My Fibonacci trading system

Quoting wjqblog

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38.2% and 61.8%重合个人觉得的重合个人觉得更强烈

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Quoting eTrader

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Entire waves or major waves have only a retracement of 38%.
Impulsive waves or minor waves have a retracement of 61.8% or 78%.

First large wave Fib level 38.2% overlaps with the smaller wave Fib level 61.8%

That's the reason why traders using only the two levels 38.2% and 61.8%


eTrader,

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Quoting eTrader

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Entire waves or major waves have only a retracement of 38%.
Impulsive waves or minor waves have a retracement of 61.8% or 78%.

First large wave Fib level 38.2% overlaps with the smaller wave Fib level 61.8%

That's the reason why traders using only the two levels 38.2% and 61.8%


eTrader,

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Quoting eTrader

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Entire waves or major waves have only a retracement of 38%.
Impulsive waves or minor waves have a retracement of 61.8% or 78%.

First large wave Fib level 38.2% overlaps with the smaller wave Fib level 61.8%

That's the reason why traders using only the two levels 38.2% and 61.8%


eTrader,

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Quoting Pip26

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Hello eTrader, wjqblog,

I tried to find out some confluence areas, check them out and please guide me about entereing position.

how to determine the profit targets??
Fibonacci expansion on swing 1 or swing 2?

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Quoting eTrader

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Hello Pip26,

Chart 1 GBPUSD M30
I don't see any confluence

Chart 2 EURJPY H1
-First Swing Fib level 61.8% and second Swing Fib level 38.2% close together or very tight.
-Price bounced down from this resistance level.
Good setup

Chart 3 GBPJPY H1
No confluence

Chart 4 USDJPY H4
No confluence, not close enough

For entries:
Watch candlestick patterns/Formations:
-Pin Reversal Patterns (Hammer, Hanging Man
-Inside Bar Formation
-Engulfing Pattern

-Entry at the open of next candle
-Next Fibonacci level up(down)...

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Quoting eTrader

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Long Trade GBPUSD M30

-Draw First Swing Low L1 to first Swing High H1
-Draw Second Swing Low L2 to second Swing High H2, (H1=H2)
-Confluence First Swing Fib level 38.2% - Second Swing Fib level 61.8%
-Support at blue rectangle
-Candlestick pattern: engulfing pattern, retest support line.
-price bounced on support line after retesting it
-Draw Fib Expansion from First Swing L1 to H1 and position at level 38.2% retracement
-Target 1 = FE61.8
-Target 2 = FE100
-Target 3 = FE138.2
-Target 4 = FE161.8
Remark: Retracement...

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Quoting eTrader

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Long Trade GBPUSD M30

-Draw First Swing Low L1 to first Swing High H1
-Draw Second Swing Low L2 to second Swing High H2, (H1=H2)
-Confluence First Swing Fib level 38.2% - Second Swing Fib level 61.8%
-Support at blue rectangle
-Candlestick pattern: engulfing pattern, retest support line.
-price bounced on support line after retesting it
-Draw Fib Expansion from First Swing L1 to H1 and position at level 38.2% retracement
-Target 1 = FE61.8
-Target 2 = FE100
-Target 3 = FE138.2
-Target 4 = FE161.8
Remark: Retracement...

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Quoting ric3bowl

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I know the question was not asked of me, but I see the trend as going up on the Cable, from the 1H chart since the new year. Looks like it bounced off support 38.2% fib level. I'm long cable from there.

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Quoting AlbertoFX

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Thanks etrader, but, How do you know ( from gbpusd m30 chart showed ) if trend is UP or Down now ?

This mean, I draw fibro to UP or to down ?

Thanks...
Attach little graphic for clearify my question.

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Quoting AlbertoFX

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Thanks etrader, but, How do you know ( from gbpusd m30 chart showed ) if trend is UP or Down now ?

This mean, I draw fibro to UP or to down ?

Thanks...
Attach little graphic for clearify my question.

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Quoting banzai

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Works great. Short AUDJPY around 83.80. Exit @ FE 100.0 - 83.08. Profit is 72 pips.

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