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The Fibonacci channel projections (FCP)

  • #1,661
  • Dec 21, 2020 4:45am Dec 21, 2020 4:45am
I am looking at GBP/USD (waiting for news at 12pm).

Uptrend on D1 - bias is to buy.
Pullback is approaching resistance + trendline + rsi divergence.

ps. I am a little skeptical due to the new strain covid news revolving around U.K, therefore I'll see how it plays out.
Is this a good approach?

edit: Plus strong bullish day for USD so far?

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  • #1,662
  • Dec 21, 2020 4:53am Dec 21, 2020 4:53am
Quoting Forexnub
nice trades above ^. I saw the same set-up above and wanted to enter (long) aswell for EUR/USD. Bias was uptrend looking at D1 trend - narrowed down to lower time frames to see pull back into resistance area + divergence and therefore it looked like a good setup to go long. {image} I wanted to take the trade at the engulfing candles off the .75/.78 but saw an overbought condition + a V shape pullback which if I recall, Inthebox said he likes to avoid in a previous post. Therefore, I avoided the trade overall. Thankfully I did Although I do...
note strong candle in ltf above fib 61.8 and round number to go long.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,663
  • Dec 21, 2020 5:00am Dec 21, 2020 5:00am
Quoting Inthebox
{quote} note strong candle in ltf above fib 61.8 and round number to go long. {image}
Sorry to ask but could you elaborate or explain which candle?

I agree with the bullishness, (checking my screenshot), it looked like a good buy but rolled the otherway.
  • #1,664
  • Dec 21, 2020 5:01am Dec 21, 2020 5:01am
Quoting Forexnub
I wanted to take the trade at the engulfing candles off the .75/.78 but saw an overbought condition + a V shape pullback which if I recall, Inthebox said he likes to avoid in a previous post. Therefore, I avoided the trade overall. Thankfully I did Although I do see you two still profited from the smaller ticktime frames and/or counter trend trade . On to the next trade Green pips
cannot go long.
just rejected by previous day low/day open as resistance.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,665
  • Dec 21, 2020 5:08am Dec 21, 2020 5:08am
Quoting Forexnub
{quote} Sorry to ask but could you elaborate or explain which candle? I agree with the bullishness, (checking my screenshot), it looked like a good buy but rolled the otherway.
strong candle closed above round number.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,666
  • Dec 21, 2020 5:26am Dec 21, 2020 5:26am
Quoting Forexnub
I am looking at GBP/USD (waiting for news at 12pm). {image}
bounce at confluence of trend line and support and round number 1.32.
if in doubt, place a smaller amount.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,667
  • Dec 21, 2020 5:30am Dec 21, 2020 5:30am
Quoting Inthebox
{quote} bounce at confluence of trend line and support and round number 1.32. if in doubt, place a smaller amount. {image}
Yup, I have the same outlook.
Thanks, was just verifying if my thought process aligns with yours for example or I am completely off.
  • #1,668
  • Dec 21, 2020 5:45am Dec 21, 2020 5:45am
the first 2 bot did not bounce up the trend line, making a small loss.
the other 2 bot more than cover.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,669
  • Dec 21, 2020 5:52am Dec 21, 2020 5:52am
from now to year end, if we are still trading, trade with smaller units.
as more people going on leave, the market is getting thin, just need a few institutions to create havoc.
ITB - Seeing Orderliness amongst 'Randomness'
  • #1,670
  • Dec 21, 2020 6:20am Dec 21, 2020 6:20am
Feeling excited My first trade using fcp method. thanks for seysin to share your knowledge and inthebox for your detailed explanation.

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  • #1,671
  • Edited 1:39pm Dec 21, 2020 7:28am | Edited 1:39pm
Quoting Forexnub
I am looking at GBP/USD (waiting for news at 12pm). Uptrend on D1 - bias is to buy. Pullback is approaching resistance + trendline + rsi divergence. ps. I am a little skeptical due to the new strain covid news revolving around U.K, therefore I'll see how it plays out. Is this a good approach? edit: Plus strong bullish day for USD so far? {image}

Progress photo:
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Took some nice scalps on lower time frame.
Now looking at a little longer term one..hopefully plays out.

Looking for price to get past resistance (Redline) on .75/.78 and then act as support, bullish pattern to form, then see if conditions line up to .

Update: Took the trade where I said and bagged 47.7 pips
  • #1,672
  • Dec 21, 2020 7:51pm Dec 21, 2020 7:51pm
Quoting Inthebox
{quote} bounce at confluence of trend line and support and round number 1.32. if in doubt, place a smaller amount. {image}
interesting. closing of gap.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,673
  • Dec 21, 2020 7:54pm Dec 21, 2020 7:54pm
Quoting Inthebox
{quote} interesting. closing of gap. {image}
I expected the bounce because of the overall uptrend, trendline and structure support. It is also a QM pattern. I didnt notice the round number though.

i was in a buy somewhere below the gap (dont ask me why ) but decided to hold and closed at profit... leap of faith!
  • #1,674
  • Dec 21, 2020 8:03pm Dec 21, 2020 8:03pm
Quoting tommydoginti
{quote} I expected the bounce because of the overall uptrend, trendline and structure support. It is also a QM pattern. I didnt notice the round number though. i was in a buy somewhere below the gap (dont ask me why ) but decided to hold and closed at profit... leap of faith!
if d1 closes below 1.31, there's room to fall 1,000 pips.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,675
  • Dec 22, 2020 5:00am Dec 22, 2020 5:00am
EURUSD simple scalp:
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  • #1,676
  • Dec 22, 2020 5:45am Dec 22, 2020 5:45am
Quoting Seysin32
EURUSD simple scalp: {image}
nice! Took the same trade
However, my tp1 is your tp3..went for a 1:1 RR and took 1/3 off position to let it run; moved stop to breakeven but got stopped out at your tp2 due to spread .
  • #1,677
  • Dec 22, 2020 7:33am Dec 22, 2020 7:33am
Quoting Forexnub
{quote} nice! Took the same trade However, my tp1 is your tp3..went for a 1:1 RR and took 1/3 off position to let it run; moved stop to breakeven but got stopped out at your tp2 due to spread .
Not bad!
Here's another setup, but I missed it...
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  • #1,678
  • Dec 22, 2020 7:36am Dec 22, 2020 7:36am
Quoting Seysin32
{quote} Not bad! Here's another setup, but I missed it... {image}
Currently looking at the same set-up but at the pullback for the long - waiting now
  • #1,679
  • Dec 22, 2020 9:38am Dec 22, 2020 9:38am
Wow. Well come back Seysin! I'm really happy. It was crazy year! But seems everything will be fine
Trying something new. PSAR + MA100 + Fibo channel
EJ in uptrend many days, so I decided to grab some pips on M1.
Confirmations for buy:
1. Fibo channel broken
2. Price above MA100
3. PSAR indicating uptrend
Not so clear entering. I still polishing this strategy.
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  • #1,680
  • Dec 22, 2020 4:01pm Dec 22, 2020 4:01pm
EJ, m1
Mistakes
- Not perfect enter. Miss fibo 100 & 78.6
- Not sure, but should come out on PSAR reversal indication on first wave (may be not, investigating)

Strategy
- Not sure that PSAR is helpful
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