its fairly simple.
Swing low/high on the chart recent data only.
by that I mean the current swing cycle.
Understanding of the market structure is important. so when you look at it you can first identify the trend then look weather market creating (lower low) or (high highs) after knowing the structure you can draw Fibb and then wait for the retracement accordingly.
Just pick up the fibb and start trying it on the trading view or mt5 until it starts making sense for you.
How good are inside bars. Even better when its a spinning top. You use your lagging fibs. I’ll make my decisions based on price and structure.
If you like I can explain it all on Zoom
Reality is I won’t take take this trade as you are already exposed to risk on a correlating asset (GBPJPY).
Identifying and filtering is your first two jobs. Execution of the trade which you seem focussed on is the easy bit but the sexy bit. Managing a trade is the final stage which you conclude nothing of.
As I said easy to post preeetty picture and talk trade talk.
I am not selling a course I just showed something which really helps in my trading. if you don’t like it kindly leave. your opinion have no value to me…
I don’t even understand why are you arguing with me? oh man the world is full of shite. sadly.
This is not a strategy that I use… I see phenomena like this on a weekly basis when backtesting code… This concept is just plain and simple pattern recognition… Rocket Science to most here… but far more accurate than some of the “Close eyes…throw dart and hold” strategies posted ad nauseam in these forums.
As I have shown over and over and over again… think outside the box… FX Education is useless…
“Throw everything babypips out of the window, this is one of the best advice you can get in your trading journey, and as a bonus, it’s totally free…” xRedStaRx
And yet here you are…a Gun Trader out of Kabul… Posting in a beginners forum… Nice!
Please, outline your strategy for using the Fib tool…as used in the Insto’s world.… Enlighten us.
Year 2056 Aliens have taken over the earth.
Meanwhile @Trendswithbenefits
“Oh Another Fluke wow NO#4506949”
Just learn to use anything properly you will have success. trust the process stick to a method… most of us change strategies after 1 loss. those who stick to it succeed in the long run.
We still have time Remove it quickly
Looking at that snap seems likes its working as a magnet…
Keep us updated if convenient
It’s easy while the GBPUSD is in an uptrend… the real test will come when it changes direction due to a weakening GBP or strengthening USD… A change of sentiment will prove whether this strategy has some on going merit… Happy to update and demonstrate a direction change…
BTW… I have said trade in some posts… I only had positions on the 1st (Long) and 3rd (Short) legs.
So its Friday champ. Neither have reached their TP. Although GPJPY might, but at this stage of the day I doubt it. Selling an entry strategy is one thing. A rose by another other name would still smell the same.
But how are you planning to manage these two trades. I know what I’d do but reeallly like to know what you’d do.
NO#4506949”