Daytrading the ABCD Fibonacci Pattern (Forex Trading)
December 2nd, 2009
fxKnight asked:
Examples of applying the ABCD pattern on the 5min chart of the GBP/JPY pair throughout the trading day (non-news).
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25 Responses to “Daytrading the ABCD Fibonacci Pattern (Forex Trading)”
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Where is a good place to set the stop? On GBP/USD something like 10-15 points from the entry fib line?
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Okay, I have to retract a few things, fxKnight knows how to trade it, but for a novice like me, that 61.8 line became the Panama Canal of drawdown only 2 pips from my stop and it eventually did break and I was so happy to take just sqeak out a few pips and keep the days profits, I suggest always ALWAYS papertrade any new unfamiliar idea or at least bet a lot less than usual.
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Biggest mistake I made today listening to this, just what I didn’t want to do, lose all the profits from indicators I made today
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Hi,
i was wondering if all trading platforms give fibs beyond 100%. mine seems to give only upto 100% so I cannot see 138 or 161 as in this video. please ignore my ignorance !
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Nice Post
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I agree, the newsletter has been a huge help for me personally.. check it out, its free anyway.. authoropen . com
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that’s nice
Forex Income Engine
Do you ever trade Tandum with EUR/JPY
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The “Black Knight”……. lol….
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Is there a web site or something where it shows in detail the institutional order flow for trades placed by the big boys such as DB, UBS, etc. I know that Nasdaq level 2 provides similar type of data for equities markets, but I never heard of something similar in fx.
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Use a forex account demo here: forexaccountdemo*com
before committing to using your hard earned cash
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It works about 77% of the time, and for the remaining 23% you can spot early reversals ahead of targets using indicators or candlestick formations – all else fails, there’s always your stop. For finding A-B it is simply the start to end of the most recent move.
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i’m impressed by how well ths worked in the vid.
what’s the approx. failure rate?
what do you usually do to determine point A; starting just from the open as you did here? do you use your gauges/m.a strategies? or something else?
as always, your efforts are much appreciated
Forex Income Engine
great video i have value information about the topic if you want learn more you have an open invitation
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I use something similar to this and have had good success with it. D usually falls like a rock, little retrace. In fact, I have been using this for some time. Going up…choppy, coming down…usually like a rock.
Lynn
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black knight….
what a geek
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No, you’re right… this is a trend-following pattern, so obviously works best in trends. For trading a range, you need a different strategy (we show some of them in free videos on our site). A successful trader adapts as market conditions change; that’s why trading robots will always empty your account if you let them run long enough.
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this is a trade form 2 years ago… I hardly remember.
In general, I like to put my stops on the other side of the closest support to resistance level form my entry, with some padding to account for the spread + market noise. We have free videos on our website which will show you how to fine tune both your stops and your entries.
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Thanks for sharing this strategy.
Question: where would you set your stop loss? 5-10 pips above “C”, where you get in?
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This video is quite comical to me. I understand the fib retracements and extensions, however, you must realize in a choppy market this would pretty much go against you. In a trending market, I agree, this would definitely work. Let me know how you trade gbp/jpy now a days. I’ve been trading it everyday for past little while, and what you are talking about…. ain’t gonna work man.
Not here to rain, just my 2 cents.
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Informative video, there is so many different methods and ways to successfully trade.
Forex Income Engine
good answer
Forex Income Engine
Why? To get people to sign up for pro services which give a more in depth guide as to how to actually trade the system effectively. A ten minute video is cool, but you need more practice than three trades to get used to it.
There is little point in scamming people by teaching them how to use these systems, it takes ten minutes to open a demo account with any broker to test the theory out.
No doubt there are people who do this, but it’s relatively simple to check whether they’re bullshitting.
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i wonder what is the point of spreading such videos? to be clearer, what does the host gain from this?
i think, some people convince others to follow these steps so that they (the former ones) would know for sure what others would do in certain situations and do the exact opposite. just a thought.
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naw i had to comment on passing…ya say “Only medium to long term trading makes money”….lol…i do 200+ a day…so i geuss 24 hour is long term…12 hour medium term!…thats’ funny…gees i use a version of ABCDs to…lol…i drop the D.