Elliott Waves and Fibonacci Forex Indicators Guide

Just thoughts after 3 years of Forex

You have a chart in front of you, a buy and sell button respectively, this basically gives you 50% of probability that if you open a buy or sell at any time your action will end up making money after sometime. "Sometime" adds new variables to the game and makes it more complicated: is knowing the direction for sometime, the market needs to move to increase profit or increase loss. You then go into the volatility reports for lets say EURUSD, and you see that during London session and New York session, it's the time where price statistically moves more, so there is where you want to be if you want to day trade (open and close trades in the same day), this can be also noticed if you zoom out for example M5 of almost any pairs, volume will be bigger in this two sessions.
Ok so you have statistics of at what times it may move big, you also know that it may not move or it may range the whole day, but definitely there is going to be big moves. If you analyse the past, with only for example a 30 MA, you will see the 50/50. What else do you need? To be in most of the times you are humanly able following the trend, if price is averaging over any average you want and see useful to add, why would you bet that is not going to average oveunder it for some more time? Add a 1000 MA, what if you waited for each cross and traded it trend following? Here then comes a "must": money management = risk = stay in the game for long = you can lose multiple times and long term it's hard that you even lose 10% of your account. Start with the minimum risk, demo in 0.01. Why? If you can consistently win with 0.01 it's just a matter of optimizing the statistics your demo trading over time has thrown, money will come, lots of it, the amount your confidence as a trader can bear and ultimately because trading is so big and involves almost all of the aspects of your life and personality, your confidence as a human being can bear. But this is skipping to psychology.
So, volatility, an average of some x periods to get the trend (not of the market but of the x periods in relation to the market and time, x is important, x can't be 2000 in M5), money management and time to play. What else? When will you close the trades? There are multiple ways each one with pros and cons, price crossing the average (too slow sometimes), price hitting fibos (gotta have a method for plotting fibos the same time each time, check the "Do it yourself" section, 61.8 a.k.a 0.618 and 61.8, god made numbers), being this last one the one I like. Price plays with these levels, nothing magical about it, is just "nature", a forgotten and violated term these days IMHO. There it is, when to open with probability, when to close methodically, how to play your money so you last as long as you don't fail too much repeatedly. This results after studying Ralph Elliot's, W Gann's, Wykcoff's, Pesavento's, Gartley's, Carney's and some others WAY TO LOOK AT THE MARKET. They all found structure in price actions over time, they all understood natural patterns that occur, they all sat in front of some charts, used or created tools for handling those charts, in the end everything is so simple and easy that our minds, past, maybe present, the t.v, Instagram won't lets us succeed. Why? Your mind is your biggest enemy of what you want to do in life. How? Your past in someway defines you, defines what you are looking for in life.

Psychology, establishment and relativity.

Mark Douglas introduced me (in his videos) to a new way of thinking towards trading. He speaks about beliefs, how they drives us in each decision we make each day from as simple as making coffee, having a bath,
dressing nice or dressing in the first place. Beliefs are what makes your past define you today and tomorrow if you keep believing them. A wrong belief of yourself, a wrong belief of the world outside your eyes,
a wrong belief of the market (you keep trusting other people about the market, in the end after loosing you trust no one), this leads to what lot's of gurus outside the financial world, will say: trust in
yourself. Forex gurus tell you to trust them, pay them so they'll unveil the secrets. No money can change your wrong mindset, that feeling in your chest each time you think about possibilities with Forex (euphoria, dangerous as f not only in forex), that belief that some magical indicator will come, some hidden code of some pro advanced indi if you are more realist, some guy with the answer. You are very alone in this world my friend, money will tear countries apart, cities apart, families apart. People will sell their face for some money, their name, in the end corrupt politicians that don't get caught will enjoy their feasts everyday, with their innocent childs, who see their daddy as their hero, this is not a fair world, what's fair in the first place? A human creation so we can live together in peace, but that's not reality we all know. We are evoluted chimps, we still feel what the cheetah feel's in front of his prey, we share 90% of DNA with most of mammals, as intelligent as we like to think we are, we can't delete our nature, our hunger, our fear, our needs, our instinct (the one rushes adrenaline when you know you are losing too much), because deep inside we all know whats right or wrong, the difference between people is whether you hear that voice, or you shut it with a nicer version. 90% of people in forex (not real statistics, the real number varies from broker hmmm brokers another shady topic), prefers the nice version long term, which results not profitable basically.
It's your version (you + all gurus you've seen) not the version the market shows and the deep-you tries to alert.
I headed far from an important topic: gurus telling to trust them, a killer market killing you, lots of misinformation around the WWW and you not believing in yourself. What else do you have to face the markets?
You are in a triangle: broker (not so hard to get a nice one), market and yourself. Everything else is a lie until the person who is in any way selling you stuff, shows you his profitable record of more than 6 months in any financial instrument, that you look at yourself in the mirror and you can say I trust him, not I want to trust him (even if it's some of each, but hey everything involves risk).
LOOK AT THE CHARTS.
Want to have "fast money" (intraday), look M1 to M30, even H1 for a bird's view, optimize your profitable and consistent demo results to that market; want to look charts once a day, trade D1, I'd say you don't even have to look at something bigger as it is big enough and you can go to H4 or H1 for finesse entries (can become a vicious circle, how much finesse is finesse?).
It's all about trust, confidence and a good plan.
Psychology of yourself is so vast, and so unique to each person that I would dare to say that if you are looking for the answer outside of you, you better befriend a trader who is today making money and pray that he literally gifts you his confidence (not his knowledge even if it can help, hi will be sharing his confidence). Your social mind will spawn the hype, the euphoria, you will succeed for a while, market will kill you sooner or later, you will help the market to kill your account. Why? Because your confidence wasn't real, it may be that that day, that week the market moved nicely, or you felt strong and super.
How many gurus go live and say "hey today, as a human being, I don't feel great, I would not trade today?" none. They say market is not right ATM, cherry picking, they totally exploit that you can't go inside their screens and really know them, here comes the version you want to believe, you will tell yourself anything, you will tell anyone anything.
Here to finish, I'll say that consistency in anything in life starts from yourself. If you can't be consistent everyday with yourself for a long period of time, you will find temporary jobs, temporary stuff, you will keep jumping from gurus, from strategies, you will create better versions on your head, just imagine what version a guru must have created to go and sell forex related stuff instead of searching for how to kill the markets, he may be doing both, in the end none of that will give you anything, you will end up being the stair to the gurus goals. Try to comprehend how human we are, how arrogant we are from a farmers perspective, how or evolution results in our minds plays us tricks, to think the government is real, to think there's order, justice, to think that we can achieve huge things with the help of YouTube videos or paying another human being, the market is flow, manipulation is real (why call it manipulation when you would be doing the same in their shoes(big boys)) is part of the nature of anything you plot with Y and X axis (look for a graph of population changes, harmonics, double bottoms, double tops, in a population changes graph? how can that be?), it may be a cliche but is aaaaaaall an illusion guys, the truth is not good business for the other side of the trades.
See you on the other side.
"I'll be a big noise with all the big boys"
submitted by ab_moncada to Forex [link] [comments]

My dummies guide to Fibonacci Lines

My dummies guide to Fibonacci Lines
Hi Redditors, I am back again with another guide for you :) Hope you enjoy reading this

What is Fibonacci?

Fibonacci is a number sequence that consist 1, 1, 2, 3, 5 ,8 ,13 ,21 ,34 etc. Each number in this sequences is simply the sum of the previous two numbers. In Forex market the Fibonacci line is a diagram that consists 6 lines, mainly: 0.0, 23.6, 38.2, 50.0, 61.8 and 100.0. These numbers are key Fibonacci ratios if you are wondering how the numbers are formed.

How do you come about using Fibonacci lines?

Drawing of Fibonacci lines

https://preview.redd.it/npjjh08gog021.png?width=1710&format=png&auto=webp&s=360cebd95c716907a2bf9f3e93291a17ceb396c4
The Fibonacci line can be drawn from a swing low to a swing high of an uptrend or swing high to a swing low of a downtrend
In this example, the white circles are the Swing high and swing low of this downtrend.

Trading with Fibonacci lines

Traders usually take note of 23.6, 38.2, 50.0, 61.8 line, these lines work exactly the same as Support and resistance line the more times the line is tested the more reliable it is. You can also draw a Fibonacci line at a higher timeframe and use it on a lower time frame, this can also increase the reliability of the Fibonacci line - You will need to know that trading Fibonacci line alone is not enough, and is best if there are other indicators that support the lines.

Combination of Candlesticks with Fibonacci lines

https://preview.redd.it/a42ix0ygog021.png?width=1711&format=png&auto=webp&s=8cd6550901ee0c5317aa46055921ffea660491c4
In this example, you can see that a Bearish Pin Bar was formed, and it closes below the 50.0 Fibonacci line – this is a very strong indicator that the market will go down, as shown in the image (Green circle).

Combination of Support and Resistance with Fibonacci lines

https://preview.redd.it/uoggosbhog021.png?width=1710&format=png&auto=webp&s=556d2c04f020873e152cbb0793f10fabe63a031e
Here you see that there are two support and resistance line (Green Lines) these lines are also aligned with the Fibonacci 23.6 and 50.0 which makes the Fibo line even stronger. This image you can see how the market respects the line.
Fibonacci lines are very useful in the Forex market if it is used with other indicators, here I have only demonstrated to you 2 examples (Candlesticks and support and resistance line) you can also use it with moving averages, MacD or RSI.

If you find this helpful, do visit my blog too! There are also many beginners guide to help you in your trading journey.
submitted by ForexGOAT to Daytrading [link] [comments]

I Kinda knew where the market is going last week, but lost money anyway.

I have been in the Forex market about a year and half and most of that time i was trading a lot of strategies based on divergence as i believed is a strong indicator to predict where the price is going.
after many strategies from different forums i came up with my own trading strategy based on Divergence also.
I traded on demo until i doubled my account then went live, got +20% in the first week trading live, then i don't know what happened and my account balance went in a down trend. tried a lot of other divergence strategies a long that trend until the account is near to be 20% of the original balance then i decided i should analyse the market like the big forex boys on instagram who trade 100-250 lots and make a lot of money every week.
so i done my homework analyzing on tradingview and most of the time i knew where the market was going but still lost another 10% of the account.
I don't wanna stay in that try and error loop for too long, i will share my analysis with you guys and i hope you can review it and tell me what i did right and what i did wrong and how to enter a trade at the right time based on my analysis, where to put my stoploss and takeprofit.
album with the pairs i traded last week : http://imgur.com/a/lxThw
I put the trades as i took it on the charts so you can review my entries and tell me where should i entered right.
I analyze based on my experience and round number S&R from 1D & 4H charts and Fibos.
Edit : I enter the trades based on price action
Edit 2: formatting
the yellow circles and pink lines are all drawn last weekend before the trading week starts
thanks
submitted by PhDinWastingTime to Forex [link] [comments]

Daytraders discussion, ideas and strategy sharing (TA+FA)

TA that I use constantly and find working for a bit over a year:
FA principles that I constantly use and find immensely useful to always keep in mind:
Trading techniques and strategies:
I used to sell EURUSD at retracements due to high central bank policy divergence, good USA data and pretty bad Euro Zone data. Used a high SL because of high conviction and never actually had a losing day.
After the holiday I will be starting to trade once again. I was thinking about simply looking for decent conviction trades and just take em all with a 1:1 risk:reward ratio and see how it goes in a day trader's time frame (intra day).
Both FA and TA traders and mutts like myself and every type of trader are welcome to share and give constructive criticism to any idea or strategy or just share your strategy!
EDIT: Here are a few free websites that I use:
Calendars:
Pure data:
News stories and analysis:
Use these to gauge the general vibe and sentiment of what the markets are thinking! Big hedge funds and commercial banks occasionally get interviewed:
Forex live: best for last!
The news are released and updated fairly real time, during big releases they come out with the story+analyzed story within minutes. It's a realtime feed so you won't be refreshing the page to get updated.
submitted by anti_erection_man to Forex [link] [comments]

Best Fibonacci Trading Indicators? 6. Fibonacci Numbers - 261.8 and 423.6 Extension - YouTube How to Trade Fibonacci Retracements - YouTube Learn the SECRET to Trading Fibonacci Retracements - YouTube OTE Primer - Intro To ICT Optimal Trade Entry - YouTube Identify Profitable Forex Trade Setups with Fibonacci by ... Forex Swing Technique PROFITABLE 99% by Fibonacci The Secret To Swing Trading Fibonacci Levels - 77% ... How to Add Fibonacci Tool on MT4 Platform - YouTube

The Forex Fibonacci strategy with the MA Channels FIBO indicator is interesting because here you can build a separate tactic on the price movement between the borders of the channels. The price can bounce off the key Fibonacci price level, which will be a signal to enter the market. On the other hand, a breakdown of the level will mean that the price will go to the next level. Fibonacci numbers really work in forex trading because they reflect the psychology of the traders. Trading forex or stocks is all about knowing the psychology of the traders: When most traders sell, the price goes down and when they buy, the price goes up. How can we know when traders decide to buy or sell? Fibonacci numbers are one of the tools that reflect what traders may have in their ... Fibo Quantum Review – Trade Examples Fibo Quantum Trading Strategy. The Fibo Quantum indicator displays what can be complex Fibonacci analysis in a user-friendly way. For those who may not be familiar with the terminology, Fibonacci is basically a sequence of numbers that many believe has a self-fulfilling prophecy. Fibo numbers forex. 09.06.2017 Alpes 2 Comments . The each trader is obliged to have this knowledge Welcome to the web Offical us. I'll tell you a little to you about the trip and the experience in forex trading FALLEN AND RISE UP. Failure was very annoying and makes discouraged. In the past fibo I know forex trading is not thinking directly using real money account and learn manual trading ... How to Really Trade with Fibonacci Numbers. Fibonacci numbers are near magical in nature and biology, and are wonderful in design and arts. We might find part of that magic and wonder in financial markets driven by human psychology. At least some academics agree with the power of Fibonacci numbers in financial markets. These numbers have some unique properties. Let’s take two consecutive numbers in the sequence: 21 and 34. If you divide one by the other, 21/34, you get 0.618. If you take any other two consecutive numbers, for example, 144 and 233, and divide one by the other, 144/233, again you get 0.618. It doesn’t matter how far down the sequence you go ... All of the levels are going to come from this string of numbers, however, this excludes the first very few numbers so when the string is going, if the number is divided by the number that comes next, you will end up with the level numbers. However, taking time to carefully explore these options, a person would notice that all of these percentages, except for 50% will be considered to be a true ... Fibonacci numbers play an huge role in Elliott Wave trading. Elliott didn’t discover the Fibonacci relationships himself, but this was brought to author's attention by Charles J. Collins who had published Elliott's "The Wave Principle" and helped introduce Elliott's theory to Wall Street. Using known Fibonacci ratios (38.2%, 50%, 61.8%, 161.8% and so on) traders can project the length of ... Before we look into the mechanics of Fibonacci trading and how it translates into a Forex Fibonacci trading strategy, it is important to understand the Fibonacci sequence and the unique mathematical properties it provides first. The Fibonacci sequence is a sequence of numbers where, after 0 and 1, every number is the sum of the two previous ... Fibonacci numbers, when used to measure price swings in the markets, present powerful levels to watch for potential reversals and are applied in technical analysis through two main studies ...

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Best Fibonacci Trading Indicators?

Trading 212 shows you how to find retracements and identify entry and exit points with Fibonacci numbers.At Trading 212 we provide an execution only service. Th... Teknik dengan menggunakan fibo yang digunakan para profesional forex ini bisa anda coba dan pelajari sendiri karena sangat mudah untuk menerapkannya Learn how I identify Fibonacci Retracement levels to find high probability forex trades These are essential Forex trading strategies for forex traders and inves... Liked this video? Then check out the Syndicate: https://tradeempowered.com/syndicate-yt Fibonacci Numbers - 261.8 and 423.6 Extension The magic of Fibonacci numbers Arthur Benjamin - Duration: 6 ... 6:25. 95% Winning Forex Trading Formula - Beat The Market Maker📈 - Duration: 37:53. TRADE ATS 1,113,710 views. 37:53. Become A ... Sign up via my partnership link to use the broker I use to trade with Forex & Crypto - (Thank you) http://cpartner.bdswiss.com/visit/?bta=36813&nci=5979&camp... This is a simple video that shows how to place, remove, change and replace the Fibonacci tool for Forex trading on the MT4 trading platform. Discover how to fin... There is Risk in Trading Forex.

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