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The Chart Guide

  • #1
  • First Post: Oct 9, 2020 5:58am Oct 9, 2020 5:58am
Price action is the key guide to trading forex. Having traded for 13 years now, since 2007, I have come to appreciate the power of price action. No wonder the phrase ....chart is your best friend. In this thread, I will sharing one or two of price action strategies I have developed and used with some good results. Though, professionals and guru traders know that no one single system present the holy grail. However, they are systems that delivers consistent wining edge 80-90%.
While this thread will be invaluable to upcoming traders trying to develop their trading system experts here should be magnanimous to present their valid contributions where necessary.

RULES:
Respect others views. Correct with love!
No abusive words.
Any presented systems should be illustrated with examples in chart where it worked or why it failed...
Major currency pairs should be discussed.
Happy following
Dont be fool by the newbie badge....older here...older in the biz.
  • #2
  • Oct 9, 2020 6:17am Oct 9, 2020 6:17am
Some years ago, I develop a system I tagged the "The Success swing'.
Using Fibo tool. Where an established trend is noticed, could be lower tf of higher one. you draw your fibo line from the top of the trend to bottom. You should observe the 50% and 61.8% when the trend bounces the 61.8% and slightly touching the 50% line forming bottom or upper pins a good chance it will bounce back to the opposite direction.. with 3 tp levels. The 1st tp being 100%, the 2nd tp 161.8%, and the 3rd ( using some calculations between High and low between the 1st and 2nd tps you derive the length for the 3rd tp.
Dont be fool by the newbie badge....older here...older in the biz.
  • #3
  • Oct 9, 2020 6:26am Oct 9, 2020 6:26am
See the daily chart for GU
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 70 KB
Dont be fool by the newbie badge....older here...older in the biz.
  • #4
  • Oct 9, 2020 6:29am Oct 9, 2020 6:29am
Though, the trend had a choppy cluster around the 61.8 and 50% and extend a little below. But, still respected the move. In the GU daily case above we can see the 1st and 2nd tp were hit.

Take not of how the fibo was drawn from the top to the down. Not on the pins , but on the closing candle body.
Interesting system. You can check other pairs and tfs. you will see trends really respect this system and it delivers high yields.


Enjoy!
Dont be fool by the newbie badge....older here...older in the biz.
  • #5
  • Oct 9, 2020 6:35am Oct 9, 2020 6:35am
See Usd/Cad 4h tf. it also respects the system.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 118 KB
Dont be fool by the newbie badge....older here...older in the biz.
  • #6
  • Oct 9, 2020 6:39am Oct 9, 2020 6:39am
Note, that I developed this system some years ago that was 2011 or 2012. And the current time frames (tfs) still respects it. Shows it is a powerful system.

try these out yourself and spots the systems in different pairs and see how it respects it.

Note. Some times it do hit 1st tp and neglect the 2nd. But, most times it hits both and even the 3rd tp.
Dont be fool by the newbie badge....older here...older in the biz.
  • #7
  • Oct 26, 2020 3:26pm Oct 26, 2020 3:26pm
Does this setup meet your trading system Criteria?
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY H4.jpg Size: 204 KB
If you don't build your DREAM, Someone will hire to help build theirs ...
  • #8
  • Oct 27, 2020 12:06pm Oct 27, 2020 12:06pm
I think So ...!
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY H4-2.jpg Size: 251 KB
If you don't build your DREAM, Someone will hire to help build theirs ...
  • #9
  • Oct 27, 2020 12:08pm Oct 27, 2020 12:08pm
And 2 more setups with a bit late entry on Demo account ,just to make sure how this strategy works ... so far so good
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY H4.jpg Size: 273 KB
Click to Enlarge Name: GBPCAD H4.jpg Size: 269 KB
If you don't build your DREAM, Someone will hire to help build theirs ...
  • #10
  • Nov 7, 2020 7:41am Nov 7, 2020 7:41am
Quoting drsa1970
Does this setup meet your trading system Criteria? {image}
You are right. sorry for the late response.
As you can see now the 1st and 2nd tps as explained in my system were hit.
Dont be fool by the newbie badge....older here...older in the biz.
  • #11
  • Nov 8, 2020 2:20pm Nov 8, 2020 2:20pm
Try to share more setups please
If you don't build your DREAM, Someone will hire to help build theirs ...
  • #12
  • Nov 8, 2020 3:15pm Nov 8, 2020 3:15pm
Quoting kingfx19
Some years ago, I develop a system I tagged the "The Success swing'. Using Fibo tool. Where an established trend is noticed, could be lower tf of higher one. you draw your fibo line from the top of the trend to bottom. You should observe the 50% and 61.8% when the trend bounces the 61.8% and slightly touching the 50% line forming bottom or upper pins a good chance it will bounce back to the opposite direction.. with 3 tp levels. The 1st tp being 100%, the 2nd tp 161.8%, and the 3rd ( using some calculations between High and low between the 1st and...
Tnx for your explanation
  • #13
  • Nov 8, 2020 6:29pm Nov 8, 2020 6:29pm
Quoting drsa1970
Try to share more setups please
You are welcome. gave this system just to help others especially the newbies with no system to aid them to develop their confidence to trade. Cheers!
Dont be fool by the newbie badge....older here...older in the biz.
  • #14
  • Nov 8, 2020 6:29pm Nov 8, 2020 6:29pm
Quoting helioss
{quote} Tnx for your explanation
You are welcome.
Dont be fool by the newbie badge....older here...older in the biz.
  • #15
  • Nov 24, 2020 9:00pm Nov 24, 2020 9:00pm
Quoting kingfx19
{quote} You are right. sorry for the late response. As you can see now the 1st and 2nd tps as explained in my system were hit.
Can I have the system?
  • #16
  • Nov 25, 2020 6:37am Nov 25, 2020 6:37am
Fibonacci retracement.....wonderful tool
  • #17
  • Last Post: Edited Jan 2, 2022 8:50am Jan 1, 2022 11:51am | Edited Jan 2, 2022 8:50am
Quoting kingfx19
Some years ago, I develop a system I tagged the "The Success swing'. Using Fibo tool. Where an established trend is noticed, could be lower tf of higher one. you draw your fibo line from the top of the trend to bottom. You should observe the 50% and 61.8% when the trend bounces the 61.8% and slightly touching the 50% line forming bottom or upper pins a good chance it will bounce back to the opposite direction.. with 3 tp levels. The 1st tp being 100%, the 2nd tp 161.8%, and the 3rd ( using some calculations between High and low between the 1st and...
Hi King,
Happy New Year ... May this year brings you and all good friends here Happiness, Health and Greenpips.

My questions :

*) Flipflop fractals bars( triangle icons in opposite direction) are interesting too for me. Always spare some time to look at it in the week -end time like now...
do not know if it is worth or not ? , just playing with it in my free time ...
Begin to use fibo retracement since some time ago, seems a 'valid' tool to catch retrace of trend, will play with it too... good enough isn't it ??

*) Can your system be used for Multi pairs, including minor pairs and cross pairs ? is it ready for MTF including small time frame, or just good for a specified time frame only ?

please advice if you have time.
thanks in advance.
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