I don't say
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DislikedDazfx,
I am trying to understand your system.
Firstly, I draw fib lines from A to B. Then move this exact set of fib lines to point C to find the target levels. Am I correct?
Secondly, What do you use to determine the the trend on longer timeframe?
Thirdly, I manually backtested this system on eurusd 1 hour timeframe, i only got a few trades in the last 6 months. Am I doing something wrong?
The problem was that most of them retrace less than the 61.8 and 78.6 levels and reverse.
Thank you.Ignored
DislikedDazfx,
I am trying to understand your system.
Firstly, I draw fib lines from A to B. Then move this exact set of fib lines to point C to find the target levels. Am I correct?
Secondly, What do you use to determine the the trend on longer timeframe?
Thirdly, I manually backtested this system on eurusd 1 hour timeframe, i only got a few trades in the last 6 months. Am I doing something wrong?
The problem was that most of them retrace less than the 61.8 and 78.6 levels and reverse.
Thank you.Ignored
DislikedHi Eagle Eye,
Thanks for the response. Firstly, you use Fibonacci Expansion (Point A, B, C) to get the targets. Secondly, you identify the trend on the longer term time frame by simply looking at the waves (ie: Higher highs and higher lows in uptrend). Also, you could trade on the hourly timeframe when price is in a corrective phase on the daily.
Finally, the reason you only found a few trades is because your swing points are very far away from each other. If you look at my examples, you will see that impulsive waves are usually 4-10 candles long. If they are longer than this, usually, you will have that setup on a higher timeframe.
Hope this helps.
ThanksIgnored
DislikedHere is a trade I took on USDJPY!!
I left a lot of pips on the table, but since the stop loss was really tight (20pips), I went in with more lots.
AttachmentIgnored
DislikedNice trade. We missed this one. The news out today was wild. Sometimes it's better to ignore news and trade the signals. This volatility is amazing.Ignored
Dislikedi read all yuor post very nice system am little bit confused about point A. for point A FROM WHAT TIME I HAVE TO START LOOK FO EHIGH PICK
in one day only one trade in one pair? IN US SESSION I HAVE TO LOOK DIFFERENT and asian session i have to lookk different time it is possible in 15 minute time frame?please help me any body can explain me datail for pick pointA.
THANKUIgnored