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Simple Price Action with Fibonacci: Back to Basic

  • #41
  • Feb 9, 2019 11:43pm Feb 9, 2019 11:43pm
Trade Example #4

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  • #42
  • Feb 10, 2019 3:50am Feb 10, 2019 3:50am
How do we use fibo to set the take profit?

- You can use any method that you understand. Pivot, Support/Resistance, ATR etc etc.
- Since you mention about Fibo. I recommend you to use Fibonacci Extension. Please read it here : Click!

Do we enter immediately after the breakout or wait for pullback before entering?

- Patience is the key. Wait for the moment.
- Buy : Enter between Breakout Level & Last Low
- Sell : Enter between Breakout Level & Last High
  • #43
  • Feb 10, 2019 4:39am Feb 10, 2019 4:39am
Quoting Remax
How do we use fibo to set the take profit? - You can use any method that you understand. Pivot, Support/Resistance, ATR etc etc. - Since you mention about Fibo. I recommend you to use Fibonacci Extension. Please read it here : Click! Do we enter immediately after the breakout or wait for pullback before entering? - Patience is the key. Wait for the moment. - Buy : Enter between Breakout Level & Last Low - Sell : Enter between Breakout Level & Last High

hi remax
for buy is it last high
for sell is it last low
  • #44
  • Feb 10, 2019 4:46am Feb 10, 2019 4:46am
Quoting Remax
How do we use fibo to set the take profit? - You can use any method that you understand. Pivot, Support/Resistance, ATR etc etc. - Since you mention about Fibo. I recommend you to use Fibonacci Extension. Please read it here : Click! Do we enter immediately after the breakout or wait for pullback before entering? - Patience is the key. Wait for the moment. - Buy : Enter between Breakout Level & Last Low - Sell : Enter between Breakout Level & Last High

Can you please be more clear about this also where is your stop placed and any particular timeframe you like ? also your winning ratio please and how big is your tp to your stop ?

in your pictures i see you could have entered earlier on smaller highs and lows ?

Thank You best regards
  • #45
  • Feb 10, 2019 5:13am Feb 10, 2019 5:13am
Quoting venkatredy
{quote} hi remax for buy is it last high for sell is it last low
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Just entry between last high and breakout level. For this example, I am using Fibonacci for take profit. You can use any method including Supply and Demand.
  • #46
  • Feb 10, 2019 5:44am Feb 10, 2019 5:44am
Quoting jgadefelth
{quote} Can you please be more clear about this also where is your stop placed and any particular timeframe you like ? also your winning ratio please and how big is your tp to your stop ? in your pictures i see you could have entered earlier on smaller highs and lows ? Thank You best regards
Stop Loss?
. Last high or Last low. Just basic price action.

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Timeframe?
Any timeframe will do. Up to you which one you comfortable with. I prefer M15.

Winning ratio?
Winning ratio can be 70%+ if you hit the right breakout.
  • #47
  • Feb 10, 2019 6:04am Feb 10, 2019 6:04am
Quoting Remax
{quote} Stop Loss? . Last high or Last low. Just basic price action. {image} Timeframe? Any timeframe will do. Up to you which one you comfortable with. I prefer M15. Winning ratio? Winning ratio can be 70%+ if you hit the right breakout.
is 70 percent typical or is it a good day ?

can you explain in more detail precisly how you enter please i understand the breakout but not where you enter also is your target always greater then your stop so if your stop is 20 pips your target will be 20 pips or more ?

Thank You.

Best regards
  • #48
  • Feb 10, 2019 6:33am Feb 10, 2019 6:33am
Quoting jgadefelth
{quote} is 70 percent typical or is it a good day ? can you explain in more detail precisly how you enter please i understand the breakout but not where you enter also is your target always greater then your stop so if your stop is 20 pips your target will be 20 pips or more ? Thank You. Best regards
It will be typical. I hope you give it a try.

Example below was last week trade.

1. Identify the breakout.
2. Do the basic marking. H, L, LH. Make a box. That will be your entry zone.
3. LH will be your SL. (In this case 17 pips)
4. Entry will be inside the zone, as long as the price did not reach Take Profit level, it is valid for you to enter.

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1. Breakout candle.
2. Candle that I will enter

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  • #49
  • Feb 10, 2019 11:31am Feb 10, 2019 11:31am
Quoting Remax
{quote} It will be typical. I hope you give it a try. Example below was last week trade. 1. Identify the breakout. 2. Do the basic marking. H, L, LH. Make a box. That will be your entry zone. 3. LH will be your SL. (In this case 17 pips) 4. Entry will be inside the zone, as long as the price did not reach Take Profit level, it is valid for you to enter. {image} 1. Breakout candle. 2. Candle that I will enter {image}

How did you come up with tp here in picture 2 ?

Yes i will try it maybe tomorrow even it will be intresting

Best regards
  • #50
  • Feb 10, 2019 4:45pm Feb 10, 2019 4:45pm
Also please how is your dayly trading routine do you mark up any chart and sit and wait or do you search or how do you fin intresting pairs for setups ?

Thank You.

Best regards
  • #51
  • Feb 10, 2019 7:57pm Feb 10, 2019 7:57pm
Quoting jgadefelth
{quote} How did you come up with tp here in picture 2 ? Yes i will try it maybe tomorrow even it will be intresting Best regards
My TakeProfit was based on Supply and Demand level. But hey! Its up to you. Pivot, Support Resistance point are promising too.
  • #52
  • Feb 10, 2019 8:02pm Feb 10, 2019 8:02pm
Quoting jgadefelth
Also please how is your dayly trading routine do you mark up any chart and sit and wait or do you search or how do you fin intresting pairs for setups ? Thank You. Best regards
I prefer M15. So, everytime there will be entry.
  • #53
  • Feb 11, 2019 6:00am Feb 11, 2019 6:00am
first price break then wait and Ao breaks when it is moves back toward outbreak in price is this a setup by all rules ?

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  • #54
  • Feb 11, 2019 6:11am Feb 11, 2019 6:11am
Quoting jgadefelth
first price break then wait and Ao breaks when it is moves back toward outbreak in price is this a setup by all rules ? {image}
Yes correct.

I will watch out the big demand zone for Take Profit. Risk Reward will be around 1 : 2.5

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  • #55
  • Feb 11, 2019 6:13am Feb 11, 2019 6:13am
Quoting Remax
{quote} Yes correct. I will watch out the big demand zone for Take Profit. Risk Reward will be around 1 : 2.5 {image}
Can you please explain demand zones? , i have no knowledge about them

Also as you see price have its beakout on the first long red bar but Ao breaks on my arrow many bars later in you picture it is one of the blu bars after the 2 red long bars.

Thank You.

Best regards
  • #56
  • Feb 11, 2019 6:21am Feb 11, 2019 6:21am
Quoting jgadefelth
{quote} Can you please explain demand zones? , i have no knowledge about them Also as you see price have its beakout on the first long red bar but Ao breaks on my arrow many bars later in you picture it is one of the blu bars after the 2 red long bars. Thank You. Best regards
I try to simplify it for you.
Go to Indicator and choose ZigZag.

This is what we call basic swing. That is a clean breakout.

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  • #57
  • Feb 11, 2019 6:30am Feb 11, 2019 6:30am
Quoting Remax
{quote} I try to simplify it for you. Go to Indicator and choose ZigZag. This is what we call basic swing. That is a clean breakout. {image}

I understand that, but what is see the breakout in price is mutch earlierthen the one in Ao so we wait for AO use lines and you see Ao is later several bars later in breakout thne breakout in price. So e wait for Ao yes ?

best regards
  • #58
  • Feb 11, 2019 6:49am Feb 11, 2019 6:49am
Quoting jgadefelth
{quote} I understand that, but what is see the breakout in price is mutch earlierthen the one in Ao so we wait for AO use lines and you see Ao is later several bars later in breakout thne breakout in price. So e wait for Ao yes ? best regards
Correct! Wait for both breakout.

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  • #59
  • Feb 11, 2019 8:22am Feb 11, 2019 8:22am
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  • #60
  • Feb 11, 2019 8:24am Feb 11, 2019 8:24am
Quoting Remax
{quote} Yes correct. I will watch out the big demand zone for Take Profit. Risk Reward will be around 1 : 2.5 {image}
Its done!

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