I trade similar system, just my entries are a bit more aggressive and I use extensions rather then expansions: 1. I open position when price retraces 50, or 61,8 %​ of AB move and finds support (divergence between price action and RSI at point C ...

Fibonacci Expansion Trading System

No problem, every one is welcome to comment here

Losing on my own terms

USD/CAD short - out at 1.7073 with -0.5R loss​ reasons: bad RMPI (0.7 % vs 2,2 % expected) price reentered broken channel with strong bullish candle and closed above 1H 200 SMA Maybe I exited prematurely, but my reasons for entering a trade, have ...

Losing on my own terms

Short on USD/CAD: Price: 1.3047 SL: 1.31113 T1: 1.2922 (RR: 2:1) T2: 1.2960 (RR: 3:1) Reason: Broken channel on 1H TF RSI 17 - 69 (divergence) (1H) 27-56 (4H) Price retraced to resistance (2 spikes on 4H chart) and 61,8 % fib (1H) and got rejected ...

Losing on my own terms

FED boys (and the girl) are running out of toys. They're in the hurry to load up their interest rate gun before next global financial crisis hits the markets. Earlier this week, the probability of a June rate hike per Bloomberg was only 4% and the ...

EURUSD

​ Thanks, that makes perfect sense. If rumor is true, hard landing of oil is just a matter of time. Short stops behind 43-44 may send price even higher, but it should come down soon.

Sweet, sweet Oil

What is happening with OIL these days? — Why do you think price of oil is rising after failed DOHA talks? Is there systemic risk to U.S. banks solvency in play (we know that U.S. financial system is deeply exposed to fracking debt - QE4 here ...

Sweet, sweet Oil

Be carefull with longs. All I see in 4h and daily chart is verified head&shoulders pattern in direction of main trend. Invalidation comes only IF price breaches right shoulder.

Dragon Riders GBP/JPY

GBP/JPY confirmed head and shoulders pattern on 4H chart (retest taking place now) in the direction of the compulsive wave. Entry: 159.60 SL: 161.10 (162.06 if you want it by the book above right shoulder) TP: 155.10 (alt. 156.20 if you want to be ...

Any Naked Traders in here?

EUR/CAD falling wedge upside break (also triple bottom at 61.8 % retracement fib). Both targets are on conservative side, because it is countertrend trade on 4H chart (though in direction with main trend in 1H and 1day TF). Entry: 1.4720 SL: 1.4575 ...

Any Naked Traders in here?

It looks like BOJ is defending 111 level against USD. GBP/JPY is falling, AUD/JPY is starting to lose ground, EUR/JPY si in consolidation mode... It's a great trade technically, broken H&S pattern, broken flag formation, RSI out of oversold zone, ...

USD/JPY Discussion

My trading mentor at trading desk once taught me that trading MUST me boring as hell. "If you seek excitement go sky diving or bungee jumping", he said. After years of trading experience, I couldn't agree with him more. As soon as trading makes you ...

I plan to quit forex!

C'mon man, it's not a rocket science either. After a decade of full time trading, my biggest problem is boredom. I don't feel a thing when I win or lose anymore. I don't think about money, just about market sentiment, news, percentages, risk/reward ...

Trading is Extremly hard!

The difference between close price and open price is called price gap and it is more commom in less liquid markets then forex which operates 24/7 and has enourmous liquidity pool. You usually get a gap in forex on start of monday trading, because ...

What is the logic behind the engulfing pattern?

Money management of most retail traders is garbage. Without proper risk management even the best trading system will bankrupt you eventually. DailyFX analysed over 43 million real trades placed on FXCM’s trading servers from Q2, 2014 – Q1, 2015 and ...

Where is the logic behind applying Fibonacci to trading?

Logic behind fibs is human psychology that drives price action. That's why Elliot waves often work, the same logic is behind fibs. First impulse wave is started by some global fundamental news or some deep pocket bank trader who needs to fill huge ...

Where is the logic behind applying Fibonacci to trading?

Of course not. As a retail traders, we are trading nearly blind. If you are a Citi or Deutsche Bank currency trader, you see more than 15 % of all orders taking place in real time (something like url , just on much, much, much bigger scale). From ...

Where is the logic behind applying Fibonacci to trading?

My point exactly. Fibbonacci levels are nothing more than fiction in traders mind. But, if a lot of traders act in accordance to the same fiction, you get support and resistance zones around these levels. It doesn't work all the time, in fact it ...

Where is the logic behind applying Fibonacci to trading?