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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Daytrading the ABCD Fibonacci Pattern (Forex Trading)
Posted on 30 May 2010
25 Responses to “Daytrading the ABCD Fibonacci Pattern (Forex Trading)”
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For those interested the ABCD pattern was made famous by Larry Pesavento in his book "Fibonacci Ratios with Pattern Recognition." There's a lot more theory and specifics to using and identifying the pattern than what's presented here.
Also, "geometric price patterns" like these were also well researched by Gartley (Gartley Patterns).
Just a comment but removing the grid lines and a few other items you don't need would have really helped to make this video clear.
It's just a jumble of lines right now. Just a tip for presentation… cheers.
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check my channel for video's about daytrading and trade like me in forex (EUR/USD, CAD/JPY etc.), stocks (coca-cola, phillips etc.), commodities (gold, silver, oil etc.) and indices (Nasdaq, Nikkei etc.
check my channel for video's about daytrading and trade like me in forex (EUR/USD, CAD/JPY etc.), stocks (coca-cola, phillips etc.), commodities (gold, silver, oil etc.) and indices (Nasdaq, Nikkei etc.
i cant see with all those damn lines in the middle
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Nice vid I used 1.618 as target all the time, with super tight stop above or below the A by 1 pip LOL
I've been using the ABCD's for years and works well on 5 min charts, however as I see on your system you use several other indicators to determine direction, not typical of an ABCD which I do as well.
What is the main indicator you use to determine an A
I was looking for something that would keep me out of false AB's
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Hi,
ABCD, looks and sounds good, but I find point C a bit weak!
On the video, of course its easy to show where point C and therefore fib levels were, but on the spot, you dont know if price will retrace till 38, 50 or 61%! You might enter at 38 and then see price going all the way to 61 or even further to jeopardize the trade.
Im just saying that by the time C is confirmed, it is already too late!
Wish I was wrong!
why do all thes guys have Russian accents? its not obvious, but its THERE lol
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those candle sticks are too good to be true for a 5 minute chart..This is one of those good days that come once in a week and you were out drinking beer
good i agree whit u bro
i agree with you very much. i personally would take the other side of the trade with anyone using conventional indicators in the wrong way.
that is because you cant see the order flow but why would you need to. Why does price move from one level to another? supply and demand from big institutions. At those levels where price screams away tells us that there is more of one and less of the other. i personally dont look at red and green candles but what is happening behind those candles.
Fibs are a toll for ONE specific purpose: finding targets. Fibs alone are NOT a trading system. Gus… I agree with everything you said, mate. But, hey, it's a 10-minute video, not a complete course. Visit our website for lots more free stuff to help your journey.
When i started trading 3months ago, i thought your video was cool but now it seems so lame. I really doubt if you are a consistently profitable trader. trading isn't only about the fibonacci. fibonacci is secundary at best and must be used in the right way. which is in accordance with proper supply and demand anaylsis. The reason price fell is not because you measured it with your fibo. Its because their was more supply at that level than demand. ppl go read ur economics 101 from highschool
hey thx 4 ur videos it help me a lot…hey what u think about alpari……….
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I like to use support & resistance rather than arbitrary round numbers – decide which line price has to cross to prove your trade idea wrong, then put your stop on the other side, with a bit of extra padding.
We show you how to set it up on our website… visit the Forum, then click on Systems & Strategies
Hi black knight…i thank you so much for your videos..i sis subscribe and will watch all your videos..ive been demo trading for 6 months and will be going live with 1000$.Ive brought several 1000$ accounts to 30004 in 1 week and a 5000$ to 20,000$ in 68 days..but i will practice this fabonacci..thanks..one day i hope to make videos too..i beleive money can be made in forex..what broker do you use..so many and not all good,,peace
Where is a good place to set the stop? On GBP/USD something like 10-15 points from the entry fib line?
Okay, I have to retract a few things, fxKnight knows how to trade it, but for a novice like me, that 61.8 line became the Panama Canal of drawdown only 2 pips from my stop and it eventually did break and I was so happy to take just sqeak out a few pips and keep the days profits, I suggest always ALWAYS papertrade any new unfamiliar idea or at least bet a lot less than usual.