Candle Stick Pattern & Fibonacci Retracement
Hi Hanz,
I think you should try daily or weekly. U can catch many pips from these Time frame. The key is Patience. The pattern can also be read and more obvious.
Anyway, i've tried on lower time frame. And it works too.
U have to practice by virtual 1st.Then when u feel confident, and u find it worth trying, u go Live.
Leo
15m?
thanks for sharing (=
Though i've gained several pips from this. The matter is, the chart is too short to see the actual movement/trend/pattern. While the longer time frame, shows u a lot!
This is great Leo2006! I learn a lot from this forum! One thing is, I only can set the 38.2, 50, and 61.8, can you tell how do I set the other Fib number?
Do you mind show more detial about how to set from 76.4 - 161.8?
Can I ask, do you consider that pattern to be established? I was also wondering how many candles do u want to see on a chart when searching for formations. Do u use different zooms for different timeframes? Or are u looking from right to left and picking the most recent? And do u place the Fib levels where they should be, or there where u can see a bounce of some levels? Strict look or feeling?
Thx,
I love them candlesticks, i am learning in this direction , so see you around.
. The swing determines which fibo i should place. Whether it is 1.2.3.4 pattern ( fibo retracement ) or fibo projection.
And yes, i look from right to left or left to right. Whichever is better. I dont always enter the trade whenever i'm in doubt. Or when there is no good pattern. But hey, u have many pairs to play. Seek for other pairs and i'm sure they'll give u their pattern. Thnks!However, I need feedback here...
Leo
Btw, how long do you usually wait for the market to reach the projected price? I am not sure if i am capable of such patiance and discipline 
Hey "L",
If you look at this GBP/USD chart it shows the following;
1. 38.2% Fib. Retracement from A(1.8530) to B(1.9850) at Z.
2. 50% Fib. retracement from Y(1.8834) to B(1.9850) at Z.
3. Trendline from A(1.8530) through Y(1.8884) intersecting at Z and beyond.
The area at Z represents a very high probablilty area to go long. There are two fib retracements (38.2%, 50%) that line up with the trendline acting as support. This area of support at Z is a 123 bottom which is played off the number 2 point and or the 38.2% Fib.
A
It's very good that u're mastering that. I love the trendline which u have drawn. It is actually a pattern also, that usually when the price touches the trend line for 3 times, after the third touch, the price will be rejected away from the trendline. The point is, the GBP/USD will have a strong uptrend move ( hopefully ). Thnks for your feedback, i hope that u would send us more about the convergence... I am not a metatrader user but on your chart where there is a bullish engulfing candle down at the low, the previous narrow range bar appears to be for Sunday? Do you have it set to show seperate bars for sundays and mondays. If so it may give correct signals sometimes and sometimes false ones.
And as far as price continuing after passing 76.4 fib level to 100% level, it seems the same could be said for most any fib level. Have you done testing showing it is anymore probable then say if price passes 50% level it will go to 61.8% level.
Wew, thnks mate ! I think u are using A fibonacci Convergence or Confluence, which i havent pay full attention yet
LEo
Leo thank you for explanation, i will post some setups to make sure i got you right Btw, how long do you usually wait for the market to reach the projected price? I am not sure if i am capable of such patiance and discipline
And question maybe for MT4 forum, but it was mentioned here, so I just ask. I am using Interbank FX with MT4 and GMT time. There is a way how to combine the half-hour sunday "daily" candle into monday's candle? How can I do that please? Help
eR
Sometimes u wait for a week or maybe in a matter of hours. Still u have to be patient... Some of my pairs went against me a couple days ago. But now, they are with me ( heading for the target price ). I wait for a week. And i monitor them daily. Hi there,
I’d like to give u an example of EUR/JPY daily. I give numbers on the chart :
No.1 This is what I call ‘Evening star’ because this candle stands above the candle no 1a and no 1b. Evening star is a Trend reversal candle.
No.2 This is the well-known Bullish engulfing candle. U see the lower wick is long enough to ensure there will be an up trend.
No. 3 The price is breaking the 76.4 fibo.
No.4 Watch out, it would break this one too, since the 76.4 fibo is already passed.
I enter at 157.56. Exit at 100 fibo ( 158.03 )
So, this is gonna be an UP trend. To set your fibonacci, left click your fibo at Evening star ( upper wick ), then drag it to the lower wick of Bullish engulfing candle. So, the evening star will have 100 fibo and the bullish engulfing will have the 0 fibo. Voila, you have your target price now. Remember this, once the price has passed the 76.4 fibo, it usually hits the 100 fibo or even 168.1 fibo.
Watch out for trend reversal!! Get out from trade when u see the price goes against u and supported by trend reversal candles!!
Hope this would help...
LEo
Can you please elaborate on the rules of the evening star. I have taken A short on the USD/JPY anticipating this top formation on the daily and would like your opinion please.
Thanks
