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The Fibonacci channel projections (FCP)

  • #1,001
  • Jun 16, 2020 8:33am Jun 16, 2020 8:33am
Today, wish to trade GBPUSD m5.
In first setup:
Trade was missed, price was fly away quickly without deep retracements, so forgot this setup and build another for sell.
In second setup:
First spike was lost but then price consolidating, I saw some PA - high price rejection (pinbar & doji) but news coming in calendar. Changed deal to smaller lot size & decided to leave it one. That was risky, but spike was controlled by bears & price rollbacked to its position at beginning (•̀ᴗ•́)و
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 20200616_1255_gbpusd_m5_missed.png Size: 25 KB
Click to Enlarge Name: 20200616_1615_gbpusd_m5.png Size: 28 KB
  • #1,002
  • Jun 16, 2020 8:55am Jun 16, 2020 8:55am
do you recognize the pattern here?
trading is like dealing in property. it's about location, location, location.
trading is about waiting at the location for the right timing.
below example waiting for price to reach the flip or first time back location.
then apply the channel.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 13 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,003
  • Jun 16, 2020 9:29am Jun 16, 2020 9:29am
another example of waiting at first time back location, then apply the channel.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 16 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,004
  • Jun 16, 2020 9:34am Jun 16, 2020 9:34am
Quoting prozium
Today, wish to trade GBPUSD m5. {image} {image}
if you can, give trading m30 to h4 a try.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,005
  • Jun 16, 2020 9:54am Jun 16, 2020 9:54am
Quoting Inthebox
{quote} if you can, give trading m30 to h4 a try.
Like quick trades, but I'll try
  • #1,006
  • Jun 16, 2020 10:01am Jun 16, 2020 10:01am
Quoting Inthebox
{quote} gj result {image}
gj result continuation
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 19 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,007
  • Jun 16, 2020 12:54pm Jun 16, 2020 12:54pm
What do you guys usually check first?

Pairs?
Timeframe?
Divergence?
Highs and Lows/ S & R?

Do you combine timeframes like 1Hr and 5Min?

Thanks.
  • #1,008
  • Jun 16, 2020 1:07pm Jun 16, 2020 1:07pm
Quoting GPipz
What do you guys usually check first? Pairs? Timeframe? Divergence? Highs and Lows/ S & R? Do you combine timeframes like 1Hr and 5Min? Thanks.
I’m trading eurusd/gbpusd on m5.
First, checking economic calendar to be ready for price spikes.
Then checking m15/m30/h1 to find S&R.
Building fibo channel & waiting for divergence/price action/volumes changes.
Combining TFs is important for build S&R zones and choosing bulls or bears side.
  • #1,009
  • Jun 16, 2020 2:16pm Jun 16, 2020 2:16pm
Quoting Tragruel
{quote} I'm up to the prediction game. my view : above daily/weekly pivots, above 0.786 zone... lets see.... trade safe... {image}
I flipped bearish, no decisive close above 0.75/0.786 zone and Weekly pivot
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-h4-FAILED.png Size: 139 KB
  • #1,010
  • Jun 16, 2020 2:26pm Jun 16, 2020 2:26pm
Quoting GPipz
What do you guys usually check first? Pairs? Timeframe? Divergence? Highs and Lows/ S & R? Do you combine timeframes like 1Hr and 5Min? Thanks.
mtf (d1 to m5) trading on eur and gbp pairs.
1. htf trend
2. sr / tl break and retrace
3. fibonacci
4. divergence
5. channel

all my years of trading secrets shown previously and summarized. nothing else to show or add.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,011
  • Jun 16, 2020 3:17pm Jun 16, 2020 3:17pm
Quoting Tragruel
it actually selling/buying the first pullback after a confirmed trend change guys. Adam H Grimes call it the 'Anti' pattern, google it its a great trader/teacher... but FCP gives you more : confirmation levels AND targets. truly amazing. cheers all
Please what moving averages do you use.
Begin with the end in mind
  • #1,012
  • Jun 16, 2020 5:23pm Jun 16, 2020 5:23pm
Quoting Luttlebird
{quote} Please what moving averages do you use.
sure bro,
EMA 20
EMA 96
EMA 200
  • #1,013
  • Jun 17, 2020 3:09am Jun 17, 2020 3:09am
When you enter a trade and it pulls back. For how long can one hold.?
Begin with the end in mind
  • #1,014
  • Jun 17, 2020 3:29am Jun 17, 2020 3:29am
Quoting Luttlebird
When you enter a trade and it pulls back. For how long can one hold.?
don't know what type of trader are you, which classification you fall into.
to me, for day trading, time is not a factor to exit trade, except at the time before i go to bed to hold or not to hold.
what matters more is which level of SR that i want to exit if price pull back.
like here, i felt that the upper resistance zone is stronger, so i held on.
but for scalping, it's different. you exit at the resistance just above as whipsaws occurring are higher.
however there is also more opportunities for trade set ups.
so medium term trading and investing are another story.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,015
  • Jun 17, 2020 3:35am Jun 17, 2020 3:35am
so what trades have you all done?
eur and gbp weakened pre london open.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,016
  • Jun 17, 2020 3:43am Jun 17, 2020 3:43am
Quoting Inthebox
{quote} gj result continuation {image}
Where did you place your SL here
Begin with the end in mind
  • #1,017
  • Jun 17, 2020 3:44am Jun 17, 2020 3:44am
Quoting Inthebox
{quote} don't know what type of trader are you, which classification you fall into. to me, for day trading, time is not a factor to exit trade, except at the time before i go to bed to hold or not to hold. what matters more is which level of SR that i want to exit if price pull back. like here, i felt that the upper resistance zone is stronger, so i held on. but for scalping, it's different. you exit at the resistance just above as whipsaws occurring are higher. however...
Thank you for the explanation
Begin with the end in mind
  • #1,018
  • Jun 17, 2020 3:47am Jun 17, 2020 3:47am
Quoting Luttlebird
{quote} Where did you place your SL here
if there is a strong h1 candle (not pin bar) that closes above that top most resistance, i exit the trade. no hard stop loss for me unless i go to bed.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,019
  • Jun 17, 2020 3:49am Jun 17, 2020 3:49am
What do you all think of this setup.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20200617-094833.png Size: 204 KB
Begin with the end in mind
  • #1,020
  • Jun 17, 2020 4:01am Jun 17, 2020 4:01am
Quoting Luttlebird
What do you all think of this setup. {image}
it's a buy set up for me.
may range a bit as it's a recent reversal of h1 trend.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1.png Size: 31 KB
ITB - Seeing Orderliness amongst 'Randomness'
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