Comments on: Daytrading the ABCD Fibonacci Pattern (Forex Trading)

By: fxKnight

fxKnight — Mon, 16 Nov 2009 13:09:37 +0000

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.

By: valkireable

valkireable — Mon, 16 Nov 2009 12:58:42 +0000

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.

By: beemzet

beemzet — Mon, 16 Nov 2009 12:43:07 +0000

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.

By: whiternoise2

whiternoise2 — Mon, 16 Nov 2009 11:55:08 +0000

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.

By: beemzet

beemzet — Mon, 16 Nov 2009 11:27:58 +0000

good answer

By: JudiBeaver

JudiBeaver — Mon, 16 Nov 2009 11:15:10 +0000

Informative video, there is so many different methods and ways to successfully trade.

By: 1yakko1

1yakko1 — Mon, 16 Nov 2009 10:20:15 +0000

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.

By: Mrbignutzful

Mrbignutzful — Mon, 16 Nov 2009 09:31:33 +0000

Thanks for sharing this strategy.
Question: where would you set your stop loss? 5-10 pips above “C”, where you get in?

By: fxKnight

fxKnight — Mon, 16 Nov 2009 09:03:20 +0000

this is a trade form 2 years ago… I hardly remember. In general, I like to put my stops on the other side of the closest support to resistance level form my entry, with some padding to account for the spread + market noise. We have free videos on our website which will show you how to fine tune both your stops and your entries.

By: fxKnight

fxKnight — Mon, 16 Nov 2009 08:14:13 +0000

No, you’re right… this is a trend-following pattern, so obviously works best in trends. For trading a range, you need a different strategy (we show some of them in free videos on our site). A successful trader adapts as market conditions change; that’s why trading robots will always empty your account if you let them run long enough.

By: robjanson

robjanson — Mon, 16 Nov 2009 07:46:44 +0000

black knight….
what a geek

By: GSDOINDIA

GSDOINDIA — Mon, 16 Nov 2009 07:44:52 +0000

I use something similar to this and have had good success with it. D usually falls like a rock, little retrace. In fact, I have been using this for some time. Going up…choppy, coming down…usually like a rock.

Lynn

By: forextrading11

forextrading11 — Mon, 16 Nov 2009 07:08:29 +0000

great video i have value information about the topic if you want learn more you have an open invitation

By: Ranterd

Ranterd — Mon, 16 Nov 2009 07:01:10 +0000

i’m impressed by how well ths worked in the vid.

what’s the approx. failure rate?

what do you usually do to determine point A; starting just from the open as you did here? do you use your gauges/m.a strategies? or something else?

as always, your efforts are much appreciated

By: fxKnight

fxKnight — Mon, 16 Nov 2009 06:39:11 +0000

It works about 77% of the time, and for the remaining 23% you can spot early reversals ahead of targets using indicators or candlestick formations – all else fails, there’s always your stop. For finding A-B it is simply the start to end of the most recent move.

By: Farcry2DOTorg

Farcry2DOTorg — Mon, 16 Nov 2009 06:07:59 +0000

Use a forex account demo here: forexaccountdemo*com

before committing to using your hard earned cash

By: MasterBlasterSteele

MasterBlasterSteele — Mon, 16 Nov 2009 05:51:47 +0000

Is there a web site or something where it shows in detail the institutional order flow for trades placed by the big boys such as DB, UBS, etc. I know that Nasdaq level 2 provides similar type of data for equities markets, but I never heard of something similar in fx.

By: ForexTradingTV

ForexTradingTV — Mon, 16 Nov 2009 05:13:07 +0000

The “Black Knight”……. lol….

By: ForexTradingTV

ForexTradingTV — Mon, 16 Nov 2009 04:26:03 +0000

Do you ever trade Tandum with EUR/JPY

By: igoditigodit

igoditigodit — Mon, 16 Nov 2009 03:57:21 +0000

that’s nice

By: outcastization8

outcastization8 — Mon, 16 Nov 2009 03:54:59 +0000

I agree, the newsletter has been a huge help for me personally.. check it out, its free anyway.. authoropen . com

By: DaytradeMillionaire

DaytradeMillionaire — Mon, 16 Nov 2009 02:55:12 +0000

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By: diffonyahoo

diffonyahoo — Mon, 16 Nov 2009 02:54:03 +0000

Hi,
i was wondering if all trading platforms give fibs beyond 100%. mine seems to give only upto 100% so I cannot see 138 or 161 as in this video. please ignore my ignorance !

By: jgray110

jgray110 — Mon, 16 Nov 2009 02:13:57 +0000

Biggest mistake I made today listening to this, just what I didn’t want to do, lose all the profits from indicators I made today

By: jgray110

jgray110 — Mon, 16 Nov 2009 01:23:24 +0000

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.