced oppsing"?

Do you enter immediately, or let it retrace a bit.

What kind of spread do you have?

 

When we trade to a 15-min 50% cleanly, I watch for the opposing 15-min to either break or pierce, then allow it to retrace to the next (micro) 50%. As for a spread, I'm trading the futures contract EuroFX typically 6E on most platforms, extremely high liquidity.

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Ah, that explains my confusion, I am hard wired to think spot.

Thanks

 

If you haven't traded forex futures I would highly recommend checking it out. The euro is incredibly liquid and there is relatively no slippage. It is also extremely technical, which is why these levels that I use for entry have such high participation. The Emini S&P and Eurodollar make for a great set of trading vehicles.

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Guest YanCanCook

The Euro FX futures contract is not the EuroDollar contract. These are two different things.

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The Euro FX futures contract is not the EuroDollar contract. These are two different things.

 

Technically you are correct Yan, I just refer to it as one in the same sometimes because they track the same thing. If you pull up EUR/USD along side 6E (Euro Futures) you can see the correlation.

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Yea, when people say EuroDollar for the Euro futures it is always confusing. Eurodollar is completely different than the Euro Futures. Also, 6E is very much NOT liquid.....EC is the contract that is very liquid. Look at the volume. Also look at the trades made...most, if not all the 6E is computer based on spread's. You can have bids and asks moving like crazy, but no fills on the actual market. I think if you trade the Euro Futures, you need to trade EC, otherwise go to FX for lower risk if you don't have the money.

 

 

With that said, I don't think anyone can trade the EC without using Fibs. The first 50% is usually good for at least a few pips, if not for at least 20 pips. The major 50% area's like daily 50% is the strongest, but even the small fibs work.

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Technically you are correct Yan, I just refer to it as one in the same sometimes because they track the same thing. If you pull up EUR/USD along side 6E (Euro Futures) you can see the correlation.

 

Just so you know Eurodollar is an "interest rate"....has nothing to do with the Euro Currency

 

"Eurodollars are time deposits denominated in U.S. dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve. Consequently, such deposits are subject to much less regulation than similar deposits within the U.S., allowing for higher margins. The term was originally coined for U.S. dollars in European banks, but it expanded over the years to its present definition: a U.S. dollar-denominated deposit in Tokyo or Beijing would be likewise deemed a Eurodollar deposit. There is no connection with the euro currency or the euro zone."

 

Eurodollar

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Mr. T

 

Lets just call it the 6E, I'm cool :cool: with that. I'm wondering about time, You said, "I use a 233 tick chart alongside a 15-min." So I'm assuming you're measuring the "peaks & valleys" on the 15m chart, and then transferring those Fib levels to your 233 tick chart. Then, focusing in on the scalp trade signals generated on the tick chart,,,, meanwhile looking over your shoulder on occasion to the 15m chart to keep an eye on the "long(er) term trend/action."

 

My question of time is this, when do you start? Does it matter? Do you begin a session in sync with the Frankfurt, London or US open? Or can you just jump in and GO? This seems a bit intense for me, but on average, how many trades might you enter in a day?

 

Sorry for all the questions, but you did "stick it out there." ;)

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Just so you know Eurodollar is an "interest rate"....has nothing to do with the Euro Currency

 

Ya as I said above I know I misspoke about EUR/USD and Eurodollar. EUR/USD is spot versus Euro Futures 6E. Euro futures are extremely liquid, rarely do I ever have slippage on the futures.

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Just so you know Eurodollar is an "interest rate"....has nothing to do with the Euro Currency

 

Ya as I said above I know I misspoke about EUR/USD and Eurodollar. EUR/USD is spot versus Euro Futures 6E. Euro futures are extremely liquid, rarely do I ever have slippage on the futures.

 

6E the mini contract you don't have slippage?? I don't see how that is possible. There is even slippage in the big EC contract.

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6E the mini contract you don't have slippage?? I don't see how that is possible. There is even slippage in the big EC contract.

 

No, I trade the Euro FX 6E contract and if I limit 1.450 I get 1.450, if my stop is at 1.458 I get filled at 1.458. In rare cases I've been filled on short covering for a pip worse than my stop, but that's the max slippage I've ever had 1 pip, otherwise no slippage on the Euro Futures. I know the E7 the Micro Euro has a lot of slippage because it's not as liquid.

 

I'm on Infinity Futures.

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Do you trade the Eurodollar? I use a 233 tick chart alongside a 15-min. I enter at the first 233t setup at a 50% Fibonacci levels using an 8 pip stop. Does anyone else trade in similar fashion? It's always interesting comparing entry's as there's a million ways to skin a cat.

 

I attached a small photo below, long entry of 2934 (1 pip in front of the 50).

 

Hi Tim,

 

I see you are trading the first retrace after a bounce of the channel's midband,

If you keep an eye on the higher price wave it is a good little earner

Easy to program as an Alert

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No, I trade the Euro FX 6E contract and if I limit 1.450 I get 1.450, if my stop is at 1.458 I get filled at 1.458. In rare cases I've been filled on short covering for a pip worse than my stop, but that's the max slippage I've ever had 1 pip, otherwise no slippage on the Euro Futures. I know the E7 the Micro Euro has a lot of slippage because it's not as liquid.

 

I'm on Infinity Futures.

 

Of course no slippage on a limit order. But I thought you were speaking of the mini contract in the Euro. The 6E is actually the EC ticker symbol, so same thing. I just looked on the CME contract page.

 

However, with EC/6E you still get slippage of a tick with a market order. All market orders slip a tick usually due to the bid/ask.

 

Either way, I like to trade that way on the Euro...good job, keep it up :beer:

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Of course no slippage on a limit order. But I thought you were speaking of the mini contract in the Euro. The 6E is actually the EC ticker symbol, so same thing. I just looked on the CME contract page.

 

However, with EC/6E you still get slippage of a tick with a market order. All market orders slip a tick usually due to the bid/ask.

 

Either way, I like to trade that way on the Euro...good job, keep it up :beer:

 

Ya I'm not sure Chippy, like I said if I place my stop mkt order at -8 I'm filled at -8.

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Guest YanCanCook

surprisingly, there is mostly no slippage on stop mkt orders on 6E. The only time I've seen slippage on a stop mkt order is when I've been so wrong that the mkt takes out the stop very fast. otherwise for the majority of trades when the market moves at a reasonable pace to take out the stop, there is zero slippage on market orders. The same is true on buy stop mkt orders, except you will see slippage of 1 tick there quite frequently. The reason is simple, If you have put a buy stop mkt and the market hits is very quickly like you want it to to make sure you have a real movement, you will mostly have a slippage of 1 tick.

 

So in any situation using a stop mkt order, when you are really wrong or really right in a big way you will encounter slippage on 6E. Any other situation using stop mkt you won't. If you choose to just entry with a regular mkt order, you will mostly have slippage of course so even this is less than you would expect.

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Hey Tim seems like you and i have very similar trading styles...would love to maybe chat about some of the things you are doing and i can show you what im doing...i usually take the 15min fib setups on the 6e

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