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The Fibonacci channel projections (FCP)

  • #1,421
  • Aug 11, 2020 6:53pm Aug 11, 2020 6:53pm
Quoting Seysin32
{quote} When the price instead of TP1 reaches the level of 0.236, then if it falls below, in most cases it will reach the level of 1.146 instead of TP2. {image}
Seysin - When would you target beyond the 1.146 to the 1.382, 1.5, and 1.618?
  • #1,422
  • Aug 11, 2020 8:08pm Aug 11, 2020 8:08pm
Quoting Seysin32
{quote} {image}
Noted with thanks.
  • #1,423
  • Edited 11:00pm Aug 11, 2020 10:47pm | Edited 11:00pm
sr flip at fib 78
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,424
  • Aug 11, 2020 11:15pm Aug 11, 2020 11:15pm
EURUSD 4H . Please comments if I've plot correctly. Thank you.
Attached Image (click to enlarge)
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  • #1,425
  • Aug 11, 2020 11:50pm Aug 11, 2020 11:50pm
Quoting b1ackjet
EURUSD 4H . Please comments if I've plot correctly. Thank you. {image}
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-08-12 12_45_49-EURUSD,H4.png Size: 44 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,426
  • Aug 12, 2020 12:02am Aug 12, 2020 12:02am
while you were sleeping ........ gold broke down 2 weeks low
usd strengthened
Attached Image
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,427
  • Aug 12, 2020 1:00am Aug 12, 2020 1:00am
Quoting Inthebox
{quote} {image}
Thank you!
  • #1,428
  • Aug 12, 2020 4:25am Aug 12, 2020 4:25am
Quoting JiveTrader
{quote} Seysin - When would you target beyond the 1.146 to the 1.382, 1.5, and 1.618?
Hello.
To assess the potential for moving beyond TP2, you need to look in the context of HTF. Also, see how price reacts to your projection lines - breaks and moves on, or can't break. Price makes higher highs (or lower lows) or not. Note that if the projection is confirmed and the price recognizes the Fib levels, in most cases the price will reach the opposite of the lowest/highest levels of the projection (from 1.382 low to 1.382 high, 1.618-1.618 or 2.000-2.000). As a rule, everything beyond TP2 is a bonus. I close part of the position on TP2, and move the rest part to BE and release.
  • #1,429
  • Aug 12, 2020 6:02am Aug 12, 2020 6:02am
Quoting JiveTrader
{quote}
Here's an example of what I wrote about earlier:
EUR/USD m1 scalp
Attached Image (click to enlarge)
Click to Enlarge Name: eur m1 120820.JPG Size: 271 KB
  • #1,430
  • Aug 12, 2020 6:48am Aug 12, 2020 6:48am
Quoting Inthebox
sr flip at fib 78 {image} {image}
continuation
sr flip
Attached Image (click to enlarge)
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,431
  • Aug 12, 2020 3:09pm Aug 12, 2020 3:09pm
Seysin32,

When you begin your day of looking for deals, what chart TF do you begin with before any other analysis? I'm still on page 1 for the fourth time, but once I'm finished this time, then progress should improve considerably. Is is ok to ask your time zone? My schedule is flexible, so when I really need to ask a question, I can do so when you are up and about.

Thanks again for sharing the FCP method with us,
Tx15
  • #1,432
  • Aug 12, 2020 4:19pm Aug 12, 2020 4:19pm
Quoting Tx15
Seysin32, When you begin your day of looking for deals, what chart TF do you begin with before any other analysis? I'm still on page 1 for the fourth time, but once I'm finished this time, then progress should improve considerably. Is is ok to ask your time zone? My schedule is flexible, so when I really need to ask a question, I can do so when you are up and about. Thanks again for sharing the FCP method with us, Tx15
You can write to me at any time. If I am at the monitor, I will answer, if I am not, then there is no answer. Let me remind you that I wrote earlier that I do not recommend starting the study of FСP with trading on m1. I start the day by noting the timing of important news to come. Then I look at H1 what has happened in the intervening time. Since I am doing scalping, I am interested in micro-trends. All charts above 5-15 minutes are useless for this. Next, I look at how the price interacted with the daily opening line and the behavior of the volume on m1 (a minute chart can tell a lot). Finally, I define micro-trends using 5m and a tick chart.
  • #1,433
  • Aug 13, 2020 1:10am Aug 13, 2020 1:10am
watchlist
Attached Image (click to enlarge)
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,434
  • Aug 13, 2020 7:24am Aug 13, 2020 7:24am
Hello everyone!
EUR/USD
FCP m1 scalp:
Attached Image (click to enlarge)
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  • #1,435
  • Aug 13, 2020 7:29am Aug 13, 2020 7:29am
EUR/CAD - FCP m5 Scalp:

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  • #1,436
  • Aug 13, 2020 9:34am Aug 13, 2020 9:34am
Seysin, two questions about this setup (I didn't take it)

1) The volume increases with the candle coming out of the channel, then the next candle goes back in the channel, would this be a red flag for you to not take the deal?

2) Do you see an entry here? There is a wick at the retest candle at the .786, but the trigger candle closes at the 0.382 so I don't see a way to enter.

Again can't thank you enough for your continued patience and excellent instruction.

Attached Image (click to enlarge)
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  • #1,437
  • Edited 10:13am Aug 13, 2020 10:01am | Edited 10:13am
Quoting JiveTrader
Seysin, two questions about this setup (I didn't take it) 1) The volume increases with the candle coming out of the channel, then the next candle goes back in the channel, would this be a red flag for you to not take the deal? 2) Do you see an entry here? There is a wick at the retest candle at the .786, but the trigger candle closes at the 0.382 so I don't see a way to enter. Again can't thank you enough for your continued patience and excellent instruction. {image}
1. In itself, the return of the candle to the channel is not a signal.
2. Yes, here was a good scalp setup .
I used a projection on my chart to see the setup better. Candle # 1 breaks through the channel and is accompanied by the most significant volume for today. Candle # 2 - up, the volume falls. Candle 3 - even lower, the volume increases, closes below the line of the daily opening (dashed white). Candle wick # 4 for trigger 2 - confirmation. While writing the answer, the situation has developed, nevertheless TP2 has been achieved exactly - about 13p. I would enter at the close of candle # 3, and close at TP2.
Attached Image (click to enlarge)
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  • #1,438
  • Aug 13, 2020 10:07am Aug 13, 2020 10:07am
While I was writing to you, I missed a deal on eurusd (nothing wrong) .
A very similar situation, net 25p.
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  • #1,439
  • Aug 14, 2020 3:02pm Aug 14, 2020 3:02pm
Seysin

I wanted to get your opinion on this trade that I took. I took this on the m5 but was concerned that it was breaking out of almost an 8 hour channel. It looked good on the m15 except I couldn't get the EMAs to go in my favor on that time frame, going all the way down to a 8 & 13 EMA.

5 Min
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15Min
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  • #1,440
  • Edited Aug 15, 2020 11:30am Aug 14, 2020 3:25pm | Edited Aug 15, 2020 11:30am
Hello!
I built a channel wider (too narrow projection to moving for almost 8 hours).
The deal was quite reasonable for a scalp, you could take about 20p, which you did.
But, I probably wouldn't have taken it... Why?
1. End of the European session + Friday.
2. I lacked cogency at the highs before the channel breakout.
Attached Image (click to enlarge)
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