Daytrading the ABCD Fibonacci Pattern (Forex Trading)
fxKnight asked:
The trading day nonnews.
The 5min chart of applying the gbpjpy pair throughout the abcd pattern on the abcd pattern on the 5min chart of applying the abcd pattern on the 5min chart of applying the gbpjpy pair throughout the trading day nonnews.
Technical Analysis
your chart is hard to see, too many indicators
Hi BK, what is the basis/condition to spot pt ‘A’? I did not see SMA 200 is used as part of ABCD strategy before you determine pt A? Please advise.
What about move stop at 78.6% of BC and make a gartley pattern? Aiming 1.27/38/62 seems only a possibility, far from a expect thing. Would love your comment on it. Later
clean up your chart
down down down down, that’s what i like to see!
funny. good video man.
Do you have current videos?
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There are indicators to show you the overall trend of the market on a daily basis. Also, Andrei is suggesting here to trade the European market. The American market is, IMHO, the most difficult to trade using smaller time frames because of the news. A very basic indicator is the 10 period simple moving average of the close to determine the daily trend, along with, say, 21 RSI. But there are many other more complex (and effective) ways to determine the trend. Hope that helped.
Hi, you may want to check this site, there is a series of Andrei’s webinars videos (the 3rd of which is coming out soon) but I believe you need to log in to attend the webinars, not so to watch the videos. Let me see if youtube allows the links. If so just remove the spaces. Finding the right points isn’t very easy BTW but practice makes perfect! Good luck…
forexpros . com / live-events / transcripts/2
Wow, good video!
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This info is great!!!
I’m not clear as to what criteria you use to find point A and B ?
other than an arbitrary decision based on the chart??
as I m just now trying to learn how Fibonacci works maybe I’m missing something??
Great info here, this strategy seems effective.
Great videos? My question is, how do you determine when the overall day is going to be a down day without the benefit of any market moving news?
Look at your momentum indicator at that point
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dude your videos are amazing ,the best tutorial videos on youtube!
Keep making more!
That’s right - you see C best in hindsight, but usually there are still more than enough pips left on the way to D. it is nto about nailing exact tops and bottoms (a gabler’s game) but rather about getting the safe 90% of the pips in-between.
Where exactly do you enter the trade?
You only know point C after it has dropped, so do you enter after it dropped or wait for it come back up?
thanks for your great vids –so helpful
one thing im stuggling with is finding the point “a”s to start my trades from
have always traded indices till now but finding opening times of fx more suitable
great vids and thanks
I **** to rain on the parade here..I like what you are trying to do..I just have 1 little problem.
That wasn’t live trading data, you can go into historical data and say “this would have worked here” and “It worked here too” but there will always be a roughly equal number of examples where it doesn’t work. I will say though that since markets are fractal fibbo and Elliot waves do work, but they are no magic bullet. Chinkou span is a more reliable measure of S/R in my opinion.
Actually, it was Leonardo de Pisa’s - over 800 years ago. Joe’s a wonderful guy (and a very good friend of mine), but he didn’t invent Fibs. And I don’t believe I ever claimed to have either.
Is this a Fibonacci Expansion ?
This is Joe Dinapoli’s idea.
Not yours.
I doubt I’ll be making any new videos before 2009, though will certainly keep it mind for future ones. I do a free Fib webinar on FXstreet every Friday - glad to look at charts in real-time with you. In the meantime, pull up a daily Dow chart and draw a Fib from 13131 to 10813 - you’ll find that we’ve been ranging between the 161 and 200% extension levels for the past 3 weeks.
Possible you can show an example video
using a daily timeframe on qqqq?
Or whichever index you choose?
Thanks