Tuesday, January 5th, 2010
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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When i started trading 3months ago, i thought your video was cool but now it seems so lame. I really doubt if you are a consistently profitable trader. trading isn’t only about the fibonacci. fibonacci is secundary at best and must be used in the right way. which is in accordance with proper supply and demand anaylsis. The reason price fell is not because you measured it with your fibo. Its because their was more supply at that level than demand. ppl go read ur economics 101 from highschool
hey thx 4 ur videos it help me a lot…hey what u think about alpari……….
I personally use FXCM UK for our client accounts, along with FxPro for some of my own trading. Visit our site for more info and special offers from both.
I like to use support & resistance rather than arbitrary round numbers – decide which line price has to cross to prove your trade idea wrong, then put your stop on the other side, with a bit of extra padding.
We show you how to set it up on our website… visit the Forum, then click on Systems & Strategies
Hi black knight…i thank you so much for your videos..i sis subscribe and will watch all your videos..ive been demo trading for 6 months and will be going live with 1000$.Ive brought several 1000$ accounts to 30004 in 1 week and a 5000$ to 20,000$ in 68 days..but i will practice this fabonacci..thanks..one day i hope to make videos too..i beleive money can be made in forex..what broker do you use..so many and not all good,,peace
Where is a good place to set the stop? On GBP/USD something like 10-15 points from the entry fib line?
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.
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
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 !
Nice Post
Check out my channel, Ill try to become Millionaire in one year by Daytading.Ill post daily updates.
Regards,
Daytrademillionaire
I agree, the newsletter has been a huge help for me personally.. check it out, its free anyway.. authoropen . com
that’s nice
Do you ever trade Tandum with EUR/JPY
The “Black Knight”……. lol….
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.
Use a forex account demo here: forexaccountdemo*com
before committing to using your hard earned cash
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.
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
great video i have value information about the topic if you want learn more you have an open invitation
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
black knight….
what a geek
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.
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.
Thanks for sharing this strategy.
Question: where would you set your stop loss? 5-10 pips above “C”, where you get in?