A-B-C-D Trade - page 152
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PSQ9 set of 8 same as EUR/USD charts. When you save them on a template, it makes it easy to apply to other pairs.
Low = Jan 10th 1.29302
High = Mar 16th 1.43342
Trend Line (pink color): Oct 5th high 1.43720 and Apr 7th low 1.35903
On May 17th and 18th, pair unable to crack resistance provided by the Mar 90-degree line. This line also provided support during Feb 4th -7th. Trend line also right there.
Slightly above this recent retrace high is the 61.8% 1.34665 from plot per above. These are the S&R clusters.
The tight retrace plot has its 38.2 at 1.34942, and 23.6 at 1.33917 (current price level now). Therefore, the market might be wondering why it has turned back at 1.34571, as least temporarily, using the traditional tools/plot, other than at the 38.2 or 23.6.
The current price position came from a bounce off of the 78.6% retrace bottom 1.32261. Dropping down to the 4-hour or 1-hour, we can see the Moon 180-degree providing channel support. We can also see past respect for the other Mars levels.
Mars 0-degree of 1.3330 is next support, should Moon support be broken. After that is the Moon 90-degree.
Japan's GDP figures came in negative and qualifies as the 2nd quarter of two consecutive quarters of negative GDP, which is the official definition of a recession. This is Japan's third recession in the last decade. All this courtesy of Bloomberg.
Swing trade analysis:
Attached chart is EUR/JPY daily, with PSQ9 Mars only, and divergence indicators. We plot the extension down from top on Apr 10th, to low of Apr 18th. This resulted in 138.2 = 113.85. Pair probed slightly below, to hit the Mars 180-degree and FE 127.
The pivot prior to extension occurred on Apr 28th, to the 78.6% fib 121.849. From pivot price to bottom of May 15th 113.399, we plot the horizontal retracement fibs. Price at resistance 38.2% fib 116.466.
Fibo fan from Apr 10th high to bottom provided 38.2% fan fib at this same resistance area.
Current resistance level also price of Apr 18th low and Mars 90-degree.
Bottom was BAJA bullish divergence, with 4-hour entry price of 114.461.
Reward = 200 pips & Risk = 115 pips
Ratio = 1.7:1
USD/CHF just broke support.
CHF gaining across the board in flight to safety. Market may perceive Japan's GDP/recession news as an event to move out of Yen and into Swiss Franc.
You stated that you learned to trade with fibs on your own.What are the most important points and how long did it take to learn this?
I think this would be important information for a new technician as he or she could get overwhelmed and a few tips on starting fibs.What to do from day one, how long it will take to get efficient, and a overview of how to actually trade with it in a practical way.
We can all read a text book but the new technicians with a desire to learn will want some real world examples.
I am just speculating that everything looks pretty good hindsight and would like to see a few trades being made in the present.Walk us through a few trades and enlighten us on your method.
Sort of in the same way I would walk you through a trade herehttps://www.mql5.com/en/forum/199213.
If you cannot I understand that fibonacci is a really touchy subject and challenging to trade consistently in the real world.
Kevin,
We have been posting for 1 year. While we understand that you perceive yourself as an experienced trader, and only flipped through a few recent posts, please be advised that you DO NOT and HAVE NOT read enough to understand.
We have posted numerous live observations and technical analysis. This being said, we emphasized that this thread is not intended for that purpose. It is not a free signal service or even a free collection of systems.
I don't know what your agenda is, or why you dragged a fight across other boards into this thread. Now it seems like you want to prove how insightful you are, to disprove your critic(s).
Please stay out of this thread. It was tranquil until you arrived.
I Just wanted to see you evolve from philosophical theorist into implementing the strategy and executing a few trades.I did not mean to disturb your tranquil environment.
That much being said I am not ordering you to take live trades.I am stating that the time to take our knowledge from the text book to the chart is now.There are a lot of new traders that are in need of your area of trading and after 1000+ posts start to put some of the traders on some money.
Show them how to make money in the real world.Show them how you make money trading fibonnacci and how they can also.Show them how you are stalking trades and anticipating trade setups.Tell them what time and how to actually execute in a practical way.
Take a challenging disciple like fibonnacci and simplify it and add key points for new traders to learn and walk them through in real time as to say these are the trades you missed that I have taken and if you want the money you will look for AB and C setup at AB and C time.
You are now instructer at our school.Maybe this will not sink in now but it is time to get the money now.Traders are hungry and want real world answers now.How to make the money now and not what I should have done in hindsight.
I am done on your thread and I think you understand my vision.Although small our forum this is the house that equity built.
I Just wanted to see you evolve from philosophical theorist into implementing the strategy and executing a few trades.I did not mean to disturb your tranquil environment.___See this is what I mean. You are a pompous guy that is too lazy to read to understand what we have shown and taught. I am not a theorist. If you had read, you would have been informed that I have traded for 14 years, and have been an instructor.You have this necessity to tell people what to do. You also are presumptuous when you say we do not know what we are talking about. Please be informed that you are messing with the wrong guy. I can easily embarrass you here, but chose not to do so. You mistaken kindness and manners for an easy prey to unload your ego-driven agenda.Stick to posting e-books and stay out of this thread.
We pick up where we left off on May 18th, when bounce off Point C occurred. The Andrew's pitchfork provided nice S&R.
Per recent posts, we also illustrate the fib channel plot using the pitchfork's middle and upper trend line as guidance.
The attached 30-min chart labels S&R areas with white arrows:
May 19th 05:30 .88136 high - upper fork line
May 19th 11:30 .88507 high - 61.8 channel extension (red)
May 19th 13:30 high .88767 - 100% channel extension
May 20th 02:30 high .88273 - 61.8% channel extension
May 20th 08:30 low .88786 - Upper fork line
May 20th 11:00 high .88486 - 100% channel extension
May 20th 12:30 low .87658 & May 20th 14:00 low .87654 - upper fork line
Horizontal fibs in blue.
The pair broke support on May 19th 04:00, but only made it to its FE 78.6. From this bottom, it pivoted at the upper fork. A fib plot from low to this high gives trader targets to upside.
Horizontal extension fibs not shown:
161.8 = .88469 hit May 19th 11:30 at 61.8% channel fib
223.5 = .88785 hit May 19th 13:30 at 100 % channel fib
This is near top as defined by Point A. We went over the "Bounce Trade" upon first revisit of a significant high/low. You can go back and read more examples. The Moon 270-degree also there.
The bounce came down 61.8%. From there, it bounced upand was restrained by the 61.8 channel fib extension.
You can see the rest of the turns if you duplicate the plots. These are all points of S&R which you can manipulate within your trading scheme.
Learning and eventually mastering S&R/fibs to a working level of expertise will take some time and patience, as we have mentioned numerous times before. You don't have to be on a guru-level, just possess an adequate working knowledge.
If you skip over the fundamentals and chase every new system that comes out, you are looking for a shortcut. Throughout, we've said that's not what this thread is about. All of the answers to questions regarding our methodology can be found in this thread. You simply need to make the commitment to read and study.
A successful trader does not chase the newest systems, and end up mastering none of them. This is also referred to as the "Black Box" or "Holy Grail".
This thread was placed in the "Tutorial" section for a reason, and not the Systems or Trade Journal sections. If you want those products, please visit that area of this site.