Let us have some fun with ABCD Fibo
Ingridents
M15 Chart where you can see the candles not very thin and not at all bold
The advantage of M15 chart is you can see minimum two days of trading and it is very important for our set up
EMA 70 close in M15 chart
Fib from MT4
You trade long from A to B and you trade short from B to C and you trade long from C to D
You will be doing the reverse like short from A to B ..........
Well well How am I going to spot these ABCD in M15 chart
Simple
In the case of long from A to B to start with
Look to your left side of the chart and see do you have any previouse
low in the previouse day in M15 CHART if the answer is NO. Take the current low as your A
Based on price Action you will long from point A to Point B
How do I know my point B well there are two indications
Candles crossed EMA 70 and started to show weakness, Wait
Candle started to move below EMA 70
Mark that as your high point B by using the Fib
Journey from B to C which is going to be your short will be
If the currencey pair is bullish it will move down either to 31.8 or 50 fib level or it can go below 61.8 to 71. 6 fib level
But at no point in time it should not go beyond point A if it is not going below point A then that will be point C.
Once C is established your journey will be from C to D fib extesnion
124 etc .
Stop loss if you are moving from C to D for long the candle where you
marked as point A (low of that Candle)
Stop Loss for short from B to C can be the high of candle you spotted in B
Stop loss if you are long from A to B i think use your judgment.
As per rule you should not have any other high when you mark point B, but I am diluting little bit here by using EMA 70 and weakness.
The overall picture of ABCD indication is provided by the great trader
which i cannot name here as per FF rules
But I am providing the entire trip if you have the time
I am attaching the EU chart for further discussion
Ingridents
M15 Chart where you can see the candles not very thin and not at all bold
The advantage of M15 chart is you can see minimum two days of trading and it is very important for our set up
EMA 70 close in M15 chart
Fib from MT4
You trade long from A to B and you trade short from B to C and you trade long from C to D
You will be doing the reverse like short from A to B ..........
Well well How am I going to spot these ABCD in M15 chart
Simple
In the case of long from A to B to start with
Look to your left side of the chart and see do you have any previouse
low in the previouse day in M15 CHART if the answer is NO. Take the current low as your A
Based on price Action you will long from point A to Point B
How do I know my point B well there are two indications
Candles crossed EMA 70 and started to show weakness, Wait
Candle started to move below EMA 70
Mark that as your high point B by using the Fib
Journey from B to C which is going to be your short will be
If the currencey pair is bullish it will move down either to 31.8 or 50 fib level or it can go below 61.8 to 71. 6 fib level
But at no point in time it should not go beyond point A if it is not going below point A then that will be point C.
Once C is established your journey will be from C to D fib extesnion
124 etc .
Stop loss if you are moving from C to D for long the candle where you
marked as point A (low of that Candle)
Stop Loss for short from B to C can be the high of candle you spotted in B
Stop loss if you are long from A to B i think use your judgment.
As per rule you should not have any other high when you mark point B, but I am diluting little bit here by using EMA 70 and weakness.
The overall picture of ABCD indication is provided by the great trader
which i cannot name here as per FF rules
But I am providing the entire trip if you have the time
I am attaching the EU chart for further discussion