The Fibonacci channel projections (FCP)

EUR/AUD

Missed the 1h yesterday, but able to get to TP2 on the 5 min today.

1h Chart

5m Chart

TP2 reached. Rest part closed.

Usually this is Trigger-Line 1 or 2 (1.000 or 78.6-75.0 Fibo). In this case (m1 scalp) I use volume and channel breakout.

This is a more accurate formation, compare:

day open line sr flip.

Evening Seysin32, I have been studying 4-6 hours a day primarily on page 1 since last Tuesday. I am now in the process of going back in time and practicing on drawing the TL, channel after TL is broken, and displaying fibos. I have discovered that after locating point 1 and 2, it is often necessary to make TL adjustments primarily at point 1. Also, as shown in the attached chart, it is also necessary to adjust the initial TL break either up or down depending on direction of trend. I have been staying on the 1H charts as you suggested; however, at some point in time when I'm demo trading on current charts, I will drop down to place trades on the 5/15M charts. The attached chart also showed regular bearish divergence which I failed to draw.

Thanks again for sharing. As I mentioned in my first post, I am somewhat familiar with your approach to making deals, but was never able to really put it all together like you have in your trading method.

Later,
Tx15

my perspective.

I believe the attached chart is an example of when the TL is not accurately drawn. It becomes clear that's the case when after the TL is broken, then nothing on the fibs align properly and everything heads south. Will practice some more tomorrow, as I'm tired tonight and ready for my nightly Jack & coke.

Thanks Inthebox, I just now noticed where you had posted your perspective. So based on the LH and LL, the trend has changed and I should be essentially trying to find deals in the opposite direction than the deal I posted. Is that correctly stated?

Thank you, as your perspective is what I'm seeking and appreciate,
Tx15

my thought process:
1. support (higher time frame better).
2. 4 points of H, HH, L, HL. (in lower time frame)
3. find a trend line that cuts through a strong candle

My opinion about your two examples:

Thank you Seysin32 for your input. I am still reading, studying, and trying to gain a comfortable grasp on your trading method. Since I am only looking at the 1H charts by going back in time to practice drawing the TL, that will be the only charts I post. If I draw the channels and the fib projections based on the width of the channels, your readers will think that I am trading these setups, where in reality, I am only practicing hypothetical setups on the 1H charts. When I do decide to post the additional method components (channels and fibs), I will post the 1H charts showing only the break in TL, and then drop down to the 5 or 15M charts to actually draw the channel and fib. I would hence be using the HTF, the 1H, for determining the current trend for taking deals on the lower TF's.

I am trying my best to learn your method as outlined on page 1. I have added the volume indicator to my template, as I know the importance of its use for making deals. I use the MACD primarily for divergence. In addition, after the TL has been broken, I normally would seek retraces back to the 100 or 75/78.6 levels, and accompanied by setup candles as you described before actually entering a position on the 5 or 15M charts.

As I've said before, your trading method includes the components that I believe in, but was unable to organize them consistently as you have presented. Thanks!!!
Tx15

Thanks for sharing your recipe
On my way of mastering FCP too
Will post some H1 charts later

You have the right approach. Take your time and do not worry that readers will think of your branches publications. You do it for yourself.

Thanks Seysin32 for your comment.

The 1st attachment shows the upward TL being broken on the 1H chart, which supports making short deals.
The 2nd attachment shows the channel and fibs being drawn on a 15M chart and a possible short being taken based on the 1H HTF.

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Evening Seysin32. If you get a chance, would you provide some input on how you would trade this chart development? I understand that skipping it without any consideration is also an option.

Thanks, Tx15

30jul high sr flip