Daytrading the ABCD Fibonacci Pattern (Forex Trading)
fxKnight asked:
Examples of applying the ABCD pattern on the 5min chart of the GBP/JPY pair throughout the trading day (non-news).
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25 Responses to “Daytrading the ABCD Fibonacci Pattern (Forex Trading)”
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1yakko1 on July 30th, 2009
This video is quite comical to me. I understand the fib retracements and extensions, however, you must realize in a choppy market this would pretty much go against you. In a trending market, I agree, this would definitely work. Let me know how you trade gbp/jpy now a days. I’ve been trading it everyday for past little while, and what you are talking about…. ain’t gonna work man.
Not here to rain, just my 2 cents.
JudiBeaver on July 31st, 2009
Informative video, there is so many different methods and ways to successfully trade.
beemzet on August 2nd, 2009
good answer
whiternoise2 on August 3rd, 2009
Why? To get people to sign up for pro services which give a more in depth guide as to how to actually trade the system effectively. A ten minute video is cool, but you need more practice than three trades to get used to it.
There is little point in scamming people by teaching them how to use these systems, it takes ten minutes to open a demo account with any broker to test the theory out.
No doubt there are people who do this, but it’s relatively simple to check whether they’re bullshitting.
beemzet on August 6th, 2009
i wonder what is the point of spreading such videos? to be clearer, what does the host gain from this?
i think, some people convince others to follow these steps so that they (the former ones) would know for sure what others would do in certain situations and do the exact opposite. just a thought.
valkireable on August 8th, 2009
naw i had to comment on passing…ya say “Only medium to long term trading makes money”….lol…i do 200+ a day…so i geuss 24 hour is long term…12 hour medium term!…thats’ funny…gees i use a version of ABCDs to…lol…i drop the D.
fxKnight on August 9th, 2009
YouTube has a 10min limit on videos. I also trade mostly medium-long term, unless I’m stalking a news trade (as in THIS example). Right now, I’m not taking long-term trades, as everything is either at or near key Fibonacci levels (I find Fibs to be more precise than simple round numbers), and I’m waiting to see how the weekly candle closes. I *do* also post my long-term projections, which you can readily find on DailyFX, FXStreet, BabyPips, ForexPros, and the International Business Times.
nawandajagger on August 9th, 2009
Look I`m not sceptical nor frustrated and right now I`m short eur/usd and looking for 1.3400 in coming weeks – Yes a medium term position as it is only medium to long term trades that make good money! GBP/USD now has a bearish outside day, i.e., higher high, lower low, and looking like a lower close which for me is another opportunity.
Now you could show your real time trades if you really wanted by showing the chart as it is when you enter and then how it is a few hours later!
fxKnight on August 12th, 2009
Charts are in hindsight because they’re on VIDEO. But I do plenty of trading each and every day, as I’ve said, in real-time – using the EXACT same methods I teach. If you’re sceptical, look up our site on some popular review websites, see what our students are saying.
nawandajagger on August 13th, 2009
Who said frustrated??? Amused is a more appropriate term. Like I said, charts are always easy in hindsight. But if it keeps you happy sure keep doing them why not!?
fxKnight on August 13th, 2009
So let me get this straight… you’re frustrated with our own performance, and thus are upset because I try and help others. No one ever said YOU need to make it public, but I’ve had many requests from friends and traders to share my methods, so am doing so. Free speech, mate… and I intend to keep on helping.
nawandajagger on August 15th, 2009
Don`t need practice. Do FX since 2003 in more ways than you can imagine and I don`t need to make it publc!!
fxKnight on August 17th, 2009
Lots of videos & webinars on our site (for free) – stop by sometime.
fxKnight on August 20th, 2009
Each and every day, friend. One day, with practice, perhaps you can too.
nawandajagger on August 20th, 2009
Charts always easy in hindsight.
Try doing it in real time…!!
kangal1999 on August 23rd, 2009
Great video. Watching a practical trade was like reading 10 books in 10 min.
Do you have similar video for Uptrend please let me know. Do you use Ichimoku too? and is there any video on it as well. Thanks. Keep posting.
fxKnight on August 25th, 2009
technicals do not cause market movements – TRADERS do… but technicals can certainly help you interpret them. You find volume to be important?? Volume is the ONLY indicator which a) is not based on price and b) is not lagging. I find it to be critical in making trading decisions. The 21 and the 200 are by far the most important MAs, though I tend to look for clusters of multiple S/R levels more than anything else.
fxKnight on August 25th, 2009
Please keep in mind this is ia full-screen charts compressed to a 320×240 YouTube video. Not ideal, though we’ll see what we can do to improve it for future videos.
fxKnight on August 28th, 2009
“A” is where the move starts, “B” is where it comes to an end before the retracement. Start to finish, wick to wick, that’s it.
fxKnight on August 31st, 2009
Lots more, longer webinars as well (Youtube only allows 10min) – all for free – please visit our website.
fxKnight on September 1st, 2009
We cover Fibs in more details each Friday at 15:00 GMT on FXStreet – free webinars
TRADINGSUPPORT on September 4th, 2009
break outs etc.
this doesnt come because indicators moves up and down … or while a A or B or C are printed into the chart window ..
TRADINGSUPPORT on September 4th, 2009
the volume (i think …) doesn´t show anything .. 6 ore more moving averages … here is the questions… on which should the trader be concentrate ..
RSi, Moving averages , volume ISNT needed for trading, who understand the important Trading basics of
MARKET TECHNICS
and the chart window is done like — the chart could not fall under the window border on downsite …
and – each trader has a 50% chance to be on the right side of life …
there is no one comment, why you get movings, ..
TRADINGSUPPORT on September 8th, 2009
on this chartfenster are more lines as quotes at Times & Sales at one Day …
flyingdutchmanhero on September 11th, 2009
this is an awesome strategy especially if ur a new trader. pay attention folks its worth it!