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The Fibonacci channel projections (FCP)

  • #1,521
  • Dec 3, 2020 3:26pm Dec 3, 2020 3:26pm
Quoting miau1
{quote}
Thank you friend, that's exactly.
  • #1,522
  • Dec 3, 2020 5:27pm Dec 3, 2020 5:27pm
Hello community and Seysin32 (Thank you for posting this, looks promising)!

Unforuntaly, I am using a Mac and don't easily have access to mt4 and therefore cannot download the settings easily. Do you mind sharing the fibo levels for the channel and entry/stop/takeprofits for tradingview! Much appreciated.

Would like to backtest/forward test this
  • #1,523
  • Dec 3, 2020 5:39pm Dec 3, 2020 5:39pm
damn it, there are trillion information in this thread, I have read it, digest it dozen times. You ask question that are the basis of the methods that you can easy find scrolling back... if you can do this simple work, you will just loose money, over and over again, until you do your homework... sorry dude but that is reality, this method is explained with precision you could only dream of... if you cannot find it no one can help you...

oh and btw, the OP dont use MT4 for charting this method, it show how much you read :-)
  • #1,524
  • Dec 3, 2020 7:45pm Dec 3, 2020 7:45pm
Quoting Tragruel
damn it, there are trillion information in this thread, I have read it, digest it dozen times. You ask question that are the basis of the methods that you can easy find scrolling back... if you can do this simple work, you will just loose money, over and over again, until you do your homework... sorry dude but that is reality, this method is explained with precision you could only dream of... if you cannot find it no one can help you... oh and btw, the OP dont use MT4 for charting this method, it show how much you read :-)
Nice one, congrats for you

Anyhow, I am aware OP doesn't use MT4, however there are some posts where people are using mt4 - from what I gathered, the fib channel levels are 0, .25, .5, 1... Maybe my post was misunderstood, I was simply wanting to confirm the levels before I try it for myself. I never discredited the explanation of the method :-) In fact, I want to thank Seysin32 for writing a nice clear method with many examples! Afterall, this is a community of sharing and learning.. Happy trading and hope you keep reading through the posts :-)
  • #1,525
  • Edited 8:22pm Dec 3, 2020 8:01pm | Edited 8:22pm
it took me one hour to refresh my memory by reading post#1 and every links in it.
but it will take years to build up knowledge and experience.

from post #1.
"First, the money is brought not by the system itself, but by experience and knowledge. Secondly, it is not completely free. You will pay for it with your diligence, discipline and hours of training in front of your monitor. He, who is ready to make an effort, will receive the result.
The FCP system is based on a graphic display of the psychology of market participants, expressed in the interaction of prices with TL and Fibonacci levels. At the heart of FCP is the idea that the price, breaking out of a diagonal/horizontal channel or triangle, travels a distance equal to the projection of the FIBO levels on the channel width. We will start with the FIBO projection from the diagonal channel, built from the trend line, since this is the basis."

in a nutshell, look for impulsive, corrective waves or trend, pullback in higher time frame.
look for the same thing in lower time frame ---> break of trend line, channel, support/resistance, pullback, wait for signal candle at specific fibonacci level.
the channel is not permanently fixed, it has to be adjusted accordingly to the later development of price action. eg. the former has been negated because the lowest fractal had been taken out or price had been oscillating many times at the trend line.

the whole thing can be subjective due to further incorporating of our own different knowledge and experiences like moving average, support/resistance, divergences, etc etc .........
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,526
  • Dec 3, 2020 8:06pm Dec 3, 2020 8:06pm
Quoting Forexnub
{quote} from what I gathered, the fib channel levels are 0, .25, .5, 1...
absolutely wrong, read post #1 again or for the first time.
  • #1,527
  • Dec 3, 2020 8:14pm Dec 3, 2020 8:14pm
Quoting Forexnub
{quote} some posts where people are using mt4 - from what I gathered, the fib channel levels are 0, .25, .5, 1...
put in the negative sign.
Attached Image
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,528
  • Dec 3, 2020 8:35pm Dec 3, 2020 8:35pm
from post #1 ....
Attached Image
  • #1,529
  • Dec 3, 2020 8:44pm Dec 3, 2020 8:44pm
Quoting Inthebox
{quote} put in the negative sign. {image}
This is the post I orinigally saw, out of curiosity as I tried both positive and negative inputs, does it make a difference? Visually on the charts, it doesn't. Thank you also for you constructive comments back.
  • #1,530
  • Dec 3, 2020 9:09pm Dec 3, 2020 9:09pm
Quoting Forexnub
{quote} This is the post I orinigally saw, out of curiosity as I tried both positive and negative inputs, does it make a difference? Visually on the charts, it doesn't. Thank you also for you constructive comments back.
show me your chart on the two fib channels.
when you do, you will remember better.
also snap the setting box like i did above.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,531
  • Dec 3, 2020 10:29pm Dec 3, 2020 10:29pm
Quoting Inthebox
{quote} show me your chart on the two fib channels. when you do, you will remember better. also snap the setting box like i did above.
So I'll give a visual example as that is how I learn best. In no way am I saying this is right, but it is an attempt

Please find attached the photo from a backtesting session.
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1) I connected the trendline as seen between point 1 and 2.
2) Now as for point 3, reading through the posts and examples, I'm aware there is a way to approach it, however, I am still waiting for that 'aha' or lightbulb moment - With practice fingers crossed The way I justified point 3 is with the impulse, however, it has me conflicted with #Post 19 posted by OP..Any way to see it differently/ is it already correct ?

Thanks
  • #1,532
  • Dec 3, 2020 11:25pm Dec 3, 2020 11:25pm
Quoting Forexnub
{quote} 2) Now as for point 3, reading through the posts and examples, I'm aware there is a way to approach it, however, I am still waiting for that 'aha' or lightbulb moment - With practice fingers crossed The way I justified point 3 is with the impulse, however, it has me conflicted with #Post 19 posted by OP..Any way to see it differently/ is it already correct ? Thanks
pt 3 is ok.
extend the fib ext for tp plus if you want to.
remember the down channel is just a pullback from higher time frame.

which sentence in post 19 or image connected that you saw the conflict?

go get some sleep.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,533
  • Dec 4, 2020 3:33am Dec 4, 2020 3:33am
Quoting Forexnub
{quote} So I'll give a visual example as that is how I learn best. In no way am I saying this is right, but it is an attempt Please find attached the photo from a backtesting session. {image} 1) I connected the trendline as seen between point 1 and 2. 2) Now as for point 3, reading through the posts and examples, I'm aware there is a way to approach it, however, I am still waiting for that 'aha' or lightbulb moment - With practice fingers crossed The way I justified point 3 is with the impulse, however, it has me conflicted with #Post...
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  • #1,534
  • Dec 4, 2020 3:52am Dec 4, 2020 3:52am
EUR/USD simple scalp:
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  • #1,535
  • Dec 4, 2020 5:21am Dec 4, 2020 5:21am
Quoting Inthebox
in a nutshell, look for impulsive, corrective waves or trend, pullback in higher time frame. look for the same thing in lower time frame ---> break of trend line, channel, support/resistance, pullback, wait for signal candle at specific fibonacci level. the channel is not permanently fixed, it has to be adjusted accordingly to the later development of price action. eg. the former has been negated because the lowest fractal had been taken out or price had been oscillating many times at the trend line. the whole thing can be subjective due to further...
textbook entries and exits.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,536
  • Dec 4, 2020 6:59am Dec 4, 2020 6:59am
Quoting Inthebox
{quote} pt 3 is ok. extend the fib ext for tp plus if you want to. remember the down channel is just a pullback from higher time frame. which sentence in post 19 or image connected that you saw the conflict? go get some sleep. {image}


Thanks for the feedback.

As for point 3, the confusion I have is when do I put point 3 to the bottom line or the middle line of the fib channel if that makes sense?

For the fib extension, I am using the channel width, should I reconfigure the fib ext values? I'm not sure which one to use as many posts have different ones.

As for the sleep, haha, yes indeed, I'm a late night owl
Happy trading!
  • #1,537
  • Dec 4, 2020 7:00am Dec 4, 2020 7:00am
Quoting Seysin32
{quote} {image}
Sure looks cleaner on a 30min appreciate it!
  • #1,538
  • Edited 8:40am Dec 4, 2020 7:26am | Edited 8:40am
A live example I am waiting to see form now.
Feedback appreciated.

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Nice pullback on the 4H.

Narrowed down to the 30m, but in this case screenshot is on 1H for better visual.
Point 1 and 2 connected as seen with point 3 at an impulse..
Waiting for price to give me a nice pattern candle either at 0.75/0.786 or at 1.

Is this correct?

Edit: Didn't take the trade at 0.75/0.786 when a nice pinbar formed as news was coming out..So far waiting to see if any reaction off the 1.
  • #1,539
  • Dec 4, 2020 8:07am Dec 4, 2020 8:07am
Quoting Forexnub
{quote} Thanks for the feedback. As for point 3, the confusion I have is when do I put point 3 to the bottom line or the middle line of the fib channel if that makes sense? For the fib extension, I am using the channel width, should I reconfigure the fib ext values? I'm not sure which one to use as many posts have different ones. As for the sleep, haha, yes indeed, I'm a late night owl Happy trading!
my fib ext setting.

pt 3 can be on any of the 4 lines of the fib channel, whether from pt 1 or 2.
the best is trying to touch as many fractals on the lines as per green up arrows.
https://www.forexfactory.com/thread/...6#post13296826
the placement of pt 3 would also depend on your TP expectations.
the wider the channel, the higher TP you would expect.
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Attached Image
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,540
  • Dec 4, 2020 8:19am Dec 4, 2020 8:19am
Quoting Inthebox
{quote} my fib ext setting. pt 3 can be on any of the 4 lines of the fib channel, whether from pt 1 or 2. the best is trying to touch as many fractals on the lines as per green up arrows. https://www.forexfactory.com/thread/...6#post13296826 the placement of pt 3 would also depend on your TP expectations. the wider the channel, the higher TP you would expect. {image} {image}
Got it, appreciate it

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